Tune currently has two other hotels in Thailand, one in Pattaya (south of Bangkok) and one in Hat Yai (near the Malaysian border)—though this new opening marks the first announcement since a 15% stake of the company was bought by Red Planet, an Asian-based hotel investment firm, who feels pretty strongly about the budget hotel boom going on right now in Southeast Asia. Its CEO, Timothy Hansing, told The Bangkok Post:
"This is the fastest-growing market for tourist arrivals in the world, and the budget-hotel market is served very badly in Asia."
According to the paper, Red Planet will own 10 hotels (1,623 rooms) Thailand, the Philippines and Indonesia by the end of 2013—with Indonesia being the company's biggest focus, as a total of 8 new properties are scheduled to open there by next year. A Tune Hotel in Patong, Phuket is also set to open in December.
[Photo: Tune Hotels]