Tune to spend $450m on new hotels

28th September 2011 (Last Updated September 28th, 2011 18:30)

Malaysian-based Tune Hotels Group is to invest MYR1.42bn ($450m) over the next five years in setting up 90 new hotels.

Malaysian-based Tune Hotels Group is to invest MYR1.42bn ($450m) in setting up 90 new hotels over the next five years.

The group aims to establish 18 Tune hotels in Malaysia and 72 overseas, according to biz.thestar.com.my.

Tune Hotels CEO Mark Lankester said the group is looking at Thailand, the Philippines and Indonesia to establish at least five hotels in each location and is also targeting the UK, India, Australia and Europe for new properties, with an investment of $5m for each hotel.

The group currently has ten hotels in Malaysia, two in Bali and one in London.