Red Planet Hotels buys stake in budget operator Tune Hotels

Low-cost, no-frills hotel brand Tune Hotels attracts investment from Red Planet, one of its major franchisees.

Red Planet Hotels buys stake in budget operator Tune Hotels

Budget hotel operator Red Planet Hotels has bought a 16.05% holding in Tony Fernandes’s Tune Hotels, the Bangkok-based company announced earlier this week. The investment comes after Red Planet recently raised $90 million in a two-stage round of fundraising, and gives it a seat on the Tune board.

The total cost of the transaction is undisclosed, and the purchase of the existing 9,975,038 shares will be through 20% cash and 80% shares. It is the...

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