Tune Hotels to raise RM250m
Posted on | May 15, 2007
By THE EDGE
Tune Hotels Sdn Bhd plans to raise RM250 million to finance the opening of at least 35 hotels, comprising foreign and domestic sources, its director Dennis Melka said.
He said on May 14 that the company would make an announcement in next two weeks to elaborate its funding and opening of the hotels.
Melka was speaking to reporters in Kuala Lumpur after announcing plans for its first hotel in Kota Kinabalu. The hotel, with 168 rooms, will be opened in January, 2008.
Tune Hotels is acquiring a budget hotel in the 1 Borneo Lifestyle Hypermall in the Sabah state capital which would be refurbished as its Tune Hotel.com 1 Borneo.
“1 Borneo is our preferred site for Tune Hotels.com’s expansion into east Malaysia due to its central location and tourism appeal. With its central location, we foresee significant market from both the local and foreign tourists visiting 1 Borneo,” he said.
Sagajuta (Sabah) Sdn Bhd MD/executive chairman Raymond Chan (right), Melka (centre) and Sagajuta director Tan Tiang Lai taking a closer look at the model of Borneo1Hypermall
Melka said the development cost per room for the 168-room hotel is RM85,000.
Tune Hotel’s flagship hotel is along Jalan Tuanku Abdul Rahman in Kuala Lumpur.
He said he expected 1 Borneo to hit 90% occupancy rate by the end-2008.
On its 340-room hotel in Penang, he said it was expected to be launched by year-end and the hotel in Kuching, to be launched in the first quarter of 2008.
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