KUALA LUMPUR: Orix Corp, a financial services and investment company headquartered in Tokyo, has agreed to a strategic investment in Tune Hotels.com Ltd.
In a statement, Tune said Orix agreed on July 27 to invest US$17.2mil for a 10% equity stake in the company.
It said Orix managing director Hideo Ichida would join Tune's board of directors effective immediately.
Tune said the proceeds from the share placement would be used to accelerate its rollout across South-East Asia.
“At present, Tune has two hotel properties opened and an additional 28 sites under development across Malaysia, Thailand, Indonesia and the Philippines.
“Tune is on track to increase its portfolio of sites (opened and under development) to over 50 by year-end and 100 by 2009,” it said.
Meanwhile, Ichida said the exponential growth of low-cost carriers in South-East Asia has created an unprecedented boom in tourism.
“Coupled with rising disposable incomes and increased regional integration in Asean, there is a shortage of quality affordable accommodation.
“Tune Hotels.com is best positioned to meet this surging market demand,” he said.
Tune chief executive officer Mark Lankester said the investment would allow the company to maintain its rapid growth across Asean and eventual leadership position in the Asian economy hotel industry.
By Bernama
Posts
1 comment:
The Real Estate Market Starts Climing Again
During the past couple of years we've all seen a tremendous change in real estate in the country.
This change actually has spread all over, businesses loosing money while gas prices are extremely high.
The real estate market has become a big issue for all of us out there, we've seen many homeowners loosing their homes and struggling to find a home to rent because of their credit.
What happen to us?
Remember the bubble 4 years ago?
That's exactly the answer, from years of prosperity and times of spending, traveling and investing in stocks and real estate, we are now experiencing another bubble but this time the bubble is going in a different direction and we are wondering what to do.
So real estate was going down and it's still going down, some economists say that it will get stable in 2 years from now.
The sellers market became a buyers market, and today we all know it by now.
Investors and renters that saved their money for better days to buy to make money are in the market today, that's making the real estate market busy.
Real estate agents that learn how to change with the market also learned how to make money from the changes, these real estate professionals are making lots of money and while we are all struggling for business they're making the business.
Today you can get a home directly from the banks for almost half the price.
I've seen homeowners that are so desperate that they're willing to give their homes for free, just come and take their loan and continue their payments.
On the other hand, investors are looking to buy homes in bulk, they can get homes $.50 on the dollar.
Some banks like bank of america and countrywide are selling hundreds of homes in bulk to investors at a discount prices.
So real estate agents are busy getting hundreds of listings and reo's from banks, then they're selling these homes at a low price to future homeowners and investors.
It's definitely a buyer's market like we had in the early 90's, so if you're an investor or a homeowner.
This is your time!
Post a Comment