Tune Hotels, run by Air Asia Bhd 's Tony Fernandes, plans to launch 30 budget properties in India in the next three years with an investment of USD 30 million. It currently has just one property in India, which was opened in Ahmedabad earlier this year, Moulishree Srivastava reported in Mint.
Mark Lankester, Chief Executive, Tune Hotels Group, said, “India only has three to five branded economy hotel chains as compared to China, which has between 1,000 and 3,000 such hotel chains operational. It is because of the industry structure that at the moment India has the biggest potential for budget hotels.”
He added, “We would be looking at USD 30─million investment for our first 30 hotels in the first phase. If India grows the way we want it to and if the consumers embrace our business model, it could be the largest single market for us.”