Goldman Sachs invests US$70m in Red Planet Hotels

[HONG KONG] Goldman Sachs is investing US$70 million in Red Planet Hotels, a pan-Asian budget hotel chain, which will help the company fund its planned expansion to 10 hotels in the next 24 months.

Since 2011, Red Planet Hotels has raised US$240 million of capital, the company said in a statement, adding that it plans to its raise one final round of capital before going public.

Founded in 2010, Red Planet Hotels owns and operates 26 properties in Japan, Thailand, the Philippines and Indonesia.

REUTERS