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Budget hotel brand RedDoorz grew its portfolio by more than 20% in March with the addition of more than 110 hotels in Central Java. Since opening its first hotel in 2015, the Singapore-based company has expanded its portfolio to more than 500 properties across Indonesia, Singapore and the Philippines. Another 100 fully leased properties and an additional 1,000 franchise properties are expected to sign on over the next 18 months. The new locations will also be scattered throughout Southeast Asia where the budget hotel market is highly fragmented. To date, the hotel group has raised nearly US$20 million in funding, with its most recent cash injection of US$11 million announced in March. The lease model is also expected to bolster the brand’s repeat guest rate from its current 65 percent marker and that has, at least in part, been driven by the brand’s RedCash loyalty program. RedDoorz caters to a tech-savvy demographic, between the ages of 24 and 35, who want a standardized experience on a budget. Read original article |
