SINGAPORE - Singapore-based hospitality start-up RedDoorz will expand its portfolio of 18 budget hotel properties in Singapore to 29 by the end of 2020, it said on Tuesday (Oct 15).
The five-year old hotel management and booking platform operates both franchise and lease models for its hotels in Singapore.
RedDoorz said its expansion plan will make it the second-largest hotel chain in Singapore.
In 2018, it launched its first fully-leased and operated property in Singapore - a 65-room hotel called "RedDoorz near Marine Parade".
Under this model, RedDoorz manages the day-to-day operations of the establishments, which is helpful for property owners who prefer to be more hands-off or do not run hotels as part of their core business.
The start-up operates a network of over 1,500 properties in Indonesia, Singapore, the Philippines and Vietnam.
In 2019, RedDoorz had its first close of US$70 million as part of its larger Series C round, and launched a new regional tech hub in Vietnam.
The company has raised approximately US$140 million since its inception in 2015.
Amit Saberwal, founder and CEO of RedDoorz, said: "RedDoorz has built up strong brand awareness and loyalty across all of the markets we operate in. Indonesia in particular, is our strongest market given its robust domestic travel ecosystem, whereas Singapore is generally considered a premium travel destination.
"Through our efforts in making standardised affordable accommodation more easily and readily available, we aim to encourage more travellers to visit Singapore, whether for work or for leisure."