Tony Fernandes: (The devaluation of) oil has a much bigger impact for us (in foreign exchange terms).
KUALA LUMPUR: Tune Plato Ventures Sdn Bhd, a joint venture between Tune and ECM Libra
, has acquired a 50% stake in Malaysian home-sharing platform SubHome Management Sdn Bhd.
SubHome manages and markets a portfolio of home rentals and offers hotel-like services to vacation and business travellers looking for alternative, value-for-money lodging.
Commenting on the launch of SubHome at The Robertson Bukit Bintang today, Tune Group co-founder Tan Sri Tony Fernandes said Tune Hotels and SubHome share great synergies as Tune Group will be able to offer its extended-stay guests and families larger, more amenity-filled rooms.
“We will be able to provide SubHome operational support and controls through systems, processes, and expertise at Tune Hotels.
“Tune invests in exciting businesses that have enormous disruptive potential and synergies with our portfolio.
“SubHome also offers homeowners and developers and alternative channel to monetise their properties and increase lodging choices with a suite-like accommodation for value-conscious travellers and loyal Tune Hotels guests,” he said.
The home-share market has proved a popular option for investors seeking yield, but many are put off with the day-to-day operational requirements and hassles of managing and marketing the property.
The SubHome platform offers a turnkey solution with a complete suite of services ranging from assistance with refurbishment, listing, marketing, ongoing property maintenance and guest enquiries.
The partnership with the Tune Group shall significantly help SubHome to scale, enabling them to work closely with key distribution partners such as AirAsia, Tune Hotels, and VIDI, whilst granting SubHome operational leverage with customer support, loyalty, and property management.
SubHome co-founder and CEO Sandeep S Grewal sees SubHome growing exponentially from the current 417 keys in Malaysia.
“The SubHome business model is exciting as it offers a solution to developers that have existing or unsold inventory, to convert them into revenue generators.
“SubHome is collaborating closely with property developers in Malaysia and across the region to provide a hospitality solution in their developments, just like with Gamuda at The Robertson Bukit Bintang.
“This gives SubHome immediate scale whilst alleviating developer concerns over excess inventory,” said Sandeep.
To extend distribution reach, SubHome makes its portfolio available on a variety of channels such as Airbnb, Booking.com, and Agoda, but the best deals will always be found on the SubHome.my website.
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