September 28, 2016 / 2:46 AM / 2 years ago

Goldman Sachs invests $70 million in Red Planet Hotels

A sign is displayed in the reception of the Sydney offices of Goldman Sachs in Australia, May 18, 2016. REUTERS/David Gray/File Photo

HONG KONG (Reuters) - Goldman Sachs (GS.N) is investing $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 $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.

Reporting by Denny Thomas; Editing by Himani Sarkar

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