S Korean budget hotel platform Yanolja gets $200m from Booking, Singapore's GIC

S Korean budget hotel platform Yanolja gets $200m from Booking, Singapore's GIC

Tea service in a hotel room. Photo: Pixabay

Yanolja’s gentrification of South Korean love hotels has brought the company a valuation of more than $1 billion (£788 million) from investors keen to capitalise on the globalisation of a novel approach to short-stay accommodation, its chief executive told Reuters.

The budget hotel and online booking platform operator reached the valuation having secured $200 million from U.S. peer Booking Holdings Inc and Singapore sovereign wealth fund GIC Pte Ltd, CEO Kim Jong-yoon said.

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