Southeast Asia-focused hostel chain Mad Monkey eyes Hong Kong as it looks to open 50 properties over next three years
- A fund platform operated by Singapore-based private equity fund EXS has invested US$4.6 million in Mad Monkey
- EXS has led around US$1 billion of real estate investments since its founding in 2007
Singapore-based private equity fund EXS is looking to expand a hostel chain in Hong Kong catering to young travellers and digital nomads.
EXS Property Innovation Concepts VCC, a fund platform focused on “New Economy Real Estate” across Asia, recently invested US$4.6 million for an undisclosed stake in the Southeast Asia-focused hostel operator Mad Monkey.
Following a successful first round of fundraising, Mad Monkey aims to open up to 50 hostels in the next three years in Asia and Australia, said Chris Tai, a director at EXS, which has led around US$1 billion of investments into real estate businesses, including residential, office, data centres and hostels since its founding in 2007.
“Places like Hong Kong are very high on the list,” Tai said.
EXS’ plan comes after the Hong Kong government said last week that it would relax some travel restrictions from April 1. These include the lifting of a ban on flights from Australia, Britain, Canada, France, India, Nepal, Pakistan, Philippines and the US and reducing hotel quarantine for arriving Hong Kong residents to seven days from 14.
As many countries shift to living with the virus rather than trying to keep it out, non-residents cannot enter Hong Kong, except those arriving from mainland China, Macau and Taiwan.