Budget hotel platform ZEN Rooms has sold a stake to Korean hotel app Yanolja for US$15 million.
It will give Yanolja a minority stake and the option to convert to 100% ownership in the future.
Rocket Internet-backed ZEN Rooms had rapidly expanded in Southeast Asia but had reportedly been experiencing financial woes since earlier this year.
It had been actively seeking a buyer.
ZEN’s main markets are Indonesia, Thailand and Malaysia.
Singapore based ZEN’s business model is offering a consistent budget hotel product as a hotel chain and online booking platform.
Seoul based Yanolja is Korea’s largest home grown accommodation platform which lists about 40,000 properties.
