GIC invests $180m in Korean hotel platform

GIC, Singapore’s sovereign wealth fund, and U.S.-based travel services Booking Holdings have jointly invested $180 million in Yanolja, a South Korean operator of budget hotels and online booking platform.

Yanolja offers short-term accommodation at minimal cost.

With the investment, the South Korea–based hotel booking website has raised $242 million in funding for its latest Series D round, bringing its current valuation to more than $1 billion. The capital raised will be used for more innovation in hospitality-related technology to automate hotel operations and achieve more pervasive connectivity across the value chain.

The partnership allows Booking Holdings’ brand Agoda to offer its customers Yanolja’s hotel accommodations in South Korea. It also allows Yanolja customers to book accommodations across the globe through Agoda and other Booking Holdings’ brands.

In addition to its online platform, Yanolja is one of the largest hotel chains in Kor