U.S.-based motel chain Best Western secured A$100 million for new hotels and is replacing its membership business with a franchise model, The Australian Financial Review reported.

The initial A$100 million capital was secured by the Motel Federation of Australia, the chain's asset manager, from a high net worth Asian investor to build new Best Western hotels in Australia, according to the July 29 report.

In addition, Best Western announced two new lifestyle boutique brands, along with plans to convert independent midsize hotels as well as partnering on new-build hotels with owners and investors.