Red Planet Japan has entered into a contract to sell a Red Planet Hotel in Hiroshima upon construction completion to AXA Investment Managers - Real Assets

A joint venture between JASDAQ-listed Red Planet Japan and GreenOak Investment Management K.K. is constructing the 160-room Red Planet branded hotel in Nagarekawa, Hiroshima, due to open in August 2020.
2019-07-31 16:02 1013

TOKYO, July 31, 2019 /PRNewswire/ -- A joint venture between JASDAQ-listed hotel operator Red Planet Japan and GreenOak Investment Management K.K. announced today that it has entered into a contract to sell upon construction completion a Red Planet hotel currently under construction in Hiroshima, Japan to AXA Investment Managers - Real Assets, a global leader in real asset investments, for JPY4.6bn. Red Planet shall operate the 160-room hotel upon completion of construction in August 2020.

Red Planet Hiroshima Nagarekawa is the first hotel under a joint venture signed in November 2018 between Red Planet Japan and GreenOak to develop up to six new hotels in key cities across Japan by September 2020.

The Hiroshima hotel will benefit from its prime location in bustling Nagarekawa ward, in the heart of Hiroshima. The hotel's guests shall have easy access to public transportation, with three tram stations within short walking distance. The Hiroshima Peace Memorial is just a kilometre away.

Simon Gerovich, Chairman of Red Planet, commented: "The Hiroshima hotel acquisition, development, and sale are in line with our strategy to continue rapid expansion in Japan through financial partnerships. The superbly-located Red Planet Hiroshima Nagarekawa is our sixth hotel in Japan, and serves to strengthen our brand recognition in Japan.

About Red Planet Japan, Inc.

Red Planet Japan, Inc. is the JASDAQ-listed Japanese and Thailand operation of Red Planet Hotels Limited. The company has 10 hotels in operation in Japan and Thailand with an additional five hotels under construction for a total of 2,626 rooms (1,517 rooms in operation). In addition to the Hiroshima hotel, Red Planet Japan will open Sapporo Susukino Central in September 2019 and three more hotels in the Philippines and Thailand by 2021. As a budget hotel with a strong technology platform, favourable customer reviews, and young customer base, Red Planet Japan's hotels are well positioned to harness burgeoning inbound visitation to Japan from China and SE Asia.

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About Red Planet Hotels

Red Planet Hotels, founded in 2010, is a privately-owned regional hotel company focused on Asia's expanding budget hotel sector. The company operates 30 hotels in Indonesia (7), Japan (5), the Philippines (13), and Thailand (5) for a total of 4,779 rooms. These hotels employ Red Planet's robust and scalable technology platform, providing both advanced reservation software, ensuring a fast and efficient booking process, and local attraction guides for customers. Red Planet comprises a stylish budget hotel offering, with all its properties centrally located and equipped with high-speed Wi-Fi. Red Planet's companies based in Jakarta (Red Planet Indonesia - PSKT:IJ) and Tokyo (Red Planet Japan - 3350:JP) are listed on the Indonesian and Japanese stock exchanges, respectively.

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Source: Red Planet Japan Inc.