TravelNewsAsia.com
Wed, 5 Dec 2018

Red Planet Partners GreenOak for Japan Expansion

Red Planet Japan has formed a joint venture with funds managed by GreenOak Investment Management K.K., the Japanese arm of GreenOak Real Estate, that will develop Red Planet branded hotels in select city centres throughout Japan.

GreenOak shall invest up to 5 billion yen in the venture, while RPJ will invest just over 555 million yen and, with non-recourse debt, the venture shall have total capital of approximately 22.2 billion available to finance up to six new hotels in Japan over the next two years.

Through the new venture, Red Planet Japan plans to build hotels across major Japanese city centres, commencing with a 160 room hotel in Hiroshima.

Tokyo, Japan. Picture by Steven Howard of TravelNewsAsia.com Click to enlarge.

Red Planet Japan's Chief Executive Officer, Tim Hansing, said, "This partnership enables major expansion of our hotel footprint across Japan's urban centres, solidifying our position as a leading Asian budget hotel chain to meet increasing demand from, above all, the booming tourism surge into Japan."

GreenOak has operated in Japan since 2010 and has USD 10.6 billion in assets under management worldwide.

 Tokyo-based GreenOak Partner, Dan Klebes, said, "Through this venture, GreenOak seeks to invest in a sought-after asset class with a brand which appeals to the regional value-seeking traveller visiting Japan today. The Japanese hospitality market enjoys high occupancy rates and rising rooms rates, providing high yields and substantial asset appreciation. We believe our relationships will assist Red Planet in identifying new opportunities in Japan, and we hope to commit further funds to the budget hospitality sector in an ongoing partnership with Red Planet."

With the new hotels, Red Planet Japan shall operate 2,500 rooms across Japan and Philippines, boosting the total number of rooms operating under the Red Planet brand in Asia to 7,452 over the next two years.

Latest videos and podcasts: Air Astana CEO Press Conf. Russian Helicopters CEO Press Conf., Four Seasons Hotel KL, Luxury Yachts - Simpson Marine, Sailing in Thailand - Ocean Marina, Disabled Sailing Thailand, Sky Marine Group Thailand, Compass Edge Finland, Korean Air, Korean Food and Soju, Asia Pacific Aviation Industry Update, Crowne Plaza Changi Airport Singapore, What is a Moxy Hotel?, Plastic, Climate Change and Sustainable Tourism, JW Marriott Phuket, Sustainable Hotels - Crowne Plaza Changi Airport, Saving Boracay Island, Philippines, Sustaining Tourism, Sustainable Hotels - JW Marriott Phuket, Diving in Phuket, Anthony Lark Explains PHIST, Raya Heritage Resort, Chiang Mai, Pattana Golf Club & Resort, Sriracha, airBaltic A220-300, Jake Needham, Dell Precision 7730 Mobile Workstation and Dusit Thani Bangkok - Is It Really Going to Close?.

See latest HD Video Interviews, Podcasts and other news regarding: Red Planet, Japan.

Subscribe to our Latest Travel News Daily Email Free of Charge by simply entering your email address to the right. You can also stay updated with our RSS Feed Free Travel News RSS Feed and even add the travel news to your website. Have questions? Please read our travel news FAQ.
     
Latest Travel News
Advertising
Advertising
Copyright © 1997-2018 TravelNewsAsia.com