A joint venture between JASDAQ-listed hotel
operator Red Planet Japan and GreenOak Investment Management K.K.
has entered into a contract to sell a Red Planet hotel currently
under construction in Hiroshima, Japan to AXA Investment Managers
- Real Assets for JPY4.6 billion.
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
is in a prime location in the bustling Nagarekawa ward,
in the heart of Hiroshima. Hotel's guests will 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,
said, "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."