Red Planet Sells Hotel in Japan; Retains Management Rights

Thu, 1 Aug 2019

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Red Planet Sells Hotel in Japan; Retains Management Rights

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.

Red Planet Hiroshima Nagarekawa. Click to enlarge.

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."

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