Red Planet Japan's chief executive, Tim Hansing, said the partnership would enable major expansion of Red Planet’s hotel footprint across Japan's urban centres, “solidifying our position as the leading Asian budget hotel chain to meet increasing demand from, above all, the booming tourism surge into Japan”.
Red Planet Japan has agreed a joint venture with funds managed by GreenOak Investment Management to finance up to six Red Planet branded hotels in major city centres in Japan over the next two years, starting with a 160-room hotel in Hiroshima.
Red Planet Japan's chief executive, Tim Hansing, said the partnership would enable major expansion of Red Planet’s hotel footprint across Japan's urban centres, “solidifying our position as the leading Asian budget hotel chain to meet increasing demand from, above all, the booming tourism surge into Japan”.
Tokyo-based GreenOak partner, Dan Klebes, said the Red Planet brand appealed to the regional value-seeking traveller visiting Japan.
“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.”
GreenOak has operated in Japan since 2010 and has US$10.6 billion in assets under management worldwide.
Simon Gerovich, chairman of Red Planet Japan, said the Japanese market was substantial, and growing rapidly, “and we are well poised to scale up our presence accordingly”.
With the new hotels, Red Planet Japan will operate 2,500 rooms across Japan and the Philippines, boosting the total number of rooms operating under the Red Planet brand in Asia to 7,452 over the next two years.