Red Planet Japan Inc. (RPJ) announced the formation of 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 into the venture, while RPJ shall invest up to 555,555,555 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.
Red Planet Hotels, founded in 2010, is a privately-owned regional hotel group focused on Asia’s expanding budget hotel sector. The company owns and operates 30 hotels in Indonesia (7), Japan (5), the Philippines (13), and Thailand (5) for a total of 4,783 rooms.
Red Planet’s companies based in Jakarta (Red Planet Indonesia/PSKT) and Tokyo (Red Planet Japan – 3350:JP) are listed on the Indonesian and Japanese stock exchanges, respectively.