Red Planet Japan Acquires Two Flagship Hotel Developments in the Philippines
Red Planet Japan Inc. (Red Planet Japan), the JASDAQ-listed (3350:JP)
subsidiary of the rapidly-growing Bangkok-based Red Planet Hotels, has announced the establishment of a new subsidiary in the
Philippines and the acquisition of two local flagship properties by the
new subsidiary. The planned opening of the two hotels in 2019 and 2020
will double the number of rooms in Red Planet Japan's portfolio and is
expected to greatly contribute to its future revenue and earnings. This
acquisition follows the opening of Red Planet Japan's fourth hotel
in Sapporo on 1 June 2018.
The new subsidiary, Red Planet Hotels Manila Corporation, will
acquire the land lease rights and partially-constructed assets of two
hotels in the Philippines, Red Planet Manila The Fort and Red Planet
Manila Entertainment City, for a total consideration
of PHP166,768,612 (approximately JPY350m). Both hotels shall become
flagship hotels generating high returns on capital employed. The
ultra-prime locations of the two hotels are expected to appeal to both
domestic and foreign business and leisure travelers.
"The establishment of a Philippines subsidiary and the acquisition of
these development assets represent another big step forward in the
execution of Red Planet Japan's plans for significant growth," said Red
Planet's Chief Executive Officer, Tim Hansing. "The travel industry
in the Philippinescontinues to grow rapidly, especially with a
significant increase in inbound tourists. The similarities with the
rapid development of inbound visitation to Japan tourism are notable,
making this acquisition a natural next step in our growth strategy.
Both Japan and the Philippines are high-growth leisure travel markets,
and we are therefore building a sizable presence in both markets,"
Hansing added.
Inbound arrivals to the Philippines grew by 25.6% in 2017, propelled
by sizable increases in arrivals from China and Japan. Whilst Chinese
visitors to the Philippines grew by 43.3% in 2017 alone, Japanese
tourism to the Philippines has also surged over the past 8 years, from
2009 to 2017, with a total increase of 80%. With a growing brand
presence in Japan and the Philippines, Red Planet's hotel footprint in
both countries is expected to spur two-way demand from Japanese and
Filipino travellers.
Red Planet Manila The Fort is being developed as a 245-room hotel located in the prime Metro Manila business district of Bonifacio Global City and shall open by 2019. Opening in 2020 is Red Planet Manila Entertainment City, a 330-room hotel located adjacent to Manila's bayside, proximate to Ninoy Aquino International Airport, the new casinos, and the sprawling Mall of Asia complex.
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