RED PLANET JAPAN CELEBRATES FURTHER EXPANSION WITH GROUNDBREAKING FOR NEW HOTEL IN THE PHILIPPINES
TOKYO – On 12 July 2018, Red Planet Japan Inc. (Red Planet Japan), the JASDAQ-listed (3350:JP) subsidiary of the rapidly-growing Bangkok-based Red Planet Hotels, held a groundbreaking ceremony for Red Planet Manila The Fort (“The Fort”), on one of two flagship sites acquired by its newly established Filipino investment vehicle, Red Planet Hotels Manila Corporation.
Red Planet’s Chief Executive Officer, Tim Hansing, said, “The recent acquisition of prime development sites in the Philippines allowed us to move forward with the groundbreaking of The Fort, reflecting Red Planet’s proven ability to deliver on its growth plan. With the rapid expansion of travel flows between Japan and the Philippines as well as accelerating tourism arrivals in Manila, the revenue and profit contribution to Red Planet Japan by new hotels in the Philippines will be substantial over the coming years.”
On 7 June 2018, Red Planet Japan disclosed that a newly-established subsidiary had acquired the land lease rights and partially-constructed assets of two hotels, representing 575 rooms together, in the Philippines for a total consideration of PHP166,768,612 (approximately JPY350m). Upon the planned openings in 2019 and 2020, respectively, both Red Planet The Fort and Red Planet Entertainment City shall become flagship hotels befitting their ultra-prime locations in Manila’s burgeoning hotel market.
The opening of the two hotels will double the number of rooms in Red Planet Japan’s portfolio, underpinning the company’s revenue and earnings growth over the coming years.
Simon Gerovich, Chairman of Red Planet Japan, added, “We are moving to commence site works immediately on these two large projects in Manila’s Bonifacio Global City and the Bayside district of Entertainment City. Today’s groundbreaking for the first project is undertaken with a view to benefit from Red Planet’s proven industry dominance in the Philippines. With these two hotels, the Red Planet brand will be operating 15 hotels in the Philippines, and therefore also driving recognition for the Red Planet brand from Filipinos visiting Japan. The development of these prime hotel assets will contribute significantly to our bottom line and our growth prospects in the near future.”
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About Red Planet Japan, Inc.
Red Planet Japan, Inc. is the JASDAQ-listed Japanese operation of Red Planet Hotels Limited. The company commenced operations in Japan in August 2013 with the opening of Red Planet Okinawa Naha, followed by the opening of Red Planet Tokyo Asakusa in 2015. Red Planet Nagoya Nishiki subsequently opened in October 2017. In June 2018, Red Planet opened its first property in Sapporo, Red Planet Sapporo Susukino South. Red Planet Sapporo Susukino Central is currently under development and is expected to open by 2019. The Company is listed on the Tokyo Stock Exchange under the ticker symbol 3350.
About Red Planet Hotels
Red Planet Hotels, founded in 2010, is a privately-owned regional hotel company 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. Seven additional hotels, comprising 1,609 rooms, will open across Japan, Thailand, and the Philippines in 2019 and 2020. These hotels will open using Red Planet’s robust and scalable technology platform, providing both advanced reservation software, ensuring a fast and efficient booking process, and local attraction guides for customers. Red Planet comprises a stylish budget hotel offering, with all its properties centrally located and equipped with high-speed Wi-Fi. Red Planet’s companies based in Jakarta (Red Planet Indonesia - PSKT:IJ) and Tokyo (Red Planet Japan - 3350:JP) are listed on the Indonesian and Japanese stock exchanges, respectively. For more information, please visit: www.redplanethotels.com