Red Planet starts work on two hotels in Phl

Red Planet Japan Inc. recently announced that its newly established Filipino investment vehicle, Red Planet Hotels Manila Corp., had acquired the land lease rights and partiallyconstructed assets of two hotels, representing 575 rooms together, for a total of P166.76 million.

With the planned openings in 2019 and 2020, respectively, both Red Planet Manila The Fort and Red Planet Manila 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.

Red Planet CEO Tim Hansing said, “The recent acquisition of prime development sites in the Philippines allowed us to move forward with the ground- breaking 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.”

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. 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.”