Red Planet Japan, subsidiary of the rapidly-growing Bangkok-based Red Planet Hotels, announced recently the establishment of a new subsidiary in the Philippines and the acquisition of two local flagship properties by the new subsidiary, Red Planet Hotels Manila Corporation (RPHMC)
RPHMC 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 of around P167 million. Both hotels shall become flagship hotels generating high returns on capital employed as its ultra-prime locations. The properties 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 CEO Tim Hansing.
He added that the travel industry in the Philippines continues to grow rapidly in inbound tourists. The similarities with the rapid development of inbound visitation to Japan are notable, hence, high-growth on leisure travel markets is seen, building a sizable presence in both markets is expected to spur two-way demand from Japanese and Filipino travelers.
Inbound arrivals to the Philippines grew by 25.6% in 2017, propelled by sizable increases in arrivals from China and Japan. While Chinese visitors in the same year by 43.3%, Japanese tourism to the Philippines has also surged over the past 8 years from 2009, with a total increase of 80%.
Red Planet Manila The Fort is being developed as a 245-room hotel located in Bonifacion Global City in Taguig City and shall open in 2019. Opening in 2020 is the 330-room Red Planet Manila Entertainment City in Paranaque City.