Red Planet Japan and GreenOak Investment Management KK, the Japanese arm of GreenOak Real Estate, has acquired a prime site on Horikawa Dori in Kyoto to open a new hotel.
Set to be Red Planet Japan’s eighth hotel in the country, the 191-room hotel in Kyoto is scheduled to open in November 2021.
The Kyoto hotel will be the second hotel under a joint venture between Red Planet Japan and Bentall GreenOak to develop up to six new hotels in key cities across Japan by 2021.
The new Kyoto hotel site is just 250m from Nijo Castle and a short walk from the Kyoto Imperial Palace. The hotel’s guests will have easy access to public transportation along Horikawa Dori, with several subway stations within short walking distance.
Red Planet’s chairman Simon Gerovich said: “This site acquisition builds on our strategy to continue rapid expansion in Japan through financial partnerships. We remain unique in Japan as a brand which acquires, develops, and operates its own hotels.”
Dan Klebes, managing partner of Bentall GreenOak and president of GreenOak Investment Management KK, added: “Our joint venture with Red Planet is now developing new hotels in Kyoto and Hiroshima, and we aim to acquire further prime plots in key gateway cities across Japan. We expect inbound visitation, especially from regional tourists, to continue unabated over the coming years, supported by increasing airlift capacity from across Asia.”