March 16, 2018 / 7:33 AM / 7 months ago

BRIEF-Red Planet Japan concludes sale, leaseback transaction for 4 hotels

BANGKOK, March 16 (Reuters) - Red Planet Japan Inc, the Tokyo Stock Exchange-listed subsidiary of Thailand’s Red Planet Hotels, announced on Friday an 11.77 billion yen ($111 million) sale and leaseback transaction with Goldman Sachs involving four of its Japan hotels.

* Red Planet has sold ownership rights to hotels in Asakusa, Naha and Nagoya and has simultaneously entered into a lease-and-operate agreement with Goldman Sachs for an initial period of 20 years.

* “Japan is our fastest growing market. Through this transaction, we are able to accelerate the roll-out of Red Planet Hotels across Japan to cater to the increasing numbers of discerning guests,” Tim Hansing, chief executive officer, Red Planet Japan Inc, said. ($1 = 105.9600 yen) (Reporting by Amy Sawitta Lefevre Editing by Subhranshu Sahu)

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