TOKYO, May 9, 2024
/PRNewswire/ -- Star Asia Group is pleased to announce that it has
entered into a share transfer agreement with Minacia Co., Ltd.
("Minacia") on April 26, 2024, to
acquire 100% of the shares of Minacia.
1. Reason for Share Acquisition
Star Asia Group believes that the Japanese hospitality sector is
one of the few sectors in Japan
with significant growth potential and has been actively and
strategically investing in the hospitality sector since before the
COVID-19 pandemic. In 2018, Star Asia Group purchased a majority
equity stake in Polaris Holdings ("Polaris"), a hotel operator
listed on the Tokyo Stock Exchange Standard Market (TSE: 3010) and
has since been Polaris' main sponsor. When the operating
performance and liquidity of hotel assets significantly
deteriorated during the COVID-19 pandemic, Star Asia Group took
advantage of the opportunity to proactively invest in well located
and well positioned hotel assets totaling more than JPY100 billion. Meanwhile, Star Asia Group has
continued to accumulate expertise in the hospitality business
internally within the group, while supporting Polaris' growth by
providing extensive human and financial resource support, including
outsourcing management of assets acquired by Star Asia Group as
well as providing opportunities for co-investment.
Star Asia Group has decided to acquire from a third party 100%
of the shares of Minacia which operates 39 limited-service hotels
totaling 5,180 rooms in major Japanese cities nationwide. This
acquisition is in line with our strategic initiative to actively
invest in the hotel sector where there is significant growth
potential. Over its 30+ year history, Minacia has been a hotel and
restaurant management company that operates limited-service hotels
throughout Japan under brands such
as Wing International and Tenza Hotel, which was newly launched in
2020. These brands enjoy a high degree of recognition throughout
Japan. Minacia has a robust
proprietary loyalty program with a large number of repeat guests.
Minacia also has extensive experience in the restaurant business
and is developing restaurant concepts inside and outside of its
hotels, taking advantage of specialized regional
characteristics.
Polaris currently operates 50 hotels totaling 8,958 rooms in
Japan and overseas, and there are
many similarities and compatibilities between Polaris'
limited-service hotel management business and Minacia's operations.
By providing strong sponsorship and considerable management
resources, including additional capital, Star Asia Group will help
to further propel Minacia's business growth in the highly
competitive limited-service hotel sector. Star Asia Group will
continue to pursue economies of scale (technology investment, sales
and marketing, loyalty programs, etc.) and further increase brand
awareness in the market. Star Asia Group believes that valuable
synergies can be expected from future collaboration between Minacia
and Polaris.
2. Overview of Minacia
(1)
|
Company Name
|
Minacia Co.,
Ltd.
|
(2)
|
Head Office
Address
|
3F, 1-2 Kanda
Ogawamachi, Chiyoda-ku, Tokyo
|
(3)
|
Date of
Foundation
|
June 1, 2001
|
(4)
|
Capital
|
JPY50
million
|
(5)
|
Business
Contents
|
・Hotel/Restaurant management, planning,
operation and administration
・Consulting services for hotel/restaurant
operations
|
(6)
|
Representative
Title
and Name
|
Kazuyoshi
Shimojima,
President and
Representative Director
|
(7)
|
Number of
Employees
|
953 as of December
2023
|
(8)
|
Number of Hotels in
Operation
|
39 Hotels with 5,180
rooms as of March 2024
|
3. Outline of the counterparty of the share
acquisition
(1)
|
Name
|
Multiple
counterparties, including Unison Capital IV
LPS and Unison Capital Partners IV (F), L.P.
|
(2)
|
Relationship with
Star
Asia Group
|
There is no capital,
personal, or business
relationships between Star Asia Group and the
counterparty of the share acquisition.
|
4. Number of shares acquired, acquisition price
and status of shares held before and after acquisition
(1)
|
Number of shares
held
before the acquisition
|
0 shares
Number of voting
rights: 0
Voting rights ratio:
0%
|
(2)
|
Number of shares
acquired
|
1,109,895,306
shares
Number of voting
rights: 1,109,895,306
Voting rights ratio:
100%
|
(3)
|
Acquisition
Price
|
Not disclosed due to
lack of consent from the
counterparty of the share acquisition
|
(4)
|
Number of shares
held
after the acquisition
|
1,109,895,306
shares
Number of voting
rights: 1,109,895,306
Voting rights ratio:
100%
|
5. Schedule
(1)
|
Date of
Contract
|
April 26,
2024
|
(2)
|
Stock transfer
execution
date
|
May 31, 2024
(expected)
|
For further information, please see our
website: www.starasiamanagement.com
Polaris
Website: https://www.polaris-holdings.com/
Star Asia Group
Star Asia is a privately owned,
independent investment management group focused on delivering
superior investment returns to its clients by investing primarily
in Japanese real estate related opportunities. Star Asia Group is
the sponsor of two Tokyo Stock Exchange listed companies, Star Asia
Investment Corporation (TSE: 3468) and Polaris Holdings
(TSE: 3010).
Star Asia was co-founded in
2006 by Malcolm F. MacLean IV and
Taro Masuyama who each have over 25
years of experience in real estate, credit, corporate finance,
capital markets and securitization. The group currently has a total
of 728 employees in Japan and
the United States, including over
55 professionals in its Tokyo
office, as of March 2024. Star
Asia's partners and employees
share a long-term perspective and always operate under their
Guiding Principles which continuously drive the group to become and
remain one of the leading real estate investment management firms
in Japan.
Since its inception, Star Asia has invested over JPY1.27 trillion (as of December 31, 2023) in real estate related
opportunities including properties, loans, securitized assets, and
companies. The group's strong track record and long-term
partnership approach with our investors have been integral in
attracting significant capital from sophisticated global investors,
including large U.S. university endowments and foundations,
sovereign wealth funds, U.S. and Asia based family offices as well as other
global real estate investors. The group is committed to its
disciplined Investment Philosophy with a single goal of meeting and
exceeding its clients' expectations for the mandates we are
given.
Star Asia Group Website: https://starasiamanagement.com/
Disclaimer
This material is not intended as a solicitation to buy or sell
shares of Star Asia Group or any of its affiliates, or to make any
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SOURCE Star Asia Group