Red Planet Japan, Inc., announced last week it enters a partnership with GreenOak Investment Management K.K., the Japanese segment of GreenOak Real Estate, to develop Red Planet-branded hotels throughout Japan.

The venture will total roughly ¥22.2 billion with the purpose of financing six hotels throughout Japan over two years. The schedule begins with plans for a 160-room hotel in Hiroshima. According to a statement from Red Planet, both involved parties anticipate expanding the venture in the future, citing an expanding market.

“This partnership enables major expansion of our hotel footprint across Japan’s urban centres, solidifying our position as the leading Asian budget hotel chain to meet increasing demand from, above all, the booming tourism surge into Japan. We are particularly pleased to be able to showcase our guest-facing technology, which is transforming the stay experience. None of our competitors have been able to implement anything like this,” said Tim Hansing, CEO, Red Planet Japan.

Including the new hotels, Red Planet Japan will operate 2,500 rooms across Japan and the Philippines, bringing the brand’s total in Asia to 7,452 rooms in the next two years.

“The Japanese hospitality market enjoys high occupancy rates and rising rooms rates, providing high yields and substantial asset appreciation. We believe our relationships will assist Red Planet in identifying new opportunities in Japan, and we hope to commit further funds to the budget hospitality sector in an ongoing partnership with Red Planet,” said Dan Kleves, partner, GreenOak Real Estate.

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