Polaris : Provides Update on 6 New Operating Hotels
March 15, 2022 at 03:30 am EDT
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March 15, 2022
FOR IMMEDIATE RELEASE
Company Name: Polaris Holdings Co., Ltd.
Representative: Atsuo Umeki, President and Representative Director
Stock Listing: Tokyo Stock Exchange, Second Section
Stock Code: 3010
Inquiries: Satoshi Hosono, Director and CFO（TEL:03-5822-3010）
Polaris Provides Update on 6 New Operating Hotels
As disclosed in an earlier press release on February 14, 2022, titled "Polaris to Operate 6 Additional Hotels", Star Asia Group, our parent company is scheduled to acquire new hotel properties or assume the lease hold rights, the Hotel Trusty Kanazawa Korinbo, the Hotel Trusty Shinsaibashi, the hotel Trusty Nagoya Sakae, the Hotel Trusty Premier Kumamoto, the Hotel Trusty Premier Nihonbashi Hamacho, and the Hotel Trusty Kobe Kyukyoryuchi (hereinafter, "the Property Portfolio"). We have been finalizing the negotiations of the hotel management contract to become the new operator for the six hotels comprising 1,191 rooms. We would like to inform you of the progress of the discussions below.
1. Progress
Resorttrust, Inc (TSE/NSE First Section 4681; Representative: Ariyoshi Fushimi; Location: 2-18-31 Higashisakura, Naka-ku, Nagoya City, Aichi Prefecture; hereinafter, "RT"), the current hotel operator of the Property Portfolio, announced today that its Board of Directors has resolved "to transfer the hotel properties owned by RT to a special purpose company to be established by Star Asia Group" and "to change the hotel management of the Property Portfolio to a subsidiary of Polaris Holdings Co., Ltd.". At this time, we expect to have the contract finalized in April 2022 and the hotels to begin operations by early summer 2022 (see below for schedule).
2. Overview of the Property Portfolio
Hotel Name
Location (residential indication)
Number of
rooms
(i)
Hotel Trusty Kanazawa Korinbo
1-2-16 Korinbo, Kanazawa City, Ishikawa
207 rooms
(ii)
Hotel Trusty Shinsaibashi
3-3-17Minami-Senba,Chuo-ku, Osaka City,
211 rooms
Osaka
(iii)
Hotel Trusty Nagoya Sakae
3-15-21, Nishiki, Naka-ku, Nagoya City, Aichi
204 rooms
(iv)
Hotel Trusty Premier Kumamoto
3-20Sakura-machi,Chuo-ku, Kumamoto City,
205 rooms
Kumamoto
(v)
Hotel Trusty Premier Nihonbashi
2-30-4, Hamacho, Nihonbashi, Chuo-ku, Tokyo
223 rooms
Hamacho
(vi)
Hotel Trusty Kobe
63 Naniwa-cho,Chuo-ku, KobeCity, Hyogo
141 rooms
Kyukyoryuchi
Total
1,191 rooms
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3. Schedule
(i)
Conclusion of hotel management contract
April 2022 (tentative)
(ii)
Hotel operations commence
June-July 2022 (tentative)
NOTE: This is an English translation summary of the Company's announcement in Japanese. No assurances or warranties are given for completeness or accuracy of this English translation summary.
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KACHIKAIHATSU Co. Ltd. published this content on 15 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 March 2022 07:29:10 UTC.
Polaris Holdings Co Ltd, formerly Kachikaihatsu Co Ltd, is a Japan-based company mainly engaged in the hotel business and the real estate business. The Company operates through two business segments. The Hotel segment is involved in the hotel management, consultancy, operation and franchise business. The Real Estate segment operates in five kinds of businesses. The real estate leasing business is involved in the leasing and operation of office buildings and condominiums. The real estate trading business is involved in the purchase and sale of office buildings and condominiums. The real estate development business is involved in the provision of information collection, survey, analysis, planning and construction services. The real estate investment business is involved in the investment of silent partnership in special purpose company (SPC) that holds trust beneficiary rights. The real estate management business is involved in the trust of the operation management business.
POLARIS HOLDINGS CO., LTD. 
