Polaris Asia Co., Ltd. signed a Memorandum of Understanding to acquire Red Planet Hotels Manila Corporation from Red Planet Japan, Inc. (TSE:3350) and other for approximately PHP 500 million on July 28, 2022. As of January 10, 2023, entered into a stock purchase agreement to acquire Red Planet Hotels Manila Corporation from Red Planet Japan, Inc. (TSE:3350) and other PHP 15.76 million. In year 2021, Red Planet Hotels Manila reported PHP -205 million of net worth, PHP 1.6 billion of Total assets, and Net income of PHP -63.5 million. Transaction is expected to close in March 2023. Ernst & Young Global, Phillipines provide financial due diligence and tax due diligence to Polaris Asia Co., Ltd. Tatsuya Nakayama, Junya Kokaji and Masataka Sato of Nishimura & Asahi acted as legal advisor to Polaris Holdings Co., Ltd.

Polaris Asia Co., Ltd. completed the acquisition of Red Planet Hotels Manila Corporation from Red Planet Japan, Inc. (TSE:3350) on October 2, 2023.