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. 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. Ernst & Young Global, Phillipines provide financial due diligence and tax due diligence to Polaris Asia Co., Ltd.

Polaris Asia Co., Ltd. cancelled the Memorandum of Understanding to acquire Red Planet Hotels Manila Corporation from Red Planet Japan, Inc. (TSE:3350) and on September 30, 2022.