Red Planet Japan Inc. announced the formation of a joint venture with funds managed by GreenOak Investment Management K.K., the Japanese arm of GreenOak Real Estate, that will develop Red Planet branded hotels in select city centres throughout Japan. GreenOak shall invest up to JPY 5 billion into the venture, while RPJ shall invest up to JPY 555,555,555 and, with non-recourse debt, the venture shall have total capital of approximately 22.2 billion available to finance up to six new hotels in Japan over the next two years. Through the new venture, Red Planet Japan plans to build hotels across major Japanese city centres, commencing with a 160 room hotel in Hiroshima. Both parties expect to expand the scope of the venture over the following two years to keep pace with the rapidly-growing Japanese travel market.