FOR IMMEDIATE RELEASE
May 10, 2024

Star Asia Group to Acquire 100% of Minacia Co. Ltd, a Leading Domestic
Hotel Operator
Star Asia Group is pleased to announce that it has entered into a share transfer
agreement with Minacia Co., Ltd. ("Minacia") on April 26, 2024, to acquire 100% of
the shares of Minacia.
１． Reason for Share Acquisition
Star Asia Group believes that the Japanese hospitality sector is one of the few
sectors in Japan with significant growth potential and has been actively andstrategically investing in the hospitality sector since before the COVID-19 pandemic.
In 2018, Star Asia Group purchased a majority equity stake in Polaris Holdings(“Polaris”), a hotel operator listed on the Tokyo Stock Exchange Standard Market(TSE: 3010) and has since been Polaris’ main sponsor. When the operating
performance and liquidity of hotel assets significantly deteriorated during theCOVID-19 pandemic, Star Asia Group took advantage of the opportunity toproactively invest in well located and well positioned hotel assets totaling more than
JPY100 billion. Meanwhile, Star Asia Group has continued to accumulate expertisein the hospitality business internally within the group, while supporting Polaris’growth by providing extensive human and financial resource support, including
outsourcing management of assets acquired by Star Asia Group as well as providing
opportunities for co-investment.
Star Asia Group has decided to acquire from a third party 100% of the shares ofMinacia which operates 39 limited-service hotels totaling 5,180 rooms in major
Japanese cities nationwide. This acquisition is in line with our strategic initiative toactively invest in the hotel sector where there is significant growth potential. Over
its 30+ year history, Minacia has been a hotel and restaurant management company
that operates limited-service hotels throughout Japan under brands such as Wing
International and Tenza Hotel, which was newly launched in 2020. These brands
enjoy a high degree of recognition throughout Japan. Minacia has a robust
proprietary loyalty program with a large number of repeat guests. Minacia also has
extensive experience in the restaurant business and is developing restaurant

concepts inside and outside of its hotels, taking advantage of specialized regional
characteristics.
Polaris currently operates 50 hotels totaling 8,958 rooms in Japan and overseas,
and there are many similarities and compatibilities between Polaris' limited-service
hotel management business and Minacia's operations. By providing strong
sponsorship and considerable management resources, including additional capital,
Star Asia Group will help to further propel Minacia's business growth in the highly
competitive limited-service hotel sector. Star Asia Group will continue to pursue
economies of scale (technology investment, sales and marketing, loyalty programs,etc.) and further increase brand awareness in the market. Star Asia Group believes
that valuable synergies can be expected from future collaboration between Minaciaand Polaris.
２． Overview of Minacia(1)Company Name

Minacia Co., Ltd.

(2)

Head Office Address

3F, 1-2 Kanda Ogawamachi, Chiyoda-ku, Tokyo(3)

Date of Foundation

June 1, 2001

(4)

Capital

JPY50 million(5)

Business Contents

・Hotel/Restaurant

management,planning,

operation and administration
・Consulting

servicesforhotel/restaurant

operations(6)

Representative

Title

Kazuyoshi Shimojima,and Name

President and Representative Director(7)

Number of Employees

953 as of December 2023

(8)

Number of Hotels in39 Hotels with 5,180 rooms as of March 2024

Operation
３． Outline of the counterparty of the share acquisition
(1)

Name

Multiple counterparties, including Unison Capital IV
LPS and Unison Capital Partners IV (F), L.P.

(2)

Relationship with Star

Thereisnocapital,

personal,orAsia Grouprelationships between Star Asia Group and thecounterparty of the share acquisition.

business４． Number of shares acquired, acquisition price and status of shares held
before and after acquisition(1)

Number of shares held

0 sharesbefore the acquisition

Number of voting rights: 0Voting rights ratio: 0%(2)

Number of shares

1,109,895,306 sharesacquired

Number of voting rights: 1,109,895,306
Voting rights ratio: 100%(3)

Acquisition Price

Not disclosed due to lack of consent from thecounterparty of the share acquisition(4)

Number of shares held

1,109,895,306 shares

after the acquisition

Number of voting rights: 1,109,895,306
Voting rights ratio: 100%

５． Schedule(1)

Date of Contract

April 26, 2024

(2)

Stock transfer execution

May 31, 2024 (expected)

date(Reference)
Hotel operators in Japan based on number of rooms managed:

1. Ranked by Star Asia Group for hotel operators that primarily operate limitedservice hotels.
2. Source: Each company's website or "Monthly HOTERES" March 2023.
3. Polaris Website: https://www.polaris-holdings.com/

Star Asia GroupStar Asia is a privately owned, independent investment management group focusedon delivering superior investment returns to its clients by investing primarily inJapanese real estate related opportunities. Star Asia Group is the sponsor of two
Tokyo Stock Exchange listed companies, Star Asia Investment Corporation (TSE:3468) and Polaris Holdings (TSE: 3010).
Star Asia was co-founded in 2006 by Malcolm F. MacLean IV and Taro Masuyama
who each have over 25 years of experience in real estate, credit, corporate finance,
capital markets and securitization. The group currently has a total of 728 employees
in Japan and the United States, including over 55 professionals in its Tokyo office,as of March 2024. Star Asia’s partners and employees share a long-term perspective
and always operate under their Guiding Principles which continuously drive thegroup to become and remain one of the leading real estate investment management
firms in Japan.
Since its inception, Star Asia has invested over JPY1.27 trillion (as of December 31,2023) in real estate related opportunities including properties, loans, securitized
assets, and companies. The group’s strong track record and long-term partnershipapproach with our investors have been integral in attracting significant capital fromsophisticated global investors, including large U.S. university endowments andfoundations, sovereign wealth funds, U.S. and Asia based family offices as well asother global real estate investors. The group is committed to its disciplined
Investment Philosophy with a single goal of meeting and exceeding its clients’
expectations for the mandates we are given.

Star Asia Group Website: https://starasiamanagement.com/Contact: press.jp@starasiamanagement.com

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