FOR IMMEDIATE RELEASE
August 2, 2022

Star Asia Group Makes Strategic Investments in 2 Listed Hotel Operators
Star Asia Group and its affiliates (“Star Asia Group”) announced today that it has made a strategic
investment in two listed Japanese hotel operating companies, Greens Co. (TSE: 6547) andWashington Hotel Corp (TSE: 4691). Star Asia Group also currently owns over 76% of Polaris
Holdings Ltd (TSE: 3010) which is the owner and/or operator of 45 hotels with 8,135 rooms acrossJapan and the Philippines. Polaris has opportunistically grown its rooms under operation by 2.62x overthe last 2 years and is looking to further grow through additional accretive hotel acquisitions as well as
corporate M&A.
Strategic Overview
Star Asia Group believes that the stress and dislocation in the Japanese hospitality market caused byongoing COVID-19 pandemic unleashed unique investment opportunities not seen since the Global
Financial Crisis, nearly 15 years ago. As the Covid-19 restrictions are gradually being lifted in Japanand globally, Star Asia Group believes the Japanese hospitality sector is in the early stages of a strong
turnaround and should begin to show the strongest growth metrics in the entire real estate universe.
Star Asia Group believes that Greens Co. (TSE: 6547) and Washington Hotel Corp. (TSE: 4691)
have both been trading at significant discounts to their intrinsic value. Star Asia Group is now one of
the largest shareholders of both companies, currently owning over 6% of Greens and over 6% of
Washington Hotel. Star Asia Group believes that both companies are solid hospitality operators andwill be supported by their ability to generate significant cash flow post COVID-19, as the market
opening accelerates, and many more domestic and foreign guests start traveling in Japan. Star Asia
Group’s senior management intends to work closely with Greens and Washington Hotel to unlock thesignificant value intrinsic to both companies. “We have initiated constructive dialogue with bothcompanies’ management, and we are now exploring strategies to further maximize shareholder value”
said Taro Masuyama, Star Asia Group Co-Founder and Managing Partner. Star Asia Group willcontinue actively engaging with the management of Polaris Holdings, Greens and Washington Hotel,
and is prepared to provide all necessary financial and strategic resources to facilitate unlocking
shareholder value for all 3 companies.
Star Asia Group has already been actively taking tactical advantage of the extensive dislocation in
the hospitality space through its sponsorship of its listed hotel operating affiliate, Polaris Holdings(TSE: 3010). Together with Star Asia Group, Polaris has acquired or assumed operations of 33 hotels
and over 5,830 hotel rooms since the beginning of the pandemic. Polaris now operates 45 hotels with
8,135 hotel rooms under management and is very well-positioned to capitalize on the re-opening of theJapanese hospitality market.
Star Asia Group’s senior management believes that the fiercely competitive limited-service hotel
space should and will likely undergo structural changes as well as consolidation. “In the fiercelycompetitive limited-service hotel sector, economies of scale are critically important to assure strong1guest loyalty, operating efficiency, and improved financing terms. We think consolidation of smaller
hotel operators is inevitable for them to maximize their shareholder value. Star Asia Group is preparedto make additional investments in both companies to facilitate a potential transaction” said Malcolm
MacLean, Star Asia Group Co-Founder and Managing Partner.
Hotel Operators in Japan by Number of Hotel Rooms Under Management 1No.

Company Name

1 Toyoko Inn
2 APA
3 Route Inn Japan
4 Mystays Hotel Management
5 Super Hotel
6 Kyoritsu Maintenance
7 Daiwa House Realty Management
8 Sotetsu Hotel Management
9 Greens
10 Tokyu Hotels
11 Hankyu Hanshin Hotels
12 Fujita Kanko
13 Live Max
14 Mitsui Fudosan Hotel Management
15 Washington Hotel
16 Hotel Alpha One Jigyo Honsya
17 Nihon Hotel
18 Hospitality Operations
19 Solare Hotels & Resorts
20 RNT Hotels21 Polaris Holdings
22 JR West Via Inn
23 Kuretakeso
24 Hotel Montrey
25 Nishitetsu Hotels

BrandsToyoko Inn
APA Hotel
Hotel Route Inn
Mystays / Flexstay Inn / Art Hotel
Super Hotel
Dormy Inn / Onyado NONO
Daiwa Roynet Hotel
Sotetsu Fressa Inn / Hotel Sunroute
Comfort Hotel / Comfort Inn
Tokyu Hotels
Remm / Daiichi Hotel
Hotel Gracery / Washington Hotel
Hotel Live Max
Mitsui Garden Hotel / Celestin / Sequence
Washington Hotel Plaza / R&B
Hotel α-1Hotel Metropolitan / Hotel Mets
Smile Hotel
Chisun Inn / Loisir
Richmond Hotels
Best Western / KOKO HOTEL / Value The Hotel / Red Planet
Via Inn
Kuretake Inn
Hotel Montrey
Solaria / Nishitesu Inn

Listed/Unlisted
Unlisted
Unlisted
Unlisted
Unlisted
Unlisted
Listed (9616)
Unlisted
Unlisted
Listed (6547)
Unlisted
Unlisted
Listed (9722)
Unlisted
Unlisted
Listed (4691)
Unlisted
Unlisted
Unlisted
Unlisted
Unlisted
Listed (3010)
Unlisted
Unlisted
Unlisted
Unlisted

Number of *2
HotelsRooms
334
73,210294
62,942324
55,813140
19,967
166
18,829122
18,67574
15,73878
14,720100
14,67548
12,4294612,247
56
12,178158
10,808399,845
43
9,616
48
9,548
57
9,316
71
8,800
59
8,589
42
8,485
45
8,135
27
6,617
47
5,321
21
5,289
19
4,935

Notes:
1. Hotel operators mainly operating limited-service hotels
2. Source: Corporate home page, or "Weekly Hotel & Restaurant" issued in Mar 2022

About Star Asia Group
Founded by Malcolm F. MacLean IV and Taro Masuyama in 2006, Star Asia Group is an independent
fund management company focused on Japanese and Asian real estate and real estate related assets.
Since its founding, Star Asia Group has invested over JPY1 trillion and has current assets undermanagement of over JPY400 billion. Star Asia Group has 371 officers and employees with over 55
professionals in finance, investment and real estate area located primarily in Japan with a few employees
based in North America.
Star Asia Group’s partners and employees share a long-term perspective and always operate under
our Guiding Principles which continuously drive the group to become and remain one of the leading
real estate investment management firms in Japan and Asia. Star Asia Group’s strong track record andlong-term partnership approach with our investors have been integral in attracting significant capitalfrom sophisticated global investors, including large American university endowments and foundations,Japanese and European pension funds, Sovereign Wealth Funds, U.S. and Asia based family offices aswell as other global real estate investors. Star Asia Group is committed to its disciplined Investment
Philosophy with a single goal of meeting and exceeding our client’s expectations for the mandates weare given.
For further information, please see our website: www.starasiamanagement.com

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