What's happened
Fortress Investment Group plans to acquire Joban Kosan, operator of the Hawaii-themed Spa Resort Hawaiians in Fukushima, through a two-stage tender offer valued at approximately £14 billion. The acquisition aims to revitalize the resort, which has faced declining tourist numbers post-COVID-19.
Why it matters
What the papers say
According to The Japan Times, Fortress plans to acquire Joban Kosan, which operates the Spa Resort Hawaiians, in a deal estimated at £14 billion. The board of Joban Kosan has expressed support for the offer, hoping it will help revitalize the resort after years of losses. Nikkei Asia notes that the resort is famous for its hula dance shows and has been a cultural landmark since its opening in 1966. The acquisition comes as the resort seeks to recover from the impacts of the COVID-19 pandemic, which significantly reduced tourist numbers.
How we got here
Joban Kosan has struggled with financial losses for four consecutive years, largely due to decreased tourist demand following the pandemic. Fortress's acquisition is seen as a potential turnaround strategy for the aging resort facilities.
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