Polaris (TYO:3010) will acquire Minacia through a share exchange, making Minacia and its subsidiary, Minacia Total Service, wholly owned units, according to a Tuesday filing on the Tokyo Stock Exchange.
The deal, subject to approval at the Dec. 12 shareholder meeting, will expand Polaris' operations to 91 hotels with over 14,000 rooms.
The acquisition is part of Polaris' strategy to develop its management platform and create synergies in hotel operations, the filing said. Star Asia Group (TYO:3468) will remain Polaris' sponsor, with the deal expected to close by Dec. 27.
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