Polaris HD Research Memo (3): Hotel operator accelerating growth as Star Asia Group (2).

Fisco Japan · Jun 25 16:33

■会社概要

3. ホテル事業の概要

ポラリス・ホールディングス＜3010＞の中核事業は国内ホテル事業である。2024年3月末現在、全国で展開する同社独自ブランドの宿泊特化型ホテル「KOKO HOTELS」が19棟、「ベストウェスタンホテル」が10棟、東北に限定して展開する中長期滞在型ホテル「バリュー・ザ・ホテル」が4棟あり、これら3ブランドがメインである。同社はホテルオペレーターであり、ホテルオーナーと運営委託契約或いは賃貸借契約を締結し、日々のホテル運営を行う。安定的な収益性が見込まれるホテルに関しては、オペレーションのみならず、不動産を所有するオーナーオペレーターモデルを採るケースもある。いずれのホテルも主要都市の利便性の高い立地にあり、国内需要はもちろんのこと、中長期的に訪日外国人旅行客の需要の獲得も期待できる。

(1) ココホテルズ

「KOKO HOTELS（ココホテルズ）」は同社独自ブランドの宿泊特化型ホテルである。2020年10月に銀座・札幌・福岡・広島・鹿児島の5ヶ所にオープンしたのを皮切りに、現在では20棟を展開している。「KOKO HOTELS」のコンセプトは「ひと・もの・ときを『紡ぐ』」とし、従来型の宿泊特化型ホテルの機能はもちろんのこと、ソーシャルホテル（ゲストとホスト、ゲスト同士のコミュニケーション、地域やその文化を重視する次世代のホテルの価値観）の長所を取り入れている。コロナ禍中に拡大した背景には、リスクを最小化したビジネスモデルがある。賃料支払い負担のないフィービジネスとして、運営委託型での出店を積極化し、損益分岐点を低く抑えながら事業ポートフォリオを拡大することができた。今後も「KOKO HOTELS」の更なる展開が計画されており、KOKO HOTEL大阪日本橋なんば（2025年春開業予定）、KOKO HOTEL海浜幕張（2026年春開業予定）、KOKO HOTEL那覇前島（2027年春開業予定）の3店舗753室が確定している。

(2) ベストウェスタンホテル

「Best Western（R） Hotels & Resorts」は世界最大級のワールドホテルチェーンとして全世界100の国と地域に4,300以上のホテルを展開しており、安心安全なハイパフォーマンスホテルとしてその名を知られている。ホテルのグローバルランキングで10位以内にランクインしており、欧米から日本を訪れる海外旅行客には圧倒的な知名度を誇る。ベストウェスタンチェーン専用の予約サイトBest Western.comには世界で約4,200万人の会員がおり、安定的な予約が期待できる。米国及び欧州に多くホテルを持つが、アジア・ミドルイーストエリアにも注力しており、今後さらにブランド認知度の上昇が期待される。同社は、2008年に日本国内におけるエリア開発会社（ADO：Area Development Organization）となり、「ベストウェスタンホテル」※の国内展開を行っている。

※「ベストウェスタンホテル」「ベストウェスタンプラス」「シュアステイプラスホテル by ベストウェスタン」「シグネチャーコレクション by ベストウェスタン」の4ブランドを含む。

日本において同社が運営に関わる「ベストウェスタンホテル」は2024年3月末時点で10棟となる。内訳としては、北海道・東北1棟、関東2棟、中部1棟、近畿5棟、九州1棟である。主な運営形態としては、1) 物件所有者から賃貸をして運営する、2) 運営業務のみを受託する、3) 運営はフランチャイズ（FC）会社が行うが同社が主に開業時にコンサルティングを行う、の3パターンで、現在は1) の運営受託が主体である。基本は宿泊特化型ホテルで、部屋タイプは欧米系インバウンド宿泊者の好むダブルルーム、アジア系インバウンド宿泊者の好むツインルーム、トリプルルームを充実させ、インバウンド宿泊需要にも応えられるよう配慮している。「Best Western（R） Hotels & Resorts」の設備や運営の基準は厳格で、ベッドの大きさ、レストランのメニュー、セキュリティなど多岐にわたり、専門の査察人員が定期的に評価をする。同社は、この世界的なブランドを守り、拡大していく重要な役割を担っている。

(3) バリュー・ザ・ホテル

「バリュー・ザ・ホテル」は、東日本大震災の復興支援を目的として同社が主体となり運営を開始した独自ブランドのホテルである。宮城県に3店舗、福島県に1店舗ある。中長期滞在者が快適に宿泊できるよう、1泊2食でリーズナブルな価格、シングル個室中心、コインランドリー施設の充実などが特長である。現在では、復興従事者だけでなく、大型団体・学生やスポーツ団体、通常のビジネス客などにも柔軟に対応している。

(4) Red Planet Hotels

同社は2023年3月及び10月に、フィリピンにおいて2位の規模を誇る宿泊特化型ホテル「Red Planet」14棟、合計2,453室をオーナー・オペレーターとして保有・運営するRed Planet Groupを子会社化した。その運営手法にも強みがあり、特に独自の顧客ロイヤルティプログラムや先進的なITプラットフォームを活用したセールスマーケティング、効率的運営などは日本国内にも応用の余地がある。また、今後のフィリピン以外のアジア展開を検討する場合には、有力な基盤となる。

（執筆：フィスコ客員アナリスト　角田秀夫）

Company Overview

3. Overview of Hotel Business

The core business of Polaris Holdings <3010> is the domestic hotel business. As of the end of March 2024, the company operates 19 of its own brand lodging-focused hotel KOKO HOTELS, 10 Best Western hotels, and four medium- to long-stay hotels Value the Hotel. These three brands are the main ones. The company is a hotel operator that enters into operating commission or lease contracts with hotel owners and operates their day-to-day hotel operations. For hotels that are expected to have a stable revenue, there are cases where we adopt an owner-operator model that owns real estate as well as operation. All of these hotels are located in highly convenient locations in major cities and can expect to acquire demand from not only domestic but also overseas visitors in the long term.

(1) KOKO HOTELS KOKO HOTELS is a lodging-focused hotel with the company's unique brand. It opened in Ginza, Sapporo, Fukuoka, Hiroshima, and Kagoshima in October 2020, and currently has 20 locations. The concept of KOKO HOTELS is to "spin" people, things, and time, incorporating the strengths of social hotels (values of future hotels that emphasize communication between guests and hosts, communication between guests, and the importance of local culture) in addition to the functions of conventional lodging-focused hotels. The expansion during the Corona disaster was due to a business model that minimized risk. As a fee business without rent payment burden, we have actively expanded the opening of operating commission type and expanded the business portfolio while keeping the break-even point low. Further expansion of KOKO HOTELS is planned in the future, with three stores and 753 rooms confirmed: KOKO HOTEL Osaka Namba (scheduled to open in spring 2025), KOKO HOTEL Kaihin Makuhari (scheduled to open in spring 2026), and KOKO HOTEL Naha Maeshima (tentatively scheduled to open in spring 2027). (2) Best Western Hotel Best Western Hotels & Resorts is the world's largest world hotel chain, with over 4,300 hotels in 100 countries and regions around the world, and is known as a safe and secure high-performance hotel. It ranks in the top 10 in global hotel rankings, enjoys overwhelming popularity among overseas travelers visiting Japan from Europe and the United States. The Best Western.com reservation site dedicated to the Best Western chain has about 42 million members worldwide, and stable reservations can be expected. Although it has many hotels in the United States and Europe, it is also focusing on the Asian and Middle Eastern areas, and further brand recognition is expected in the future. In 2008, the company became an area development organization (ADO) in Japan and has been expanding the domestic development of Best Western Hotel *. * Including four brands: Best Western Hotel, Best Western Plus, SureStay Plus Hotel by Best Western, and Signature Collection by Best Western. The number of Best Western Hotels operated by the company in Japan at the end of March 2024 is 10. Specifically, there is one in Hokkaido and Tohoku, two in Kanto, one in Chubu, five in Kinki, and one in Kyushu. The main types of operations are: 1) operation by renting from property owners, 2) receiving only operation commission, and 3) the franchisor company operates, but the company mainly provides consulting when starting operations. At present, operation commission is mainly adopted. Basically, it is a lodging-focused hotel, and room types are enriched in double rooms preferred by inbound guests from Western Europe, twin rooms preferred by inbound guests from Asia, and triple rooms, with consideration given to responding to inbound accommodation needs. The Best Western (R) Hotels & Resorts have strict standards for facilities and operations, including the size of beds, restaurant menus, and security. Specialized inspectors regularly evaluate them. The company plays an important role in protecting and expanding this global brand. (3) Value the Hotel

"KOKO HOTELS" is a lodging-focused hotel with its own brand owned by the company. Starting with the opening of five locations in Ginza, Sapporo, Fukuoka, Hiroshima, and Kagoshima in October 2020, it now has 20 buildings. The concept of "KOKO HOTELS" is to "weave" people, things, and time, and incorporates the advantages of social hotels (the values of a next-generation hotel that values communication between guests and hosts, communication between guests, regions, and cultures) as well as the functions of traditional lodging-focused hotels. The reason for its expansion during the COVID-19 pandemic is its business model that minimizes risk. By actively promoting store openings through operating commissions as a fee business without burden of rent payment, it was able to expand its business portfolio while keeping the break-even point low. Further expansion of "KOKO HOTELS" is planned in the future, and three locations and 753 rooms, including KOKO HOTEL Osaka Namba (scheduled to open in spring 2025), KOKO HOTEL Kaihin Makuhari (scheduled to open in spring 2026), and KOKO HOTEL Naha-Maejima (scheduled to open in spring 2027) have been confirmed.

(1) KOKO HOTELS

Best Western Hotels & Resorts is the world's largest world hotel chain with over 4,300 hotels in 100 countries and regions around the world, and is known as a safe, high-performance hotel. It ranks in the top 10 in global hotel rankings and boasts overwhelming popularity among overseas travelers visiting Japan from Europe and the United States. The dedicated Best Western.com reservation site has approximately 42 million members worldwide, and stable reservations can be expected. Although it has many hotels in the United States and Europe, it is also focusing on the Asian and Middle Eastern areas, and further brand recognition is expected in the future. In 2008, the company became an ADO (Area Development Organization) in Japan and has been expanding the domestic development of Best Western Hotels*. *Including four brands: Best Western Hotel, Best Western Plus, SureStay Plus Hotel by Best Western, and Signature Collection by Best Western.

"Best Western Hotels", "Best Western Plus", "Sure Stay Plus Hotel by Best Western", and "Signature Collection by Best Western" are included in these four brands.

At the end of March 2024, the number of Best Western Hotels operated by the company in Japan is 10. Specifically, there is one in Hokkaido and Tohoku, two in Kanto, one in Chubu, five in Kinki, and one in Kyushu. The main types of operations are: 1) operation by renting from property owners, 2) receiving only operation commission, and 3) the franchisor company operates, but the company mainly provides consulting when starting operations. At present, operation commission is mainly adopted. Basically, it is a lodging-focused hotel, and room types are enriched in double rooms preferred by inbound guests from Western Europe, twin rooms preferred by inbound guests from Asia, and triple rooms, with consideration given to responding to inbound accommodation needs. The Best Western (R) Hotels & Resorts have strict standards for facilities and operations, including the size of beds, restaurant menus, and security. Specialized inspectors regularly evaluate them. The company plays an important role in protecting and expanding this global brand.

(3) Value the Hotel

"Value the Hotel" is a unique brand of hotels started by the company for the purpose of supporting the reconstruction from the Great East Japan Earthquake. There are three hotels in Miyagi Prefecture and one in Fukushima Prefecture. Its features include affordable prices with one night and two meals, mainly single private rooms, and well-equipped coin laundry facilities to ensure a comfortable stay for medium to long-term guests. Currently, it is not only flexible in dealing with reconstruction personnel, but also with large groups, students, sports teams, and regular business customers.

(4) Red Planet Hotels

In March and October 2023, the company acquired and operates Red Planet Group, which owned and operated 14 hotels, totaling 2,453 rooms and specializing in accommodation, as the owner-operator with the second largest scale in the Philippines. There are strengths in its operation method, particularly in sales and marketing utilizing an original customer loyalty program and an advanced IT platform, as well as in efficient operation, which has potential application in Japan. It also offers a promising foundation for expanding into Asia beyond the Philippines in the future.

(Written by FISCO Guest Analyst, Hideo Kakuta)

The translation is provided by third-party software.

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ポラリスHD Research Memo（3）：スターアジアグループとして成長加速しているホテルオペレーター（2）

Polaris HD Research Memo (3): Hotel operator accelerating growth as Star Asia Group (2).

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