The operator of Japan’s Spa Resort Hawaiians has received an acquisition proposal from U.S. investment fund Fortress Investment Group LLC. Fortress plans to acquire Joban Kosan Ltd., the company that operates the Hawaii-themed hot springs theme park in Iwaki, Fukushima Prefecture. The two-stage tender offer is estimated to be worth up to ¥14 billion.
Joban Kosan’s board has expressed support for the first round of offer and recommended that shareholders tender their shares. Originally opened in 1966 as “Joban Hawaiian Center,” Spa Resort Hawaiians gained popularity after the release of the 2006 Japanese film ”Hula Girls,” which depicted its early days.
However, in recent years, Spa Resort Hawaiians has faced challenges due to falling tourist demand caused by the COVID-19 pandemic. As a result, Joban Kosan experienced a net loss for the fourth consecutive year ending in March 2022.
Joban Kosan believes that with support from Fortress, Spa Resort Hawaiians will be able to improve its aging facilities and attract more visitors. This acquisition follows Fortress’ previous purchase of the Phoenix Seagaia Resort complex in Miyazaki earlier this year and its acquisition of Japanese department store operator Sogo & Seibu Co. in September last year.
