Spa Resort Hawaiians to be acquired by U.S. fund

The operator of Japan’s Spa Resort Hawaiians said Monday that it has received an acquisition proposal from U.S. investment fund Fortress Investment Group.
Fortress plans to acquire Joban Kosan, which operates the Hawaii-themed hot springs theme park in Iwaki, Fukushima Prefecture, in a two-stage tender offer estimated at up to some ¥14 billion.
Joban Kosan’s board expressed support for the first round of offer and recommended that shareholders tender their shares.
Spa Resort Hawaiians originally opened in 1966 as “Joban Hawaiian Center.” The 2006 Japanese film “Hula Girls,” which was about the story of when the resort first opened, became a hit.
In recent years, Spa Resort Hawaiians had struggled with falling tourist demand following the COVID-19 pandemic, leaving Joban Kosan with a fourth straight year of net loss in the year that ended in March 2022.
Joban Kosan thinks that support from Fortress will help Spa Resort Hawaiians improve its aging facilities to attract more people.
In May this year, Fortress acquired the Phoenix Seagaia Resort complex in the city of Miyazaki. In September last year, the U.S. investment fund bought Japanese department store operator Sogo & Seibu.