Solare Expands Japan Development

Adds 3 New Hotels, first two properties to open in Okayama and Iwate, 3rd property in Nagano

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. October 14, 2008

SEPTEMBER 13, 2007. Solare Hotels & Resorts Co. Ltd. will begin construction of three new roadside hotels in Okayama, Iwate and Nagano Prefectures from January 2008. The opening of these 3 hotels is scheduled from September through November 2008.

Chisun Inn Kurashiki Mizushima is located along National Route 430 near Mizushima City and 4.2 km away from the Mizushima Interchange, which links to the Seto-Chuo Expressway that connects Honshu to Shikoku. Mizushima is a highly industrialized area, home to various companies that operate oil, coal, chemical, steel and transport machinery plants. By opening the first Chisun Inn in the Sanyo region, Solare will establish a foothold in Kurashiki Mizushima, expanding and solidifying its plans to open a series of roadside hotels in the area.

Chisun Inn Iwate Ichinoseki Inter is located less than 100 meters from the exit of Tohoku Expressway's Ichinoseki Interchange. There are many industrial parks in the vicinity, notably the Ichinoseki Higashi Industrial Park, a concentration of factories from 41 different companies as well as the nearby Takadamae Industrial Park, Mashiba No. 2 Industrial Park and Hanaizumi Industrial Park. The hotel is also conveniently located near the Ichinoseki Gymnasium, the largest in Iwate Prefecture and popular tourist attractions such as Genbikei and the Geibikei gorges. The hotel is expected to attract both business and leisure travelers.

Chisun Inn Nagano R18 is located along National Route 18, a major road that cuts through Nagano Prefecture. It is 2.5 km away from JR Nagano Station and 6 km from both the Susaka Nagano Higashi Interchange and Nagano Interchange on the Jo-Shinetsu Expressway. Nagano City welcomes many tourists all year-round who visit Zenkoji Temple and other tourist attractions. Also, the city hosts various sporting events held in many of the facilities that were built for the Nagano Olympic Games. Because there are fairgrounds and industrial parks as well as large medical facilities such as general hospitals and rehabilitation centers in the vicinity, the hotel is expected to attract both business and leisure travelers. Nagano R18 represents the first roadside Chisun Inn to conduct business on leased land, a plan that will continue with other new Chisun Inns in the future.

Solare Hotels & Resorts CEO A.G. Virili said, 'Solare is swiftly responding to a growing demand for accommodation located near major expressway interchanges by expanding our portfolio of roadside hotels, which offer functional design and speedy check-in and check-out facilities. Including roadside hotels already in operation and under development by Solare, the construction of these three new Chisun Inns will bring the total number of our roadside hotels to 17 (1,610 rooms) and our Solare network to almost 12,500 rooms. Our goal is to open at least 50 (4,700 rooms) roadside hotels by the end of 2010, not only through direct operations, but also by franchising the Chisun Inn roadside concept. '