Japan Leisure Holdings floated on AIM today. The Company was established to invest in the Japanese leisure hotel market (surprise!), and on listing completed its first transaction, an interest in five hotels for a consideration of £19 million, payable with 38 million shares.
Japan Leisure said that the leisure hotel market in Japan is "highly fragmented" with some 25,000 hotels in operation, but due to overexpansion in the 1980's and 90's there is scope for acquisitions a favourable valuations.