ORLANDO-After emerging from Chapter 11 protection under the US Bankruptcy Code earlier this year, locally-based Planet Hollywood International Inc. continues to draw interest from investors, especially its long time backer, Star East Holdings Ltd. The Hong Kong-based entertainment company has increased its stake in the celebrity-oriented restaurant chain to 18% with the purchase of 275,000 shares for $3 million.

Star East’s move follows an earlier first-quarter shares purchase that raised its ownership interest to 14.3%. That move, like the current filing with the Securities and Exchange Commission, didn’t surprise industry watchers since Star East is Planet Hollywood’s franchise operator of record in Asia. The two firms are a mutual admiration society with Planet currently owning 6% of Star East stock.

Star East buys shares through Magnetic Light Profits, a wholly-owned subsidiary based in the British Virgin Islands. Star East and other investors in Planet Hollywood dole out limited numbers of class B stock to selected entertainment industry celebrities in exchange for their appearances at restaurant openings and special events promoted by the restaurant company.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.