Fortress Investment Group LLC is in discussions with Unizo Holdings Co. Ltd. to purchase the Japanese business hotel operator for a price higher than the ¥3,100 per share offered by Tokyo-based travel agency H.I.S. Co. Ltd., the Nikkei Asian Review reported, citing people familiar with the matter.

Unizo decided that teaming up with the SoftBank Group Corp. unit, which is set to commence the buyout process in the week of Aug. 19, would offer more value than the takeover offer from H.I.S., sources said.

Unizo announced Aug. 16 that it is was "in talks with a candidate" regarding the bid and that its board and a special committee would review the matter, according to the report.

Unizo shares rose more than 15% to ¥4,165.00 on Aug. 16, according to S&P Global Market Intelligence data.

As of Aug. 16, US$1 was equivalent to ¥106.32.