Hojo originally was a Web site development company. Gessner says in a statement that Hojo will concentrate on actively pursuing acquisitions of companies involved in real estate and wireless telecom. The company's real estate will focus on the commercial, hospitality and residential sectors, emphasizing land development, hotels and service stations.

"We have a clearly defined mission," Gessner said. "We want to take advantage of the burgeoning real estate industry and find unique businesses, specifically technology-based companies that are synergistic to our core real estate holdings."

The company's senior management, who have vast experience in the hospitality and real estate sectors, have a significant pipeline of acquisitions lined up in different stages of negotiations, according to Gessner. Two of the acquisitions are under contract, and the company anticipates they will close by the third quarter, he states.