Snow-covered Japanese mountain peaks at dawn

JAPOW

Investing in Japan's Mountain Hospitality Transformation

JAPOW is evaluating the acquisition and repositioning of a hospitality property in one of Japan's most compelling mountain destinations.

MYOKO KOGEN · HAKUBA · NOZAWA ONSEN

02

The Opportunity

Japan Is Experiencing a Historic Tourism Expansion

Japan is also seeking to distribute more international tourism into regional Japan — beyond Tokyo, Kyoto and Osaka.

42.68M

International visitors — 2025

+15.8%

Year-on-year growth

~$60B

International tourism expenditure

International visitors to Japan (millions)

36.87M
2024
42.68M
2025
60M
2030 target

Japan's national target is 60M international visitors by 2030.

Source: JNTO / Japan Tourism Agency national statistics. Japan-wide data.

International Ski Tourism

~+50%

International ski-traveller growth — Visa 2024/25 dataset

The international mountain customer stays longer, spends more — and usually combines the mountains with Tokyo and wider Japan.

~30%

Australia

~20%

United States

~12%

Singapore · Thailand · Malaysia

Spend extends beyond accommodation into F&B, ski equipment, transport, wellness and onsen. Other relevant source markets: Hong Kong, Taiwan, South Korea, China, Southeast Asia and Europe.

Visa traveller / payment data, 2024/25 season — not a complete census of Japanese ski tourism.

Tokyo→Mountains→Wider Japan

Why Japanese Mountain Hospitality Is Different

World-class snow combined with a cultural and hospitality experience fundamentally different from European or North American ski destinations.

Powder
Powder
Onsen
Onsen
Ryokan
Ryokan
Japanese Villages
Japanese Villages
Ski→Onsen→Japanese Dinner→Sake→Ryokan→Snow

Japanese food·Sake·Temples and shrines·Japanese hospitality·Mountain culture·Tokyo and wider Japan

The Investment Thesis

JAPOW is evaluating the acquisition of an existing ryokan, hotel or pension during a period of record international tourism and rising international mountain demand.

  1. 01Record Japan tourism
  2. 02International ski demand
  3. 03Legacy Japanese hospitality assets
  4. 04Increasing accommodation pricing
  5. 05Scarce mountain real estate
  6. 06Renovation & selective expansion potential
03

Three Markets

One Mountain Ecosystem, Not Three Isolated Resorts

SEA OF JAPANTokyoNaganoHakubaIiyamaNozawa OnsenMyoko KogenJoetsu-MyokoJoetsu · Sea of JapanLake NojiriTogakushiHOKURIKU SHINKANSEN →

Schematic diagram — not to scale. Gold lines: Hokuriku Shinkansen. Dashed: regional rail / express bus.

These destinations sit inside a broader Nagano–Niigata mountain ecosystem supported by Japan's rail infrastructure and important regional population centres — not isolated ski resorts.

Three Markets. Three Different Opportunities.

MyokoHakubaNozawa
Market stageRapid transformationEstablished internationalRapid internationalisation
International demandVery strong growthEstablished highStrong growth
International maturityGrowing rapidlyHighestGrowing rapidly
SnowExceptionalExceptionalExceptional
OnsenExcellentGoodExceptional
Japanese experienceVery strongArea dependentExceptional
Shinkansen gatewayNagano + Joetsu-MyokoNaganoIiyama
Regional city / hubNagano + JoetsuNaganoIiyama / Northern Nagano
Large-site potentialHighestMediumLow
Property-price momentumEmergingVery strongVery strong
Institutional investmentVery high / acceleratingVery highLower
Four-season potentialHighHigh / establishedHigh
Expansion potentialHighestSelectiveLimited
Potential JAPOW approachRenovate + ExpandPremium RepositioningRyokan Repositioning

Accommodation economics for all three markets are compared in The Economics.

04

Market Deep Dive

Myoko. Hakuba. Nozawa.

Myoko Kogen

妙高高原

Myoko Kogen

International Demand + Expansion Potential

$427ADR47%Occupancy$202RevPAR+53%ADR YoY

Destination

A distributed mountain ecosystem in Niigata, immediately adjacent to Nagano — not a single resort.

Akakura Onsen·Akakura Kanko·Ikenotaira·Myoko Suginohara·Seki Onsen

Ski & Snow

Multiple mountains with different ski products, deep snowfall and exceptional powder.

Akakura·Suginohara·Ikenotaira·Seki Onsen

International Demand

Foreign ski visits to Niigata increased 30.2%.

4.103MNiigata ski visits824,000Foreign ski visits~20%Foreign share

Niigata Prefecture statistics, 2025/26 — not Myoko-only visitation. Myoko-specific nationality percentages are not published.

Relevant source markets include Australia, the United States, Singapore, Hong Kong, Taiwan and other Asian markets.

Japanese Experience

Akakura carries a historic onsen culture — ryokan, tatami, Japanese architecture, restaurants and traditional hospitality. Character JAPOW can potentially preserve while modernising the product.

Connectivity

Nagano ← Myoko → Joetsu

Tokyo→Nagano→Myoko

Tokyo → Nagano ~80–100 min Shinkansen · Nagano → Myoko-Kogen ~45 min rail

Tokyo→Joetsu-Myoko→Myoko

Joetsu-Myoko → Myoko-Kogen ~35 min rail

Two Shinkansen gateways. Nagano provides restaurants, retail, healthcare and employment; Joetsu provides regional population and Sea of Japan access.

Regional Ecosystem

Myoko-Togakushi Renzan National Park·Lake Nojiri·Mount Myoko·Mount Hiuchi·Naena Falls·Togakushi Shrine·Sea of Japan

Four-Season

Hiking·Lake Nojiri·Cycling·Onsen·Waterfalls·Togakushi·Autumn foliage

Real Estate & Development

International acquisition activity is increasing, particularly around Akakura. A major institutional developer has reportedly assembled ~350 ha, with $1.3B+ reported long-term destination investment in luxury hospitality, residences and resort infrastructure — future competition as well as destination transformation. Detailed ski-zone land pricing is under development; no appreciation percentage is stated.

JAPOW Fit

Strongest Fit for Expansion-Led Acquisition

10–40 existing rooms·Operating ryokan / hotel·Strong ski access·Onsen preferred·Restaurant / common spaces·Parking·Substantial usable land

Acquire→Renovate→Expand→Operate
  • — Niigata ski visits 2025/26: 4.103M (overall −1.8% YoY); foreign 824,000 (+30.2%).
  • — RevPAR YoY +49.7%. Avg. annual revenue per active listing $32.7k. 58 active listings in dataset.
  • — Supply: significant ryokan, pensions, small hotels and lodges. The opportunity may be acquiring existing infrastructure in strong locations that can be substantially improved.
  • — Myoko City averages are not used for land values, as they would misrepresent ski-zone values.
05

The Economics

Three Markets. Different Economics.

ADR (USD)

Hakuba$522
Myoko$427
Nozawa$287

Occupancy

Nozawa54%
Hakuba49%
Myoko47%

RevPAR (USD)

Hakuba$256
Myoko$202
Nozawa$157

RevPAR growth YoY: Myoko +49.7% · Hakuba +28.3%

ADR Growth YoY

Myoko+53.0%
Hakuba+31.7%
Nozawa+7.0%

Real-Estate Momentum

+35.6%

Hakuba — latest commercial land benchmark YoY

~+21–23%

Nozawa — two official benchmarks YoY

Increasing investment activity

Myoko — comparable ski-zone benchmark under development

Specific official benchmark locations — not destination-wide appreciation rates.

Niseko serves as a benchmark only: it shows what sustained internationalisation can create — international hotels, premium accommodation, branded residences, premium F&B and higher land values. Hakuba is further along that curve; Myoko combines rapid demand growth with major capital entering; Nozawa combines international demand, scarcity and strong recent land-price growth.

06

Target Returns & Value Creation

Targeting ~15% Stabilised Yield on Total Project Cost

~15%

Target stabilised unlevered yield on total project cost

Investment Target — Not a Guaranteed Return

JAPOW's objective is an acquisition where purchase basis, renovation, operational improvement and selective expansion together can support approximately this level of stabilised yield.

Stabilised NOI

Total Project Cost

Acquisition + Transaction Costs + Renovation + Expansion + Infrastructure + Pre-opening / Working Capital. Never calculated from acquisition price alone.

Why JAPOW Can Target This

  1. 01Acquire Well

    Existing hospitality assets can provide land, rooms, restaurant, reception, kitchen, onsen, utilities and operating infrastructure from day one.

  2. 02Renovate

    Upgrade an existing asset rather than constructing the entire hospitality operation from zero.

  3. 03Reposition

    Create a contemporary accommodation product for the growing international mountain customer.

  4. 04Increase ADR

    Improve rooms, bathrooms, interiors, common spaces, F&B, guest experience and positioning.

  5. 05Improve Distribution

    International OTAs, direct bookings, revenue management, international marketing and better pricing discipline.

  6. 06Expand Keys

    Where suitable developable land exists, add accommodation without duplicating the central hotel infrastructure.

  7. 07Operating Leverage

    More rooms can share reception, management, restaurant, kitchen, onsen, back-of-house, maintenance and guest services.

  8. 08Extend the Season

    Hiking, cycling, mountain biking, wellness, onsen, food and regional tourism outside the core ski months.

  9. 09Stabilised Hospitality Asset

    A larger, better-positioned and professionally operated mountain hospitality property.

~15%

Target stabilised unlevered yield on total project cost

Return Creation — Not Market Appreciation

JAPOW should not depend primarily on future land appreciation to achieve its investment objective.

Acquisition Basis+Operational Improvement+ADR Growth+Additional Keys+Operating Leverage+Four-Season Utilisation

Potential real-estate appreciation is treated as additional upside — not the foundation of the underwriting.

Flexible Operating Model

JAPOW's value lies in creating the right asset and hospitality product. The operating model is selected according to what maximises long-term asset value.

JAPOW / Local Operating Team

Direct operation through JAPOW's local operating infrastructure.

Control · Flexibility · Direct implementation of the concept · Close local management

Professional Third-Party Operator

An experienced hotel management company operates the property on JAPOW's behalf.

Professional systems · Staffing · Revenue management · Distribution · Operating scale

International / Japanese Hotel Brand

For an asset of sufficient scale and positioning, affiliation with or management by an established brand may be evaluated.

Global distribution · Loyalty programme · Brand recognition · Revenue management · Potential institutional credibility at exit

Operator optionality: JAPOW can determine the optimal operating structure once the property, scale, positioning and economics are known. No operator or brand has been appointed.

Asset Creation & Exit Value

Small / legacy hospitality asset

↓

Professionally positioned mountain hotel

More keys · Higher-quality accommodation · International distribution · Professional operations · Stronger financial reporting · Potentially an established operator or brand

JAPOW is not simply seeking to buy a small existing ryokan and collect its current income. The transformation can create a different institutional asset profile from the property originally acquired — and may broaden the future universe of operators, lenders, strategic buyers, hospitality investors and institutional real-estate investors. No valuation uplift is promised.

JAPOW Is Not a Passive Yield Strategy

Buy→Improve→Expand→Professionalise→Operate→Stabilise

The target return is intended to come from active value creation. The objective is approximately 15% stabilised unlevered yield on total project cost, with any financing, refinancing or eventual asset appreciation representing separate potential components of investor returns. This is a target, not a guaranteed outcome.

07

The JAPOW Investment

From Existing Ryokan to Contemporary Mountain Hospitality

Acquire→Preserve→Renovate→Reposition→Expand→Operate

Retain valuable Japanese character, architecture and onsen; renovate rooms, bathrooms, heating, interiors and F&B; reposition through international distribution, revenue management and guest experience; expand only where land, planning and economics support it.

Contemporary Japanese ryokan interior framing a snowy mountain view

Why an Existing Ryokan

An existing ryokan can already provide the hospitality infrastructure — and potentially the development potential.

Rooms, reception, restaurant, commercial kitchen, onsen, utilities, parking, staff spaces, operating history and a genuine Japanese identity.

Example Transformation

Today

20-room traditional ryokan

+ restaurant + onsen + reception + existing infrastructure

→

Potential JAPOW

20 renovated rooms + 30–40 potential new units

50–60

potential keys

Where planning, site conditions and economics permit. The existing ryokan becomes the social and operational heart of the property.

Expansion Model

~50 m²

Conceptual new accommodation unit

10 units~1,000–1,200 m² usable land
20 units~2,000–2,500 m² usable land
30 units~3,000–3,500 m² usable land
40 units~4,000–5,000 m² usable land
60 units~6,000–7,000 m² usable land

Preliminary site-screening assumption (~6–7 units per 700 m²) — not planning entitlement.

Land

Gross Land
Usable Land
Developable Land
Potential Keys

Slope·Hazards·Road access·Setbacks·Existing buildings·Parking·Snow storage·Utilities·Planning

Investment & Development Framework

01

Ownership & Operations

Title, hospitality permissions and acquisition structure.

02

Land & Development

Actual development capacity and planning.

03

Building & Infrastructure

Condition, utilities, onsen and infrastructure.

04

Mountain Conditions

Snow, terrain, access and natural hazards.

05 — Total Investment

Acquisition + Transaction Costs + Renovation + Expansion + Infrastructure + Working Capital =

Total JAPOW Investment

Opportunities are evaluated on total invested capital, not headline purchase price. Detailed legal, technical, tax and planning documentation belongs in due diligence.

Four-Season Opportunity

Winter

Ski · Powder · Onsen

Spring

Late ski · Hiking · Nature

Summer

Hiking · MTB · Cycling · Lakes

Autumn

Foliage · Food · Onsen

JAPOW does not require equal demand across all twelve months. The objective is to extend economically meaningful utilisation beyond the core ski season.

Operating Partnership

Built to Execute in Japan

JAPOW combines international investment and hospitality experience with established on-the-ground capabilities in Japan. The project is supported by the operating team behind Akiya Air International, bringing together international real-estate investment experience and local Japanese sourcing, acquisition, renovation and operational expertise.

Jose Martinez

Co-Founder & Operating Partner — International

20+ years building and operating international businesses across travel, marketplaces and real estate. In recent years, focused on sourcing, acquiring, repositioning and operating real estate for international buyers and investors, including investments in Japan.

For JAPOW, leads

Investment strategy·Capital·Underwriting·Acquisition·Commercial strategy·International distribution

Tsuyoshi Domoto

Co-Founder & Operating Partner — Japan

Japan-based operating partner with local experience across property sourcing, acquisition, renovation and operations.

For JAPOW, leads

Local sourcing·Seller relationships·Acquisition execution·Renovation coordination·Local operations·Japanese partner network

International Capital & Hospitality Experience

+

Local Japanese Execution

↓

JAPOW

Source→Acquire→Renovate→Operate

JAPOW is not approaching Japan as a remote financial investor. The project combines international investment experience with permanent local execution capability in Japan.

08

Properties We're Exploring

Properties We're Exploring

JAPOW is currently reviewing hospitality opportunities across the three target markets. Selected properties will appear here as they progress through initial review.

Myoko

Myoko

Opportunities Under Review

Focus: Ryokan / hotel + expansion land

Hakuba

Hakuba

Opportunities Under Review

Focus: Premium repositioning

Nozawa

Nozawa

Opportunities Under Review

Focus: Scarce central ryokan / hotel

09

The Investment Decision

Three Markets. One Investment.

Myoko

Expansion

Rapid international demand · larger-site potential · Nagano + Joetsu connectivity

Hakuba

Proven Pricing

Highest current STR ADR · established international market · premium repositioning

Nozawa

Scarcity

Historic village · onsen · highest occupancy · limited central supply

The selected property must combine

Location+Acquisition Basis+Existing Hospitality Infrastructure+International Demand+Renovation Potential+Development Potential+Total Investment Economics

Key Risks

Seasonality

Mountain hospitality remains seasonal.

Snow & Climate

Individual winter conditions can vary.

Acquisition Pricing

Some markets are already repricing rapidly.

Development

Expansion depends on actual planning and site conditions.

Construction

Mountain renovation and development can be expensive.

Labour

Seasonal hospitality can require staff housing and specialist recruitment.

Infrastructure

Utilities, access and snow management can constrain development.

Natural Hazards

Mountain properties require property-specific hazard assessment.

Competition

Sophisticated capital is increasingly active, particularly in Myoko and Hakuba.

Community

The project should preserve and work with local Japanese character rather than simply import a foreign resort concept.

One Project. One Property. The Right Location.

Investor Resources

Research & Methodology

  • — JNTO visitor statistics
  • — Japan Tourism Agency
  • — National tourism expenditure data
  • — Prefectural ski-visit counts
  • — Visa international ski-traveller dataset (traveller/payment data — not a complete census)
  • — Niigata Prefecture
  • — Myoko City
  • — Myoko-Togakushi Renzan National Park
  • — Nagano Prefecture
  • — Hakuba Village
  • — Hakuba Valley resort operators
  • — Nagano Prefecture
  • — Nozawa Onsen Village
  • — Nozawa Onsen ski resort
  • — AirDNA — tracked short-term-rental inventory across major booking platforms (TTM August 2026)
  • — MLIT official land benchmarks
  • — Prefectural land-price data
  • — JR East — Hokuriku Shinkansen
  • — Official regional rail and express-bus operators
  • — Credible independent reporting on announced resort developments
Japan-wide, prefecture, destination, short-term-rental, hotel and individual-property data are kept distinct. Niigata data is not Myoko-specific. Accommodation figures are tracked short-term-rental inventory, not hotel-only performance. Land benchmarks are specific official locations and are not generalised across a destination. Expansion is never assumed before property-level verification. All monetary data is in USD. Competitor developments are shown only as competitive landscape.
Gallery, location and map, ski access, asking price, rooms, building and land area, onsen, operations, ADR, occupancy, revenue, renovation, developable land, potential additional units, total project cost, key strengths, constraints and due-diligence status — shown once real property data exists.

Investor Data Room

Detailed property, financial, legal and technical documentation will become available as the selected acquisition progresses through due diligence.

Data Room — Coming Later

JAPOW

A Japanese Mountain Hospitality Investment Project

JAPOW is evaluating one hospitality acquisition across Myoko Kogen, Hakuba and Nozawa Onsen.

For information purposes only. Not an offer of securities.