Shanghai Yuyuan Tourist Mart Co. has expressed interest in purchasing Kiroro Snow World, Kiroro Resort, its land, two hotels, onsen, and golf course through an 11 billion Yen (US$81.5 million) corporate acquisition of Napier SPC.

Back in 2012, Thai property developer Property Perfect spent approximately 1.9 billion Yen (US$24 million at the time) to take over the then-relatively unknown ski resort in Hokkaido. The acquisition included two hotels with 422 rooms, ski infrastructure, and 48 hectares of land. The hotels were rebranded as the Sheraton Hokkaido Kiroro Resort and the Kiroro Tribute Portfolio Hotel Hokkaido. 

In early 2019, the developer announced plans to invest a further 100 billion Yen (US$740 million) to develop and expand the resort area over the next 10 years. In late 2019, the Yu Kiroro 108-unit resort condominium was completed, with units priced from US$800,000 up to $6 million+. Kiroro Resort Holdings had drawn up a net loss of 1.487 billion Yen for the fiscal year ending December 2020, and in November 2021, it was reported that Property Perfect sold the resort to Napier SPC for 15 billion Yen. 

Yuyuan’s total investment is expected to exceed 16 billion Yen (US$118 million), including 460 million Yen to acquire the local management company, and a 4.5 billion Yen contribution to upgrading and repairing the resort-related infrastructure.

Source: 36Kr Japan, February 15, 2023.