Patience Capital Group joins Aman and GDL-Raven in Bhutan as global hospitality partnerships grow
Patience Capital Group (PCG), the Singapore-based investment manager behind the major resort development in Japan's Myoko Kogen, has entered into a proposed strategic partnership with luxury hospitality operator Aman Group, and GDL-Raven, a subsidiary of GreenDigital Limited (GDL), to pursue investment opportunities in Bhutan.
Announced on November 1, 2026, the collaboration centres on Gelephu Mindfulness City, a large-scale economic development initiative envisioned by the King of Bhutan to attract international investment while preserving the country's cultural and environmental heritage.
From left to right: Ken Chan - Founder and CEO, Patience Capital Group, Vlad Doronin - CEO and Chairman of Aman Group and Gelay Jamtsho - Chairman, GreenDigital Limited
For PCG, this agreement represents another potential opportunity emerging from its growing experience in hospitality investment and destination development, much of which has been established through its activities in Japan.
Japanese hospitality experience creates new opportunities
PCG has steadily expanded its relationships with international hotel operators while building a portfolio of hospitality and real estate investments in Japan.
Its most ambitious undertaking is the redevelopment of Myoko Kogen in Niigata Prefecture, where the group is pursuing a long-term strategy to establish an internationally recognised, year-round mountain destination.
That strategy has attracted major hospitality partners, including IHG Hotels & Resorts for the development of Six Senses Myoko and Accor for two properties joining its MGallery Collection.
In April 2026, PCG also assumed operational control of InterContinental Yokohama Pier 8, extending its hospitality activities beyond regional resort development.
These investments have expanded PCG's involvement across hotel development, asset management and operations, while strengthening its relationships with established international hospitality brands.
The underlying investment philosophy has been a consistent theme in PCG's Japanese activities.
In an October 2025 presentation on regional hospitality investment, founder and CEO Ken Chan explained how internationally recognised hotels can help generate tourism demand rather than simply accommodate existing visitors.
By attracting investment and introducing destinations to international markets, hospitality development can also support employment, local businesses and broader regional economic activity.
That approach provides a useful connection between PCG's work in Japan and its proposed involvement in Bhutan.
Aman and PCG join Bhutan's Gelephu Mindfulness City initiative
The memorandum of understanding brings together three organisations with different areas of expertise.
Aman Group contributes its luxury hospitality and lifestyle experience, including more than two decades of operations in Bhutan.
PCG brings its expertise in real estate investment and fund management, particularly in tourism-related assets.
GDL-Raven will contribute through its role in supporting the economic development of Gelephu Mindfulness City.
The proposed collaboration seeks to attract long-term real estate investment that supports the city's wider economic and social objectives.
Located in southern Bhutan, Gelephu Mindfulness City is being developed as a Special Administrative Region and a new economic hub for South Asia.
Its vision extends beyond tourism to include finance, green energy, healthcare, education, agriculture and cultural heritage, guided by Bhutan's philosophy of Gross National Happiness.
"We see great promise in bringing together PCG’s investment management capabilities in tourism-related assets, Aman Group’s distinctive approach to hospitality and His Majesty’s vision for Gelephu Mindfulness City. We hope this collaboration will attract long-term investment, support meaningful development and create new opportunities for the Bhutanese people," Chan said in the announcement.
For Aman, the initiative builds on an established presence in Bhutan. For PCG, it offers an opportunity to apply its investment management capabilities within a new international development programme.
From Japan's regional destinations to international investment
Although Myoko Kogen and Gelephu Mindfulness City differ considerably in scale and purpose, both reflect the potential role of hospitality investment in broader destination development.
In Japan, PCG has sought to combine internationally recognised hotel brands with tourism infrastructure and regional economic revitalisation.
Its approach also extends to local participation, with Chan recently emphasising the importance of sustained community engagement in Myoko.
The Bhutan initiative similarly places long-term investment alongside cultural preservation, environmental considerations and economic opportunities for local communities.
For PCG, the significance is not simply geographic expansion. Its growing experience in Japanese hospitality and its relationships with international operators provide a foundation for pursuing opportunities in other markets.
Aman also has an established presence in Japan, including Aman Tokyo, Aman Kyoto and Amanemu, while its sister brand Janu opened its first hotel in Tokyo in March 2024.
The proposed partnership therefore introduces another internationally recognised hospitality group to PCG's expanding network of industry relationships.
What comes next?
The agreement remains at an early stage.
The three parties have signed a memorandum of understanding, but the structure of the proposed investment fund and the final partnership arrangements remain subject to further discussions and approvals. Nevertheless, the announcement marks an important development in PCG's international investment and expertise.
While its major resort projects in Japan continue to progress, the company's experience in hospitality investment, fund management and destination development is becoming relevant to opportunities beyond the Japanese market.
The proposed collaboration with Aman illustrates how expertise and international relationships developed through investment in Japan can provide a foundation for the next stage of PCG's growth.
