Patience Capital Group led investment draws Japanese developers to Myoko Kogen
- Adam German
- 2 hours ago
- 3 min read
The Nikkei Shimbun reported on March 5th that foreign-led development in the Myoko area of Niigata Prefecture is drawing renewed investment from Japanese companies, signaling a shift in momentum for the once-stagnant ski destination.
New lodging facilities are opening while major domestic developers have begun conducting market research. After Japan’s ski boom faded, development by Japanese firms slowed for decades, but rising inbound tourism and foreign investment are beginning to reshape the market.
A major catalyst has been development activity by Singapore-based investment fund Patience Capital Group (PCG), which announced plans to build four hotels and two commercial facilities around the Myoko Suginohara Ski Resort by 2034.
One of the projects, the luxury hotel Six Senses Myoko, is expected to begin construction as early as April 2026.
Tokyo-based real estate planning and operations company PLAY & co., which manages about 20 properties nationwide including hotels and sauna facilities, will hold a pre-opening as well in April for the private rental accommodation Villa El Cielo Myoko.
Villa El Cielo Myoko exterior photo courtesy of the company website.
Located in the Sekikawa area of Myoko City with convenient access to multiple ski resorts, the property offers about 300 square meters of total floor space, making it one of the largest private rental accommodations in the area.
The renovated property has two above-ground floors and one basement level and can accommodate up to seven guests. A hot spring bath is located in the basement. The company expects demand from foreign ski visitors, long-term guests, and domestic travelers including families and groups of friends. Rates start at ¥250,000 per night in winter and ¥150,000 in other seasons.
A company representative said Myoko “has extremely high potential as a lodging market as one of Japan’s leading snow activity destinations, with further development expected.” Foreign investment in the area is seen as “a very positive tailwind.” If new development raises Myoko’s profile and expands activities during the green season, the representative said, the region could attract visitors year-round.
Other operators are also entering the market. Sauna-focused accommodation operator Sauna Inn, based in Tokyo’s Shibuya district, held a pre-opening in late 2025 for Sauna 9 Niigata Myoko Kogen in the Taguchi area of Myoko City.
Sauna 9 Niigata Myoko Kogen interior with exterior perspectives courtesy of the company website.
The sauna resort consists of three buildings: a dining facility and two lodging buildings. The property offers seven guest rooms with capacities ranging from two to ten people, including rooms equipped with private saunas. Prices vary depending on the season but start from ¥41,000 per night for two guests.
The project renovated an existing hotel using subsidies from a Japan Tourism Agency program aimed at revitalizing regional tourism destinations and increasing their value. Total investment reached about ¥450 million, including subsidies. Two lodging buildings opened first, while another building housing a restaurant and container-style sauna facilities is scheduled to open later.
Interest is also emerging from larger developers. According to tourism industry sources in Myoko, major developers from the Greater Tokyo Area have begun visiting the region to conduct market research. They have asked local tourism operators about visitor numbers, development progress, and summer tourism demand. Developers appear to be carefully assessing whether the area can support year-round demand before making final investment decisions.
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After Japan’s asset bubble burst in the 1990s and the ski boom faded, development momentum in Myoko stalled for decades. Aging facilities gave the region a declining image, and it was “not an area that attracted interest from major Japanese companies,” according to a real estate industry source. That perception is now changing as inbound tourism grows.
Niigata Prefecture recorded a 55% year-on-year increase in foreign guest nights in 2025, the second-highest growth rate in Japan. Visitor numbers in Myoko have also remained strong this season. According to Myoko Tourism Management, sales of a ¥115,000 season pass allowing unlimited skiing across four resorts in the area through the end of March increased 1.5 times compared with the previous season. While exact figures are not disclosed, approximately 90% of purchasers are foreign visitors.
Land prices in Sekikawa, Myoko City posted the largest increase in Niigata Prefecture in 2025. Land values have also been rising in other inbound-focused ski destinations such as Hakuba in Nagano Prefecture and Niseko in Hokkaido.
Source:
Nikkei Shimbun (Japanese only; paywalled)
