Chinese Firm Acquires Tomamu Ski Resort in Hokkaido
China-based Shanghai Yuyuan Tourist Mart is to buy Hoshino Resort Tomoamu in central Hokkaido for ¥18.3 billion.
The mainland resort operator said it will acquire all outstanding shares in Hoshino Resorts Tomamu, a ski resort in the village of Shimukappu, Hokkaido, from Hoshino Resorts Inc. and a foreign investment fund. Hoshino Resorts is based in Karuizawa, Nagano Prefecture. Hoshino Resort Tomamu is famous for its breathtaking 'Unkai Terrace' panorama of the ever-changing Unkai (Sea of Clouds) and the mountains of Hidaka and Tokachi. This is a major tourist attraction in the area. After a 13 minute ride on the gondola, an astonishing sight of mountain peaks above a white sea of clouds appears from a 1,088-meter-high deck. Shanghai Yuyuan Tourist Mart, headquartered in Shanghai, aims to tap into demand from the surging numbers of Chinese visitors to Japan.
After the sale, the Japanese firm will continue operating Hoshino Resorts Tomamu, a resort with ski areas known for their powder snow. It also has hotels and golf links. Observers believe the acquisition of one of Japan’s leading ski resorts reflects Fosun’s strategy of beefing up resort operations. They note that the group took control of French holiday company Club Mediterranee, better known as Club Med, earlier this year.