Industry News
We’ve probably all been to a ski resort that is a little bit smaller with a special place in our hearts. Those independently owned resorts keep the soul of skiing intact and are places where generations of families have learned to ski. Recently, it seems the skiing industry is making somewhat of a trend to provide luxury services and amenities to guests. Hundreds of millions of dollars in capital improvements and upgrades to ski resorts have been announced over the last few years in the United States.
That trend is spreading to Japan, where Ken Chan plans to invest $1.4 billion in creating a worldwide ski destination spot. Chan is the ex-Japan head of Singapore’s sovereign wealth fund and owns Patience Capital Group, an investment firm. The area in Japan that Chan is focussing on is Myōkō, famous for its snow sports and about four hours away from Tokyo. Standing 8,050 feet (2,454m) high, Mount Myōkō is one of Japan’s iconic mountains. The original meaning of Myōkō comes from Buddhist culture – ‘Holy mountain standing in the center of the universe.’
Chan’s master plan for the region will not be easy to accomplish financially and could also have some pushback from locals. He plans to create a world-class ski destination with luxury hotels, restaurants, and boutiques and create an experience that a person can only get there. It could also be a stabilizer and hopefully increase the number of skiers in the country that has been in decline. The intention is to attract guests from all over the world looking for great snow, terrain, and service. Patience Capital Group has begun looking at purchasing the land that would be the home of international hotels and residential facilities by 2026.
The Myōkō region is known for having some of the best skiing conditions in the country and its friendly cultural atmosphere. It is home to six ski resorts – Suginohara, Ikenotaira (Alpen Blick Resort), Akakura Kanko, Akakura Onsen, Seki Onsen, and Lotte Arai Resort. Guests who do visit the region will have stunning views of Mount Fuji and the Sea of Japan and have a wide section of luxury restaurants that offer an international menu.
The news of Chan’s $1.4 billion investment is a trend in the ski industry right now that is moving towards higher quality and luxury guest services. The number of conglomerate resorts announcing substantial capital investments in its resorts will probably continue. However, just because a resort may be a part of a larger conglomerate group does not mean that the smaller, independently owned resorts cannot compete. Plenty of smaller resorts provide exceptional guest service, great amenities, and great terrain.
For more information, visit Myōkō Ski Resort’s website.
