New Japanese Investment Fund to Revive Stalled Niseko Resort Development
A major stalled resort development in Niseko is set to come back to life under new ownership. On July 9, it was revealed that a Tokyo-based independent Japanese investment fund has acquired the “La Plume” resort project, which had been left incomplete after its previous developer went bankrupt.
The fund has already established a special purpose company, Niseko Resort Hotel, to take over and resume construction. Building is expected to restart in early September, with an aim to open the resort by the end of 2027. While the acquisition price remains undisclosed, the fund confirmed the project will move forward under a new name.
Originally led by La Plume Niseko Resort SPC, a foreign-owned entity, the development came to a halt in June last year when funding transfers from investors ceased. In April this year, Tokyo District Court initiated bankruptcy proceedings against the company following a third-party bankruptcy filing by Iwata Chizaki Construction, the Sapporo-based contractor overseeing the build. Total liabilities are estimated to exceed JPY 10 billion (approx. USD 62 million).
The court-appointed bankruptcy trustee opened a bidding process for a successor to take over the project, with Niseko Resort Hotel, backed by the investment fund, selected as the winning bidder. The company finalised its purchase agreement with the trustee on July 3 and is now in discussions with Iwata Chizaki to conclude a new construction contract.
The development site is located near Niseko Village Ski Resort. Initial plans included a 219-unit condominium complex and luxury villa residences, with approximately 30% of construction completed before work stopped. Niseko Resort Hotel is currently selecting a hotel operating partner, with over a dozen companies reportedly expressing interest. Once an operator is confirmed, the new owner plans to review and revise the room configurations, interiors, and overall concept.
The Niseko region continues to attract both domestic and international capital for large-scale resort developments. The stalled La Plume project had raised concerns locally, with an unfinished structure left idle for months. The investment fund, however, sees great promise in the project. A spokesperson commented, “Niseko holds exceptional global potential and this development is a highly valuable undertaking.”
Adapted from Hokkaido Newspaper article (Japanese only)