Former Arai Mountain & Spa Resort in Niigata sold at second public auction

Arai Mountain and Spa Ski Resort

A Tokyo-based company established just a month ago with capital of 50,000 Yen was the winning bidder for the former Arai Mountain & Spa Resort in Niigata Prefecture. The overgrown hotel was put up for public auction in early June with a minimum bid set at 884 million Yen. Three companies submitted offers, with “Hotel and Resort Joetsu Myoko” making the highest bid of 1.8 billion Yen (14.6 million USD).

The resort closed down in 2006 and was eventually seized by Myoko City for non-payment of taxes. The property includes 200 hectares of land, and 22 buildings including a hotel and restaurant.

According to the company register, the winning bidder was a company established in Minato-ku, Tokyo, on May 1, 2015. The city will make the final decision regarding the sale on June 26, with the buyer to pay the remaining amount on the same day. Stakeholders have objected to the sale and it is possible that the transaction could be delayed.

Abandoned ski resort in Niigata sold for 1.3 billion Yen

Arai Mountain and Spa Resort Niigata 2The overgrown and abandoned former Arai Mountain & Spa Resort in Niigata Prefecture has been purchased by Tokyo-based A. C Holdings for 1.3 billion Yen. The company, which is involved in construction and golf course development, plans to re-open the ski resort and target wealthy tourists from China and across Asia.

The Arai Resort was developed by Hideo Morita, eldest son of Akio Morita( the co-founder of Sony) and opened in 1993. Over 50 billion Yen was invested in creating a world-class health resort. In its first year, however, the resort ran into management difficulties and Morita’s relatives provided an additional investment of 23 billion Yen to prop up the company. Eventually the over-investment, poor management and low tourist numbers led to the closure of the resort in 2006.

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