List Development Completes Minamiaso Hotel and Transfers It to Newly Formed Fund
ASO RETREAT HONO by Onko Chishin, a luxury hotel that List Development has been developing in Minamiaso Village, Aso District, Kumamoto Prefecture, was completed on August 31, 2026. The hotel will be converted into a trust beneficiary interest and transferred to a fund formed upon completion. Investors in the fund, through anonymous partnership equity contributions, include List Co., Ltd., the parent company, as well as Genkai Capital Group and several major domestic operating companies including some based in Kyushu. Asset management will be handled by GENKAI Capital Management Co., Ltd.
The property is a full renovation of an existing ryokan that List Development acquired in August 2024, with a newly built wing added, and is scheduled to open on November 2, 2026. The guest room count, previously 10, will be renewed to a total of 17 rooms through the conversion of the large communal bath into guest rooms and the addition of five rooms in the new wing. Hotel operations will be handled by Onko Chishin Inc.
List Development develops high-end real estate, including hotel condominiums and luxury residences. In December 2024, it opened HOTEL LA VIGNE HAKUBA by Onko Chishin in Hakuba Village, Nagano Prefecture, and with this project it has expanded its business into the repositioning of existing ryokan. The company is also advancing hotel condominium and resort developments in Karuizawa, expanding its hotel-related business across various locations.
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Hotel Overview
- Hotel Name: ASO RETREAT HONO by Onko Chishin
- Developer: List Development Co., Ltd.
- Operator: Onko Chishin Inc.
- Location: 5298-1 Kawakage, Minamiaso-mura, Aso-gun, Kumamoto
- Access: 25-minute drive from Kumamoto Airport
- Completion: August 31, 2026
- Scheduled Opening: November 2, 2026
- Number of Floors: Existing wing 1F / New wing 2F (steel-frame construction)
- Number of Guest Rooms: 17 (existing wing 12 rooms / new wing 5 rooms)
- Guest Room Size: 54.00 sq. m to 148.64 sq. m
- Site Area: approximately 26,358 tsubo (approx. 937,900 sq. ft.)
Fund Overview
- Special Purpose Company: Minamiaso Resort LLC
- Target Asset: ASO RETREAT HONO by Onko Chishin
- Investment Structure: Anonymous partnership equity contributions based on a trust beneficiary interest
- Investors: List Co., Ltd., Genkai Capital Group, and several major domestic operating companies including some based in Kyushu
- Asset Management: GENKAI Capital Management Co., Ltd.