SMFL Mirai Partners Acquires Two Ryokan Revitalization Assets from NBI Holdings

SMFL Mirai Partners has announced that it will acquire and hold two ryokan revitalization assets—KAI Aso and Hana no Omotenashi Nanraku—from NBI Regional Revitalization Investment, part of a series of projects led by NBI Holdings. The acquisition price was not disclosed.

KAI Aso is a villa-style ryokan with open-air baths in every guest room, located about a 10-minute drive from the Kurokawa Onsen bus stop in the Senomoto Highlands. The property has a gross floor area of 1,554.50㎡ (approx. 16,736 sq. ft.) and will undergo an expansion in December, increasing the room count from 12 to 19. When previously owned by Hoshino Resorts REIT, the property recorded strong performance, with an ADR of approximately JPY 79,000 and an occupancy rate of around 96% from January to October 2024. Hana no Omotenashi Nanraku is located about 15 minutes by bus from Izukyu-Shimoda Station. The ryokan has a gross floor area of 6,611.19㎡ (approx. 71,170 sq. ft.) and 39 guest rooms. A value-enhancement program—covering upgrades to the lobby, entrance, and other areas—will begin in January 2026 to strengthen competitiveness and capture regional tourism demand.

This transaction marks the second and third collaborations between NBI Holdings and SMFL Mirai Partners, following their September announcement regarding Choeikan at Oushuku Onsen. As part of the NBI ryokan revitalization program, the partners aim to enhance asset value and attract tourism demand across the respective areas.

Key Facts

• Property Name: KAI Aso

  • Buyer: SMFL Mirai Partners Co., Ltd.

  • Seller: NBI Regional Revitalization Investment Co., Ltd.

  • Transaction Price: Not disclosed

  • Location: 628-6 Aza Senomoto, Yutsubo, Kokonoe-machi, Kusu-gun, Oita Prefecture

  • Access: Approx. 70 minutes by car from Kumamoto Airport / approx. 10 minutes by car from Kurokawa Onsen bus stop

  • Completion: April 2006

  • Number of Floors: 2F and ancillary structures

  • Gross Floor Area: 1,554.50㎡ (approx. 16,736 sq. ft.)

  • Total Guest Rooms: 19 (planned)

• Property Name: Hana no Omotenashi Nanraku

  • Buyer: SMFL Mirai Partners Co., Ltd.

  • Seller: NBI Regional Revitalization Investment Co., Ltd.

  • Transaction Price: Not disclosed

  • Location: 130-1 Shimogamo, Minamiizu-machi, Kamo-gun, Shizuoka Prefecture

  • Nearest Station: Approx. 15 minutes by bus from Izukyu-Shimoda Station (Izukyu Line)

  • Completion: December 1961

  • Number of Floors: 8F and ancillary structures

  • Gross Floor Area: 6,611.19㎡ (approx. 71,170 sq. ft.)

  • Total Guest Rooms: 39