List Development To Open Hotel Converted From Ryokan in Minamiaso

List Development will open Aso Retreat HONO by Onko Chishin, a luxury hotel in Minamiaso, Aso District, Kumamoto Prefecture. The company plans to fully renovate an existing ryokan it acquired in August 2024 and add a newly built wing, with completion scheduled for the end of August 2026 and opening planned for Nov. 2, 2026. The project will be the List Group’s first ryokan conversion project.
The property is located a 25-minute drive from Kumamoto Airport, on the mid-slope of the Aso caldera rim within Aso-Kuju National Park. Under the plan, the existing building will be fully renovated while retaining its structural frame. The property previously consisted of 10 rooms and a large communal bath, but the communal bath will be converted into guestrooms, and five rooms will be added in a newly built wing, bringing the total to 17 rooms. Operations will be handled by Onko Chishin, which plans and operates lodging facilities across Japan.
In the Aso area, renovations of existing lodging properties have become notable against a backdrop of solid tourism demand. NBI Holdings and SMFL Mirai Partners are redeveloping Kai Aso, while Kyoritsu Maintenance will renovate a former ryokan as La Vista Minamiaso.（see related article:SMFL Mirai Partners Acquires Two Ryokan Revitalization Assets from NBI Holdings）
List Development develops high-end real estate, including hotel condominiums and luxury residences, and in December 2024 opened La Vigne Hakuba by Onko Chishin in Hakuba Village. Through this project, the company will expand its business into the revitalization of existing ryokan properties and seek to capture demand for stays that make use of Minamiaso’s natural environment and local resources.
Key Facts

• Property Name: Aso Retreat HONO by Onko Chishin
• Project Owner: List Development Co., Ltd.
• Operator: Onko Chishin Inc.
• Location: 5298-1 Kain, Minamiaso Village, Aso District, Kumamoto Prefecture
• Access: 25-minute drive from Kumamoto Airport
• Completion: End of August 2026
• Scheduled Opening: Nov. 2, 2026
• Number of Floors: Existing Wing 1F / New Wing 2F (steel-frame structure)
• Site Area: Approximately 26,358 tsubo (approx. 938,000 sq. ft.)
• Number of Guestrooms: 17
• Guestroom Size: 54.00 square meters (approx. 581 sq. ft.) to 148.64 square meters (approx. 1,600 sq. ft.)