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November 3, 2020

Launch of "Hoshino Resorts Tourism Revitalization Fund"

Hoshino Resorts (Headquarters: Nagano, CEO: Yoshiharu Hoshino) and RISA Partners, Inc. (Headquarters: Tokyo, CEO: Yoshio Narukage, hereinafter called “RISA”) has finalized their investment partnership and has begun operations on October 30, 2020. The fund is a limited investment partnership for accommodations in Japan and will be named “Hoshino Resorts Tourism Revitalization Fund”.

Sumitomo Mitsui Finance and Leasing Co., Ltd., MUFG Bank, Ltd, DAIWA LIFENEXT CO., LTD, etc were invited as LP investors and with a total of 5 billion yen, including LP investments from RISA, the partnership has been completed and operations have started. By investing through the fund, Hoshino Resorts and RISA will aim to support promising, local hotels and ryokans in Japan with the hopes of the tourism and hotel industry to recover from the effects of the novel coronavirus as soon as possible.

The “Hoshino Resorts Tourism Revitalization Fund” will continue to solicit additional investments from institutional investors such as financial institutions and business firms, and plans to manage it as a fund with a total investment of 10 billion yen by the end of 2020.

For Press Inquiries:
Hoshino Resorts PR

RISA Partners, Inc. Management Unit (PR)
Online Contact Form:


1. Details of Hoshino Resorts Tourism Revitalization Fund
● Name:Hoshino Resorts Tourism Revitalization Limited Investment Partnership
● General Partner:H&R Asset Solutions Co., Ltd.
● Limited Partner:
Sumitomo Mitsui Finance and Leasing Co., Ltd.,
MUFG Bank, Ltd,
RISA Partners, Inc.
● Fund Formation Date:October 30, 2020
● Investment Target:Accommodation properties (real estate) of hotels and ryokans*
*Subject to change without notice.

2. Details of the management company for the fund
● Name:H&R Asset Solutions Co., Ltd.
● Head Office:2-15-3 Konan, Minato-ku, Tokyo, Japan
● Establishment:1 May, 2020
● Capital:10 million yen
● Representative:
CEO: Takayuki Kanaya
CEO: Kensuke Matsumoto
● Shareholders:
Hoshino Resorts Co., Ltd. (50%)
RISA Partners, Inc. (50%)

3. About Hoshino Resorts Co., Ltd.
Hoshino Resorts is a hotel management company with over 40 properties, both within and outside Japan. There are five distinctive brands, including: luxury flagship brand HOSHINOYA, upscale boutique hot spring ryokan KAI, resort hotel RISONARE, city-tourism hotel OMO and carefree hotel BEB.
● Location:Hoshino, Karuizawa-cho, Nagano, Japan
● Establishment:May, 1914
● Capital:10 million yen
● Trading Volume:55.2 billion yen(November, 2019)
● Number of Employees:3,556(As of 1 April, 2020)
● CEO:Yoshiharu Hoshino
● Our Business:Resort and Onsen Ryokan management/operations, food-related business, onsen management, bridal business, villa management and sales business, eco-tourism business, operations of recreational facility, real estate lease business
● Number of Properties:45 (Japan 42・Overseas 3)
● Official Website:

4. About RISA Partners, Inc.
Investment bank with nation-wide connections of over 180 local banks and focuses on finance and real estate to provide investment and loans, and advisory services.
● Location of Head Office:2-15-3 Konan, Minato-ku, Tokyo, Japan
● Establishment:July, 1998
● Capital:100 million yen
● Number of Executive & Employees (consolidated):145 (As of 1 April, 2020)
● President:Yoshio Narukage
● Official Website:
● Business Performance:
(1)Fund’s operational performance
RISA group provides a wide range of services from investment and loans to advisory service. With the knowledge of advanced solutions, a succession of business, assistance in growth, business turnaround, real estate, etc., there are over 40 cases of fund management that has been handled so far. The vast experiences and expertise will be utilized for the management of this fund.
(2)Investment record of real estate
In the field of real estate, there have been cases of managing a real estate fund with over 200 billion yen of investment and has an investment record of over 400 billion yen. There are specialists such as qualified architects and real estate appraisers within the group so the best real estate solution for the case of interest can be brought to increase asset value.
(3)Performance and knowledge in accommodation properties
Advisory services will be provided based on previous experience in renewal projects of many hotels and ryokans, and the development and management of hotels by the RISA group has led to a wide range of knowledge of accommodation properties.
(4)Performance in asset management
The real estate asset management company for the RISA group, RISA Funds & Assets Solutions, Inc. (RIFAS), is a real estate fund for mainly domestic institutional investors and provides asset management tasks. In terms of hotels, there have been successful records working with hotels with limited service to a hotel with full hospitality and so with this expertise, the best structure for strategy (investment strategy) will be planned and executed.