Madarao Mountain Resort, one of Japan’s top powder skiing destinations, has been sold to Singapore-based Patience Capital Group (PCG), a real estate investment manager specialising in the acquisition of tourism and residential assets in Japan.

The deal closed on November 1, just weeks before the start of Madarao’s 22/23 winter season. According to a source close to the transaction, the group hopes to attract more foreign skiers to the resort, with improvements to lift infrastructure, food and beverage offerings and hotels all being considered in the long-term.


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