Spa Resort Hawaiians—once the tropical crown jewel of Fukushima’s tourism industry—is now under the spotlight again, but this time for a corporate takeover. Fortress Investment Group, a U.S.-based investment powerhouse, has made a ¥14 billion bid for Joban Kosan, the company behind the Hawaii-themed hot springs park. Fortress isn’t just window shopping; they’re in it for the long haul, launching a two-stage tender offer to revitalize the aging resort and restore its former glory.
But things haven’t been all sunshine and hula skirts for Spa Resort Hawaiians. Once a bustling escape for tourists seeking a taste of paradise without leaving Japan, the resort has been grappling with falling visitor numbers ever since the pandemic hit. For four consecutive years, Joban Kosan has posted net losses, leaving the company limping along while the once-vibrant destination faded into memory. The board of Joban Kosan is backing the deal, seeing Fortress as their ticket out of this slump and a chance to breathe new life into the resort with upgraded facilities and fresh energy.
Fortress, no stranger to big investments in Japan, has been snapping up properties like Pokémon cards. Their recent acquisitions include the Phoenix Seagaia Resort in Miyazaki and department store operator Sogo & Seibu. Now, with Spa Resort Hawaiians in their sights, the question is: can this U.S. investment firm bring the magic back to Fukushima’s tropical escape? Time will tell, but for now, it looks like this is the start of a new chapter in the legacy of a beloved but fading paradise.
(Source: Financial Times | NHK | Nikkei Asia)
