Visitors warm their feet at a hot-spring spa complex built on a man-made island in Tokyo Bay. Investment funds are buying into Japan’s spa business. Photo: AP

Private equity funds pour money into hot spring resorts in Japan amid tourism boom ahead of Olympics

  • Investors sense an opportunity as long-established family-run inns struggle to find successors and plan for the future
  • Funds based in Hong Kong and New York are snapping up ryokan they see as undervalued and mismanaged, and putting in professional managers
Topic |   Asia travel

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Visitors warm their feet at a hot-spring spa complex built on a man-made island in Tokyo Bay. Investment funds are buying into Japan’s spa business. Photo: AP
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