Second entry in the “Value up NISEKO 2030” projectThe birth of a hotel condominium in Niseko’s top locationScheduled for a Winter 2026 openingafter the rebuilding of the ski-in/ski-out “Hotel Niseko Aspen”

Tokyu Land Corporation (Headquarters: Shibuya-ku, Tokyo; President and CEO: Masashi Okada; “Tokyu
Land” below) and Tokyu Resorts & Stays Co., Ltd. (Headquarters: Shibuya-ku, Tokyo; President and CEO:
Toshihiro Awatsuji; “Tokyu Resorts & Stays” below) announce that as the second entry of their “Value up
NISEKO 2030” project, the companies have made the decision to rebuild the “Hotel Niseko Alpen” in the
Kutchan Town, Hokkaido into a hotel condominium. Located right in front of the state-of-the-art gondola that
will undergo a redesign as the first entry in the project, Hotel Niseko Alpen will be reborn into a hotel
condominium with the top location in Niseko, one that offers direct access to all ski slopes. Note that Hotel
Niseko Alpen in its current form will discontinue its business as of March 31, 2023 in order to undergo
demolition of the existing building. The hotel condominium to take its place is scheduled to open in Winter

■ Background and Purpose of Rebuilding
Since opening in 1986, Hotel Niseko Aspen has been used by numerous customers, local and otherwise, as
a core hotel of a ski slope. In recent years, the facility has undergone repairs and improvements to a number
of its guest rooms, the updating of its equipment, and other changes as needed. While Tokyu Land and Tokyu
Resorts & Stays had considered large-scale repairs and improvements over time as a means of improving the
value of the area going forward, based on various surveys, the state of dilapidation of the facility, and other
factors, the companies settled a policy of rebuilding the facility outright.
With “Niseko Tokyu Grand HIRAFU,” Tokyu Land and Tokyu Resorts & Stays had bolstered their initiatives
aimed at regional revitalization outside the skiing season, including putting a summer gondola in service and a mountain bike course in place. With the rebuilding of Hotel Niseko Alpen, the companies seek to contribute
to improving the appeal of staying at the hotel as a core facility of a ski slope located in that resort’s core as
well as continue to compel numerous visitors to use the facility with a view to realizing an all-season
international resort.
After its rebuilding, Tokyu Land and Tokyu Resorts & Stays are envisioning that Hotel Niseko Aspen will take
the shape of a hotel condominium containing over 100 guest rooms. The companies will proceed to promote
this plan with a target opening of Winter 2026.

■ The birth of a hotel condominium right in front of a new gondola that connects directly to the
ski slopes
Hotel Niseko Alpen is positioned in a prime ski-in/ski-out location within the Niseko Tokyu Grand HIRAFU
ski resort that also places it right in front of a new gondola scheduled to be rebuilt in Winter 2024. With the
new hotel condominium that it is planning to build, Tokyu Land and Tokyu Resorts & Stays will take full
advantage of this outstanding location to create accommodations that are more comfortable and
environmentally-conscious and are of higher quality. Additionally, in its plans for the facility, the companies
also seek to incorporate prosperity-building initiatives befitting accommodations to be positioned as a resort
core that will also contain the Hirafu Ski Resort Daiichi Parking Area Development Project being planned by
Kutchan Town. Tokyu Land and Tokyu Resorts & Stays will announce details of the hotel condominium,
including its name, an overview and when sales of units will commence, as soon as they have been

■ About Value up NISEKO 2030
The Value up NISEKO 2030 project is an urban development project intended to address challenges and
revitalize the area through collaborating with the government, local companies, and people in the community
to build the world-class “NISEKO” brand as a resort that aims for sustainable development and a destination
that continues to be chosen by the year 2030. Having executed a comprehensive cooperation agreement for the formation of an all-season international resort to mark the 50 th anniversary of Kutchan’s Ski Town
Declaration, in addition to promoting smart resorts, Tokyu Land will proceed to tackle the improvement of
physical infrastructure such as the updating of cableways on ski slopes as well as non-physical aspects like
measures aimed at making resorts conducive to all-season use while bolstering the company’s regional
affiliations. Moreover, Tokyu Land has decided on the rebuilding of the lift with the most extensive transport
record in Niseko as the first entry in the Value up NISEKO 2030 project, and intends to continue promoting
multiple endeavors that also include a non-physical initiative in the form of commencing demonstration tests
for “Niseko Powder Tokens” as Japan’s first skiing NFT that will be accompanied by “fast track” privileges
starting this Winter season.