ENVALITH
リゾートトラスト株式会社 logo

RESORTTRUST,INC.

4681・Prime Market・Services

Official website
リゾートトラスト株式会社 logo
RESORTTRUST,INC.4681

Business

Founded in 1973, Resorttrust is a diversified lifestyle corporate group whose core business is the development, sales, and operation of membership-based resort hotels including XIV, Bay Court Club, and Sanctuary Court, alongside membership-based medical services (Grand Hi-Medic Club), senior residences, and golf course operations. Its primary customers are Japan's affluent segment, and it maintains a distinctive business model combining timeshare-style membership sales with recurring revenue from annual membership fees and usage charges. With 24 consolidated subsidiaries and 8 affiliated companies, the group operates across the three domains of hospitality, real estate, and medical care.

Business Model

The company earns initial revenue from the sale of memberships (registration fees plus real estate charges), while recurring charges from members—annual membership fees, operating and management fees, room charges, medical annual fees, etc.—accumulate as stock revenue. It employs a deferred revenue model in which real estate revenue for hotels not yet opened is recognized in a lump sum at the time of opening, meaning that the accumulation of contract value serves as a leading indicator of future performance. Of the ¥263,020 million in net sales for FY2026 (ending March 2026), the Hotel & Restaurant Business (¥110,935 million) and the Medical Business (¥55,869 million) form the core of stock-type revenue.

Company Strengths

The company has operated membership-based resorts for over 50 years since opening its first facility in 1974. It owns and operates numerous facilities nationwide, including 18 XIV facilities, 5 Bay Court Club facilities, and 3 Sanctuary Court facilities (as of the end of FY2026 (ending March 2026)), and the high convenience provided through its member exchange usage system makes short-term imitation by competitors difficult.

The company employs an accounting structure in which real estate revenue from unopened hotels is recognized in a lump sum at the time of opening. The deferred real estate revenue balance as of the end of FY2026 (ending March 2026) reached ¥59,396 million, and the portion related to Sanctuary Court Yatsugatake, scheduled to open in FY2027 (ending March 2027), among others, is already confirmed as a factor that will boost performance in future periods. On an evaluated operating profit basis, the figure stands at ¥32,804 million, substantially exceeding the ¥29,161 million reported accounting operating profit, indicating the company's underlying earning power.

With the increase in Grand Hi-Medic Club members, annual membership fee revenue in the Medical Business for FY2026 (ending March 2026) expanded to ¥17,534 million (+10.1% year on year). Combined with Senior Residence revenue of ¥14,816 million, this stock-type revenue, which is less susceptible to economic fluctuations, accounts for the majority of Medical Business sales of ¥55,869 million, enhancing the earnings stability of the group as a whole.

ENVALITH's Perspective

Although contract value in the Membership Business continues to set new record highs, segment profit for FY2026 (ending March 2026) stood at ¥25,548 million, down 6.9% year on year. This is attributable to the accounting treatment under which real estate revenue from unopened hotels is deferred. The gap between evaluation operating profit (¥32,804 million) and accounting operating profit (¥29,161 million) has widened to ¥3,643 million, making continuous monitoring of evaluation operating profit essential for investors seeking to grasp the company's true underlying performance.

Segment profit in the Hotel & Restaurant Business rose sharply to ¥5,635 million, up 175.0% year on year, driven mainly by the effect of the opening of Sanctuary Court Biwako and contributions from price revisions. As external factors, elevated construction material prices and chronic labor shortages persist, with salaries and bonuses on an upward trend at ¥70,754 million (up 5.7% year on year). While the company aims to absorb costs through productivity improvements driven by DX promotion, it should be noted that continued price pass-through is a prerequisite for maintaining profitability from the next fiscal period onward.

The company's forecast for FY2027 (ending March 2027) calls for net sales of ¥255,000 million (down 3.0% year on year) and operating profit of ¥31,000 million (up 6.3% year on year), reflecting a decrease in revenue alongside an increase in profit. The decline in net sales is due to a reduction in the scale of lump-sum recognition of deferred real estate revenue, as the hotel to open in the coming period is smaller than the one opened in the previous period; on an underlying basis, evaluation operating profit is forecast at ¥36,500 million, expected to reach a new record high. As for the external environment, resilient domestic travel demand and increasing inbound tourism serve as tailwinds, while cost pressures from price inflation, labor shortages, and elevated construction material prices remain headwinds. The annual dividend is forecast at ¥36 per share (up ¥2 from ¥34 in the previous year), representing an expected new record high, with a payout ratio of 36.4% consistent with the medium-term shareholder return policy.

Growth Strategy

Establishing a 'new normal for membership-based business' through new Sanctuary Court openings, Medical Business expansion, and DX promotion

Multiple properties are being developed sequentially: Kanazawa (sales began March 2025), Awajishima (sales began June 2025), Yatsugatake (scheduled to open March 2027), and a new membership hotel scheduled for sales around summer 2026. The lump-sum recognition of deferred real estate revenue associated with each opening will serve as a stepwise upward driver of business performance.

Strong membership recruitment for the Grand Hi-Medic Club has continued, with the buildup of stock-type annual membership fee revenue from membership growth strengthening the stable earnings base. Through the expansion of facilities and business locations in the general health checkup business, both revenue and profit reached record highs in FY2026 (ending March 2026) (revenue of ¥55,869 million, segment profit of ¥8,295 million).

The company is strongly promoting DX (digital transformation) in customer service and medical settings to improve operational efficiency and productivity. The resulting gains are being returned to employees through wage increases and improved treatment, building a virtuous cycle of enhanced engagement leading to improved customer satisfaction. This is positioned as a key measure to absorb rising personnel costs (salaries and bonuses of ¥70,754 million).

Price revisions have been implemented for operating management fees (annual membership fees), room rates, meal charges, and other items to absorb rising personnel costs and construction material costs. Segment profit in the Hotel & Restaurant Business increased significantly by 175.0% year on year to ¥5,635 million, demonstrating the tangible effect of price pass-through.

RT Farm Co., Ltd. (a wholly owned subsidiary of the company) was established effective April 1, 2026. Its purpose is to provide a stable supply of high-value-added dining experiences and to realize a sustainable primary industry, undertaking the production and processing of agricultural and marine products as well as support for producers. Improved service quality is expected through the supply of ingredients to the group's membership hotels.

Last updated: July 19, 2026