RESORTTRUST,INC.
4681・Prime Market・Services
Membership Business
The company's core segment, centered on the development and sale of membership-based resort hotel memberships
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (external customers) | ¥95,529 million | ¥93,642 million | ↑ |
| Segment profit | ¥25,548 million | ¥27,445 million | ↓ |
| Net sales YoY change | +2.0% | — | ↑ |
| Segment profit YoY change | -6.9% | — | ↓ |
| Evaluation operating profit (group-wide reference figure) | ¥32,804 million | ¥26,161 million | ↑ |
| Installment receivables balance (period-end) | ¥106,843 million | ¥91,706 million | ↑ |
Business Details
Under a license based on the Real Estate Brokerage Act, the company sells memberships for membership-based resort hotels, primarily under the XIV, Bay Court Club, and Sanctuary Court Series brands. Since the real estate portion of membership fees is recognized as revenue in a lump sum at the time of hotel opening, accounting profit/loss is heavily influenced by opening timing. This segment also includes loan services (installment loans) for hotel membership purchasers and the construction of membership hotels.
Recent Overview
Membership sales achieved record-high contract value, but accounting results showed increased revenue with decreased profit
In FY2026 (ending March 2026), Sanctuary Court Kanazawa (sales began March 2025) and Sanctuary Court Awajishima (subscriptions began June 2025) were added, and contracts centered on unopened hotels, but contract value exceeded the prior-year period and reached a record high. On the other hand, while the prior period saw a high profit margin due to an increased proportion of sales of existing hotel memberships, in the current period most real estate revenue was deferred, resulting in increased revenue but decreased profit on an accounting basis (net sales +2.0%, segment profit -6.9%). Sanctuary Court Nikko opened in February 2026, and real estate revenue was recognized in a lump sum in the fourth quarter. On an evaluation operating profit basis, both revenue and profit increased, reaching a record high.
Key Products
Growth Drivers
- Continued expansion of contract value through the introduction of new Sanctuary Court Series properties (Kanazawa, Awajishima, Yatsugatake, etc.)
- Lump-sum recognition of deferred real estate revenue upon the opening of Sanctuary Court Yatsugatake, scheduled to open in March 2027 (a factor boosting next period's results)
- Accumulation of contract value through the launch of sales for a new membership hotel scheduled around summer 2026
- Continued sales of memberships, including resale products, for existing hotels (Bay Court series, XIV)
- Unit price increases through price revisions (increases) for some memberships
- Continued robust demand for membership resorts centered on affluent individuals and an increase in the number of affluent households
Risks
- Risk that deviations in opening schedules will significantly affect period profit/loss, since accounting revenue recognition is concentrated at the timing of hotel openings
- Risk of significant financial impact in the event of opening delays, since in the current period contracts centered on unopened hotels have deferred most real estate revenue
- Risk of increased development costs and margin pressure due to soaring prices of construction materials and rising construction costs
- Risk of cost increases due to continued rises in personnel expenses associated with base pay increases and staff increases in preparation for new facility openings
- Risk that the next hotel to open will be a smaller property than the prior one, reducing the scale of lump-sum recognition of deferred real estate proceeds and leading to a decrease in accounting-basis net sales
- Decline in purchasing appetite among affluent individuals due to overseas geopolitical instability or downside risk to the domestic economy
Last updated: June 23, 2026