BELLUNA CO.,LTD.

Business Details

Engages in real estate leasing, regeneration and development, hotel operations (domestic urban, domestic resort, and overseas), solar and geothermal power generation, golf course operations, and restaurant businesses. Major subsidiaries include Granbell Hotel Corporation (urban hotels), Texas Co., Ltd., California Co., Ltd., and Ogio Co., Ltd. (real estate), MIRIAND HOO MALDIVES RESORTS PVT.LTD. (overseas hotels), and Eldorado Co., Ltd. (golf courses and restaurants). Positions the expansion of inbound demand as a growth driver and continues to make aggressive investments centered on hotel development.

Recent Overview

Substantial increase in both revenue (up 38.3%) and profit (up 62.7%), driven by expanding inbound demand and new hotel openings and acquisitions.

Net sales for the full year of FY2026 (ending March 2026) were ¥49,701 million (up 38.3% year on year), and segment profit was ¥8,553 million (up 62.7% year on year). All domestic urban hotels performed steadily, with occupancy rates and average room rates rising at Sapporo Hotel by Granbell (which began full-scale operations this period), Otaru Granbell Hotel (opened July 2025), and hotels in the Osaka area, which benefited from the World Expo. In the resort segment, Hotel Zuiho and Akiu Grand Hotel in Akiu Onsen, acquired in September 2025, contributed additional revenue. A gain of ¥1,042 million was also recorded on the sale of real estate held for sale. Meanwhile, aggressive capital investment increased the growth in tangible and intangible fixed assets to ¥34,883 million, and an impairment loss of ¥333 million was recorded.

Key Products

Growth Drivers

• Rising occupancy rates and average room rates driven by the recovery in domestic travel demand and growth in inbound visitors (annual inbound arrivals exceeding 40 million)
• Sales expansion from new openings and full-scale operations of urban hotels in major areas such as Sapporo, Otaru, and Osaka
• Additional revenue and profit contribution from the acquisition of Hotel Zuiho and Akiu Grand Hotel in Akiu Onsen (September 2025)
• Recognition of a gain on the sale of real estate held for sale (¥1,042 million during the period)
• Continued aggressive capital and real estate investment, positioning the Property Business, centered on hotel development, as the core driver of profit growth under portfolio management

Risks

• Risk of a decline in Chinese tourist visitors to Japan (limited impact as of the end of the period, but developments in Japan-China relations require close monitoring)
• Risk of rising interest rates and expanding financial leverage associated with the increase in long-term borrowings (¥127,178 million on a consolidated basis)
• Impairment risk on hotel and real estate assets (an impairment loss of ¥333 million was recorded in the Property Business during the period)
• Foreign exchange rate risk (affecting the overseas hotel business and overseas procurement)
• Risk of a sharp decline in travel demand and inbound demand due to geopolitical risk or deterioration in the domestic and overseas economies
• Risk of cash flow pressure associated with aggressive capital investment (increase in tangible and intangible fixed assets of ¥34,883 million)