Having established itself as a leader in Japan’s luxury hospitality sector through a unique membership-based model, Resorttrust is now expanding into medical tourism, healthcare services, and advanced cancer treatment. In this interview with The Worldfolio, President Ariyoshi Fushimi offers insights into the company’s strategic shift toward healthcare.
Founded in 1973, Resorttrust started as a membership-based, luxury hospitality service provider. It established the Baycourt Club, Japan’s first members-only urban luxury resort, setting a new standard for exclusive hospitality experiences. With over 200,000 members, the company has since grown into a diversified group spanning hotels, medical services, and senior lifestyle operations. Can you run us through the strengths which have made Resorttrust what it is today?
Our business revolves around a unique membership model that has been at the core of our company since its founding. The original vision was to introduce a high-end, luxury leisure experience to Japan—something that was previously rare in the domestic market. Faced with the financial challenge of needing substantial development investments before operating a hotel, the founder adopted a membership-based system, which allowed us to deliver exclusive, high-quality services while maintaining long-term relationships with our customers.
Over the past 50 years, our growth has been shaped by our members. As they’ve aged and as their family dynamics have evolved, so too have their needs and expectations. By continuously listening to their feedback, we've expanded our offerings to encompass not only luxury hospitality but also senior living and wellness services—essentially supporting our members through every stage of life.
One of the defining pillars of our business is health. We believe that staying healthy and active is essential to a fulfilling life. Through our health checkup and support services, we’ve accumulated a rich dataset that enables us to offer highly personalized solutions—whether it’s recommending how best to spend time at our resorts, or suggesting lifestyle changes and supplements for preventive care.
We take a holistic approach to member well-being. For example, by integrating data from hotel operations with health checkup results and supplement purchase histories, we’re able to provide both tailored treatment options and proactive wellness programs. At the heart of this initiative is our GRAND HIMEDIC CLUB brand, which leverages accumulated data to continuously develop and enhance our services.In this way, we are not only meeting today’s expectations but also anticipating the future needs of our members.
Resorttrust broadly operates four business divisions: memberships, hospitality (including hotels, golf clubs, and restaurants), medical solutions, and senior lifestyle. Can you elaborate on the synergies between these divisions and how your background as a hospitality group gives you a competitive edge in the medical and healthcare sector?
Everything within our business is interconnected to provide a comprehensive and seamless experience for our members. For example, our senior lifestyle offerings, including our assisted living luxury residences, are the culmination of our expertise across multiple sectors. In addition to providing meals comparable to those served in hotel restaurants on a daily basis, sharing health checkup results from HIMEDIC* with nutritionists could, in the future, enable them to utilize this information for nutritional and health management.
(*HIMEDIC Inc. is a Resortturst Group company that is responsible for the medical business and operates a membership-based comprehensive medical club.)
HIMEDIC provides comprehensive care by continuously incorporating the latest medical research into practice through the physician network of the Grand Himedic Club. Among our 200,000 members, a quarter have expressed interest in our senior residence developments—this includes not only the senior generation itself but also their younger family members, reflecting a growing awareness of the demand for long-term wellness and care.
Trust Garden Ogikubo (Senior Residence）
The global medical tourism market reached $119.7 billion in 2023 and is projected to grow to $650.8 billion by 2032. In comparison to other Asian countries, Japan has been relatively slow in developing its medical tourism sector, despite boasting one of the world’s top healthcare system and medical facilities network. In recent years however, the Government has increased its support for the development of the sector, and various companies have made investment to cater to this emerging tourism segment. How do your services position you to capture this emerging market?
Although Japan is making concerted public-private efforts to attract medical tourists, only 30,000 of the 37 million inbound tourists who came to Japan last year received medical services. There are four main reasons for this.
The first reason is that Japanese medical institutions have low profitability due to the presence of intermediaries who charge high fees.
The second reason stems from the mindset of Japanese hospitals. Given Japan's well-established medical insurance system, medical institutions have traditionally focused on serving domestic patients within that framework. As a result, they have been reluctant to cater to overseas visitors due to concerns such as language barriers and administrative complexities. Changing this mindset could yield positive changes for Japanese hospitals, as catering to medical tourists could unlock new streams of revenue that can help increase the remuneration of doctors, nurses and medical practitioners.
The third reason is the significant language barrier. While English may be manageable in some cases, few medical professionals in Japan speak other languages fluently. This raises the risk of miscommunication, which could lead to complications in patient care. To avoid such risks, many hospitals opt not to engage with international patients.
The fourth reason lies in the differing expectations toward medical care. In Japan, medical tourism tends to focus on offering “health checkups” that are minimally invasive, low-risk, yet guaranteed in quality. On the other hand, many overseas patients seek "treatment," including high-risk surgeries, but Japanese medical institutions have traditionally been cautious about performing such procedures.
Patient needs also vary significantly across regions. For example, one of the key strengths of our medical offerings is to provide PET/CT scans as part of our health checkups. However, during my research in Singapore, I discovered that the Singaporean government does not permit PET/CT scans in routine health screenings due to concerns over radiation exposure. Addressing these gaps in the market and understanding differing mindsets and regulatory approaches is crucial for expanding medical tourism.
To overcome these challenges, we established a joint venture with Mitsubishi Corporation, leveraging their extensive global network to develop a business model that eliminates the need for intermediaries. As part of this initiative, Mitsubishi Corporation is developing a real-time AI translation system specialized for medical consultations. This technology, accessible via tablet, facilitates communication between physicians and patients with medical-specific language tuning. Currently, the system supports Japanese, English, and Chinese, with plans to add Vietnamese and Indonesian in the future.
Currently, in addition to pilot operations at leading medical institutions in Japan, they are actively promoting the service overseas.
In Japan and elsewhere, hospital managers and medical practitioners have the reputation of being rather conservative and slow to embrace change. Given that challenge, how are you working to shift their perspectives and encourage them to embrace these initiatives?
It’s true that Japanese medical institutions and physicians tend to be conservative when it comes to accepting foreign patients. Language barriers and the need for precise, thorough communication are major concerns for both doctors and patients. However, this hesitancy often stems from a lack of experience rather than an unwillingness to engage. Once physicians have more opportunities to interact with international patients and gain experience, they become more open to the challenge.
Initially, our services focused on screening and diagnostics for cancer, heart disease, and cerebrovascular conditions. However, the COVID-19 pandemic heightened awareness of general health and the importance of testing and treatment, leading to a surge in demand for physical checkups. This highlighted the importance of having dedicated health checkup centers separate from hospitals. If healthy individuals go to a hospital for a checkup, they risk exposure to sick patients, which poses a health concern. The establishment of separate checkup centers was well received, reinforcing the need for a structured approach to preventive care.
Previously, we had not actively considered welcoming foreign patients, but with shifting trends, we established our partnership with Mitsubishi Corporation to facilitate medical tourism. Additionally, we had previously conducted research at cardiology and oncology conferences in the Asia region, which clearly revealed the high level of respect for Japanese medical care in other Asian countries. This highlighted a significant opportunity for international expansion.
To further support this initiative, we plan to adjust scheduling specifically for medical tourism and assign only professionals who can speak foreign languages. This approach, which utilizes existing infrastructure, minimizes disruption to domestic patients while generating additional revenue. Moreover, as the number of patients from overseas increases—particularly against the backdrop of a weak yen—hospital profitability will improve, making Japan’s medical services even more attractive to inbound visitors.
How do you plan to market your medical tourism offerings?
We also have connections with companies in Vietnam, and in November last year, we traveled to Singapore to meet with the private banking division of a local bank. They expressed skepticism about Singaporeans traveling to Japan specifically for medical checkups and treatment, as the standard of care in Singapore is already very high. However, there is significant interest in Japan as a destination for leisure, business, and real estate investment.
Given this, we need to take a more integrated approach—rather than focusing solely on medical services, we should consider how to combine healthcare with business and leisure experiences to better appeal to this market.
To develop this integrated approach, medical services must be made more accessible. How are you working to improve accessibility and streamline the process of scheduling checkups or treatments for international visitors?
We plan to combine additional services such as PET scans, regenerative medicine, and preventive blood purification therapy, among other specialized procedures. The focus is on offering treatments that may not be available or easily accessible in the home countries of international visitors, while also showcasing the latest advancements in Japanese medical technology.
For example, many Asian tourists from countries like Taiwan visit Japan for just one day to receive Botox treatment, often incorporating leisure activities such as dining at yakiniku restaurants before returning home. Another example is stem cell therapy, which is not permitted in Singapore. Currently, many Singaporeans travel to Switzerland for this treatment, but we can provide a competitive alternative here in Japan. By integrating these specialized services with leisure and business travel, we can enhance accessibility and appeal to a broader international market.
For example, we have a hotel called Kahala in Yokohama. One idea is to take patients directly from Haneda Airport to the hotel and then they can get treatment at a new clinic we will open near Yokohama stadium.
THE KAHALA HOTEL & RESORT YOKOHAMA
We especially recommend preventive blood purification therapy for business clients, suggesting four sessions per year. This is combined with an annual medical checkup, which also provides a report on the effectiveness of the treatment.
For added convenience, we are also looking into the possibility of using our resort hotel rooms for treatment as well, since we have 42 locations around the country. The plan might include selling our hotel memberships to high net worth individuals from overseas, though our hotel accommodations in Japan are now full, so we’re not actively seeking overseas memberships at the moment. However, we are currently working in partnership with a major tourism company and are conducting research on affluent individuals in Singapore.
How will those advances in senior care impact the evolution of your membership model?
What makes our membership unique is the ongoing relationship we maintain with our members. Today, new members tend to join in their 50s, while the average age of our overall membership is in the late 60s. Many long-time members are now in their 80s and 90s.
One key feature of our model is its flexibility—members can pass their membership down to their children, ensuring continuity, or we can repurchase their membership if they choose to transition into our senior residence services. This allows us to support our members throughout different stages of life, from leisure and travel to long-term lifestyle and healthcare needs.
In addition to the treatments you mentioned, you also offer a groundbreaking Boron Neutron Capture Therapy (BNCT) in collaboration with the National Cancer Center of Japan. This therapy provides greater precision and fewer side effects compared to conventional treatments. Could you elaborate on the advantages of BNCT over traditional cancer therapies?
Our key strength lies in PET examinations. The results of PET scans can indicate whether certain types of cancer can be effectively treated with BNCT, allowing us to provide solutions to patients based on precise diagnostic data. BNCT offers significant advantages compared to conventional methods, as it is less invasive and enables faster treatment. By combining advanced screening with targeted therapy, we deliver a seamless and efficient approach to cancer care, creating a robust and complementary service offering.
BNCT Treatment Room
BNCT is still a relatively new technology on a global scale. What are your plans for expanding its availability internationally?
Medical institutions in Singapore have shown interest in using BNCT equipment for research purposes. Additionally, a major conglomerate in Vietnam is in the process of establishing a new hospital and has shown interest in introducing BNCT there. We have also explored potential opportunities by visiting a hospital in Malaysia.
Given that Japan lags behind in drug and medical device certification, expanding internationally first may be the more strategic approach. We anticipate that our collaboration with Mitsubishi Corporation will play a key role in facilitating this expansion and navigating regulatory processes in overseas markets.
The Japanese system of medical checkups, which focuses on early detection of conditions like cancer, differs significantly from those in other countries. Currently, you offer these checkups primarily to a high-end customer base. Do you have plans to make these services more widely accessible?
We already operate clinics that are open to non-members. In fact, in addition to our 13 HIMEDIC membership-based health screening centers nationwide, we have built a network of 18 non-membership facilities, handling over 600,000 checkups annually. While HIMEDIC remains focused on the high-end segment, we also provide more accessible health checkup options.
By serving both members and non-members, we can increase our market reach while enhancing our data collection and exchange, ultimately strengthening our position in the healthcare sector.
Interestingly, 80% of HIMEDIC members join not as individuals, but under corporate memberships. In these cases, executives receive high-end HIMEDIC checkups, while employees undergo standardized health screenings, allowing us to cater to a broader range of needs within organizations.
Your business model is particularly compelling given the broader trends supporting it, especially Japan’s aging population and wide medical network, as well as the surge in inbound tourism. Given these positive trends, why couldn't other companies with a longer track record in the medical field replicate your model?
There are many clinics that offer high-quality health checkups, but most operate on a local or regional scale rather than nationally or globally. Resorttrust, on the other hand, has a nationwide membership network, supported by sales personnel across Japan. This allows us to conduct marketing and customer outreach at a scale that other providers cannot, creating more opportunities for individuals to undergo health checkups. Additionally, HIMEDIC is an exclusive benefit of Resorttrust, giving us a distinct competitive edge.
University hospitals, for example, provide excellent health checkups, but they generally lack proactive sales strategies or direct customer engagement. In fact, we collaborate with multiple academic medical institutions, each with its own specialized approach. Rather than competing with them, we serve as a coordinator, integrating the best aspects of each institution into our services.
For our membership health checkups, we operate 13 facilities offering 10 different screening courses. To maintain consistently high standards, our doctors and nurses gather annually to share insights and receive training, ensuring uniform quality in services that utilize advanced equipment such as MRI and CT machines.
3.0 Tesla MRI
We have also fostered a mutually beneficial relationship with academia, creating a virtuous cycle of innovation and research. For instance, one University excels in image analysis research, while another specializes in metabolic diseases. Our members voluntarily contribute their medical data to these institutions, allowing researchers to trace health histories and refine screening and detection methods.
Furthermore, our partnerships with university hospitals, the National Cancer Center Japan, and other leading medical institutions allow us to integrate the latest medical advancements into our diagnostics systems. When we diagnose conditions in our members, we can connect them with the most suitable hospitals for their specific needs, further reinforcing the value of our ecosystem. This comprehensive network is a key differentiator that is difficult for others to replicate.
In your latest financial results, you achieved record-breaking revenue and operating profits. How will those results impact your next mid-term objectives?
As we have already achieved our previous mid-term targets ahead of schedule, we will launch a new five-year mid-term plan starting in fiscal year 2025. This plan will outline a structured roadmap for each of the upcoming five years, detailing our goals for profitability, growth rate, and sales targets.
A key focus will be evaluating how much growth we can achieve within our existing businesses while also identifying and exploring new business opportunities. This balance between strengthening our core operations and expanding into new areas will be critical in shaping our long-term success.
Without delving into specific details of the new *mid-term plan, are there any broad objectives or key targets that you can share with us at this stage?
Our ideal scenario involves expanding our membership base through our hotels and medical services while also increasing per-member spending to drive business growth. Achieving this requires a deep understanding of our members' needs, which is why we have recently developed an integrated data platform. This platform will be instrumental in shaping our strategy moving forward.
By leveraging this data, we can identify trends and demand patterns that inform our decision-making. For example, if we detect strong interest in a hotel in Okinawa, we can move forward with such a project. The same applies to senior residences—if demand supports expansion, we can act accordingly.
Looking ahead to our next mid-term plan, our primary focus will be on strengthening our ability to listen to our members and creating a structured approach to turning their needs and desires into actionable business strategies.
*Note: This interview was conducted prior to the announcement of the new mid-term management plan, which was published on May 15th, 2025.
Your company's stock price and valuation have been one of the standout success stories in the Japanese equity market since the end of the COVID-19 pandemic, maintaining a steady upward trend. What do you believe has contributed to the significant increase in investor confidence?
The most important factor driving our valuation is the steady growth in membership numbers. Additionally, hotel occupancy rates have been rising since the end of the COVID-19 pandemic. Over the past two to three years, we’ve implemented price adjustments to reflect inflation, yet we’ve still been able to clearly demonstrate growing demand in both new member acquisition and facility usage. I believe this has played a key role.
One of the challenges we face in investor relations (IR) is that our membership-based business model is quite unique, particularly within the Japanese market. As a result, foreign analysts specializing in the hotel or real estate sectors sometimes struggle to fully grasp the synergies that drive our success. This makes it crucial for us to emphasize and clearly communicate these advantages in our IR efforts to ensure a better understanding of our business model and long-term value proposition.
Two years ago, Resorttrust celebrated its 50th anniversary. What ambitions or objectives would you like to have accomplished by your 60th anniversary?
Our long-term goal is to make our membership club an essential part of social life—so much so that we will no longer need in-house sales or marketing teams. Instead, the value of membership itself will naturally attract new people. I hope that by 2033, membership in Resorttrust will be widely recognized for the advantages it offers and the distinction it provides within society.
For example, access to our services could be introduced exclusively through existing members, reinforcing a strong sense of community and deepening social connectivity. By enabling contributions to society that individuals could not achieve on their own, the club gains a sense of social purpose, which in turn strengthens member loyalty.
This organic growth model would not only enhance our business but also elevate the prestige of our offerings. With this foundation in place, we aim to expand our services further, forging more alliances and partnerships to continue strengthening our ecosystem.
For more information, please visit: https://www.resorttrust.co.jp/english/corporate/
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