Singaporean investor bets seven-figure sum on historic ryokan in overlooked Toyama
Ray Hoe has spent a seven-figure sum to revive Hooray Toyama, a 77-year-old ryokan in Toyama, a small city on Japan’s Sea of Japan coast that most tourists skip on Shinkansen routes.
Source: Vulcan Post Malaysia · August 24, 2026 at 8:31 PM · AI-assisted report
Corroborated
SINGAPORE, 25 AUGUST 2026 —
Ray Hoe has spent a seven-figure sum to revive Hooray Toyama, a 77-year-old ryokan in Toyama, a small city on Japan’s Sea of Japan coast that most tourists skip on Shinkansen routes.
Market Impact
Hoe, 41, channelled stock-market gains into the boutique modern ryokan, which will open in September 2026. The four-storey property spans 10,000 sq ft, includes two onsens, a roof garden, a 40-seat cafe and 11 traditional tatami rooms. Monthly operating costs average S$30,000 and have peaked at S$60,000 when repairs were needed after four years of disuse, Hoe told Vulcan Post Malaysia.
He had no hospitality experience, no Japanese language skills and had never visited Toyama before buying the inn. Hoe financed the purchase with an equity loan against his Singapore home and personal savings, according to the profile.
Toyama was chosen after Hoe ruled out Kyoto, Osaka and Tokyo. He wanted a destination that offered nature, culture, food and quiet—not mass tourism. The Hokuriku region, which includes Toyama, appealed because of the Tateyama Kurobe Alpine Route, praised as Japan’s best compact alpine trek, and exceptionally fresh seafood drawn from the cold Sea of Japan.
Japan’s tourism authority expects inbound visitors to rise to 60 million by 2030, roughly double the 36 million recorded in 2024. Spreading arrivals beyond Tokyo and Osaka is part of the plan, positioning Toyama as an example of the kind of regional destination the policy targets.
Hooray Toyama had been in the same family for three generations before falling into receivership in 2024 after the pandemic shuttered Japan’s borders. Hoe initially lost the bidding war but acquired the ryokan a year later when the winning bidder withdrew. He redirected funds earmarked for a separate Hiroshima land purchase to complete the deal.
The ryokan employs three full-time and six part-time staff. Its general manager is half-Singaporean and half-Japanese; the front-desk staff is half-Brazilian and half-Japanese; the chef is half-Filipino and half-Japanese; a Thai national runs the coffee bar; and two Taiwanese women on the team have lived in Toyama for more than 20 years. Hoe remains the only team member unable to speak Japanese.
He sees his lack of language skills as an asset for attracting foreign travellers. “Because I can’t speak Japanese, I’m attracting local people who can speak English and Japanese to come work for me,” Hoe said. “In a small town like Toyama, that immediately stands out.”
Hoe has taken no salary for 18 months. He advises Singaporean investors against selling their primary residence. “Maintaining it provides a necessary contingency plan should business ventures abroad fail,” he said. “If you sell it and something goes bad, it’s very hard to climb back onto the property ladder.”
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