全球山岳旅遊需求
滑雪之外，山岳生活正成為一種全年、跨世代的休閒型態。
Happo, Hakuba Village, Nagano
Happo, Hakuba Village, Nagano
Some places you visit. Others you return to.
Some places you visit. Others you return to.
Prologue
The way back
Some places you remember after a single visit. But what stays with you is rarely the first time. It is the second, and the third, and the people who promise to come again next year.
The mountains do not change. What changes is who we are each time we return.
We didn’t build THE LOOP to escape this world. We built it to return to it.
The thesis
Chapter 01
Five reasons this is worth an hour
Why Hakuba
THE LOOP 的價值建立在五個彼此支撐的支柱上。
Most people come to know Hakuba through snow. World-class powder, the ridgelines of the Northern Alps — a reason that begins in winter.
But once the snow melts, the forest truly wakes. Summer nights full of stars, maples turning in autumn, and snow peaks still standing quietly into spring.
白馬的全年化轉型
冬季集中型目的地正在轉為全年型國際山岳度假區。
八方核心地段的稀缺性
白馬並不缺土地。缺的是鄰近主纜車、具景觀、且可合法開發的核心地段。
精品住宿與會員體驗
國際品牌進入的是酒店市場。THE LOOP 進入的是會員市場。
永久限定的創辦人制度
十二席為永久上限。不因未來專案擴張而增加。
Structural shift
Chapter 03
Not one project growing. A destination re-forming.
A location that cannot be replaced
六條線同時發生。單獨看每一條都只是新聞；放在一起看，是結構性轉型。
Land can be bought and sold. A location cannot be copied.
The value of this land is not in its specifications, but in its distance from this mountain.
2023
白馬村獲 UN Tourism（UNWTO）Best Tourism Villages 2023 認定。
2024
白馬村全年觀光客 271 萬 590 人（速報值），超越 2019 年之 239 萬 9,100 人。
2025
Cassia Hakuba（Banyan Group 上位品牌）於 Echoland 動工。
2026
白馬村住宿稅自 6 月 1 日起徵；《白馬村観光地経営ビジョン》發布，依 JSTS-D 制定。
2027
八方尾根新纜車與 Center House 預計 12 月啟用。
2028
Banyan Tree Hakuba（和田野）與 Cassia Hakuba 預計開業。
01
Beside Happo-one — directly alongside the ski field
02
About three minutes on snow — ski access in winter
03
Overlooking the slopes and the ridge — and the ridgeline beyond them
Land registry: 4630-4 Miyanoue, Hokujo, Hakuba Village, Kitaazumi District, Nagano (forest land). Ski times and relative positions are on-site descriptions; formal documents will be governed by survey drawings and ski-field circulation plans.
Capital signal · 02
Chapter 04
Global brands are underwriting Hakuba
A forest already looked after
Banyan Tree
Banyan Tree Hakuba — Wadano — 156 keys (108 suites + 48 condos).
Cassia
Cassia Hakuba — Echoland.
Marriott
Courtyard by Marriott Hakuba.
On an unplanned walk, we came upon a cedar more than a thousand years old. A short way down the path, moments later, stands Hosono Suwa Shrine.
This forest has been watched over for a thousand years. We only followed that bond, and gave it a name.
Suwa no Mori — the Suwa ForestTHE LOOP — Hakuba
Demand
Chapter 05
Not a hotel. Not a second home.
Summer is no longer the off-season
白馬的全年化不是一個概念。它有一條可以追蹤十年的曲線。2016 年約 2.5 萬人次 → 2025 年約 25.6 萬人次。
Not a hotel
You are never a guest. You do not check in here. You come back.
Not a second home
Not yours to keep alone. You need not maintain it alone, nor use it alone.
Not a trip
Not one week a year. Its value is not in that week, but in every year after.
THE LOOP is a small, private mountain settlement made to be returned to, again and again, begun together by a group of like-minded people.
Demand
Why Hakuba
The demand is already here
The seasons turn. The landscape keeps coming back around.
What Hakuba is worth was never just one winter.
271.1萬人次 · 20242024白馬村全年觀光客，20 年來新高
72.7萬人 · 24–2524–25HAKUBA VALLEY 外國滑雪客，刷新紀錄HAKUBA VALLEY
25.6萬人次 · 20252025白馬岩岳 Green Season，連續 5 期刷新紀錄Green Season
三組數據，三種統計口徑。它們不能相加，也不能互相推導——但方向一致。
令和 8 年（2026）地價公示中，白馬村同時出現在住宅地與商業地的全國前段。但這件事必須完整地說，才有意義。
＋33.0%住宅地 · 全國第 1 位白馬-1 系列監測點S10
＋35.2%商業地 · 全國第 3 位白馬 5-1（大字北城字山越 4093-2）S10
白馬村官方資料，令和 7 年（2025）時點對一般住宅地之判斷。
白馬的地價並非全面上漲。上漲高度集中於別荘地與商業地之特定監測點。
這正是核心論點：稀缺的不是白馬的土地，是白馬的位置。
鄰近主雪場、具景觀、交通可及、且在開発指導要綱與景観ガイドライン下可合法開發的土地，與「白馬村的一般土地供給」是兩個完全不同的市場。
Act II · The position
Chapter 02
Why Happo
白馬有十座雪場。但旅人抵達白馬之後，最先前往的方向只有一個。
Happo-one is the center of Hakuba. It is the name this village is remembered by, and the first direction travelers take once they arrive.
In winter, it is snow. In summer, it is the trailhead to Happo Pond and the Northern Alps.
In Hakuba, the value of a location is not measured in area. It is measured in how close you stand to Happo.
八方尾根是白馬的中心
它是這座村子最被記得的名字，也是國際客群的主要入口。
2027 年新纜車的落點
運送能力自 1,350 人／時提升至 2,400 人／時。
國際高端供給的落點
Banyan Tree Hakuba 選擇的是和田野——同一個生活圈。
基地所在
長野縣北安曇郡白馬村大字北城字宮ノ上 4630 番 4（地目：山林）。
The position
Chapter 08
Buildings can be rebuilt. Brands can grow. Position cannot be manufactured.
A loop is a return, a continuation, a connection between us.
白馬並不缺土地。缺的是同時滿足以下條件的土地——鄰近主纜車動線、具備山景視野、交通與生活機能可及，且在開発指導要綱、景観ガイドライン下可合法開發。
The environments we choose shape our experiences. Experiences become habits. And habits become the quiet loops that decide a life.
Each time we come back, we go a little deeper than before. Return — back to the mountains. Reunion — back to one another. Remember — back to the life that matters.
The product
Chapter 06
A small cluster, set into the trees
Chalets, set into the trees
以下為現階段之概念規劃。最終設計以正式建築圖說與契約文件為準。
Low density. Each chalet stands on its own, with its own distance, its own light, its own quiet.
Timber is the language. The buildings follow the land, competing with nothing, asking to be seen by no one.
Every chalet has its own private sauna. Heat, cold, rest — and then begin again.
Images are conceptual. Final design will be governed by the formal architectural drawings and contract documents.
低密度配置
每一棟獨立木屋各自擁有自己的距離、光線與安靜。
木構語彙
建築以木為語言，順著地形落座，不與森林競爭。
私人桑拿
每一棟均設有私人桑拿。熱、冷、休息，然後重新開始。
五星級服務規格
以五星級飯店規格規劃服務與體驗，非自助式度假住宅。
The content layer
Chapter 07
A rhythm, not an itinerary
住宿決定你去不去。內容決定你回不回來。每一棟均設有私人桑拿——熱、冷、休息之完整循環。
Look at the snow first thing. Take the first lift, or don’t — either is fine. Come back for lunch, then go up once more. Sauna at dusk, then out into the cold air. In the evening someone is in the kitchen, someone by the fire, and no one is in a hurry to end the conversation. The next day, again.
A holiday is an itinerary. A life is a rhythm.
The structure
Chapter 09
The Founding Twelve
12
Founding member seats · permanently capped
白馬只會有十二位創辦人會員。這個數字是永久上限：不會增加，也不會因為後續的計畫而被稀釋。
十二席之所以是十二席，不是行銷設計。它來自產品架構——會員平台才是產品，專案只是部署。
There will only ever be twelve founding members in Hakuba. The number is a permanent cap: it will not grow, and it will not be diluted by any later chapter.
We are not looking for twelve buyers. We are looking for twelve like-minded people — who love the snow, and the quiet after it stops; who care about design, and about who sits beside them.
The first culture here will be decided by these twelve.
Founding value · personal
Chapter 10
What a founder actually gets
What a founding member joins
A place
Beside Happo. A mountain settlement made to be returned to.
A community
Known over years. People who know each other over years, and come back together.
A culture
A way of being. A rhythm of living together, defined by the first twelve.
A chapter
The beginning. The first chapter of the brand. A beginning happens only once.
How to participate, the structure of rights and the related terms will be set out in full,please write to us.
A
Hospitality Benefits 住宿權益
B
Investment Benefits 投資權益
C
Membership Benefits 會員權益
D
Community Benefits 社群權益
FP-01
Founder Number
FP-02
Founder Recognition
FP-03
Founder-only Events
FP-04
Priority Access to Future Projects
FP-05
Founder Legacy Record
The offer
Chapter 11
What a founding seat consists of
Beyond Hakuba
席位所包含
Hakuba Founding Partner 之三重身份：Investor／Co-Founder／Member。Founder Number（FP-01）——永久且唯一之創始編號。四大類會員權益（Hospitality／Investment／Membership／Community）。五項 Founder Privileges 與 Partner Concierge 服務。
Hakuba is the first chapter, not the whole of it.
THE LOOP begins in Japan, and will go on to other destinations with rare natural conditions, cultural depth, and a life lived outdoors.
席位所不包含
個別木屋之單獨所有權（除非正式文件另有約定）。日常營運之管理權或決策權。任何形式之保本、保證收益或增值保證。尚未定義之權益項目。
Every place will have a character of its own. We will not copy Hakuba forward — we will only carry the reason to return.
Every chapter belongs to its place.
Timing
Chapter 12
Why evaluate now
One loop begins
沒有倒數計時。白馬的下一階段尚未完全成形，但形成它的資本、旅客與品牌已經進場。我們不設倒數，不製造候補名單——山會一直在。
A beginning happens only once.
Next
Invitation
How this continues
If this sounds like you
接下來是一場私人的對話，不是一份報價。
If what came to mind reading this was not a rate of return, but one particular winter morning — then perhaps we are looking for the same thing.
What follows is a private conversation, not a quotation. We will explain where the project stands, the timeline, and how one becomes a founding member.
If the timing isn’t right, that is fine. The mountains will still be here.
安排一對一說明
由 Founder 親自進行。地點與形式配合你的時間。
簽署保密協議
在交付完整財務、法務與建築資料之前。
取得完整資料
財務模型、投資架構、法律文件草案、建築圖說與時程。
提問與盡職調查
包含由你的律師、會計師與稅務顧問進行之獨立審查。
確認創辦人資格
雙向的。我們也在尋找合適的十二個人。
簽署正式文件
所有權利義務以該文件為準。
THE LOOP begins with twelve.這一章不會重來
Write to us, and we’ll take it from there.THE LOOP — Hakuba
Contact
Every loop begins somewhere