Home / Resort memberships / Stay-and-own shares compared: SANU, COCO VILLA, WITH SEA Owners, NOT A HOTEL and memberships
Resort memberships
Stay-and-own shares compared: SANU, COCO VILLA, WITH SEA Owners, NOT A HOTEL and memberships
More products now sell a co-ownership share of a building together with a set number of nights a year. The rights and money flows differ from both hotel-condo units owned outright and classic resort memberships. This page lines up what each company publishes, with sources. Hotel Condo Market is not a broker and does not recommend any product.
What you buy and what you get
| Type | What you buy | What you get | Examples |
|---|---|---|---|
| Stay right only | Membership or digital membership | Stays | NOT A HOTEL NFT, deposit-type memberships |
| Stay + share (no money) | Co-ownership share of real estate | Stays; can sell or pass on | WITH SEA Owners; XIV, Baycourt, Tokyu Harvest (co-ownership) |
| Stay + share + money | Share plus an operating arrangement | Stays plus rent or income | SANU Co-Owners, NOT A HOTEL, COCO VILLA Owners |
| Money only | Fund interest, token or REIT unit | Distributions | Real-estate crowdfunding, security tokens, hotel REITs |
Product by product
| Product | What you own | Price and nights (published) | Money to owners |
|---|---|---|---|
| SANU 2nd Home Co-Owners | Co-ownership share of the building plus a quasi-co-owned business-use fixed-term land lease of up to 30 years; no land | Tateyama 1st: ¥3.3m (tax incl.) for 12 nights a year for 30 years; management fee ¥93,600 a year. 8-night plan from ¥2.95m (tax incl.) | SANU pays rent for unused nights (rate per night not published) (SANU Help: rights under the Co-Owners model; PRESIDENT Online (SANU); SANU press release (8-night plan); SANU Help: rent for unused nights) |
| COCO VILLA Owners | Co-ownership of a villa, including the land | From the ¥2m range per share; 25 owners per villa (30 for private-lodging villas) | Rental income from letting the villa is distributed. The operator says it is “designed to aim for a net yield of 3–9%” (operator’s projection or target — not a result or a guarantee) (COCO VILLA Owners official site; All About (COCO VILLA)) |
| WITH SEA Owners Manazuru | Co-ownership share of real estate (land owned) | ¥8.3m per share (10 nights a year), 36 shares per property; management fee ¥240,072 and repair reserve ¥48,000 a year | None (part of the management fee refunded under conditions) (UMITO press release (WITH SEA Owners Manazuru, Jun 2026)) |
| NOT A HOTEL | Ownership share of land and building | Examples: 10 nights a year ¥28.91m; 30 nights a year ¥79.48m | Under the lease contract, NOT A HOTEL pays rent according to the nights owned (Gendai Business (NOT A HOTEL); NOT A HOTEL owner guide) |
| Resorttrust (Sanctuary Court Sotobo Suzumejima) | Co-ownership membership on a 50-year fixed-term land lease | Club Suite, 8 nights a year: ¥10.67m (45 shares per room) | None (Resorttrust press release (Sanctuary Court Sotobo Suzumejima)) |
| Tokyu Harvest Club (VIALA Kinugawa Keisui) | Co-ownership membership (land and building co-owned with Tokyu Land, registered) | ¥14.13m per share; 30 tickets a year (1 per night); annual fee ¥158,400 | None (Tokyu Fudosan Holdings press release (2021, VIALA Kinugawa Keisui)) |
How owners sell (exit)
| Product | Sale allowed from | Route and approval | Fees | Buyer or buyback guarantee | Inheritance |
|---|---|---|---|---|---|
| SANU | Year 4 after purchase | SANU’s secondary market; SANU approval required | Name-change fee ¥110,000 (tax incl.) plus other costs | None (a buyer is not guaranteed) | Any time (SANU Help: can I sell Co-Ownership rights?) |
| COCO VILLA | After 2 years (from year 3) | Sale to a third party with Cocozas as broker; Cocozas screening | About 3% | None | Any time (COCO VILLA Owners: FAQ) |
| WITH SEA Owners | From year 4 | Not published (owner contract terms) | Not published | Not published | Allowed (UMITO: WITH SEA Owners; UMITO press release (WITH SEA Owners Manazuru, Jun 2026)) |
| NOT A HOTEL | Year 4 after purchase | Own marketplace (list at your price, or sell at once at a price NOT A HOTEL offers); NOT A HOTEL review | Not published | Instant buyback scheme with a cap; no general guarantee | Any time (NOT A HOTEL Help: transfer and inheritance; NOT A HOTEL: Marketplace; ASCII (NOT A HOTEL instant buyback, Oct 2025)) |
| XIV and Baycourt | Generally any time (new resorts not for several years after completion) | Membership brokers; Resorttrust screening | Transfer fee from ¥440,000 (XIV, tax incl.) | None | Allowed (Claver: purchase costs; Claver: memberships that cannot be sold) |
| Tokyu Harvest (co-ownership) | No restriction stated | Tokyu Resort or brokers | Name-transfer fee ¥132,000 | Time-limited buyback guarantee at some clubs | Allowed (Tokyu Resort: money Q&A (as of Oct 2024); Tokyu Harvest Club: FAQ) |
Are resale prices published?
- XIV, Baycourt and Tokyu Harvest resale asking prices are published in broker price lists (compare them on this site’s membership pages).
- No individual resale prices were found for SANU, COCO VILLA or WITH SEA Owners.
- NOT A HOTEL’s marketplace reports 30 completed trades worth ¥1.06bn as of end-November 2025 (individual prices are not shown). (NOT A HOTEL: Marketplace)
Check before you buy
- If the operator fails: Nippon Owners Club filed for civil rehabilitation in 2019 with debts of about ¥14.5bn; 255 of its 258 creditors were members. (TravelVoice (Nippon Owners Club rehabilitation, 2019))
- Registration may not protect value: at Sporia Yuzawa, “no assets remained with the operator and bankruptcy proceedings were stopped”, according to a report. (Gentosha Gold Online (Sporia Yuzawa))
- Selling limits: SANU, COCO VILLA, WITH SEA Owners and NOT A HOTEL have a 2–4-year holding period and the operator controls the resale route. A buyer is not guaranteed. (SANU Help: can I sell Co-Ownership rights?; COCO VILLA Owners: FAQ)
- Land lease term: SANU uses fixed-term land leases of up to 30 years, after which the land and building must reportedly be returned. Selling gets harder as the end approaches. (Business Insider Japan (SANU, Feb 2024))
- Income paid to owners: a business that raises money, runs real estate and “distributes the income” needs a permit under the Real Estate Specified Joint Enterprise Act. Where income is paid, check which permit or contract form the operator uses. (MLIT: Real Estate Specified Joint Enterprise Act)
Related pages
- XIV memberships: resale prices and how to buy
- Tokyu Harvest Club memberships: resale prices and how it works
- Baycourt Club memberships: resale prices and how it works
- COCO VILLA Owners
- Residence Villa (Awaji Mare / Kawaguchiko Lago / Nasushiobara Sante)
- SANU 2nd Home Co-Owners Tateyama
- Wakachiai Resort Villa Shin-Karuizawa
- NOT A HOTEL NFT
Sources
- SANU Help: rights under the Co-Owners model
- PRESIDENT Online (SANU)
- SANU press release (8-night plan)
- SANU Help: rent for unused nights
- COCO VILLA Owners official site
- All About (COCO VILLA)
- UMITO press release (WITH SEA Owners Manazuru, Jun 2026)
- Gendai Business (NOT A HOTEL)
- NOT A HOTEL owner guide
- Resorttrust press release (Sanctuary Court Sotobo Suzumejima)
- Tokyu Fudosan Holdings press release (2021, VIALA Kinugawa Keisui)
- SANU Help: can I sell Co-Ownership rights?
- COCO VILLA Owners: FAQ
- UMITO: WITH SEA Owners
- NOT A HOTEL Help: transfer and inheritance
- NOT A HOTEL: Marketplace
- ASCII (NOT A HOTEL instant buyback, Oct 2025)
- Claver: purchase costs
- Claver: memberships that cannot be sold
- Tokyu Resort: money Q&A (as of Oct 2024)
- Tokyu Harvest Club: FAQ
- TravelVoice (Nippon Owners Club rehabilitation, 2019)
- Gentosha Gold Online (Sporia Yuzawa)
- Business Insider Japan (SANU, Feb 2024)
- MLIT: Real Estate Specified Joint Enterprise Act
Checked 22 Oct 2026 · All figures are as stated in the cited sources. This site never calculates yields; it quotes only yields published by the operator, labelled “operator’s projection or target — not a result or a guarantee”. Hotel Condo Market is not a broker and does not solicit sales or give investment advice.