In 2011, Symphony invested in a property development joint venture that acquired two hotels in the internationally renowned winter-sports and year-round vacation destination of Niseko, Hokkaido, Japan. At the end of 2019, the Niseko Property Joint Venture (“NPJV”), entered into an agreement for a partial sale of Niseko. The transaction involved a partial sale of land and a new joint-venture to co-develop another part of the land with Hanwha Hotels & Resorts.