Among other things, it plans to operate and brand ski hotels owned by third parties rather than buying the properties themselves.

WSJ: THE PROPERTY REPORT

As Club Med prepares to re-enter the U.S., it says that it has learned from its past mistakes and will focus on opening upscale ski hotels in easily accessible markets.

WSJ: THE PROPERTY REPORT

Ritz Carlton Bachelor Gulch, CO: This Ritz Carlton, located on the slopes of the Beaver Creek ski resort, was one of the first hotels in the nation to have a house dog, Bachelor, a rescued yellow Labrador retriever, whose bed was next to the concierge stand.

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Beyond are Prince hotels, Prince golf courses and Prince ski slopes.

FORBES: The winner: Tsutsumi

Mr. Holding and his wife were known to bus tables at their ski resorts, and their children helped to run their hotels.

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The result is a super competitive market where added extras like sports cars and ski equipment are as common as evening turndown treats in hotels.

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In addition to the world's biggest airport, largest man-made islands, longest indoor ski slope and some of the biggest shopping malls and hotels anywhere, it is also building a mega theme park, Dubailand, which consists of some 45 separate projects, including such brand-name attractions as Legoland, a Tiger Woods golf course, a Six Flags fun fair, a Formula One park, and themed attractions from DreamWorks (a Hollywood film studio) and Marvel Comics.

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Visit the ski resort of Shiga Kogen 18 miles northeast of Nagano city, where Tsutsumi has three Prince hotels.

FORBES: The winner: Tsutsumi