Ripplewood Holdings PLC will spend about $130.1 million to take over a failed seaside resort, the latest in a series of Japanese acquisitions by the New York-based investment firm, officials said Thursday.

Ripplewood is expected to sign a contract Friday to rehabilitate Seagaia, a sprawling resort in southwestern Japan that features golf courses, a huge indoor swimming pool, a convention center and a 43-story hotel, said a spokesman for Kuse Consulting Office, which represents Ripplewood in Japan.

The company will invest another $64.2 million over the next four years to remodel the park's facilities, the spokesman said. The agreement was also confirmed by a Miyazaki state official. The state owns 25 percent of Phoenix Resort, the company which ran Seagaia.

Ripplewood in May received permission from the Miyazaki District Court to lead the revival of Phoenix Resort, which went bankrupt in February with liabilities of $2.4 billion, the largest failure of a quasi-public business project in Japan. Opening in 1993 in a sunny pine forest, Seagaia cost $1.6 billion to build. But the resort failed to attract many visitors, partly because of its 550-mile distance from Tokyo. Japan's prolonged economic slowdown also hurt Seagaia.

Ripplewood said poor management and marketing were behind Seagaia's failure. The investor will acquire all assets but won't take up debts and other obligations. The American investment firm has already taken over a Japanese bank, an auto-parts maker and recording company. It has set up a $1.2 billion fund to invest widely in Japan, where deep economic woes have forced the nation to open up gradually to foreign investments.