This paper examines the formation process of a spa town in modern, at the case study of the Beppu spa, Oita. This spa resort was only a one small-scale colony in Edo period, but grew up to be the greatest one in modern. Furthermore, many large-scale Ryokan enterprised. These were managemented by the men of renown since Edo period or before, and new businessmen of modern. These two types of large-scale Pyokan have the feature also in the location and the construction form of the Ryokan, respectively.