Hotel Performance

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Domestic Hotels Total
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
# of Properties (Note2) actual - 92 (101) 92 (101) 92 (101) 92 (101) 92 (101) 92 (101) 92 (101)
Occupancy Rate actual (%) 80.0 84.9 85.2 84.8 84.9 83.1 83.8
ADR actual (JPY) 11,982 13,357 13,710 15,094 14,552 12,953 13,626
RevPAR actual (JPY) 9,581 11,335 11,675 12,803 12,357 10,761 11,416
Gross Revenue actual (JPY mn) 7,007 7,155 8,315 8,526 8,620 7,603 47,228
Overseas Hotels Total
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
# of Properties (Note2) actual - 2 2 2 2 2 2 2
Occupancy Rate actual (%) 71.3 75.8 66.1 57.4 48.1 52.6 61.7
ADR actual (USD) 709 734 817 760 495 447 675
RevPAR actual (USD) 505 556 540 436 238 235 417
Gross Revenue actual (USD'000) 12,642 11,868 13,324 10,618 6,650 6,191 61,296
  1. ADR and RevPAR are rounded to the nearest yen and Gross Revenue is rounded down to the indicated unit. Percentages are rounded to one decimal place.This applies hereinafter.
  2. # of properties shows the number of the hotels that are subject to the calculation for each month, and does not include the number of hotels under fixed rent contract. The number in the parenthesis shows the total number of hotels held by INV as of the end of the subject month, including the hotels under fixed rent contract. Please see the footnote of the individual hotels listed below to identify the hotels under fixed rent contract.
  3. Sheraton Grande Tokyo Bay Hotel, the underlying asset of the preferred equity interest acquired on October 13, 2017 is excluded from the performance calculation.
  4. “Gross Revenue” for 2018 shows the total revenue of the hotel, while “Gross Revenue” prior to 2018 showed the gross operating income of the hotel. Year-on-year change in 2018 shows the total revenue in 2018 vs. the total revenue in 2017. There is no significant difference between total revenue and gross operating income for the limited service hotels that account for the vast majority of INV's hotel portfolio.
  5. For below figures of each hotel, comparison for year-on-year is not made if the days of operation are less than one month. Year-on-year comparison for the six month cumulative figures is not provided if the property was not held as at the beginning of the fiscal period. Year-on-year comparison with the pre-acquisition period of each hotel is based on actual results provided by sellers.
  6. Figures for year-on-year comparison are not shown in the case that the figures cannot be calculated due to the closure, etc. during the previous year.

Individual Hotels

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2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 90.2 92.7 91.6 93.4 91.8 89.0 91.5
year-on-year (points) 11.6 6.7 2.6 3.1 2.7 0.3 4.5
ADR actual (JPY) 11,760 13,007 14,284 17,246 14,663 10,922 13,681
year-on-year (%) 29.4 17.4 3.4 29.7 20.1 -3.4 15.3
RevPAR actual (JPY) 10,613 12,063 13,088 16,105 13,465 9,723 12,512
year-on-year (%) 48.6 26.6 6.5 34.2 23.6 -3.0 21.3
Gross Revenue actual (JPY mn) 41 42 51 61 53 37 288
year-on-year (%) 47.1 22.1 7.1 33.9 23.3 -2.4 20.6
    (Note 1) This property was acquired on May 23, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 85.4 88.6 88.4 93.5 92.9 92.8 90.3
year-on-year (points) 7.9 2.3 -4.3 0.5 3.8 3.1 2.2
ADR actual (JPY) 8,916 10,259 12,825 13,982 11,806 9,358 11,230
year-on-year (%) 30.5 33.5 45.1 64.8 37.4 11.2 37.2
RevPAR actual (JPY) 7,614 9,089 11,341 13,079 10,966 8,687 10,138
year-on-year (%) 43.9 37.1 38.3 65.7 43.1 15.0 40.7
Gross Revenue actual (JPY mn) 38 41 57 63 55 43 300
year-on-year (%) 42.6 31.0 37.7 62.5 42.1 15.2 38.8
    (Note 1) This property was acquired on May 23, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 62.7 79.4 85.5 89.8 89.1 78.7 80.9
year-on-year (points) 20.4 6.5 8.3 18.1 3.5 6.7 10.6
ADR actual (JPY) 9,768 8,435 15,698 20,061 14,730 10,256 13,550
year-on-year (%) 14.4 -3.6 -6.0 9.9 18.0 0.7 5.6
RevPAR actual (JPY) 6,125 6,695 13,419 18,010 13,131 8,074 10,955
year-on-year (%) 69.7 5.0 4.1 37.7 22.8 10.1 21.5
Gross Revenue actual (JPY mn) 47 47 101 129 98 61 486
year-on-year (%) 66.0 1.5 4.2 33.4 18.2 8.9 18.7
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 92.9 94.7 93.5 96.5 95.6 92.0 94.2
year-on-year (points) 2.7 3.9 0.8 3.5 3.8 1.4 2.7
ADR actual (JPY) 13,024 16,249 18,177 15,609 14,007 12,506 14,927
year-on-year (%) 16.1 7.9 8.2 37.2 5.8 8.4 13.0
RevPAR actual (JPY) 12,095 15,380 16,991 15,065 13,390 11,510 14,059
year-on-year (%) 19.5 12.5 9.1 42.4 10.2 10.1 16.3
Gross Revenue actual (JPY mn) 79 85 104 100 88 75 532
year-on-year (%) 21.8 10.1 8.2 30.4 12.8 13.0 15.6
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 96.9 96.7 96.1 96.7 93.4 94.3 95.7
year-on-year (points) 1.4 -0.4 -1.0 -0.3 -2.6 -3.3 -1.0
ADR actual (JPY) 25,782 27,323 31,952 29,492 25,877 22,828 27,239
year-on-year (%) 30.8 11.8 5.5 33.8 10.9 5.7 15.5
RevPAR actual (JPY) 24,978 26,434 30,692 28,531 24,161 21,526 26,059
year-on-year (%) 32.7 11.3 4.5 33.3 8.0 2.1 14.2
Gross Revenue actual (JPY mn) 75 70 91 82 72 62 454
year-on-year (%) 29.0 6.7 4.0 30.8 7.8 2.9 12.7
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 85.3 93.4 91.6 94.3 95.6 93.7 92.3
year-on-year (points) 22.1 18.6 8.9 12.3 11.0 7.8 13.4
ADR actual (JPY) 13,202 13,911 15,114 19,130 19,546 16,249 16,280
year-on-year (%) 15.1 1.5 -1.1 30.3 40.9 32.3 19.5
RevPAR actual (JPY) 11,266 12,998 13,848 18,049 18,678 15,231 15,027
year-on-year (%) 55.4 26.8 9.5 49.9 59.2 44.4 39.8
Gross Revenue actual (JPY mn) 59 60 70 86 91 75 443
year-on-year (%) 41.9 16.4 7.2 38.0 45.7 32.8 29.8
    (Note 1) This property was acquired on July 17, 2014.
    (Note 2) The name of this property was changed from "Hotel MyStays Dojima" as of March 10, 2018.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 85.2 87.9 91.4 92.2 89.4 82.6 88.1
year-on-year (points) -0.7 0.3 1.0 6.6 1.5 5.0 2.3
ADR actual (JPY) 7,309 8,334 8,289 10,125 8,952 7,652 8,468
year-on-year (%) 14.2 11.2 5.4 13.9 22.5 4.4 12.2
RevPAR actual (JPY) 6,227 7,327 7,578 9,331 8,002 6,320 7,462
year-on-year (%) 13.3 11.6 6.6 22.7 24.6 11.2 15.2
Gross Revenue actual (JPY mn) 57 60 71 83 73 56 402
year-on-year (%) 11.5 5.3 4.4 22.1 22.1 9.7 12.7
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 81.4 88.6 90.7 97.1 93.3 94.2 90.9
year-on-year (points) 24.1 19.0 7.1 11.3 15.9 20.5 16.3
ADR actual (JPY) 7,880 8,096 8,590 10,443 11,771 9,835 9,508
year-on-year (%) 29.4 4.1 -0.6 26.2 44.9 52.0 24.1
RevPAR actual (JPY) 6,417 7,177 7,792 10,139 10,986 9,262 8,641
year-on-year (%) 83.9 32.5 7.8 42.9 74.6 94.2 51.2
Gross Revenue actual (JPY mn) 40 40 48 59 68 55 312
year-on-year (%) 75.0 28.3 7.6 42.3 72.8 90.6 48.8
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 86.8 93.6 96.1 93.0 88.8 84.8 90.5
year-on-year (points) 3.9 6.8 2.5 3.4 -1.4 -4.6 1.7
ADR actual (JPY) 8,471 9,774 11,607 13,537 12,240 11,215 11,172
year-on-year (%) 14.3 3.9 -3.2 17.8 13.7 19.3 10.2
RevPAR actual (JPY) 7,354 9,150 11,155 12,584 10,864 9,508 10,108
year-on-year (%) 19.7 12.0 -0.6 22.2 11.9 13.2 12.4
Gross Revenue actual (JPY mn) 48 53 71 77 70 59 381
year-on-year (%) 17.3 5.1 -2.7 18.7 11.2 11.5 9.5
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 58.1 57.6 91.1 94.7 95.1 93.3 81.9
year-on-year (points) -21.3 -28.7 3.5 6.4 5.0 3.4 -5.0
ADR actual (JPY) 9,887 11,733 14,408 17,849 14,126 11,586 13,638
year-on-year (%) 32.8 24.4 23.3 78.4 53.6 33.3 44.5
RevPAR actual (JPY) 5,748 6,754 13,118 16,902 13,436 10,806 11,170
year-on-year (%) -2.8 -17.0 28.2 91.3 62.2 38.4 36.2
Gross Revenue actual (JPY mn) 16 18 38 48 39 30 191
year-on-year (%) -3.7 -18.7 27.3 86.6 61.4 39.0 34.8
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 90.5 90.1 66.0 67.6 70.7 58.6 73.8
year-on-year (points) 6.0 0.0 -28.0 -20.7 -18.2 -24.5 -14.4
ADR actual (JPY) 9,957 14,589 12,720 12,094 13,759 11,931 12,465
year-on-year (%) 14.5 32.3 17.2 30.6 36.8 21.3 25.0
RevPAR actual (JPY) 9,012 13,150 8,396 8,176 9,735 6,988 9,196
year-on-year (%) 22.7 32.3 -17.7 0.0 8.8 -14.5 4.6
Gross Revenue actual (JPY mn) 53 68 49 45 57 38 313
year-on-year (%) 26.8 28.8 -16.7 -0.8 8.8 -14.7 4.8
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 87.6 93.6 95.4 95.3 95.5 92.5 93.3
year-on-year (points) 2.2 3.3 2.9 3.9 11.3 41.8 10.9
ADR actual (JPY) 19,350 20,823 23,058 29,677 20,372 18,077 21,947
year-on-year (%) 90.9 60.0 51.6 98.8 66.0 66.0 69.7
RevPAR actual (JPY) 16,945 19,489 22,008 28,281 19,454 16,712 20,476
year-on-year (%) 95.9 65.9 56.3 107.2 88.2 203.1 92.0
Gross Revenue actual (JPY mn) 37 38 47 58 42 35 259
year-on-year (%) 112.5 77.6 73.5 129.0 107.2 223.2 110.1
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 93.1 93.1 92.9 94.4 90.3 93.1 92.8
year-on-year (points) 5.8 1.7 -0.4 3.1 4.4 1.0 2.6
ADR actual (JPY) 9,286 11,412 12,897 12,833 12,472 9,438 11,390
year-on-year (%) 29.6 24.5 14.2 24.8 17.8 7.2 19.0
RevPAR actual (JPY) 8,641 10,626 11,978 12,114 11,259 8,787 10,568
year-on-year (%) 38.3 26.8 13.8 29.0 23.8 8.4 22.5
Gross Revenue actual (JPY mn) 19 21 27 26 25 19 138
year-on-year (%) 37.5 22.4 14.5 28.3 23.8 8.9 21.9
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 85.7 92.0 90.0 94.1 93.8 88.7 90.7
year-on-year (points) 3.3 0.6 -2.6 1.9 7.9 -3.2 1.3
ADR actual (JPY) 10,046 11,387 12,872 15,042 11,981 10,591 12,027
year-on-year (%) 18.2 12.7 10.5 18.2 12.0 6.5 13.0
RevPAR actual (JPY) 8,608 10,478 11,588 14,158 11,243 9,391 10,909
year-on-year (%) 23.0 13.4 7.3 20.6 22.3 2.8 14.7
Gross Revenue actual (JPY mn) 14 16 19 23 19 15 109
year-on-year (%) 21.8 9.5 7.8 21.2 22.3 3.2 14.2
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 80.7 83.2 71.6 77.3 73.2 59.1 74.1
year-on-year (points) 1.1 -7.6 -20.0 -11.5 -12.4 -30.2 -13.5
ADR actual (JPY) 5,764 6,033 7,496 8,154 7,125 6,754 6,872
year-on-year (%) 11.1 17.9 36.7 41.8 29.6 24.9 27.0
RevPAR actual (JPY) 4,653 5,019 5,369 6,300 5,213 3,993 5,092
year-on-year (%) 12.7 8.0 6.9 23.4 10.8 -17.4 7.5
Gross Revenue actual (JPY mn) 18 18 21 24 21 15 120
year-on-year (%) 11.7 4.4 7.2 22.6 10.4 -17.1 6.6
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 81.3 83.2 83.4 88.8 84.7 81.9 83.9
year-on-year (points) 7.4 6.5 1.4 3.1 1.4 2.7 3.7
ADR actual (JPY) 5,513 5,761 5,994 6,437 6,239 6,049 6,007
year-on-year (%) 6.1 5.8 6.8 11.0 11.5 5.4 7.8
RevPAR actual (JPY) 4,480 4,794 5,001 5,717 5,283 4,953 5,039
year-on-year (%) 16.7 14.8 8.6 15.0 13.4 8.9 12.8
Gross Revenue actual (JPY mn) 14 14 16 18 17 15 97
year-on-year (%) 16.3 10.7 8.4 14.7 13.2 8.5 11.9
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 73.0 79.5 89.0 94.2 88.2 88.1 85.4
year-on-year (points) 9.8 9.6 4.5 6.6 5.1 9.4 7.5
ADR actual (JPY) 10,666 10,833 11,521 13,300 14,759 12,203 12,311
year-on-year (%) 18.9 -0.6 0.1 56.7 63.5 51.5 29.8
RevPAR actual (JPY) 7,792 8,617 10,257 12,522 13,019 10,753 10,512
year-on-year (%) 37.3 13.0 5.5 68.6 73.5 69.6 42.3
Gross Revenue actual (JPY mn) 27 27 36 42 45 36 214
year-on-year (%) 36.6 9.0 6.0 66.7 72.1 67.9 40.8
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 74.4 74.9 85.5 84.8 85.3 77.1 80.4
year-on-year (points) 5.0 -7.4 -0.7 5.7 5.9 3.4 2.1
ADR actual (JPY) 16,843 17,324 17,817 21,358 17,668 14,678 17,685
year-on-year (%) 27.2 21.8 4.6 15.8 11.7 -2.8 12.5
RevPAR actual (JPY) 12,525 12,971 15,226 18,111 15,069 11,313 14,217
year-on-year (%) 36.4 10.8 3.7 24.2 20.0 1.7 15.5
Gross Revenue actual (JPY mn) 23 21 28 32 27 20 153
year-on-year (%) 37.0 4.6 3.6 23.5 18.9 1.9 14.2
    (Note 1) This property was acquired on July 17, 2014.
    (Note 2) The name of this property was changed from "Flexstay Inn Kiyosumi Shirakawa" as of September 9, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 72.5 80.1 78.4 82.4 83.9 83.9 80.2
year-on-year (points) 9.3 -1.6 -6.8 -13.0 1.7 0.9 -1.5
ADR actual (JPY) 6,541 7,453 7,872 9,190 6,949 6,681 7,453
year-on-year (%) 11.0 21.5 19.3 41.6 7.5 6.4 17.7
RevPAR actual (JPY) 4,745 5,972 6,172 7,572 5,828 5,607 5,976
year-on-year (%) 27.3 19.1 9.8 22.3 9.6 7.6 15.5
Gross Revenue actual (JPY mn) 5 6 7 8 7 6 42
year-on-year (%) 24.8 14.9 10.1 21.8 11.0 8.3 14.8
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 72.4 80.0 81.8 84.1 77.9 77.3 78.9
year-on-year (points) 4.4 -4.0 -7.9 -11.8 4.5 1.4 -2.2
ADR actual (JPY) 6,207 6,922 8,090 9,872 7,413 6,873 7,613
year-on-year (%) 13.2 12.4 23.4 45.7 20.8 15.0 22.3
RevPAR actual (JPY) 4,496 5,540 6,619 8,301 5,772 5,311 6,005
year-on-year (%) 20.5 7.1 12.5 27.8 28.3 17.0 19.0
Gross Revenue actual (JPY mn) 3 3 4 5 3 3 24
year-on-year (%) 21.3 4.6 13.0 28.4 28.6 17.0 18.9
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 98.2 100.0 99.8 99.9 99.0 99.2 99.4
year-on-year (points) 22.5 26.6 22.0 15.1 5.2 1.9 15.5
ADR actual (JPY) 7,176 8,660 10,424 11,852 10,012 9,630 9,636
year-on-year (%) 9.6 5.1 12.5 16.1 10.7 17.7 11.9
RevPAR actual (JPY) 7,049 8,660 10,408 11,845 9,912 9,553 9,574
year-on-year (%) 42.1 43.2 44.3 36.7 16.9 20.0 32.6
Gross Revenue actual (JPY mn) 101 112 149 163 142 132 801
year-on-year (%) 43.8 39.3 45.3 36.0 16.7 18.7 31.9
    (Note 1) This property was acquired on February 6, 2015.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 73.1 74.4 77.7 78.0 74.9 80.2 76.4
year-on-year (points) 22.4 11.4 16.4 3.5 2.1 -1.2 9.2
ADR actual (JPY) 6,795 6,642 6,442 9,545 9,825 9,146 8,093
year-on-year (%) 9.0 8.5 6.6 6.1 7.0 1.7 3.9
RevPAR actual (JPY) 4,970 4,941 5,007 7,445 7,355 7,336 6,183
year-on-year (%) 57.1 28.2 35.1 11.1 10.0 0.3 18.1
Gross Revenue actual (JPY mn) 37 34 39 53 54 53 272
year-on-year (%) 46.5 18.6 29.7 9.8 8.8 0.8 15.2
    (Note 1) This property was acquired on February 6, 2015.
    (Note 2) The name of this property was changed from "Hotel Nets Hakodate" as of May 1, 2018.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 70.1 73.4 80.5 82.7 85.3 80.2 78.7
year-on-year (points) -0.5 -6.6 1.9 -2.8 6.6 2.8 0.3
ADR actual (JPY) 7,881 8,493 8,473 8,341 8,293 7,906 8,234
year-on-year (%) 20.5 18.8 7.9 6.6 11.2 1.1 10.4
RevPAR actual (JPY) 5,523 6,236 6,824 6,895 7,070 6,338 6,483
year-on-year (%) 19.7 9.1 10.5 3.0 20.5 4.8 10.9
Gross Revenue actual (JPY mn) 14 15 18 17 18 16 100
year-on-year (%) 19.5 7.3 11.0 3.3 20.1 5.0 10.6
    (Note 1) This property was acquired on February 6, 2015.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 90.9 97.4 96.1 96.3 96.5 95.6 95.4
year-on-year (points) -1.9 2.2 1.3 1.6 2.9 0.0 1.0
ADR actual (JPY) 13,048 13,677 14,658 17,283 14,116 12,275 14,190
year-on-year (%) 18.7 11.8 6.1 25.4 7.9 -2.9 11.2
RevPAR actual (JPY) 11,861 13,323 14,079 16,647 13,619 11,737 13,541
year-on-year (%) 16.3 14.3 7.6 27.5 11.2 -2.9 12.4
Gross Revenue actual (JPY mn) 70 70 83 95 79 67 466
year-on-year (%) 13.8 9.2 8.0 28.2 9.8 -3.6 11.0
    (Note 1) This property was acquired on July 16, 2015.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 90.4 94.0 93.6 96.1 92.9 93.5 93.4
year-on-year (points) 11.7 11.2 3.8 3.2 3.7 10.4 7.3
ADR actual (JPY) 7,327 7,863 8,807 9,434 8,483 7,442 8,240
year-on-year (%) 18.2 6.3 5.0 9.7 7.7 -2.1 6.7
RevPAR actual (JPY) 6,625 7,394 8,242 9,062 7,879 6,960 7,695
year-on-year (%) 35.7 20.7 9.4 13.4 12.1 10.1 15.8
Gross Revenue actual (JPY mn) 56 57 70 74 67 57 383
year-on-year (%) 32.9 16.3 9.6 13.6 11.7 10.0 14.8
    (Note 1) This property was acquired on July 16, 2015.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 89.5 93.2 89.3 94.9 92.6 94.2 92.2
year-on-year (points) 2.4 0.9 -3.7 2.9 3.7 0.8 1.2
ADR actual (JPY) 12,911 14,287 16,792 19,242 14,942 12,427 15,116
year-on-year (%) 22.1 11.2 12.9 22.2 11.2 4.0 14.0
RevPAR actual (JPY) 11,559 13,319 14,994 18,256 13,829 11,709 13,943
year-on-year (%) 25.5 12.3 8.5 26.0 15.8 4.9 15.5
Gross Revenue actual (JPY mn) 35 36 45 53 41 34 247
year-on-year (%) 25.3 7.9 8.7 24.8 15.3 5.8 14.6
    (Note 1) This property was acquired on July 16, 2015.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 86.4 92.4 91.9 95.6 95.2 92.7 92.3
year-on-year (points) 12.5 10.6 3.4 2.4 6.6 5.5 6.8
ADR actual (JPY) 7,617 8,271 9,783 9,939 8,024 7,260 8,498
year-on-year (%) 18.6 9.2 10.8 16.5 0.4 -7.4 7.4
RevPAR actual (JPY) 6,581 7,640 8,991 9,498 7,641 6,729 7,847
year-on-year (%) 38.8 23.4 15.0 19.6 7.8 -1.5 15.9
Gross Revenue actual (JPY mn) 36 38 50 51 42 36 256
year-on-year (%) 37.8 18.7 15.1 20.0 6.9 -1.0 15.1
    (Note 1) This property was acquired on July 16, 2015.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 80.3 91.9 91.0 90.4 88.0 79.1 86.7
year-on-year (points) 2.9 4.9 8.5 6.0 0.7 -2.3 3.4
ADR actual (JPY) 7,120 7,444 8,126 8,398 8,901 6,929 7,855
year-on-year (%) 6.5 2.3 -4.1 15.5 17.3 0.8 6.5
RevPAR actual (JPY) 5,719 6,842 7,396 7,593 7,835 5,484 6,814
year-on-year (%) 10.5 8.0 5.7 23.7 18.2 -2.0 10.9
Gross Revenue actual (JPY mn) 29 31 38 38 40 27 205
year-on-year (%) 7.8 2.8 6.5 22.7 18.8 -2.0 9.7
    (Note 1) This property was acquired on July 16, 2015.
    (Note 2) The name of this property was changed from "Hotel Vista Shimizu" as of April 1, 2019.
    (Note 1) This property was acquired on July 16, 2015.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 80.4 87.7 89.1 89.4 88.2 76.1 85.1
year-on-year (points) -1.3 3.3 2.6 4.4 4.2 -4.4 1.4
ADR actual (JPY) 5,401 5,361 6,095 7,513 5,846 5,305 5,951
year-on-year (%) 18.6 10.3 5.5 5.2 10.2 4.3 8.9
RevPAR actual (JPY) 4,342 4,704 5,432 6,714 5,156 4,035 5,066
year-on-year (%) 16.7 14.7 8.6 10.7 15.6 -1.4 10.8
Gross Revenue actual (JPY mn) 12 11 15 18 14 10 82
year-on-year (%) 15.9 10.8 8.6 11.0 16.1 -2.2 10.1
    (Note 1) This property was acquired on July 16, 2015.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 77.5 85.7 89.2 88.9 87.0 82.0 85.0
year-on-year (points) -7.9 1.6 0.2 2.0 -0.4 -0.2 -0.8
ADR actual (JPY) 8,910 9,417 10,168 9,785 10,600 9,647 9,780
year-on-year (%) 18.6 14.5 19.4 3.4 8.0 14.7 12.8
RevPAR actual (JPY) 6,903 8,071 9,071 8,697 9,226 7,909 8,317
year-on-year (%) 7.6 16.7 19.7 5.7 7.5 14.4 11.8
Gross Revenue actual (JPY mn) 55 53 64 55 59 53 342
year-on-year (%) 15.0 7.7 7.9 -10.2 -9.4 3.3 1.5
    (Note 1) This property was acquired on July 16, 2015.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 80.4 85.5 78.2 87.9 86.2 81.5 83.2
year-on-year (points) 3.4 1.6 -5.4 1.3 4.8 -0.2 0.9
ADR actual (JPY) 5,595 6,698 6,847 7,131 6,715 6,852 6,643
year-on-year (%) 10.5 18.2 18.1 14.0 2.7 12.9 12.4
RevPAR actual (JPY) 4,498 5,730 5,353 6,265 5,791 5,582 5,529
year-on-year (%) 15.4 20.4 10.5 15.7 8.7 12.7 13.7
Gross Revenue actual (JPY mn) 9 10 10 12 11 10 65
year-on-year (%) 14.4 17.1 10.3 15.6 7.9 12.2 12.8
    (Note 1) This property was acquired on July 16, 2015.
    (Note 1) This property was acquired on July 16, 2015.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 83.0 88.8 88.8 91.6 91.3 87.6 88.5
year-on-year (points) 0.8 -0.6 1.0 0.8 2.0 -1.3 0.5
ADR actual (JPY) 5,093 5,965 6,328 6,457 6,003 5,809 5,953
year-on-year (%) 12.8 14.6 7.2 10.0 8.8 11.4 10.6
RevPAR actual (JPY) 4,226 5,299 5,620 5,915 5,482 5,091 5,269
year-on-year (%) 13.9 13.8 8.4 11.0 11.3 9.7 11.2
Gross Revenue actual (JPY mn) 8 9 10 11 10 9 59
year-on-year (%) 12.9 6.2 8.1 10.3 10.9 10.1 9.6
    (Note 1) This property was acquired on July 16, 2015.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 76.7 81.0 81.1 88.8 91.2 80.1 83.2
year-on-year (points) -1.9 -7.9 -6.1 -2.0 0.9 -4.9 -3.6
ADR actual (JPY) 6,739 7,148 7,169 6,908 6,345 6,702 6,822
year-on-year (%) 17.1 19.9 19.5 11.4 6.3 10.6 13.8
RevPAR actual (JPY) 5,172 5,789 5,813 6,136 5,787 5,370 5,675
year-on-year (%) 14.3 9.2 11.2 9.0 7.3 4.2 9.1
Gross Revenue actual (JPY mn) 34 34 38 39 38 34 218
year-on-year (%) 14.3 5.4 10.5 9.2 7.1 4.1 8.4
    (Note 1) This property was acquired on August 28, 2015.
    (Note 1) This property was acquired on August 28, 2015.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
    (Note 1) This property was acquired on August 28, 2015.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 88.5 93.1 92.4 95.7 95.4 94.6 93.2
year-on-year (points) 19.9 19.7 2.2 7.3 5.4 2.3 9.4
ADR actual (JPY) 13,688 13,551 13,910 19,694 19,556 15,774 16,105
year-on-year (%) 16.3 -3.0 -5.4 26.0 38.5 33.3 17.3
RevPAR actual (JPY) 12,110 12,610 12,855 18,843 18,656 14,917 15,017
year-on-year (%) 50.0 23.2 -3.1 36.4 46.8 36.6 30.5
Gross Revenue actual (JPY mn) 21 20 22 31 31 24 153
year-on-year (%) 47.0 17.5 -3.3 35.7 41.4 32.2 27.4
    (Note 1) This property was acquired on January 22, 2016.
    (Note 1) This property was acquired on January 22, 2016.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
    (Note 1) This property was acquired on January 22, 2016.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
    (Note 1) This property was acquired on January 22, 2016.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
    (Note 1) This property was acquired on January 22, 2016.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 90.3 92.4 92.4 94.8 93.6 93.4 92.8
year-on-year (points) 0.9 -1.1 -1.7 3.3 3.5 1.2 1.0
ADR actual (JPY) 13,502 15,144 16,522 19,198 15,776 13,936 15,700
year-on-year (%) 16.9 11.3 -1.0 12.2 8.4 2.2 8.0
RevPAR actual (JPY) 12,190 13,990 15,267 18,200 14,765 13,017 14,570
year-on-year (%) 18.1 10.0 -2.8 16.2 12.7 3.5 9.2
Gross Revenue actual (JPY mn) 159 165 200 227 191 165 1,110
year-on-year (%) 15.1 5.4 -2.2 15.4 10.7 3.1 7.6
    (Note 1) INV acquired the entire portion of the Main Building and a portion of the Annex Building on March 31, 2016, and additionally acquired additional floors of the Annex Building after conversion from office space on October 31, 2017
    (Note 2) The number of rooms in this property has increased due to conversion from a locker room in Main Building (1 room) as well asconversion from an office space in Annex Building (49 rooms) on October 16, 2017
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 62.3 77.7 95.0 84.6 86.0 84.7 81.8
year-on-year (points) -2.0 1.0 -3.3 -0.8 1.7 3.0 -0.1
ADR actual (JPY) 28,662 20,775 25,551 24,699 30,059 23,805 25,621
year-on-year (%) 4.6 -4.4 -0.7 -6.9 7.3 1.9 0.5
RevPAR actual (JPY) 17,854 16,149 24,262 20,904 25,846 20,165 20,945
year-on-year (%) 1.5 -3.2 -4.0 -7.7 9.5 5.6 0.4
Gross Revenue actual (JPY mn) 419 393 599 509 598 512 3,031
year-on-year (%) -1.8 1.1 2.1 -2.0 7.3 2.1 1.7
    (Note 1) This property was acquired on March 31, 2016.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 89.8 90.9 92.5 91.7 92.2 88.2 90.9
year-on-year (points) 6.6 1.2 0.6 7.4 3.2 -3.0 2.7
ADR actual (JPY) 12,338 17,338 15,436 14,828 15,249 13,287 14,726
year-on-year (%) 20.7 29.8 22.1 31.1 28.7 14.2 24.2
RevPAR actual (JPY) 11,081 15,766 14,273 13,598 14,061 11,726 13,387
year-on-year (%) 30.2 31.6 22.9 42.6 33.2 10.4 28.0
Gross Revenue actual (JPY mn) 77 99 99 93 97 79 547
year-on-year (%) 29.2 25.9 23.1 42.2 33.0 10.3 26.9
    (Note 1) This property was acquired on March 31, 2016.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 96.3 97.2 96.7 97.1 96.3 96.0 96.6
year-on-year (points) 3.8 1.4 0.3 0.5 -0.8 0.1 0.9
ADR actual (JPY) 13,943 15,879 18,837 21,388 17,438 15,714 17,212
year-on-year (%) 16.9 12.3 6.0 23.2 17.9 6.2 13.6
RevPAR actual (JPY) 13,424 15,436 18,206 20,763 16,800 15,086 16,624
year-on-year (%) 21.7 13.9 6.3 23.9 16.9 6.4 14.6
Gross Revenue actual (JPY mn) 44 45 59 66 55 48 320
year-on-year (%) 22.4 9.3 5.9 23.9 18.4 7.3 14.3
    (Note 1) This property was acquired on March 31, 2016.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 61.5 70.2 79.0 76.2 78.0 70.6 72.6
year-on-year (points) -21.5 -3.8 -2.7 -3.4 -0.4 -5.1 -6.2
ADR actual (JPY) 9,804 9,704 11,579 12,798 14,564 8,868 11,365
year-on-year (%) 1.2 -23.0 -22.7 -17.1 5.6 -11.7 -11.0
RevPAR actual (JPY) 6,032 6,812 9,151 9,749 11,362 6,263 8,254
year-on-year (%) -25.0 -26.9 -25.3 -20.6 5.0 -17.7 -18.0
Gross Revenue actual (JPY mn) 62 64 88 91 106 64 477
year-on-year (%) -21.5 -24.5 -21.9 -20.1 3.3 -14.5 -16.3
    (Note 1) This property was acquired on June 15, 2016.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 80.4 84.4 87.9 88.2 89.3 82.8 85.5
year-on-year (points) 8.8 0.7 3.5 3.4 4.0 -3.6 2.9
ADR actual (JPY) 8,507 9,111 10,171 10,571 11,065 9,093 9,796
year-on-year (%) 19.5 16.3 15.7 16.3 22.0 13.7 17.3
RevPAR actual (JPY) 6,840 7,687 8,939 9,328 9,878 7,527 8,377
year-on-year (%) 34.2 17.3 20.5 20.9 27.7 9.0 21.4
Gross Revenue actual (JPY mn) 56 55 70 70 77 61 392
year-on-year (%) 30.8 11.7 19.5 16.4 23.9 9.3 18.3
    (Note 1) This property was acquired on June 15, 2016.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 95.1 95.4 94.4 96.5 72.8 59.8 85.6
year-on-year (points) 1.3 0.6 0.2 1.4 -20.7 -34.2 -8.6
ADR actual (JPY) 26,436 26,784 31,312 38,511 28,172 27,180 30,013
year-on-year (%) 22.6 10.4 -2.5 30.9 7.7 3.6 12.6
RevPAR actual (JPY) 25,142 25,556 29,553 37,174 20,500 16,240 25,685
year-on-year (%) 24.4 11.1 -2.4 32.8 -16.1 -34.1 2.3
Gross Revenue actual (JPY mn) 100 93 116 142 83 65 601
year-on-year (%) 19.8 6.5 -1.9 30.4 -14.6 -31.7 1.4
    (Note 1) This property was acquired on May 29, 2017.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 84.4 92.0 92.3 93.8 92.2 91.7 91.0
year-on-year (points) 20.5 11.3 3.5 6.6 10.3 9.5 10.3
ADR actual (JPY) 7,331 8,387 9,381 11,880 11,794 9,807 9,817
year-on-year (%) 6.8 7.1 7.3 27.4 41.0 48.5 22.4
RevPAR actual (JPY) 6,184 7,715 8,655 11,149 10,869 8,991 8,934
year-on-year (%) 41.0 22.1 11.5 37.1 58.8 65.7 38.0
Gross Revenue actual (JPY mn) 120 121 146 182 177 159 906
year-on-year (%) 26.5 7.7 12.4 29.7 34.2 43.0 25.6
    (Note 1) This property was acquired on October 13, 2017.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 81.7 89.8 92.0 93.4 93.4 92.4 90.4
year-on-year (points) -1.9 4.2 2.3 3.0 5.7 5.4 3.1
ADR actual (JPY) 16,639 17,077 20,567 24,366 18,238 15,455 18,796
year-on-year (%) 22.1 9.6 1.8 23.0 -0.8 -8.6 7.4
RevPAR actual (JPY) 13,599 15,342 18,925 22,752 17,034 14,274 16,998
year-on-year (%) 19.3 15.0 4.4 27.1 5.6 -3.0 11.2
Gross Revenue actual (JPY mn) 110 110 148 170 135 111 786
year-on-year (%) 17.6 9.4 4.6 24.3 5.3 -2.8 9.7
    (Note 1) This property was acquired on October 13, 2017.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 86.4 88.9 88.5 80.2 85.0 82.5 85.2
year-on-year (points) 2.3 2.2 -0.2 -5.2 1.9 -0.7 0.1
ADR actual (JPY) 14,023 15,375 17,833 13,507 14,727 10,489 14,392
year-on-year (%) 1.3 -3.9 6.9 3.0 0.1 3.5 1.9
RevPAR actual (JPY) 12,121 13,672 15,791 10,826 12,525 8,648 12,268
year-on-year (%) 4.2 -1.4 6.7 -3.2 2.4 2.6 2.0
Gross Revenue actual (JPY mn) 212 203 268 183 214 162 1,245
year-on-year (%) 6.9 -0.4 11.7 4.7 12.0 13.3 7.9
    (Note 1) This property was acquired on October 13, 2017.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 95.7 96.8 78.0 73.3 82.8 88.0 85.6
year-on-year (points) 10.4 7.4 4.9 9.6 19.7 -0.9 8.5
ADR actual (JPY) 11,103 20,214 10,924 8,259 12,629 14,465 13,090
year-on-year (%) 25.0 21.3 28.0 5.9 27.1 10.8 18.4
RevPAR actual (JPY) 10,622 19,570 8,517 6,056 10,456 12,729 11,210
year-on-year (%) 40.3 31.3 36.6 21.8 66.9 9.7 31.5
Gross Revenue actual (JPY mn) 82 136 67 47 81 96 512
year-on-year (%) 38.1 27.0 37.4 23.6 65.1 11.1 31.0
    (Note 1) This property was acquired on October 13, 2017.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 89.9 95.8 96.4 92.6 89.8 90.3 92.4
year-on-year (points) 7.9 7.6 2.8 2.0 -1.5 -2.6 2.7
ADR actual (JPY) 8,727 9,876 12,302 14,841 12,610 11,730 11,698
year-on-year (%) 10.7 -1.0 -1.8 19.5 6.1 20.6 8.3
RevPAR actual (JPY) 7,847 9,463 11,857 13,750 11,320 10,595 10,812
year-on-year (%) 21.4 7.6 1.2 22.2 4.3 17.2 11.6
Gross Revenue actual (JPY mn) 41 44 62 69 59 53 332
year-on-year (%) 21.0 4.4 1.5 22.0 4.1 17.1 11.0
    (Note 1) This property was acquired on February 7, 2018.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 53.5 60.7 65.9 78.4 76.2 72.8 68.0
year-on-year (points) 5.0 -2.6 1.8 -1.1 4.9 1.2 1.6
ADR actual (JPY) 8,095 8,367 7,859 11,135 9,145 7,718 8,809
year-on-year (%) 14.8 13.7 -2.3 -1.6 6.8 3.7 4.2
RevPAR actual (JPY) 4,328 5,075 5,182 8,728 6,971 5,619 5,986
year-on-year (%) 26.5 9.0 0.4 -2.9 14.1 5.5 6.8
Gross Revenue actual (JPY mn) 46 42 59 83 68 61 360
year-on-year (%) 37.0 -2.0 8.3 -0.5 23.0 2.2 9.0
    (Note 1) This property was acquired on February 7, 2018.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 63.6 75.2 68.8 83.6 85.5 83.9 76.7
year-on-year (points) -0.9 -1.5 -8.9 0.1 19.4 9.3 3.0
ADR actual (JPY) 9,529 12,061 9,528 29,043 15,843 12,661 15,209
year-on-year (%) 11.6 10.3 1.6 2.9 -6.2 1.4 3.5
RevPAR actual (JPY) 6,063 9,068 6,558 24,275 13,551 10,623 11,669
year-on-year (%) 10.0 8.2 -10.1 3.0 21.4 14.0 7.7
Gross Revenue actual (JPY mn) 63 74 75 161 118 104 596
year-on-year (%) -9.9 -9.0 -19.9 -3.1 5.3 6.8 -4.1
    (Note 1) This property was acquired on February 7, 2018.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 91.4 91.0 87.2 89.8 78.8 72.1 85.0
year-on-year (points) 2.7 -1.5 -8.0 2.7 -9.1 -18.2 -5.3
ADR actual (JPY) 6,897 8,465 8,155 6,782 7,980 6,687 7,500
year-on-year (%) 0.7 -1.8 5.9 -3.1 1.1 -8.9 -0.9
RevPAR actual (JPY) 6,302 7,702 7,114 6,088 6,286 4,824 6,374
year-on-year (%) 3.8 -3.3 -3.0 -0.1 -9.4 -27.2 -6.7
Gross Revenue actual (JPY mn) 30 33 34 29 31 23 183
year-on-year (%) 6.1 -6.7 -3.2 -0.5 -8.6 -25.7 -6.6
    (Note 1) This property was acquired on February 7, 2018.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 93.2 93.8 90.6 95.1 94.1 93.7 93.4
year-on-year (points) 1.8 -0.5 -4.0 3.8 5.5 1.4 1.3
ADR actual (JPY) 12,290 14,129 15,699 19,034 14,917 11,731 14,641
year-on-year (%) 19.2 12.5 -2.3 14.6 8.1 -2.7 7.8
RevPAR actual (JPY) 11,457 13,253 14,217 18,106 14,038 10,988 13,674
year-on-year (%) 21.6 11.9 -6.4 19.4 14.8 -1.3 9.4
Gross Revenue actual (JPY mn) 39 41 48 60 48 36 274
year-on-year (%) 20.9 8.2 -6.2 19.7 14.9 -1.5 8.8
    (Note 1) This property was acquired on June 27, 2018.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 81.7 84.9 92.0 92.7 83.4 88.5 87.2
year-on-year (points) -5.6 -5.6 0.0 5.3 -4.1 -2.5 -2.1
ADR actual (JPY) 10,777 14,553 14,280 14,264 13,505 11,173 13,107
year-on-year (%) 17.4 23.0 2.3 6.4 12.7 1.1 10.0
RevPAR actual (JPY) 8,809 12,353 13,138 13,226 11,266 9,883 11,430
year-on-year (%) 9.9 15.4 2.3 12.8 7.4 -1.8 7.5
Gross Revenue actual (JPY mn) 35 43 53 50 45 37 265
year-on-year (%) 9.5 11.6 3.7 14.1 7.7 -1.6 7.4
    (Note 1) This property was acquired on June 27, 2018.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 91.4 92.5 92.5 92.7 92.9 90.0 92.0
year-on-year (points) 7.4 2.2 2.5 2.0 2.0 -0.9 2.5
ADR actual (JPY) 18,896 20,387 23,545 30,657 23,076 17,518 22,391
year-on-year (%) 44.5 26.2 1.6 35.4 20.0 1.5 19.9
RevPAR actual (JPY) 17,280 18,855 21,776 28,407 21,444 15,764 20,600
year-on-year (%) 57.3 29.2 4.4 38.4 22.6 0.4 23.4
Gross Revenue actual (JPY mn) 188 185 235 295 233 171 1,309
year-on-year (%) 53.6 24.2 4.5 36.4 21.2 2.1 21.9
    (Note 1) This property was acquired on August 2, 2018.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 86.7 90.6 80.8 62.2 73.4 76.1 78.2
year-on-year (points) 14.4 4.3 11.7 11.8 26.4 3.5 12.1
ADR actual (JPY) 13,799 20,286 12,299 8,888 11,999 13,836 13,765
year-on-year (%) 43.1 24.0 25.6 -3.4 -3.6 -8.5 11.5
RevPAR actual (JPY) 11,957 18,388 9,939 5,530 8,810 10,523 10,764
year-on-year (%) 71.6 30.2 47.0 19.0 50.5 -4.1 31.9
Gross Revenue actual (JPY mn) 215 267 181 108 165 187 1,125
year-on-year (%) 53.9 22.8 37.0 12.7 45.7 -0.1 26.8
    (Note 1) This property was acquired on August 2, 2018.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 89.4 92.5 92.0 93.2 92.2 92.5 91.9
year-on-year (points) 2.4 2.0 -0.6 2.1 2.2 1.6 1.6
ADR actual (JPY) 12,377 14,250 16,478 18,814 15,492 12,777 15,054
year-on-year (%) 35.2 28.8 14.3 26.7 32.9 10.3 23.9
RevPAR actual (JPY) 11,064 13,181 15,156 17,531 14,289 11,817 13,841
year-on-year (%) 38.9 31.7 13.5 29.6 36.1 12.2 26.1
Gross Revenue actual (JPY mn) 53 56 72 79 67 54 383
year-on-year (%) 36.8 26.2 11.5 26.1 30.7 10.4 22.7
    (Note 1) This property was acquired on August 2, 2018.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 79.9 89.2 92.7 94.9 95.2 95.3 91.2
year-on-year (points) 25.0 17.8 8.9 8.6 8.7 4.0 12.2
ADR actual (JPY) 11,960 12,019 12,965 17,495 18,096 15,392 14,790
year-on-year (%) 16.2 5.8 -0.2 34.0 51.1 48.0 25.7
RevPAR actual (JPY) 9,552 10,719 12,024 16,599 17,226 14,665 13,486
year-on-year (%) 69.2 32.2 10.5 47.4 66.3 54.5 45.1
Gross Revenue actual (JPY mn) 33 33 41 54 58 48 270
year-on-year (%) 66.5 27.4 10.4 46.6 64.4 53.4 43.4
    (Note 1) This property was acquired on August 2, 2018.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 96.9 96.4 82.3 69.4 79.6 87.7 85.3
year-on-year (points) 15.5 7.5 6.0 7.9 12.3 3.5 8.8
ADR actual (JPY) 14,816 25,076 14,404 10,256 15,299 17,189 16,409
year-on-year (%) 29.3 20.1 34.0 6.6 27.4 4.1 18.6
RevPAR actual (JPY) 14,358 24,177 11,853 7,120 12,174 15,077 13,993
year-on-year (%) 54.0 30.3 44.5 20.4 50.7 8.4 32.2
Gross Revenue actual (JPY mn) 163 234 140 87 141 166 933
year-on-year (%) 48.5 25.3 38.7 17.0 44.2 7.2 28.5
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 64.9 74.5 84.3 89.0 75.4 76.6 77.4
year-on-year (points) 3.5 0.2 4.4 9.7 12.1 10.7 6.8
ADR actual (JPY) 14,342 13,755 16,055 15,491 15,236 16,071 15,226
year-on-year (%) 1.2 -3.2 3.9 -3.7 -3.3 0.7 -0.5
RevPAR actual (JPY) 9,313 10,244 13,535 13,788 11,489 12,306 11,791
year-on-year (%) 6.9 -2.9 9.6 8.1 15.2 17.1 9.2
Gross Revenue actual (JPY mn) 130 127 171 163 142 151 887
year-on-year (%) 11.0 -8.6 17.6 15.3 12.2 20.7 11.3
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 87.5 92.6 91.0 94.5 92.6 72.9 88.5
year-on-year (points) 7.5 4.2 -0.1 0.7 -0.7 -16.3 -0.8
ADR actual (JPY) 27,564 24,807 29,136 37,846 28,053 20,028 28,272
year-on-year (%) 19.3 7.9 1.7 10.0 -3.2 -9.4 5.1
RevPAR actual (JPY) 24,130 22,962 26,505 35,751 25,982 14,603 25,021
year-on-year (%) 30.4 13.0 1.5 10.8 -3.9 -25.9 4.2
Gross Revenue actual (JPY mn) 138 121 151 197 153 90 852
year-on-year (%) 25.1 6.1 -0.5 10.6 -4.0 -21.8 2.6
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 95.4 95.2 85.1 61.5 76.3 84.8 83.0
year-on-year (points) 21.8 9.7 22.0 7.0 5.3 0.4 11.0
ADR actual (JPY) 17,303 22,166 14,187 12,443 16,339 18,131 17,010
year-on-year (%) 10.1 7.7 6.6 -13.1 2.5 -1.4 2.1
RevPAR actual (JPY) 16,509 21,098 12,077 7,652 12,462 15,373 14,110
year-on-year (%) 42.6 19.9 43.8 -2.0 10.1 -0.9 17.8
Gross Revenue actual (JPY mn) 95 105 76 47 75 87 487
year-on-year (%) 37.3 13.0 32.3 -1.0 7.6 -3.0 13.7
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 52.3 66.6 84.1 80.6 78.0 61.3 70.5
year-on-year (points) -31.3 -16.5 0.4 3.0 -0.2 -5.1 -8.2
ADR actual (JPY) 7,773 7,805 8,977 9,954 11,364 7,554 9,085
year-on-year (%) -12.3 -28.0 -22.2 -19.5 -0.8 -11.9 -14.7
RevPAR actual (JPY) 4,062 5,198 7,550 8,026 8,864 4,629 6,408
year-on-year (%) -45.1 -42.3 -21.8 -16.4 -1.1 -18.6 -23.6
Gross Revenue actual (JPY mn) 31 28 50 52 58 31 252
year-on-year (%) -36.9 -48.6 -22.0 -16.8 -2.1 -17.3 -23.6
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 53.4 64.1 65.3 63.3 59.3 59.8 60.8
year-on-year (points) 1.3 5.4 -14.2 -14.8 -22.2 -22.3 -11.2
ADR actual (JPY) 7,211 7,484 8,148 8,656 11,279 8,343 8,541
year-on-year (%) 10.7 4.0 5.1 -4.4 29.8 -0.8 5.9
RevPAR actual (JPY) 3,854 4,796 5,317 5,478 6,687 4,989 5,193
year-on-year (%) 13.5 13.6 -13.7 -22.5 -5.6 -27.7 -10.6
Gross Revenue actual (JPY mn) 76 79 104 92 108 96 558
year-on-year (%) 13.5 7.6 -4.6 -17.6 -4.7 -11.8 -4.8
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 89.7 90.7 91.8 93.0 85.3 80.7 88.5
year-on-year (points) 7.2 1.7 1.8 0.6 -7.1 -6.9 -0.5
ADR actual (JPY) 8,263 8,858 9,259 11,661 10,478 8,787 9,571
year-on-year (%) 0.9 -2.4 1.5 11.0 26.7 4.5 7.1
RevPAR actual (JPY) 7,410 8,035 8,501 10,847 8,938 7,089 8,472
year-on-year (%) 9.7 -0.5 3.6 11.8 17.0 -3.7 6.6
Gross Revenue actual (JPY mn) 42 41 47 58 50 39 278
year-on-year (%) 8.4 -3.4 3.6 11.2 15.7 -2.6 5.7
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 95.3 94.0 81.2 58.2 79.4 86.5 82.4
year-on-year (points) 24.2 6.4 15.7 -1.7 10.0 0.7 9.3
ADR actual (JPY) 17,771 23,652 15,168 13,289 17,530 19,468 18,100
year-on-year (%) 14.6 13.3 13.2 -5.8 1.2 5.0 7.1
RevPAR actual (JPY) 16,934 22,238 12,322 7,734 13,924 16,832 14,907
year-on-year (%) 53.7 21.6 40.3 -8.4 15.8 5.9 20.8
Gross Revenue actual (JPY mn) 67 76 52 34 60 69 361
year-on-year (%) 48.7 17.0 28.8 -7.2 10.7 7.9 17.3
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 79.3 93.7 89.1 89.6 91.1 85.1 87.9
year-on-year (points) 3.1 6.1 7.2 11.2 5.8 6.1 6.5
ADR actual (JPY) 6,266 7,475 6,863 5,742 7,383 5,890 6,618
year-on-year (%) 6.6 -2.2 -1.9 -9.1 -5.9 1.9 -2.4
RevPAR actual (JPY) 4,971 7,003 6,113 5,146 6,724 5,012 5,817
year-on-year (%) 11.0 4.6 6.8 3.9 0.5 9.8 5.5
Gross Revenue actual (JPY mn) 46 51 52 44 54 45 295
year-on-year (%) 14.9 0.2 1.4 3.9 -3.7 9.3 3.6
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 88.3 87.9 70.6 54.2 73.5 87.1 76.8
year-on-year (points) 6.5 5.2 -0.4 1.6 -4.1 -0.9 1.2
ADR actual (JPY) 10,996 15,073 8,779 7,599 11,070 15,364 11,804
year-on-year (%) 30.7 19.0 20.6 -3.0 6.4 14.3 15.5
RevPAR actual (JPY) 9,711 13,253 6,199 4,120 8,139 13,384 9,070
year-on-year (%) 41.1 26.4 20.0 0.0 0.8 13.2 17.4
Gross Revenue actual (JPY mn) 211 201 160 132 171 227 1,105
year-on-year (%) 20.6 9.2 6.9 -0.4 3.8 1.9 7.1
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 75.8 81.3 88.4 83.8 83.2 81.2 82.3
year-on-year (points) 11.2 6.7 11.5 12.6 7.8 5.9 9.3
ADR actual (JPY) 9,322 10,633 9,740 9,510 10,581 8,205 9,666
year-on-year (%) 21.2 12.0 9.2 8.5 7.7 8.4 10.7
RevPAR actual (JPY) 7,065 8,648 8,611 7,974 8,805 6,660 7,956
year-on-year (%) 42.2 22.1 25.5 27.6 18.9 17.0 24.8
Gross Revenue actual (JPY mn) 64 69 77 70 77 67 426
year-on-year (%) 17.9 5.5 15.8 18.3 6.9 12.1 12.4
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 93.7 97.0 82.0 49.6 71.9 77.8 78.5
year-on-year (points) 26.0 8.6 15.3 11.0 20.8 -2.5 13.2
ADR actual (JPY) 9,560 16,462 9,284 7,404 11,136 12,516 11,336
year-on-year (%) 40.2 32.0 37.7 16.9 38.4 24.2 28.8
RevPAR actual (JPY) 8,961 15,964 7,611 3,674 8,007 9,736 8,902
year-on-year (%) 93.9 44.8 69.3 50.3 94.6 20.4 54.9
Gross Revenue actual (JPY mn) 32 49 27 13 28 34 185
year-on-year (%) 87.3 38.6 67.8 53.3 90.6 21.1 52.9
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 95.1 92.4 77.9 63.1 73.6 79.1 80.1
year-on-year (points) 38.2 14.0 28.6 30.9 33.8 4.1 25.1
ADR actual (JPY) 10,255 17,710 9,897 7,734 11,090 12,401 11,679
year-on-year (%) 10.0 6.4 14.5 -10.9 9.3 2.4 1.2
RevPAR actual (JPY) 9,754 16,357 7,711 4,880 8,162 9,805 9,354
year-on-year (%) 83.7 25.5 81.0 74.5 101.9 8.0 47.2
Gross Revenue actual (JPY mn) 25 40 21 13 22 26 150
year-on-year (%) 73.6 23.8 81.6 77.9 103.2 10.2 47.0
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 91.1 94.9 69.0 48.8 67.9 76.5 74.5
year-on-year (points) 37.2 25.0 37.6 24.0 14.9 1.7 23.4
ADR actual (JPY) 7,899 14,467 8,579 6,110 9,896 11,306 9,999
year-on-year (%) 40.6 22.1 37.4 0.0 42.3 20.1 21.5
RevPAR actual (JPY) 7,195 13,725 5,915 2,981 6,720 8,654 7,448
year-on-year (%) 137.6 65.9 202.0 97.2 82.2 22.9 77.1
Gross Revenue actual (JPY mn) 17 30 14 7 16 21 109
year-on-year (%) 129.2 59.3 189.5 97.8 82.8 23.8 74.7
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 88.2 95.9 94.8 96.8 91.2 86.0 92.1
year-on-year (points) 5.9 3.8 -1.4 0.3 -0.7 -2.0 0.9
ADR actual (JPY) 6,907 7,546 8,465 8,163 8,760 8,362 8,043
year-on-year (%) 12.5 5.8 9.4 5.6 6.5 10.4 8.0
RevPAR actual (JPY) 6,089 7,234 8,028 7,898 7,985 7,196 7,406
year-on-year (%) 20.5 10.2 7.8 6.0 5.7 7.8 9.1
Gross Revenue actual (JPY mn) 13 14 17 17 17 15 96
year-on-year (%) 19.2 5.5 6.8 7.4 4.4 6.7 7.8
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 68.8 71.1 72.3 77.8 74.1 73.7 72.9
year-on-year (points) 13.5 3.3 0.0 3.0 5.2 2.8 4.7
ADR actual (JPY) 5,309 6,469 7,270 8,172 7,432 6,050 6,816
year-on-year (%) 23.4 34.3 42.4 48.8 31.8 14.3 32.6
RevPAR actual (JPY) 3,650 4,598 5,255 6,358 5,504 4,459 4,972
year-on-year (%) 53.6 40.8 42.3 54.7 41.8 18.8 41.6
Gross Revenue actual (JPY mn) 18 20 26 30 27 21 146
year-on-year (%) 51.8 36.0 41.9 54.4 41.5 18.8 40.5
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 94.0 96.8 96.1 96.6 97.5 96.0 96.2
year-on-year (points) 3.5 0.9 3.3 7.2 3.4 5.8 4.0
ADR actual (JPY) 5,710 7,014 6,367 5,363 6,594 5,221 6,040
year-on-year (%) 5.9 1.3 -1.8 -10.4 -9.4 -0.9 -3.1
RevPAR actual (JPY) 5,370 6,787 6,119 5,182 6,428 5,011 5,808
year-on-year (%) 10.0 2.3 1.7 -3.1 -6.1 5.5 1.1
Gross Revenue actual (JPY mn) 13 14 14 12 15 11 82
year-on-year (%) 13.2 0.0 1.3 -3.7 -6.2 4.5 1.0
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 81.5 94.1 76.4 69.2 79.6 91.8 81.9
year-on-year (points) 7.1 3.8 5.1 13.0 9.6 7.5 7.6
ADR actual (JPY) 9,220 9,694 8,751 8,255 8,625 9,362 9,022
year-on-year (%) 4.6 10.3 2.7 1.0 1.8 3.0 4.0
RevPAR actual (JPY) 7,512 9,126 6,687 5,716 6,864 8,596 7,391
year-on-year (%) 14.6 14.9 10.0 24.4 15.8 12.1 14.6
Gross Revenue actual (JPY mn) 17 19 15 12 16 19 101
year-on-year (%) 13.7 8.9 12.1 23.5 17.0 13.5 14.1
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 70.7 73.4 73.4 80.1 74.4 67.6 73.3
year-on-year (points) 5.1 2.7 2.2 4.8 6.4 3.4 4.1
ADR actual (JPY) 9,760 9,561 9,633 9,885 9,767 9,209 9,647
year-on-year (%) 4.9 2.3 2.8 3.4 1.0 -3.6 1.9
RevPAR actual (JPY) 6,902 7,018 7,067 7,916 7,268 6,229 7,067
year-on-year (%) 13.0 6.2 6.0 10.0 10.5 1.5 7.9
Gross Revenue actual (JPY mn) 218 191 215 242 227 185 1,281
year-on-year (%) 8.4 2.2 2.3 8.3 10.1 -1.0 5.2
    (Note 1) This property was acquired on January 6, 2020.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 77.9 82.0 82.1 85.5 78.1 80.2 80.9
year-on-year (points) -3.6 2.7 -3.6 0.2 1.3 -4.4 -1.3
ADR actual (JPY) 7,917 8,558 8,077 10,701 10,881 9,409 9,268
year-on-year (%) 11.0 8.6 10.8 9.3 7.4 7.1 9.2
RevPAR actual (JPY) 6,167 7,015 6,631 9,144 8,496 7,549 7,499
year-on-year (%) 6.1 12.2 6.1 9.6 9.2 1.5 7.5
Gross Revenue actual (JPY mn) 92 88 101 130 117 103 633
year-on-year (%) 5.4 0.0 -2.3 22.0 8.4 -5.7 4.7
    (Note 1) This property was acquired on January 6, 2020.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 51.8 64.7 86.6 91.2 86.0 87.1 78.0
year-on-year (points) 8.3 7.2 10.7 13.1 12.0 11.4 10.5
ADR actual (JPY) 27,366 22,120 33,143 34,253 34,572 34,866 31,874
year-on-year (%) -8.0 -4.5 -2.8 -2.8 -3.0 -3.6 -3.5
RevPAR actual (JPY) 14,184 14,315 28,686 31,223 29,736 30,358 24,857
year-on-year (%) 9.4 7.4 10.9 13.5 12.8 10.9 11.6
Gross Revenue actual (JPY mn) 290 274 564 596 582 573 2,882
year-on-year (%) 12.0 5.6 12.1 13.5 12.5 13.0 12.0
    (Note 1) This property was acquired on August 1, 2023.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 70.3 86.9 83.3 86.3 91.1 90.9 84.7
year-on-year (points) 5.2 9.9 1.5 5.0 3.9 2.5 4.6
ADR actual (JPY) 26,390 19,215 24,794 20,564 24,962 18,504 22,334
year-on-year (%) 9.7 -5.9 8.2 -5.2 3.7 -0.3 1.9
RevPAR actual (JPY) 18,553 16,698 20,645 17,745 22,753 16,811 18,921
year-on-year (%) 18.5 6.1 10.2 0.7 8.3 2.4 7.8
Gross Revenue actual (JPY mn) 178 165 203 181 221 183 1,134
year-on-year (%) 14.5 7.0 5.4 4.9 7.6 4.4 7.2
    (Note 1) This property was acquired on August 1, 2023.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 79.5 86.6 92.4 92.1 87.3 88.1 87.7
year-on-year (points) -5.5 -4.6 -1.8 0.7 0.9 6.5 -0.6
ADR actual (JPY) 6,715 7,696 8,934 8,065 9,512 7,189 8,057
year-on-year (%) 12.1 12.6 17.9 6.5 18.1 9.1 13.1
RevPAR actual (JPY) 5,339 6,663 8,256 7,429 8,308 6,336 7,064
year-on-year (%) 4.9 6.8 15.5 7.4 19.3 17.8 12.3
Gross Revenue actual (JPY mn) 29 31 44 38 43 33 219
year-on-year (%) 6.0 3.6 13.7 6.2 16.6 15.8 10.5
    (Note 1) This property was acquired on August 1, 2023.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 77.9 80.4 76.5 80.6 83.8 83.0 80.4
year-on-year (points) 4.7 0.8 2.3 4.4 10.1 3.4 4.3
ADR actual (JPY) 7,760 8,807 6,947 17,219 11,038 10,298 10,382
year-on-year (%) 6.6 7.8 1.6 7.9 10.4 8.7 8.0
RevPAR actual (JPY) 6,047 7,079 5,313 13,875 9,252 8,550 8,342
year-on-year (%) 13.5 8.9 4.8 14.2 25.4 13.4 14.1
Gross Revenue actual (JPY mn) 28 30 25 59 42 38 225
year-on-year (%) 9.3 7.5 0.5 12.8 24.4 12.5 12.0
    (Note 1) This property was acquired on August 1, 2023.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 85.8 92.4 93.7 94.0 88.0 89.8 90.6
year-on-year (points) 0.9 0.2 -0.1 2.0 -3.9 -1.1 -0.3
ADR actual (JPY) 8,108 11,738 10,653 10,854 11,385 9,827 10,432
year-on-year (%) 15.6 39.7 8.4 11.2 1.1 16.1 13.9
RevPAR actual (JPY) 6,954 10,843 9,981 10,205 10,014 8,821 9,447
year-on-year (%) 16.9 40.1 8.3 13.6 -3.1 14.7 13.5
Gross Revenue actual (JPY mn) 31 41 42 43 42 36 238
year-on-year (%) 15.4 30.4 7.4 12.8 -4.3 10.2 10.8
    (Note 1) This property was acquired on August 1, 2023.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 73.8 81.1 69.1 69.3 64.9 63.3 70.1
year-on-year (points) 7.6 12.4 21.8 0.9 2.3 3.9 8.1
ADR actual (JPY) 12,486 10,052 11,055 14,980 15,451 10,977 12,461
year-on-year (%) -9.4 -15.5 -12.0 3.5 3.8 -4.5 -5.9
RevPAR actual (JPY) 9,219 8,154 7,641 10,374 10,031 6,952 8,738
year-on-year (%) 1.0 -0.3 28.5 4.8 7.6 1.8 6.4
Gross Revenue actual (JPY mn) 54 46 47 51 51 40 291
year-on-year (%) 13.2 14.3 38.1 7.1 9.1 9.5 14.3
    (Note 1) This property was acquired on August 1, 2023.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 79.7 77.3 83.7 97.8 96.9 97.6 88.9
year-on-year (points) 6.3 -4.3 0.0 21.4 26.1 24.0 12.4
ADR actual (JPY) 15,858 16,489 18,818 21,745 24,573 23,905 20,584
year-on-year (%) 13.3 2.2 -1.3 17.2 41.1 64.6 23.5
RevPAR actual (JPY) 12,646 12,738 15,743 21,259 23,820 23,324 18,302
year-on-year (%) 23.0 -3.2 -1.3 50.1 93.2 118.4 43.4
Gross Revenue actual (JPY mn) 516 484 538 573 669 651 3,434
year-on-year (%) 9.4 -4.4 -1.1 24.3 45.9 52.4 19.6
    (Note 1) This property was acquired on July 31, 2024.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 75.8 73.1 82.7 80.7 80.4 86.9 80.0
year-on-year (points) 23.2 11.8 11.5 -1.0 -2.7 3.4 7.8
ADR actual (JPY) 13,066 13,030 11,909 16,551 18,894 17,252 15,196
year-on-year (%) 5.4 4.9 3.7 -0.6 6.1 -2.1 0.7
RevPAR actual (JPY) 9,904 9,523 9,845 13,360 15,195 14,985 12,156
year-on-year (%) 51.7 25.2 20.6 -1.8 2.6 1.9 11.5
Gross Revenue actual (JPY mn) 255 230 258 304 348 327 1,726
year-on-year (%) 40.0 22.3 19.5 4.6 5.7 0.4 12.4
    (Note 1) This property was acquired on July 31, 2024.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 93.0 94.2 95.0 96.0 92.3 94.4 94.2
year-on-year (points) 1.3 0.6 0.1 0.9 1.4 1.7 1.0
ADR actual (JPY) 19,580 20,612 22,692 27,067 21,159 18,567 21,640
year-on-year (%) 29.6 15.7 6.8 30.1 20.6 7.0 18.0
RevPAR actual (JPY) 18,204 19,420 21,567 25,997 19,534 17,528 20,375
year-on-year (%) 31.5 16.5 6.9 31.3 22.5 9.0 19.3
Gross Revenue actual (JPY mn) 190 141 158 181 154 153 979
year-on-year (%) 21.2 12.4 7.0 25.9 12.8 5.9 14.3
    (Note 1) This property was acquired on July 31, 2024.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 86.8 89.1 83.4 83.6 87.6 78.2 84.8
year-on-year (points) 14.7 11.6 -3.6 2.7 7.9 0.9 5.7
ADR actual (JPY) 8,873 11,406 11,035 9,803 11,185 8,797 10,199
year-on-year (%) 5.1 10.8 16.9 11.1 11.9 5.7 10.6
RevPAR actual (JPY) 7,706 10,161 9,202 8,198 9,796 6,877 8,644
year-on-year (%) 26.5 27.4 12.1 14.8 23.1 7.0 18.5
Gross Revenue actual (JPY mn) 53 61 62 54 66 46 345
year-on-year (%) 32.4 33.7 21.2 18.8 22.0 5.7 22.2
    (Note 1) This property was acquired on July 31, 2024.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 55.1 74.8 66.3 73.1 81.3 79.3 71.6
year-on-year (points) -7.4 2.6 -3.8 5.9 11.7 6.4 2.5
ADR actual (JPY) 7,751 8,425 7,247 16,876 11,126 10,668 10,517
year-on-year (%) 4.8 9.5 2.6 11.3 6.5 9.7 10.0
RevPAR actual (JPY) 4,270 6,304 4,808 12,336 9,047 8,459 7,526
year-on-year (%) -7.7 13.4 -3.0 21.1 24.4 19.2 14.0
Gross Revenue actual (JPY mn) 44 55 53 100 82 76 412
year-on-year (%) -7.0 8.4 -8.4 17.9 19.3 11.2 8.5
    (Note 1) This property was acquired on July 31, 2024.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 76.3 92.4 95.0 91.2 91.1 88.4 89.0
year-on-year (points) -6.5 2.2 0.8 5.8 4.3 -2.5 0.6
ADR actual (JPY) 39,109 32,014 32,464 29,541 33,484 27,059 32,161
year-on-year (%) 14.2 -2.6 -6.8 -4.0 -0.2 -8.6 -1.6
RevPAR actual (JPY) 29,842 29,582 30,845 26,927 30,499 23,910 28,620
year-on-year (%) 5.3 -0.2 -6.0 2.6 4.8 -11.1 -0.8
Gross Revenue actual (JPY mn) 94 89 103 89 99 81 558
year-on-year (%) 8.3 4.3 3.2 11.9 13.6 -1.3 6.6
    (Note 1) This property was acquired on July 31, 2024.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 86.6 88.4 87.4 83.6 77.5 77.0 83.4
year-on-year (points) 5.6 3.5 1.3 -0.8 -6.1 -10.7 -1.2
ADR actual (JPY) 7,445 9,063 8,819 7,243 8,470 6,989 8,017
year-on-year (%) 2.3 -6.2 -0.4 -5.1 0.4 -7.7 -2.6
RevPAR actual (JPY) 6,450 8,012 7,710 6,053 6,567 5,378 6,684
year-on-year (%) 9.3 -2.3 1.2 -6.0 -7.0 -18.9 -4.1
Gross Revenue actual (JPY mn) 74 75 82 63 74 61 431
year-on-year (%) 6.3 -8.7 -5.0 -10.8 -5.9 -16.9 -6.9
    (Note 1) This property was acquired on July 31, 2024.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 91.8 93.1 93.4 93.4 88.5 90.9 91.8
year-on-year (points) 4.8 1.7 3.6 7.3 5.2 3.5 4.4
ADR actual (JPY) 10,506 13,429 12,771 10,463 12,360 9,028 11,415
year-on-year (%) 1.7 14.4 8.4 9.8 15.2 -12.7 6.2
RevPAR actual (JPY) 9,646 12,500 11,929 9,773 10,937 8,206 10,482
year-on-year (%) 7.4 16.5 12.8 19.2 22.4 -9.2 11.5
Gross Revenue actual (JPY mn) 93 111 133 117 115 107 678
year-on-year (%) 6.7 4.9 7.6 14.3 -11.6 -5.3 2.1
    (Note 1) This property was acquired on July 31, 2024.
    (Note 2) There is a building operating as "Suisui Garden Ryokan" on the property site. The building is not owned by INV, but INV has agreed with the owner of the building to include the revenue from the operation of the building in the GOP of the property and collect it as part of the property's rent, assuming that INV will bear repair costs, etc. of the building. Therefore, the number of guest rooms of the property is 93, including the three guest rooms of the "Suisui Garden Ryokan".
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 86.7 86.1 83.3 79.9 86.4 76.4 83.1
year-on-year (points) 5.0 4.6 2.5 3.9 10.0 -4.6 3.6
ADR actual (JPY) 10,665 18,027 11,150 8,757 10,869 8,469 11,326
year-on-year (%) 10.5 4.4 -1.2 -10.7 -6.7 -3.7 -0.5
RevPAR actual (JPY) 9,251 15,528 9,291 6,995 9,386 6,470 9,417
year-on-year (%) 17.2 10.3 1.9 -6.1 5.5 -9.1 4.0
Gross Revenue actual (JPY mn) 69 83 65 48 60 49 376
year-on-year (%) 17.6 6.6 -0.9 -6.1 1.3 -5.2 2.7
    (Note 1) This property was acquired on July 31, 2024.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 76.3 82.2 85.0 74.8 78.3 65.1 76.9
year-on-year (points) 16.9 4.4 7.8 4.2 4.8 -4.3 5.7
ADR actual (JPY) 8,993 9,744 9,872 8,277 10,108 6,964 9,078
year-on-year (%) 8.6 -3.2 1.6 -7.0 -6.6 -12.2 -2.9
RevPAR actual (JPY) 6,865 8,009 8,396 6,188 7,915 4,534 6,985
year-on-year (%) 39.6 2.2 11.8 -1.5 -0.6 -17.7 4.8
Gross Revenue actual (JPY mn) 72 74 89 67 82 53 440
year-on-year (%) 27.0 -1.9 7.2 2.3 3.6 -11.2 4.2
    (Note 1) This property was acquired on July 31, 2024.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 78.6 82.8 94.6 92.6 93.5 81.8 87.4
year-on-year (points) 21.9 3.9 7.0 4.2 3.0 -4.9 6.0
ADR actual (JPY) 18,056 15,137 20,573 19,586 21,126 15,305 18,499
year-on-year (%) 0.8 -3.9 0.9 -2.9 3.5 1.3 0.4
RevPAR actual (JPY) 14,197 12,535 19,467 18,144 19,749 12,521 16,170
year-on-year (%) 39.7 0.8 9.0 1.7 6.9 -4.5 7.8
Gross Revenue actual (JPY mn) 50 43 71 63 69 49 346
year-on-year (%) 23.9 -4.0 9.0 4.8 5.0 -4.8 5.3
    (Note 1) This property was acquired on July 31, 2024.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 80.5 89.3 87.6 85.2 92.9 75.5 85.1
year-on-year (points) 11.6 15.1 -2.1 1.4 16.6 -0.4 7.0
ADR actual (JPY) 19,136 15,534 20,418 20,399 18,792 17,255 18,646
year-on-year (%) 11.7 -1.3 15.7 28.9 0.0 20.9 12.3
RevPAR actual (JPY) 15,403 13,870 17,894 17,371 17,464 13,023 15,877
year-on-year (%) 30.5 18.8 13.0 31.1 21.7 20.3 22.3
Gross Revenue actual (JPY mn) 51 45 58 52 56 42 307
year-on-year (%) 29.0 24.3 14.7 21.0 23.5 14.0 20.9
    (Note 1) This property was acquired on July 31, 2024.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 84.1 87.4 90.5 79.3 66.5 66.2 78.9
year-on-year (points) 3.6 5.9 0.6 -2.9 -8.1 -8.3 -1.6
ADR actual (USD) 766 809 821 759 495 467 702
year-on-year (%) 4.6 12.1 4.7 9.0 -5.1 -0.5 6.2
RevPAR actual (USD) 644 707 743 601 329 309 554
year-on-year (%) 9.3 20.2 5.4 5.2 -15.3 -11.6 4.1
Gross Revenue actual (USD'000) 11,756 10,963 13,267 10,607 6,650 6,013 59,258
year-on-year (%) 3.9 6.3 -3.6 -3.2 -15.8 -12.2 -3.0
    (Note 1) This property was acquired on Septemer 28, 2018.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 37.8 45.6 2.1 0.0 0.0 17.2 16.7
year-on-year (points) -43.8 -43.2 -87.1 -74.5 -66.4 -32.2 -58.2
ADR actual (USD) 377 355 345 0 0 237 346
year-on-year (%) 12.8 13.1 1.5 -100.0 -100.0 9.1 18.1
RevPAR actual (USD) 143 162 7 3 0 41 58
year-on-year (%) -47.6 -42.0 -97.6 -98.6 -100.0 -62.1 -73.6
Gross Revenue actual (USD'000) 886 904 57 11 0 177 2,037
year-on-year (%) -41.0 -37.9 -96.7 -99.0 -100.0 -73.8 -72.6
    (Note 1) This property was acquired on Septemer 28, 2018.
    (Note 2) Renovation Period: August 2024 - October 2025 (scheduled).

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