Hotel Performance

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Domestic Hotels Total
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
# of Properties (Note2) actual - 79 (89) 79 (89) - - - - 79 (89)
Occupancy Rate actual (%) 74.0 81.8 - - - - 77.8
ADR actual (JPY) 10,224 12,032 - - - - 11,143
RevPAR actual (JPY) 7,563 9,842 - - - - 8,664
Gross Revenue actual (JPY mn) 4,532 5,191 - - - - 9,724
Overseas Hotels Total
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
# of Properties (Note2) actual - 2 2 - - - - 2
Occupancy Rate actual (%) 80.8 83.5 - - - - 82.1
ADR actual (USD) 621 602 - - - - 611
RevPAR actual (USD) 501 503 - - - - 502
Gross Revenue actual (USD'000) 12,819 11,766 - - - - 24,585
  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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2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 78.6 86.0 - - - - 82.2
year-on-year (points) -4.5 1.8 - - - - -1.4
ADR actual (JPY) 9,087 11,078 - - - - 10,094
year-on-year (%) 25.5 20.6 - - - - 23.6
RevPAR actual (JPY) 7,144 9,529 - - - - 8,297
year-on-year (%) 18.8 23.2 - - - - 21.5
Gross Revenue actual (JPY mn) 28 35 - - - - 63
year-on-year (%) 19.5 27.4 - - - - 23.8
    (Note 1) This property was acquired on May 23, 2014.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 77.5 86.3 - - - - 81.7
year-on-year (points) 6.9 0.8 - - - - 4.1
ADR actual (JPY) 6,833 7,686 - - - - 7,268
year-on-year (%) 39.1 41.0 - - - - 39.9
RevPAR actual (JPY) 5,293 6,629 - - - - 5,939
year-on-year (%) 52.7 42.2 - - - - 47.3
Gross Revenue actual (JPY mn) 27 31 - - - - 59
year-on-year (%) 50.4 46.1 - - - - 48.1
    (Note 1) This property was acquired on May 23, 2014.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 42.3 72.9 - - - - 57.1
year-on-year (points) -23.6 0.6 - - - - -11.9
ADR actual (JPY) 8,538 8,750 - - - - 8,669
year-on-year (%) 41.2 37.2 - - - - 39.6
RevPAR actual (JPY) 3,609 6,379 - - - - 4,948
year-on-year (%) -9.4 38.3 - - - - 15.5
Gross Revenue actual (JPY mn) 28 46 - - - - 75
year-on-year (%) -9.0 38.4 - - - - 15.4
    (Note 1) This property was acquired on July 17, 2014.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 90.2 90.8 - - - - 90.5
year-on-year (points) 7.2 3.5 - - - - 5.5
ADR actual (JPY) 11,216 15,055 - - - - 13,078
year-on-year (%) 18.2 48.0 - - - - 33.1
RevPAR actual (JPY) 10,118 13,669 - - - - 11,835
year-on-year (%) 28.5 53.9 - - - - 41.7
Gross Revenue actual (JPY mn) 64 77 - - - - 142
year-on-year (%) 23.1 46.1 - - - - 34.7
    (Note 1) This property was acquired on July 17, 2014.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 95.5 97.2 - - - - 96.3
year-on-year (points) -0.8 -0.3 - - - - -0.5
ADR actual (JPY) 19,712 24,434 - - - - 22,015
year-on-year (%) 28.3 50.8 - - - - 39.6
RevPAR actual (JPY) 18,829 23,742 - - - - 21,203
year-on-year (%) 27.3 50.4 - - - - 38.9
Gross Revenue actual (JPY mn) 58 66 - - - - 124
year-on-year (%) 25.0 51.6 - - - - 37.9
    (Note 1) This property was acquired on July 17, 2014.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 63.2 74.8 - - - - 68.8
year-on-year (points) -8.5 -0.2 - - - - -4.4
ADR actual (JPY) 11,472 13,702 - - - - 12,644
year-on-year (%) 6.4 2.3 - - - - 5.0
RevPAR actual (JPY) 7,251 10,254 - - - - 8,703
year-on-year (%) -6.1 2.1 - - - - -1.4
Gross Revenue actual (JPY mn) 41 52 - - - - 93
year-on-year (%) -5.6 4.7 - - - - -0.1
    (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.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 85.9 87.6 - - - - 86.7
year-on-year (points) 13.1 3.5 - - - - 8.6
ADR actual (JPY) 6,399 7,496 - - - - 6,934
year-on-year (%) 9.1 10.7 - - - - 9.6
RevPAR actual (JPY) 5,498 6,566 - - - - 6,015
year-on-year (%) 28.8 15.3 - - - - 21.6
Gross Revenue actual (JPY mn) 51 57 - - - - 108
year-on-year (%) 25.7 18.4 - - - - 21.7
    (Note 1) This property was acquired on July 17, 2014.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 57.3 69.7 - - - - 63.3
year-on-year (points) -23.1 -8.1 - - - - -15.9
ADR actual (JPY) 6,089 7,773 - - - - 6,985
year-on-year (%) -2.2 7.3 - - - - 4.2
RevPAR actual (JPY) 3,490 5,417 - - - - 4,421
year-on-year (%) -30.3 -3.9 - - - - -16.7
Gross Revenue actual (JPY mn) 22 31 - - - - 54
year-on-year (%) -28.3 -0.8 - - - - -14.6
    (Note 1) This property was acquired on July 17, 2014.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 82.9 86.8 - - - - 84.8
year-on-year (points) 5.8 0.9 - - - - 3.5
ADR actual (JPY) 7,411 9,411 - - - - 8,400
year-on-year (%) 0.2 5.0 - - - - 2.7
RevPAR actual (JPY) 6,143 8,169 - - - - 7,122
year-on-year (%) 7.8 6.0 - - - - 7.1
Gross Revenue actual (JPY mn) 41 50 - - - - 92
year-on-year (%) 10.0 14.5 - - - - 12.4
    (Note 1) This property was acquired on July 17, 2014.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 79.4 86.3 - - - - 82.7
year-on-year (points) -1.8 1.3 - - - - -0.2
ADR actual (JPY) 7,447 9,436 - - - - 8,449
year-on-year (%) 23.4 27.2 - - - - 26.0
RevPAR actual (JPY) 5,915 8,141 - - - - 6,991
year-on-year (%) 20.7 29.2 - - - - 25.6
Gross Revenue actual (JPY mn) 17 22 - - - - 39
year-on-year (%) 21.1 33.4 - - - - 27.7
    (Note 1) This property was acquired on July 17, 2014.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 84.5 90.1 - - - - 87.2
year-on-year (points) 6.7 -0.3 - - - - 3.4
ADR actual (JPY) 8,695 11,027 - - - - 9,860
year-on-year (%) 20.2 23.2 - - - - 21.5
RevPAR actual (JPY) 7,346 9,938 - - - - 8,599
year-on-year (%) 30.5 22.8 - - - - 26.5
Gross Revenue actual (JPY mn) 42 53 - - - - 95
year-on-year (%) 30.7 27.2 - - - - 28.7
    (Note 1) This property was acquired on July 17, 2014.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 85.3 90.3 - - - - 87.7
year-on-year (points) -4.0 1.3 - - - - -1.5
ADR actual (JPY) 10,135 13,012 - - - - 11,566
year-on-year (%) 39.4 52.8 - - - - 47.1
RevPAR actual (JPY) 8,650 11,750 - - - - 10,148
year-on-year (%) 33.1 55.0 - - - - 44.7
Gross Revenue actual (JPY mn) 17 21 - - - - 39
year-on-year (%) 30.2 49.4 - - - - 40.2
    (Note 1) This property was acquired on July 17, 2014.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 87.2 91.4 - - - - 89.2
year-on-year (points) 1.8 -5.5 - - - - -1.7
ADR actual (JPY) 7,163 9,168 - - - - 8,155
year-on-year (%) 46.2 79.0 - - - - 62.7
RevPAR actual (JPY) 6,248 8,377 - - - - 7,277
year-on-year (%) 49.2 68.7 - - - - 59.7
Gross Revenue actual (JPY mn) 14 17 - - - - 31
year-on-year (%) 48.3 73.8 - - - - 61.5
    (Note 1) This property was acquired on July 17, 2014.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 82.3 91.4 - - - - 86.7
year-on-year (points) -9.9 -2.4 - - - - -6.3
ADR actual (JPY) 8,499 10,107 - - - - 9,318
year-on-year (%) 18.9 25.8 - - - - 23.1
RevPAR actual (JPY) 6,998 9,238 - - - - 8,081
year-on-year (%) 6.2 22.6 - - - - 14.8
Gross Revenue actual (JPY mn) 12 14 - - - - 27
year-on-year (%) 6.2 26.4 - - - - 16.5
    (Note 1) This property was acquired on July 17, 2014.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 79.6 90.8 - - - - 85.0
year-on-year (points) -1.8 3.3 - - - - 0.7
ADR actual (JPY) 5,189 5,118 - - - - 5,152
year-on-year (%) 31.7 28.2 - - - - 29.9
RevPAR actual (JPY) 4,130 4,647 - - - - 4,380
year-on-year (%) 28.8 33.1 - - - - 31.1
Gross Revenue actual (JPY mn) 16 17 - - - - 34
year-on-year (%) 29.1 37.2 - - - - 33.1
    (Note 1) This property was acquired on July 17, 2014.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 73.9 76.7 - - - - 75.2
year-on-year (points) -0.9 1.1 - - - - 0.1
ADR actual (JPY) 5,195 5,446 - - - - 5,319
year-on-year (%) 38.9 34.8 - - - - 37.0
RevPAR actual (JPY) 3,840 4,175 - - - - 4,002
year-on-year (%) 37.3 36.9 - - - - 37.2
Gross Revenue actual (JPY mn) 12 12 - - - - 25
year-on-year (%) 35.7 39.4 - - - - 37.5
    (Note 1) This property was acquired on July 17, 2014.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 63.3 69.9 - - - - 66.5
year-on-year (points) -22.6 -15.2 - - - - -19.1
ADR actual (JPY) 8,972 10,901 - - - - 9,953
year-on-year (%) 15.9 25.3 - - - - 21.5
RevPAR actual (JPY) 5,675 7,624 - - - - 6,617
year-on-year (%) -14.6 2.9 - - - - -5.6
Gross Revenue actual (JPY mn) 20 25 - - - - 45
year-on-year (%) -13.8 6.8 - - - - -3.5
    (Note 1) This property was acquired on July 17, 2014.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 69.3 82.3 - - - - 75.6
year-on-year (points) -3.5 2.8 - - - - -0.4
ADR actual (JPY) 13,246 14,229 - - - - 13,763
year-on-year (%) 46.1 40.0 - - - - 43.2
RevPAR actual (JPY) 9,183 11,707 - - - - 10,403
year-on-year (%) 39.0 44.9 - - - - 42.4
Gross Revenue actual (JPY mn) 17 20 - - - - 38
year-on-year (%) 33.4 49.0 - - - - 41.6
    (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.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 63.3 81.7 - - - - 72.2
year-on-year (points) -9.8 -1.6 - - - - -5.8
ADR actual (JPY) 5,891 6,136 - - - - 6,025
year-on-year (%) 30.6 15.6 - - - - 22.6
RevPAR actual (JPY) 3,728 5,013 - - - - 4,349
year-on-year (%) 13.1 13.3 - - - - 13.5
Gross Revenue actual (JPY mn) 4 5 - - - - 10
year-on-year (%) 16.9 17.7 - - - - 17.3
    (Note 1) This property was acquired on July 17, 2014.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 68.0 84.0 - - - - 75.8
year-on-year (points) -12.8 -4.0 - - - - -8.4
ADR actual (JPY) 5,484 6,157 - - - - 5,845
year-on-year (%) 20.7 17.5 - - - - 19.5
RevPAR actual (JPY) 3,731 5,172 - - - - 4,428
year-on-year (%) 1.6 12.2 - - - - 7.5
Gross Revenue actual (JPY mn) 2 3 - - - - 5
year-on-year (%) 1.6 16.1 - - - - 9.3
    (Note 1) This property was acquired on July 17, 2014.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 75.7 73.4 - - - - 74.6
year-on-year (points) - - - - - - -
ADR actual (JPY) 6,549 8,237 - - - - 7,352
year-on-year (%) - - - - - - -
RevPAR actual (JPY) 4,960 6,047 - - - - 5,485
year-on-year (%) - - - - - - -
Gross Revenue actual (JPY mn) 70 80 - - - - 151
year-on-year (%) - - - - - - -
    (Note 1) This property was acquired on February 6, 2015.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 50.7 63.0 - - - - 56.7
year-on-year (points) -1.8 4.0 - - - - 1.1
ADR actual (JPY) 6,233 6,121 - - - - 6,173
year-on-year (%) -1.4 1.5 - - - - 0.0
RevPAR actual (JPY) 3,163 3,855 - - - - 3,498
year-on-year (%) -4.7 8.4 - - - - 1.9
Gross Revenue actual (JPY mn) 25 29 - - - - 54
year-on-year (%) -7.3 6.9 - - - - -0.3
    (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.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 70.5 80.0 - - - - 75.1
year-on-year (points) -11.1 2.0 - - - - -4.8
ADR actual (JPY) 6,541 7,147 - - - - 6,853
year-on-year (%) 41.4 42.0 - - - - 42.3
RevPAR actual (JPY) 4,614 5,718 - - - - 5,148
year-on-year (%) 22.2 45.7 - - - - 33.8
Gross Revenue actual (JPY mn) 12 14 - - - - 26
year-on-year (%) 22.4 50.5 - - - - 35.9
    (Note 1) This property was acquired on February 6, 2015.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 92.8 95.2 - - - - 93.9
year-on-year (points) 10.9 3.4 - - - - 7.4
ADR actual (JPY) 10,992 12,238 - - - - 11,602
year-on-year (%) -0.6 5.2 - - - - 2.3
RevPAR actual (JPY) 10,195 11,651 - - - - 10,899
year-on-year (%) 12.7 9.1 - - - - 11.0
Gross Revenue actual (JPY mn) 61 64 - - - - 126
year-on-year (%) 9.6 10.7 - - - - 10.1
    (Note 1) This property was acquired on July 16, 2015.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 78.7 82.8 - - - - 80.7
year-on-year (points) 7.4 -5.7 - - - - 1.2
ADR actual (JPY) 6,198 7,399 - - - - 6,794
year-on-year (%) 18.6 37.9 - - - - 28.2
RevPAR actual (JPY) 4,881 6,129 - - - - 5,484
year-on-year (%) 31.0 29.1 - - - - 30.2
Gross Revenue actual (JPY mn) 42 49 - - - - 91
year-on-year (%) 28.8 31.3 - - - - 30.1
    (Note 1) This property was acquired on July 16, 2015.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 87.1 92.3 - - - - 89.6
year-on-year (points) 11.8 8.3 - - - - 10.2
ADR actual (JPY) 10,575 12,848 - - - - 11,707
year-on-year (%) 47.8 56.8 - - - - 52.5
RevPAR actual (JPY) 9,211 11,862 - - - - 10,492
year-on-year (%) 71.0 72.2 - - - - 72.0
Gross Revenue actual (JPY mn) 28 33 - - - - 62
year-on-year (%) 70.0 76.0 - - - - 73.2
    (Note 1) This property was acquired on July 16, 2015.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 73.9 81.8 - - - - 77.7
year-on-year (points) -9.2 -6.7 - - - - -7.9
ADR actual (JPY) 6,421 7,574 - - - - 7,008
year-on-year (%) 28.9 43.1 - - - - 36.5
RevPAR actual (JPY) 4,743 6,192 - - - - 5,443
year-on-year (%) 14.6 32.4 - - - - 23.8
Gross Revenue actual (JPY mn) 26 32 - - - - 59
year-on-year (%) 14.0 35.6 - - - - 24.9
    (Note 1) This property was acquired on July 16, 2015.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 77.5 87.0 - - - - 82.1
year-on-year (points) 2.3 1.6 - - - - 2.0
ADR actual (JPY) 6,684 7,279 - - - - 6,989
year-on-year (%) 7.7 19.7 - - - - 13.8
RevPAR actual (JPY) 5,178 6,336 - - - - 5,738
year-on-year (%) 10.9 21.9 - - - - 16.6
Gross Revenue actual (JPY mn) 27 30 - - - - 57
year-on-year (%) 9.9 25.4 - - - - 17.7
    (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.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 81.7 84.4 - - - - 83.0
year-on-year (points) 0.0 -1.0 - - - - -0.4
ADR actual (JPY) 4,553 4,859 - - - - 4,703
year-on-year (%) 21.1 29.1 - - - - 25.0
RevPAR actual (JPY) 3,720 4,101 - - - - 3,904
year-on-year (%) 21.1 27.6 - - - - 24.4
Gross Revenue actual (JPY mn) 10 10 - - - - 21
year-on-year (%) 19.3 29.8 - - - - 24.4
    (Note 1) This property was acquired on July 16, 2015.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 85.3 84.1 - - - - 84.8
year-on-year (points) 8.5 -7.3 - - - - 1.0
ADR actual (JPY) 7,514 8,222 - - - - 7,854
year-on-year (%) 0.5 12.5 - - - - 6.3
RevPAR actual (JPY) 6,413 6,917 - - - - 6,656
year-on-year (%) 11.7 3.5 - - - - 7.6
Gross Revenue actual (JPY mn) 48 49 - - - - 98
year-on-year (%) 20.2 10.4 - - - - 15.0
    (Note 1) This property was acquired on July 16, 2015.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 77.0 83.9 - - - - 80.4
year-on-year (points) 3.3 -0.5 - - - - 1.6
ADR actual (JPY) 5,062 5,669 - - - - 5,368
year-on-year (%) 9.4 14.4 - - - - 12.0
RevPAR actual (JPY) 3,898 4,759 - - - - 4,314
year-on-year (%) 14.3 13.7 - - - - 14.2
Gross Revenue actual (JPY mn) 7 8 - - - - 16
year-on-year (%) 14.1 17.2 - - - - 15.7
    (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.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 82.2 89.4 - - - - 85.6
year-on-year (points) 13.6 2.2 - - - - 8.3
ADR actual (JPY) 4,515 5,207 - - - - 4,864
year-on-year (%) -0.7 4.1 - - - - 1.5
RevPAR actual (JPY) 3,709 4,654 - - - - 4,166
year-on-year (%) 19.0 6.6 - - - - 12.3
Gross Revenue actual (JPY mn) 7 8 - - - - 16
year-on-year (%) 22.2 13.7 - - - - 17.4
    (Note 1) This property was acquired on July 16, 2015.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 78.6 88.9 - - - - 83.6
year-on-year (points) 13.4 16.7 - - - - 15.1
ADR actual (JPY) 5,756 5,961 - - - - 5,861
year-on-year (%) 17.2 13.2 - - - - 15.1
RevPAR actual (JPY) 4,525 5,301 - - - - 4,900
year-on-year (%) 41.3 39.4 - - - - 40.5
Gross Revenue actual (JPY mn) 29 32 - - - - 62
year-on-year (%) 40.6 44.0 - - - - 42.4
    (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.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 68.6 73.3 - - - - 70.9
year-on-year (points) -4.4 -5.1 - - - - -4.7
ADR actual (JPY) 11,771 13,965 - - - - 12,868
year-on-year (%) 10.4 9.8 - - - - 10.2
RevPAR actual (JPY) 8,072 10,238 - - - - 9,119
year-on-year (%) 3.8 2.7 - - - - 3.4
Gross Revenue actual (JPY mn) 14 17 - - - - 31
year-on-year (%) 2.7 5.5 - - - - 4.2
    (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.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 89.4 93.5 - - - - 91.4
year-on-year (points) 10.8 6.0 - - - - 8.5
ADR actual (JPY) 11,547 13,607 - - - - 12,565
year-on-year (%) 8.5 17.3 - - - - 13.0
RevPAR actual (JPY) 10,324 12,723 - - - - 11,484
year-on-year (%) 23.3 25.2 - - - - 24.6
Gross Revenue actual (JPY mn) 138 157 - - - - 295
year-on-year (%) 22.5 27.5 - - - - 25.1
    (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
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 64.2 76.7 - - - - 70.3
year-on-year (points) 1.4 2.9 - - - - 2.2
ADR actual (JPY) 27,390 21,737 - - - - 24,407
year-on-year (%) 2.6 8.5 - - - - 4.9
RevPAR actual (JPY) 17,597 16,676 - - - - 17,152
year-on-year (%) 4.9 12.8 - - - - 8.3
Gross Revenue actual (JPY mn) 426 389 - - - - 815
year-on-year (%) 6.7 7.7 - - - - 7.2
    (Note 1) This property was acquired on March 31, 2016.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 83.2 89.7 - - - - 86.4
year-on-year (points) 8.9 0.4 - - - - 4.9
ADR actual (JPY) 10,224 13,356 - - - - 11,797
year-on-year (%) 12.6 19.1 - - - - 15.7
RevPAR actual (JPY) 8,510 11,981 - - - - 10,188
year-on-year (%) 26.0 19.6 - - - - 22.7
Gross Revenue actual (JPY mn) 60 78 - - - - 138
year-on-year (%) 25.5 23.6 - - - - 24.4
    (Note 1) This property was acquired on March 31, 2016.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 92.5 95.8 - - - - 94.1
year-on-year (points) -0.4 0.8 - - - - 0.2
ADR actual (JPY) 11,927 14,145 - - - - 13,019
year-on-year (%) 24.9 25.4 - - - - 25.4
RevPAR actual (JPY) 11,030 13,551 - - - - 12,248
year-on-year (%) 24.3 26.4 - - - - 25.6
Gross Revenue actual (JPY mn) 36 41 - - - - 78
year-on-year (%) 23.8 30.9 - - - - 27.5
    (Note 1) This property was acquired on March 31, 2016.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 83.1 74.0 - - - - 78.7
year-on-year (points) 26.6 1.1 - - - - 14.4
ADR actual (JPY) 9,687 12,597 - - - - 11,010
year-on-year (%) 31.6 50.5 - - - - 39.3
RevPAR actual (JPY) 8,048 9,318 - - - - 8,662
year-on-year (%) 93.6 52.9 - - - - 70.6
Gross Revenue actual (JPY mn) 79 84 - - - - 164
year-on-year (%) 73.9 48.5 - - - - 59.8
    (Note 1) This property was acquired on June 15, 2016.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 71.6 83.6 - - - - 77.4
year-on-year (points) 9.8 0.2 - - - - 4.8
ADR actual (JPY) 7,117 7,833 - - - - 7,491
year-on-year (%) -1.7 -2.4 - - - - -2.6
RevPAR actual (JPY) 5,097 6,552 - - - - 5,800
year-on-year (%) 13.8 -2.1 - - - - 3.9
Gross Revenue actual (JPY mn) 43 50 - - - - 93
year-on-year (%) 38.3 13.4 - - - - 23.7
    (Note 1) This property was acquired on June 15, 2016.
    (Note 2) Their leases had only fixed rent until April 2023. The figures for each month from January to April, the January-June 2023 total are not disclosed as the consent from the operator concerned has not been obtained.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 93.8 94.8 - - - - 94.3
year-on-year (points) 6.5 2.1 - - - - 4.4
ADR actual (JPY) 21,557 24,257 - - - - 22,869
year-on-year (%) 37.5 50.7 - - - - 44.0
RevPAR actual (JPY) 20,213 23,002 - - - - 21,561
year-on-year (%) 47.7 54.0 - - - - 51.0
Gross Revenue actual (JPY mn) 83 87 - - - - 171
year-on-year (%) 44.6 54.6 - - - - 49.6
    (Note 1) This property was acquired on May 29, 2017.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 63.9 80.7 - - - - 72.0
year-on-year (points) 6.3 9.7 - - - - 8.0
ADR actual (JPY) 6,865 7,832 - - - - 7,389
year-on-year (%) -0.3 0.6 - - - - 0.4
RevPAR actual (JPY) 4,385 6,320 - - - - 5,320
year-on-year (%) 10.6 14.4 - - - - 13.1
Gross Revenue actual (JPY mn) 94 112 - - - - 207
year-on-year (%) 21.6 16.9 - - - - 19.0
    (Note 1) This property was acquired on October 13, 2017.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 83.7 85.6 - - - - 84.6
year-on-year (points) 13.5 1.4 - - - - 7.7
ADR actual (JPY) 13,630 15,581 - - - - 14,584
year-on-year (%) 32.7 38.7 - - - - 35.4
RevPAR actual (JPY) 11,403 13,340 - - - - 12,339
year-on-year (%) 58.1 41.0 - - - - 49.0
Gross Revenue actual (JPY mn) 93 100 - - - - 194
year-on-year (%) 49.1 39.9 - - - - 44.2
    (Note 1) This property was acquired on October 13, 2017.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 84.1 86.7 - - - - 85.3
year-on-year (points) 14.5 3.7 - - - - 9.4
ADR actual (JPY) 13,838 16,004 - - - - 14,901
year-on-year (%) 7.1 32.0 - - - - 19.2
RevPAR actual (JPY) 11,636 13,872 - - - - 12,717
year-on-year (%) 29.4 38.0 - - - - 33.9
Gross Revenue actual (JPY mn) 198 204 - - - - 403
year-on-year (%) 38.7 41.5 - - - - 40.1
    (Note 1) This property was acquired on October 13, 2017.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 85.2 89.5 - - - - 87.3
year-on-year (points) 22.6 0.9 - - - - 12.3
ADR actual (JPY) 8,884 16,662 - - - - 12,737
year-on-year (%) 14.3 32.2 - - - - 21.5
RevPAR actual (JPY) 7,573 14,905 - - - - 11,117
year-on-year (%) 55.5 33.5 - - - - 41.5
Gross Revenue actual (JPY mn) 59 107 - - - - 167
year-on-year (%) 53.5 37.4 - - - - 42.7
    (Note 1) This property was acquired on October 13, 2017.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 82.0 88.2 - - - - 85.0
year-on-year (points) 2.6 0.0 - - - - 1.4
ADR actual (JPY) 7,882 9,971 - - - - 8,930
year-on-year (%) -6.4 2.0 - - - - -1.8
RevPAR actual (JPY) 6,463 8,796 - - - - 7,590
year-on-year (%) -3.4 2.0 - - - - -0.2
Gross Revenue actual (JPY mn) 34 43 - - - - 77
year-on-year (%) -3.7 5.7 - - - - 1.3
    (Note 1) This property was acquired on February 7, 2018.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 48.5 63.3 - - - - 55.7
year-on-year (points) 3.4 0.5 - - - - 2.1
ADR actual (JPY) 7,051 7,360 - - - - 7,221
year-on-year (%) -1.1 6.6 - - - - 3.1
RevPAR actual (JPY) 3,421 4,658 - - - - 4,019
year-on-year (%) 6.3 7.5 - - - - 7.2
Gross Revenue actual (JPY mn) 33 43 - - - - 76
year-on-year (%) 1.9 21.0 - - - - 11.8
    (Note 1) This property was acquired on February 7, 2018.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 64.6 76.7 - - - - 70.4
year-on-year (points) 5.9 11.6 - - - - 8.7
ADR actual (JPY) 8,535 10,934 - - - - 9,797
year-on-year (%) -7.3 -4.1 - - - - -4.9
RevPAR actual (JPY) 5,510 8,382 - - - - 6,898
year-on-year (%) 2.1 13.1 - - - - 8.6
Gross Revenue actual (JPY mn) 69 81 - - - - 151
year-on-year (%) 25.2 42.9 - - - - 34.1
    (Note 1) This property was acquired on February 7, 2018.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 88.7 92.5 - - - - 90.5
year-on-year (points) - - - - - - -
ADR actual (JPY) 6,849 8,618 - - - - 7,723
year-on-year (%) - - - - - - -
RevPAR actual (JPY) 6,072 7,969 - - - - 6,989
year-on-year (%) - - - - - - -
Gross Revenue actual (JPY mn) 29 36 - - - - 65
year-on-year (%) - - - - - - -
    (Note 1) This property was acquired on February 7, 2018.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 91.4 94.3 - - - - 92.8
year-on-year (points) 8.3 5.2 - - - - 6.9
ADR actual (JPY) 10,307 12,560 - - - - 11,414
year-on-year (%) 13.2 21.5 - - - - 17.6
RevPAR actual (JPY) 9,419 11,847 - - - - 10,593
year-on-year (%) 24.5 28.7 - - - - 27.0
Gross Revenue actual (JPY mn) 32 37 - - - - 70
year-on-year (%) 25.2 32.4 - - - - 29.0
    (Note 1) This property was acquired on June 27, 2018.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 87.3 90.5 - - - - 88.9
year-on-year (points) 0.0 0.6 - - - - 0.3
ADR actual (JPY) 9,181 11,836 - - - - 10,488
year-on-year (%) 7.2 7.9 - - - - 7.8
RevPAR actual (JPY) 8,018 10,709 - - - - 9,319
year-on-year (%) 7.3 8.6 - - - - 8.3
Gross Revenue actual (JPY mn) 32 39 - - - - 71
year-on-year (%) 7.2 12.4 - - - - 10.0
    (Note 1) This property was acquired on June 27, 2018.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 84.0 90.3 - - - - 87.1
year-on-year (points) 11.8 6.5 - - - - 9.3
ADR actual (JPY) 13,077 16,161 - - - - 14,623
year-on-year (%) 25.8 39.8 - - - - 33.1
RevPAR actual (JPY) 10,988 14,596 - - - - 12,732
year-on-year (%) 46.4 50.6 - - - - 49.0
Gross Revenue actual (JPY mn) 122 149 - - - - 271
year-on-year (%) 46.3 54.2 - - - - 50.5
    (Note 1) This property was acquired on August 2, 2018.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 72.2 86.3 - - - - 79.0
year-on-year (points) 14.1 2.2 - - - - 8.6
ADR actual (JPY) 9,644 16,359 - - - - 13,188
year-on-year (%) 7.4 15.1 - - - - 10.4
RevPAR actual (JPY) 6,967 14,118 - - - - 10,423
year-on-year (%) 33.4 18.2 - - - - 23.9
Gross Revenue actual (JPY mn) 139 218 - - - - 357
year-on-year (%) 29.8 19.3 - - - - 23.2
    (Note 1) This property was acquired on August 2, 2018.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 87.0 90.5 - - - - 88.7
year-on-year (points) 0.1 1.2 - - - - 0.7
ADR actual (JPY) 9,154 11,060 - - - - 10,094
year-on-year (%) 33.1 46.4 - - - - 40.1
RevPAR actual (JPY) 7,967 10,005 - - - - 8,952
year-on-year (%) 33.3 48.5 - - - - 41.2
Gross Revenue actual (JPY mn) 39 45 - - - - 84
year-on-year (%) 37.0 55.5 - - - - 46.4
    (Note 1) This property was acquired on August 2, 2018.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 54.8 71.4 - - - - 62.8
year-on-year (points) -11.2 -1.1 - - - - -6.3
ADR actual (JPY) 10,296 11,359 - - - - 10,879
year-on-year (%) 15.8 4.6 - - - - 10.2
RevPAR actual (JPY) 5,646 8,106 - - - - 6,835
year-on-year (%) -3.8 3.0 - - - - 0.2
Gross Revenue actual (JPY mn) 19 26 - - - - 46
year-on-year (%) -4.4 5.9 - - - - 1.2
    (Note 1) This property was acquired on August 2, 2018.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 81.4 88.9 - - - - 85.0
year-on-year (points) 17.2 1.1 - - - - 9.6
ADR actual (JPY) 11,459 20,874 - - - - 16,218
year-on-year (%) 19.3 35.1 - - - - 26.4
RevPAR actual (JPY) 9,325 18,561 - - - - 13,789
year-on-year (%) 51.3 36.8 - - - - 42.5
Gross Revenue actual (JPY mn) 110 187 - - - - 297
year-on-year (%) 47.4 38.9 - - - - 41.9
    (Note 1) This property was acquired on July 19, 2019.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 61.5 74.3 - - - - 67.7
year-on-year (points) -4.5 -10.5 - - - - -7.3
ADR actual (JPY) 14,175 14,210 - - - - 14,193
year-on-year (%) 6.8 2.2 - - - - 4.3
RevPAR actual (JPY) 8,714 10,554 - - - - 9,603
year-on-year (%) -0.5 -10.4 - - - - -5.8
Gross Revenue actual (JPY mn) 117 139 - - - - 257
year-on-year (%) -1.3 2.3 - - - - 0.6
    (Note 1) This property was acquired on July 19, 2019.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 80.1 88.4 - - - - 84.1
year-on-year (points) 6.1 10.5 - - - - 8.3
ADR actual (JPY) 23,105 22,996 - - - - 23,050
year-on-year (%) 27.0 43.7 - - - - 34.6
RevPAR actual (JPY) 18,502 20,328 - - - - 19,384
year-on-year (%) 37.5 63.0 - - - - 49.3
Gross Revenue actual (JPY mn) 110 114 - - - - 224
year-on-year (%) 31.9 59.0 - - - - 44.4
    (Note 1) This property was acquired on July 19, 2019.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 73.6 85.5 - - - - 79.4
year-on-year (points) 1.4 2.3 - - - - 1.9
ADR actual (JPY) 15,719 20,578 - - - - 18,249
year-on-year (%) 10.4 22.5 - - - - 17.4
RevPAR actual (JPY) 11,574 17,597 - - - - 14,485
year-on-year (%) 12.6 25.9 - - - - 20.4
Gross Revenue actual (JPY mn) 69 93 - - - - 162
year-on-year (%) 9.6 26.7 - - - - 18.8
    (Note 1) This property was acquired on July 19, 2019.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 83.5 83.1 - - - - 83.3
year-on-year (points) 23.6 11.9 - - - - 18.0
ADR actual (JPY) 8,858 10,834 - - - - 9,810
year-on-year (%) 50.5 53.0 - - - - 50.8
RevPAR actual (JPY) 7,400 9,000 - - - - 8,174
year-on-year (%) 109.7 78.7 - - - - 92.5
Gross Revenue actual (JPY mn) 49 55 - - - - 105
year-on-year (%) 98.8 80.1 - - - - 88.4
    (Note 1) This property was acquired on July 19, 2019.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 52.1 58.7 - - - - 55.3
year-on-year (points) -9.0 -21.4 - - - - -14.8
ADR actual (JPY) 6,512 7,200 - - - - 6,865
year-on-year (%) 5.0 -0.4 - - - - 1.6
RevPAR actual (JPY) 3,395 4,223 - - - - 3,795
year-on-year (%) -10.5 -27.0 - - - - -19.9
Gross Revenue actual (JPY mn) 67 74 - - - - 141
year-on-year (%) 15.8 -5.8 - - - - 3.4
    (Note 1) This property was acquired on July 19, 2019.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 82.5 89.0 - - - - 85.6
year-on-year (points) 1.3 0.3 - - - - 0.9
ADR actual (JPY) 8,188 9,075 - - - - 8,634
year-on-year (%) 24.1 26.2 - - - - 25.3
RevPAR actual (JPY) 6,755 8,075 - - - - 7,393
year-on-year (%) 26.1 26.7 - - - - 26.6
Gross Revenue actual (JPY mn) 38 42 - - - - 81
year-on-year (%) 24.6 29.1 - - - - 26.9
    (Note 1) This property was acquired on July 19, 2019.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 71.1 87.6 - - - - 79.1
year-on-year (points) -8.6 -0.3 - - - - -4.5
ADR actual (JPY) 15,501 20,867 - - - - 18,375
year-on-year (%) 14.2 25.1 - - - - 21.5
RevPAR actual (JPY) 11,016 18,282 - - - - 14,528
year-on-year (%) 1.9 24.6 - - - - 14.9
Gross Revenue actual (JPY mn) 45 65 - - - - 110
year-on-year (%) 1.3 25.7 - - - - 14.4
    (Note 1) This property was acquired on July 19, 2019.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 76.3 87.6 - - - - 81.7
year-on-year (points) 3.1 1.4 - - - - 2.4
ADR actual (JPY) 5,875 7,647 - - - - 6,793
year-on-year (%) -27.2 -21.3 - - - - -23.8
RevPAR actual (JPY) 4,481 6,696 - - - - 5,551
year-on-year (%) -24.1 -20.0 - - - - -21.5
Gross Revenue actual (JPY mn) 40 51 - - - - 92
year-on-year (%) -15.7 -10.9 - - - - -13.1
    (Note 1) This property was acquired on July 19, 2019.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 81.8 82.7 - - - - 82.3
year-on-year (points) -0.7 -5.8 - - - - -3.1
ADR actual (JPY) 8,410 12,669 - - - - 10,481
year-on-year (%) 26.1 47.1 - - - - 37.4
RevPAR actual (JPY) 6,883 10,483 - - - - 8,623
year-on-year (%) 24.9 37.5 - - - - 32.4
Gross Revenue actual (JPY mn) 175 184 - - - - 360
year-on-year (%) 30.3 27.2 - - - - 28.7
    (Note 1) This property was acquired on July 19, 2019.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 64.6 74.6 - - - - 69.5
year-on-year (points) 6.3 4.0 - - - - 5.3
ADR actual (JPY) 7,689 9,492 - - - - 8,625
year-on-year (%) -6.0 5.1 - - - - 0.0
RevPAR actual (JPY) 4,968 7,083 - - - - 5,991
year-on-year (%) 4.1 11.1 - - - - 8.3
Gross Revenue actual (JPY mn) 54 65 - - - - 120
year-on-year (%) 20.9 22.0 - - - - 21.5
    (Note 1) This property was acquired on July 19, 2019.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 67.8 88.4 - - - - 77.7
year-on-year (points) 29.0 18.2 - - - - 24.1
ADR actual (JPY) 6,818 12,472 - - - - 9,925
year-on-year (%) 13.9 22.0 - - - - 15.2
RevPAR actual (JPY) 4,620 11,025 - - - - 7,716
year-on-year (%) 99.2 53.6 - - - - 66.8
Gross Revenue actual (JPY mn) 17 35 - - - - 53
year-on-year (%) 106.5 63.7 - - - - 75.5
    (Note 1) This property was acquired on July 19, 2019.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 56.9 78.3 - - - - 67.3
year-on-year (points) 35.1 15.3 - - - - 25.9
ADR actual (JPY) 9,324 16,638 - - - - 13,440
year-on-year (%) -4.7 36.0 - - - - 16.3
RevPAR actual (JPY) 5,309 13,035 - - - - 9,043
year-on-year (%) 149.0 69.1 - - - - 89.3
Gross Revenue actual (JPY mn) 14 33 - - - - 47
year-on-year (%) 135.8 75.9 - - - - 90.9
    (Note 1) This property was acquired on July 19, 2019.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 53.9 69.8 - - - - 61.6
year-on-year (points) 14.3 4.4 - - - - 9.8
ADR actual (JPY) 5,618 11,849 - - - - 9,032
year-on-year (%) 9.9 52.6 - - - - 34.8
RevPAR actual (JPY) 3,028 8,274 - - - - 5,564
year-on-year (%) 49.7 62.9 - - - - 60.2
Gross Revenue actual (JPY mn) 7 19 - - - - 27
year-on-year (%) 50.5 67.8 - - - - 62.4
    (Note 1) This property was acquired on July 19, 2019.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 82.3 92.1 - - - - 87.0
year-on-year (points) -5.3 -2.5 - - - - -3.9
ADR actual (JPY) 6,141 7,129 - - - - 6,646
year-on-year (%) 11.5 25.1 - - - - 18.6
RevPAR actual (JPY) 5,051 6,564 - - - - 5,782
year-on-year (%) 4.8 21.7 - - - - 13.6
Gross Revenue actual (JPY mn) 11 13 - - - - 25
year-on-year (%) 4.5 25.9 - - - - 15.2
    (Note 1) This property was acquired on July 19, 2019.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 55.3 67.8 - - - - 61.3
year-on-year (points) 5.4 5.9 - - - - 5.8
ADR actual (JPY) 4,301 4,816 - - - - 4,576
year-on-year (%) 30.4 35.6 - - - - 33.4
RevPAR actual (JPY) 2,376 3,266 - - - - 2,806
year-on-year (%) 44.5 48.6 - - - - 47.2
Gross Revenue actual (JPY mn) 12 15 - - - - 27
year-on-year (%) 45.6 53.7 - - - - 50.0
    (Note 1) This property was acquired on July 19, 2019.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 90.5 95.8 - - - - 93.1
year-on-year (points) 2.4 3.2 - - - - 2.8
ADR actual (JPY) 5,394 6,922 - - - - 6,154
year-on-year (%) -29.5 -26.1 - - - - -27.5
RevPAR actual (JPY) 4,882 6,634 - - - - 5,729
year-on-year (%) -27.5 -23.6 - - - - -25.2
Gross Revenue actual (JPY mn) 12 14 - - - - 26
year-on-year (%) -27.0 -20.2 - - - - -23.4
    (Note 1) This property was acquired on July 19, 2019.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 74.3 90.3 - - - - 82.1
year-on-year (points) 0.6 1.4 - - - - 1.1
ADR actual (JPY) 8,818 8,788 - - - - 8,802
year-on-year (%) 5.0 5.2 - - - - 5.1
RevPAR actual (JPY) 6,555 7,939 - - - - 7,224
year-on-year (%) 5.8 6.8 - - - - 6.5
Gross Revenue actual (JPY mn) 15 17 - - - - 33
year-on-year (%) 6.3 12.9 - - - - 9.7
    (Note 1) This property was acquired on July 19, 2019.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 65.6 70.7 - - - - 68.1
year-on-year (points) -3.5 -4.2 - - - - -3.8
ADR actual (JPY) 9,306 9,347 - - - - 9,327
year-on-year (%) 4.3 5.0 - - - - 4.6
RevPAR actual (JPY) 6,107 6,611 - - - - 6,350
year-on-year (%) -1.0 -0.8 - - - - -0.9
Gross Revenue actual (JPY mn) 202 187 - - - - 389
year-on-year (%) 5.2 2.4 - - - - 3.8
    (Note 1) This property was acquired on January 6, 2020.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 81.5 79.3 - - - - 80.5
year-on-year (points) 3.2 -0.1 - - - - 1.6
ADR actual (JPY) 7,129 7,882 - - - - 7,488
year-on-year (%) 8.7 6.9 - - - - 7.8
RevPAR actual (JPY) 5,813 6,251 - - - - 6,025
year-on-year (%) 13.2 6.9 - - - - 10.1
Gross Revenue actual (JPY mn) 87 88 - - - - 176
year-on-year (%) 23.0 17.0 - - - - 19.9
    (Note 1) This property was acquired on January 6, 2020.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 43.6 57.5 - - - - 50.3
year-on-year (points) -14.8 -18.4 - - - - -16.4
ADR actual (JPY) 29,752 23,163 - - - - 26,111
year-on-year (%) 13.4 3.2 - - - - 8.0
RevPAR actual (JPY) 12,966 13,330 - - - - 13,142
year-on-year (%) -15.3 -21.8 - - - - -18.6
Gross Revenue actual (JPY mn) 259 259 - - - - 519
year-on-year (%) -16.3 -20.4 - - - - -18.4
    (Note 1) This property was acquired on August 1, 2023.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 65.1 77.0 - - - - 70.9
year-on-year (points) 11.3 4.3 - - - - 8.1
ADR actual (JPY) 24,052 20,429 - - - - 22,149
year-on-year (%) -12.8 3.8 - - - - -4.7
RevPAR actual (JPY) 15,663 15,731 - - - - 15,696
year-on-year (%) 5.5 10.0 - - - - 7.6
Gross Revenue actual (JPY mn) 156 154 - - - - 310
year-on-year (%) 16.3 17.2 - - - - 16.7
    (Note 1) This property was acquired on August 1, 2023.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 85.0 91.2 - - - - 88.0
year-on-year (points) 17.5 5.2 - - - - 11.7
ADR actual (JPY) 5,989 6,836 - - - - 6,414
year-on-year (%) 4.4 4.1 - - - - 3.8
RevPAR actual (JPY) 5,088 6,236 - - - - 5,643
year-on-year (%) 31.5 10.4 - - - - 19.7
Gross Revenue actual (JPY mn) 27 30 - - - - 58
year-on-year (%) 47.5 25.9 - - - - 35.3
    (Note 1) This property was acquired on August 1, 2023.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 73.2 79.6 - - - - 76.3
year-on-year (points) 14.5 1.4 - - - - 8.3
ADR actual (JPY) 7,277 8,167 - - - - 7,726
year-on-year (%) 11.5 25.8 - - - - 18.7
RevPAR actual (JPY) 5,328 6,499 - - - - 5,894
year-on-year (%) 39.0 28.1 - - - - 33.3
Gross Revenue actual (JPY mn) 26 28 - - - - 54
year-on-year (%) 41.9 31.7 - - - - 36.4
    (Note 1) This property was acquired on August 1, 2023.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 84.9 92.1 - - - - 88.4
year-on-year (points) -0.4 4.3 - - - - 1.9
ADR actual (JPY) 7,012 8,402 - - - - 7,712
year-on-year (%) -7.2 -3.3 - - - - -4.8
RevPAR actual (JPY) 5,950 7,742 - - - - 6,816
year-on-year (%) -7.6 1.4 - - - - -2.7
Gross Revenue actual (JPY mn) 26 31 - - - - 58
year-on-year (%) -6.3 7.0 - - - - 0.4
    (Note 1) This property was acquired on August 1, 2023.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 66.2 68.8 - - - - 67.4
year-on-year (points) 7.6 10.7 - - - - 9.1
ADR actual (JPY) 13,789 11,892 - - - - 12,854
year-on-year (%) -3.4 -10.5 - - - - -6.9
RevPAR actual (JPY) 9,129 8,175 - - - - 8,668
year-on-year (%) 9.1 6.0 - - - - 7.6
Gross Revenue actual (JPY mn) 47 40 - - - - 88
year-on-year (%) 16.0 15.9 - - - - 16.0
    (Note 1) This property was acquired on August 1, 2023.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 80.5 81.5 - - - - 81.0
year-on-year (points) 1.1 -3.0 - - - - -0.8
ADR actual (USD) 732 722 - - - - 727
year-on-year (%) 11.5 0.9 - - - - 6.1
RevPAR actual (USD) 589 588 - - - - 589
year-on-year (%) 13.0 -2.6 - - - - 5.0
Gross Revenue actual (USD'000) 11,316 10,310 - - - - 21,627
year-on-year (%) 21.2 3.9 - - - - 12.3
    (Note 1) This property was acquired on Septemer 28, 2018.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 81.6 88.8 - - - - 85.1
year-on-year (points) 15.5 2.8 - - - - 9.6
ADR actual (USD) 334 314 - - - - 324
year-on-year (%) 8.7 -0.1 - - - - 4.1
RevPAR actual (USD) 272 279 - - - - 275
year-on-year (%) 34.3 3.2 - - - - 17.3
Gross Revenue actual (USD'000) 1,502 1,456 - - - - 2,958
year-on-year (%) 27.0 7.5 - - - - 16.6
    (Note 1) This property was acquired on Septemer 28, 2018.

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