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)
Occupancy Rate actual (%) 80.0 84.9 85.2 84.8 - - 83.7
ADR actual (JPY) 11,982 13,357 13,710 15,094 - - 13,551
RevPAR actual (JPY) 9,581 11,335 11,675 12,803 - - 11,337
Gross Revenue actual (JPY mn) 7,007 7,155 8,315 8,526 - - 31,005
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
Occupancy Rate actual (%) 71.3 75.8 66.1 57.4 - - 67.5
ADR actual (USD) 709 734 817 760 - - 753
RevPAR actual (USD) 505 556 540 436 - - 509
Gross Revenue actual (USD'000) 12,642 11,868 13,324 10,618 - - 48,454
  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 - - 92.0
year-on-year (points) 11.6 6.7 2.6 3.1 - - 6.0
ADR actual (JPY) 11,760 13,007 14,284 17,246 - - 14,096
year-on-year (%) 29.4 17.4 3.4 29.7 - - 18.3
RevPAR actual (JPY) 10,613 12,063 13,088 16,105 - - 12,964
year-on-year (%) 48.6 26.6 6.5 34.2 - - 26.6
Gross Revenue actual (JPY mn) 41 42 51 61 - - 197
year-on-year (%) 47.1 22.1 7.1 33.9 - - 25.4
    (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 - - 89.0
year-on-year (points) 7.9 2.3 -4.3 0.5 - - 1.6
ADR actual (JPY) 8,916 10,259 12,825 13,982 - - 11,564
year-on-year (%) 30.5 33.5 45.1 64.8 - - 44.2
RevPAR actual (JPY) 7,614 9,089 11,341 13,079 - - 10,287
year-on-year (%) 43.9 37.1 38.3 65.7 - - 46.9
Gross Revenue actual (JPY mn) 38 41 57 63 - - 202
year-on-year (%) 42.6 31.0 37.7 62.5 - - 44.1
    (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 - - 79.2
year-on-year (points) 20.4 6.5 8.3 18.1 - - 13.4
ADR actual (JPY) 9,768 8,435 15,698 20,061 - - 14,024
year-on-year (%) 14.4 -3.6 -6.0 9.9 - - 2.6
RevPAR actual (JPY) 6,125 6,695 13,419 18,010 - - 11,114
year-on-year (%) 69.7 5.0 4.1 37.7 - - 23.5
Gross Revenue actual (JPY mn) 47 47 101 129 - - 325
year-on-year (%) 66.0 1.5 4.2 33.4 - - 20.8
    (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 (%) 92.9 94.7 93.5 96.5 - - 94.4
year-on-year (points) 2.7 3.9 0.8 3.5 - - 2.7
ADR actual (JPY) 13,024 16,249 18,177 15,609 - - 15,759
year-on-year (%) 16.1 7.9 8.2 37.2 - - 15.7
RevPAR actual (JPY) 12,095 15,380 16,991 15,065 - - 14,869
year-on-year (%) 19.5 12.5 9.1 42.4 - - 19.1
Gross Revenue actual (JPY mn) 79 85 104 100 - - 368
year-on-year (%) 21.8 10.1 8.2 30.4 - - 16.9
    (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 (%) 96.9 96.7 96.1 96.7 - - 96.6
year-on-year (points) 1.4 -0.4 -1.0 -0.3 - - -0.1
ADR actual (JPY) 25,782 27,323 31,952 29,492 - - 28,656
year-on-year (%) 30.8 11.8 5.5 33.8 - - 18.7
RevPAR actual (JPY) 24,978 26,434 30,692 28,531 - - 27,682
year-on-year (%) 32.7 11.3 4.5 33.3 - - 18.6
Gross Revenue actual (JPY mn) 75 70 91 82 - - 319
year-on-year (%) 29.0 6.7 4.0 30.8 - - 16.1
    (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 (%) 85.3 93.4 91.6 94.3 - - 91.1
year-on-year (points) 22.1 18.6 8.9 12.3 - - 15.4
ADR actual (JPY) 13,202 13,911 15,114 19,130 - - 15,403
year-on-year (%) 15.1 1.5 -1.1 30.3 - - 10.6
RevPAR actual (JPY) 11,266 12,998 13,848 18,049 - - 14,033
year-on-year (%) 55.4 26.8 9.5 49.9 - - 33.1
Gross Revenue actual (JPY mn) 59 60 70 86 - - 276
year-on-year (%) 41.9 16.4 7.2 38.0 - - 24.6
    (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 - - 89.2
year-on-year (points) -0.7 0.3 1.0 6.6 - - 1.8
ADR actual (JPY) 7,309 8,334 8,289 10,125 - - 8,532
year-on-year (%) 14.2 11.2 5.4 13.9 - - 11.5
RevPAR actual (JPY) 6,227 7,327 7,578 9,331 - - 7,609
year-on-year (%) 13.3 11.6 6.6 22.7 - - 13.8
Gross Revenue actual (JPY mn) 57 60 71 83 - - 272
year-on-year (%) 11.5 5.3 4.4 22.1 - - 11.0
    (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 - - 89.4
year-on-year (points) 24.1 19.0 7.1 11.3 - - 15.3
ADR actual (JPY) 7,880 8,096 8,590 10,443 - - 8,812
year-on-year (%) 29.4 4.1 -0.6 26.2 - - 12.5
RevPAR actual (JPY) 6,417 7,177 7,792 10,139 - - 7,880
year-on-year (%) 83.9 32.5 7.8 42.9 - - 35.8
Gross Revenue actual (JPY mn) 40 40 48 59 - - 188
year-on-year (%) 75.0 28.3 7.6 42.3 - - 33.4
    (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 - - 92.3
year-on-year (points) 3.9 6.8 2.5 3.4 - - 4.1
ADR actual (JPY) 8,471 9,774 11,607 13,537 - - 10,898
year-on-year (%) 14.3 3.9 -3.2 17.8 - - 7.3
RevPAR actual (JPY) 7,354 9,150 11,155 12,584 - - 10,062
year-on-year (%) 19.7 12.0 -0.6 22.2 - - 12.3
Gross Revenue actual (JPY mn) 48 53 71 77 - - 251
year-on-year (%) 17.3 5.1 -2.7 18.7 - - 8.6
    (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 (%) 58.1 57.6 91.1 94.7 - - 75.6
year-on-year (points) -21.3 -28.7 3.5 6.4 - - -9.7
ADR actual (JPY) 9,887 11,733 14,408 17,849 - - 14,112
year-on-year (%) 32.8 24.4 23.3 78.4 - - 45.5
RevPAR actual (JPY) 5,748 6,754 13,118 16,902 - - 10,675
year-on-year (%) -2.8 -17.0 28.2 91.3 - - 28.9
Gross Revenue actual (JPY mn) 16 18 38 48 - - 121
year-on-year (%) -3.7 -18.7 27.3 86.6 - - 27.0
    (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 - - 78.4
year-on-year (points) 6.0 0.0 -28.0 -20.7 - - -10.9
ADR actual (JPY) 9,957 14,589 12,720 12,094 - - 12,262
year-on-year (%) 14.5 32.3 17.2 30.6 - - 22.9
RevPAR actual (JPY) 9,012 13,150 8,396 8,176 - - 9,610
year-on-year (%) 22.7 32.3 -17.7 0.0 - - 7.9
Gross Revenue actual (JPY mn) 53 68 49 45 - - 217
year-on-year (%) 26.8 28.8 -16.7 -0.8 - - 8.2
    (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 (%) 87.6 93.6 95.4 95.3 - - 92.9
year-on-year (points) 2.2 3.3 2.9 3.9 - - 3.1
ADR actual (JPY) 19,350 20,823 23,058 29,677 - - 23,327
year-on-year (%) 90.9 60.0 51.6 98.8 - - 74.4
RevPAR actual (JPY) 16,945 19,489 22,008 28,281 - - 21,680
year-on-year (%) 95.9 65.9 56.3 107.2 - - 80.3
Gross Revenue actual (JPY mn) 37 38 47 58 - - 181
year-on-year (%) 112.5 77.6 73.5 129.0 - - 97.3
    (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 - - 93.4
year-on-year (points) 5.8 1.7 -0.4 3.1 - - 2.6
ADR actual (JPY) 9,286 11,412 12,897 12,833 - - 11,606
year-on-year (%) 29.6 24.5 14.2 24.8 - - 22.0
RevPAR actual (JPY) 8,641 10,626 11,978 12,114 - - 10,835
year-on-year (%) 38.3 26.8 13.8 29.0 - - 25.5
Gross Revenue actual (JPY mn) 19 21 27 26 - - 94
year-on-year (%) 37.5 22.4 14.5 28.3 - - 24.3
    (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 - - 90.4
year-on-year (points) 3.3 0.6 -2.6 1.9 - - 0.8
ADR actual (JPY) 10,046 11,387 12,872 15,042 - - 12,392
year-on-year (%) 18.2 12.7 10.5 18.2 - - 14.7
RevPAR actual (JPY) 8,608 10,478 11,588 14,158 - - 11,202
year-on-year (%) 23.0 13.4 7.3 20.6 - - 15.7
Gross Revenue actual (JPY mn) 14 16 19 23 - - 74
year-on-year (%) 21.8 9.5 7.8 21.2 - - 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 (%) 80.7 83.2 71.6 77.3 - - 78.1
year-on-year (points) 1.1 -7.6 -20.0 -11.5 - - -9.5
ADR actual (JPY) 5,764 6,033 7,496 8,154 - - 6,833
year-on-year (%) 11.1 17.9 36.7 41.8 - - 26.7
RevPAR actual (JPY) 4,653 5,019 5,369 6,300 - - 5,335
year-on-year (%) 12.7 8.0 6.9 23.4 - - 12.9
Gross Revenue actual (JPY mn) 18 18 21 24 - - 83
year-on-year (%) 11.7 4.4 7.2 22.6 - - 11.7
    (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 (%) 81.3 83.2 83.4 88.8 - - 84.2
year-on-year (points) 7.4 6.5 1.4 3.1 - - 4.6
ADR actual (JPY) 5,513 5,761 5,994 6,437 - - 5,937
year-on-year (%) 6.1 5.8 6.8 11.0 - - 7.5
RevPAR actual (JPY) 4,480 4,794 5,001 5,717 - - 4,997
year-on-year (%) 16.7 14.8 8.6 15.0 - - 13.7
Gross Revenue actual (JPY mn) 14 14 16 18 - - 63
year-on-year (%) 16.3 10.7 8.4 14.7 - - 12.5
    (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 (%) 73.0 79.5 89.0 94.2 - - 84.0
year-on-year (points) 9.8 9.6 4.5 6.6 - - 7.6
ADR actual (JPY) 10,666 10,833 11,521 13,300 - - 11,675
year-on-year (%) 18.9 -0.6 0.1 56.7 - - 17.0
RevPAR actual (JPY) 7,792 8,617 10,257 12,522 - - 9,804
year-on-year (%) 37.3 13.0 5.5 68.6 - - 28.7
Gross Revenue actual (JPY mn) 27 27 36 42 - - 133
year-on-year (%) 36.6 9.0 6.0 66.7 - - 27.3
    (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 - - 80.0
year-on-year (points) 5.0 -7.4 -0.7 5.7 - - 0.8
ADR actual (JPY) 16,843 17,324 17,817 21,358 - - 18,414
year-on-year (%) 27.2 21.8 4.6 15.8 - - 16.3
RevPAR actual (JPY) 12,525 12,971 15,226 18,111 - - 14,723
year-on-year (%) 36.4 10.8 3.7 24.2 - - 17.5
Gross Revenue actual (JPY mn) 23 21 28 32 - - 105
year-on-year (%) 37.0 4.6 3.6 23.5 - - 15.8
    (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 - - 78.3
year-on-year (points) 9.3 -1.6 -6.8 -13.0 - - -3.0
ADR actual (JPY) 6,541 7,453 7,872 9,190 - - 7,800
year-on-year (%) 11.0 21.5 19.3 41.6 - - 23.5
RevPAR actual (JPY) 4,745 5,972 6,172 7,572 - - 6,107
year-on-year (%) 27.3 19.1 9.8 22.3 - - 19.0
Gross Revenue actual (JPY mn) 5 6 7 8 - - 28
year-on-year (%) 24.8 14.9 10.1 21.8 - - 17.5
    (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 (%) 72.4 80.0 81.8 84.1 - - 79.5
year-on-year (points) 4.4 -4.0 -7.9 -11.8 - - -4.8
ADR actual (JPY) 6,207 6,922 8,090 9,872 - - 7,844
year-on-year (%) 13.2 12.4 23.4 45.7 - - 24.5
RevPAR actual (JPY) 4,496 5,540 6,619 8,301 - - 6,239
year-on-year (%) 20.5 7.1 12.5 27.8 - - 17.4
Gross Revenue actual (JPY mn) 3 3 4 5 - - 16
year-on-year (%) 21.3 4.6 13.0 28.4 - - 17.2
    (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 (%) 98.2 100.0 99.8 99.9 - - 99.5
year-on-year (points) 22.5 26.6 22.0 15.1 - - 21.5
ADR actual (JPY) 7,176 8,660 10,424 11,852 - - 9,541
year-on-year (%) 9.6 5.1 12.5 16.1 - - 10.8
RevPAR actual (JPY) 7,049 8,660 10,408 11,845 - - 9,492
year-on-year (%) 42.1 43.2 44.3 36.7 - - 41.3
Gross Revenue actual (JPY mn) 101 112 149 163 - - 527
year-on-year (%) 43.8 39.3 45.3 36.0 - - 40.7
    (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 - - 75.8
year-on-year (points) 22.4 11.4 16.4 3.5 - - 13.6
ADR actual (JPY) 6,795 6,642 6,442 9,545 - - 7,374
year-on-year (%) 9.0 8.5 6.6 6.1 - - 5.7
RevPAR actual (JPY) 4,970 4,941 5,007 7,445 - - 5,592
year-on-year (%) 57.1 28.2 35.1 11.1 - - 28.7
Gross Revenue actual (JPY mn) 37 34 39 53 - - 164
year-on-year (%) 46.5 18.6 29.7 9.8 - - 23.3
    (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.
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 - - 76.7
year-on-year (points) -0.5 -6.6 1.9 -2.8 - - -1.9
ADR actual (JPY) 7,881 8,493 8,473 8,341 - - 8,302
year-on-year (%) 20.5 18.8 7.9 6.6 - - 12.6
RevPAR actual (JPY) 5,523 6,236 6,824 6,895 - - 6,368
year-on-year (%) 19.7 9.1 10.5 3.0 - - 9.9
Gross Revenue actual (JPY mn) 14 15 18 17 - - 65
year-on-year (%) 19.5 7.3 11.0 3.3 - - 9.7
    (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 - - 95.1
year-on-year (points) -1.9 2.2 1.3 1.6 - - 0.8
ADR actual (JPY) 13,048 13,677 14,658 17,283 - - 14,691
year-on-year (%) 18.7 11.8 6.1 25.4 - - 15.6
RevPAR actual (JPY) 11,861 13,323 14,079 16,647 - - 13,972
year-on-year (%) 16.3 14.3 7.6 27.5 - - 16.5
Gross Revenue actual (JPY mn) 70 70 83 95 - - 319
year-on-year (%) 13.8 9.2 8.0 28.2 - - 14.9
    (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 - - 93.5
year-on-year (points) 11.7 11.2 3.8 3.2 - - 7.4
ADR actual (JPY) 7,327 7,863 8,807 9,434 - - 8,377
year-on-year (%) 18.2 6.3 5.0 9.7 - - 8.7
RevPAR actual (JPY) 6,625 7,394 8,242 9,062 - - 7,831
year-on-year (%) 35.7 20.7 9.4 13.4 - - 18.1
Gross Revenue actual (JPY mn) 56 57 70 74 - - 258
year-on-year (%) 32.9 16.3 9.6 13.6 - - 16.7
    (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 - - 91.7
year-on-year (points) 2.4 0.9 -3.7 2.9 - - 0.6
ADR actual (JPY) 12,911 14,287 16,792 19,242 - - 15,852
year-on-year (%) 22.1 11.2 12.9 22.2 - - 17.0
RevPAR actual (JPY) 11,559 13,319 14,994 18,256 - - 14,531
year-on-year (%) 25.5 12.3 8.5 26.0 - - 17.8
Gross Revenue actual (JPY mn) 35 36 45 53 - - 170
year-on-year (%) 25.3 7.9 8.7 24.8 - - 16.4
    (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 - - 91.5
year-on-year (points) 12.5 10.6 3.4 2.4 - - 7.2
ADR actual (JPY) 7,617 8,271 9,783 9,939 - - 8,939
year-on-year (%) 18.6 9.2 10.8 16.5 - - 13.0
RevPAR actual (JPY) 6,581 7,640 8,991 9,498 - - 8,180
year-on-year (%) 38.8 23.4 15.0 19.6 - - 22.6
Gross Revenue actual (JPY mn) 36 38 50 51 - - 176
year-on-year (%) 37.8 18.7 15.1 20.0 - - 21.5
    (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 (%) 80.3 91.9 91.0 90.4 - - 88.3
year-on-year (points) 2.9 4.9 8.5 6.0 - - 5.5
ADR actual (JPY) 7,120 7,444 8,126 8,398 - - 7,794
year-on-year (%) 6.5 2.3 -4.1 15.5 - - 4.8
RevPAR actual (JPY) 5,719 6,842 7,396 7,593 - - 6,883
year-on-year (%) 10.5 8.0 5.7 23.7 - - 11.7
Gross Revenue actual (JPY mn) 29 31 38 38 - - 137
year-on-year (%) 7.8 2.8 6.5 22.7 - - 9.9
    (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 - - 86.6
year-on-year (points) -1.3 3.3 2.6 4.4 - - 2.2
ADR actual (JPY) 5,401 5,361 6,095 7,513 - - 6,121
year-on-year (%) 18.6 10.3 5.5 5.2 - - 9.4
RevPAR actual (JPY) 4,342 4,704 5,432 6,714 - - 5,301
year-on-year (%) 16.7 14.7 8.6 10.7 - - 12.3
Gross Revenue actual (JPY mn) 12 11 15 18 - - 57
year-on-year (%) 15.9 10.8 8.6 11.0 - - 11.3
    (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 - - 85.3
year-on-year (points) -7.9 1.6 0.2 2.0 - - -1.1
ADR actual (JPY) 8,910 9,417 10,168 9,785 - - 9,597
year-on-year (%) 18.6 14.5 19.4 3.4 - - 13.9
RevPAR actual (JPY) 6,903 8,071 9,071 8,697 - - 8,184
year-on-year (%) 7.6 16.7 19.7 5.7 - - 12.4
Gross Revenue actual (JPY mn) 55 53 64 55 - - 229
year-on-year (%) 15.0 7.7 7.9 -10.2 - - 4.4
    (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 - - 82.9
year-on-year (points) 3.4 1.6 -5.4 1.3 - - 0.2
ADR actual (JPY) 5,595 6,698 6,847 7,131 - - 6,573
year-on-year (%) 10.5 18.2 18.1 14.0 - - 15.1
RevPAR actual (JPY) 4,498 5,730 5,353 6,265 - - 5,448
year-on-year (%) 15.4 20.4 10.5 15.7 - - 15.3
Gross Revenue actual (JPY mn) 9 10 10 12 - - 42
year-on-year (%) 14.4 17.1 10.3 15.6 - - 14.3
    (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 - - 88.0
year-on-year (points) 0.8 -0.6 1.0 0.8 - - 0.5
ADR actual (JPY) 5,093 5,965 6,328 6,457 - - 5,975
year-on-year (%) 12.8 14.6 7.2 10.0 - - 10.9
RevPAR actual (JPY) 4,226 5,299 5,620 5,915 - - 5,259
year-on-year (%) 13.9 13.8 8.4 11.0 - - 11.5
Gross Revenue actual (JPY mn) 8 9 10 11 - - 39
year-on-year (%) 12.9 6.2 8.1 10.3 - - 9.2
    (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 - - 81.9
year-on-year (points) -1.9 -7.9 -6.1 -2.0 - - -4.4
ADR actual (JPY) 6,739 7,148 7,169 6,908 - - 6,989
year-on-year (%) 17.1 19.9 19.5 11.4 - - 16.8
RevPAR actual (JPY) 5,172 5,789 5,813 6,136 - - 5,722
year-on-year (%) 14.3 9.2 11.2 9.0 - - 10.8
Gross Revenue actual (JPY mn) 34 34 38 39 - - 146
year-on-year (%) 14.3 5.4 10.5 9.2 - - 9.7
    (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 - - 92.4
year-on-year (points) 19.9 19.7 2.2 7.3 - - 12.2
ADR actual (JPY) 13,688 13,551 13,910 19,694 - - 15,269
year-on-year (%) 16.3 -3.0 -5.4 26.0 - - 7.9
RevPAR actual (JPY) 12,110 12,610 12,855 18,843 - - 14,102
year-on-year (%) 50.0 23.2 -3.1 36.4 - - 24.3
Gross Revenue actual (JPY mn) 21 20 22 31 - - 96
year-on-year (%) 47.0 17.5 -3.3 35.7 - - 22.2
    (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.
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 - - 92.5
year-on-year (points) 0.9 -1.1 -1.7 3.3 - - 0.3
ADR actual (JPY) 13,502 15,144 16,522 19,198 - - 16,125
year-on-year (%) 16.9 11.3 -1.0 12.2 - - 9.2
RevPAR actual (JPY) 12,190 13,990 15,267 18,200 - - 14,908
year-on-year (%) 18.1 10.0 -2.8 16.2 - - 9.6
Gross Revenue actual (JPY mn) 159 165 200 227 - - 752
year-on-year (%) 15.1 5.4 -2.2 15.4 - - 7.9
    (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 - - 79.9
year-on-year (points) -2.0 1.0 -3.3 -0.8 - - -1.3
ADR actual (JPY) 28,662 20,775 25,551 24,699 - - 24,868
year-on-year (%) 4.6 -4.4 -0.7 -6.9 - - -2.0
RevPAR actual (JPY) 17,854 16,149 24,262 20,904 - - 19,874
year-on-year (%) 1.5 -3.2 -4.0 -7.7 - - -3.5
Gross Revenue actual (JPY mn) 419 393 599 509 - - 1,920
year-on-year (%) -1.8 1.1 2.1 -2.0 - - -0.1
    (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 - - 91.2
year-on-year (points) 6.6 1.2 0.6 7.4 - - 4.0
ADR actual (JPY) 12,338 17,338 15,436 14,828 - - 14,938
year-on-year (%) 20.7 29.8 22.1 31.1 - - 25.4
RevPAR actual (JPY) 11,081 15,766 14,273 13,598 - - 13,628
year-on-year (%) 30.2 31.6 22.9 42.6 - - 31.1
Gross Revenue actual (JPY mn) 77 99 99 93 - - 369
year-on-year (%) 29.2 25.9 23.1 42.2 - - 29.6
    (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 - - 96.8
year-on-year (points) 3.8 1.4 0.3 0.5 - - 1.5
ADR actual (JPY) 13,943 15,879 18,837 21,388 - - 17,526
year-on-year (%) 16.9 12.3 6.0 23.2 - - 14.2
RevPAR actual (JPY) 13,424 15,436 18,206 20,763 - - 16,964
year-on-year (%) 21.7 13.9 6.3 23.9 - - 16.1
Gross Revenue actual (JPY mn) 44 45 59 66 - - 216
year-on-year (%) 22.4 9.3 5.9 23.9 - - 15.0
    (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 - - 71.7
year-on-year (points) -21.5 -3.8 -2.7 -3.4 - - -8.0
ADR actual (JPY) 9,804 9,704 11,579 12,798 - - 11,081
year-on-year (%) 1.2 -23.0 -22.7 -17.1 - - -15.7
RevPAR actual (JPY) 6,032 6,812 9,151 9,749 - - 7,949
year-on-year (%) -25.0 -26.9 -25.3 -20.6 - - -24.1
Gross Revenue actual (JPY mn) 62 64 88 91 - - 307
year-on-year (%) -21.5 -24.5 -21.9 -20.1 - - -21.8
    (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 - - 85.2
year-on-year (points) 8.8 0.7 3.5 3.4 - - 5.5
ADR actual (JPY) 8,507 9,111 10,171 10,571 - - 9,624
year-on-year (%) 19.5 16.3 15.7 16.3 - - -26.8
RevPAR actual (JPY) 6,840 7,687 8,939 9,328 - - 8,202
year-on-year (%) 34.2 17.3 20.5 20.9 - - -21.7
Gross Revenue actual (JPY mn) 56 55 70 70 - - 253
year-on-year (%) 30.8 11.7 19.5 16.4 - - -35.4
    (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 - - 95.3
year-on-year (points) 1.3 0.6 0.2 1.4 - - 0.9
ADR actual (JPY) 26,436 26,784 31,312 38,511 - - 30,820
year-on-year (%) 22.6 10.4 -2.5 30.9 - - 14.7
RevPAR actual (JPY) 25,142 25,556 29,553 37,174 - - 29,386
year-on-year (%) 24.4 11.1 -2.4 32.8 - - 15.8
Gross Revenue actual (JPY mn) 100 93 116 142 - - 452
year-on-year (%) 19.8 6.5 -1.9 30.4 - - 13.3
    (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 - - 90.5
year-on-year (points) 20.5 11.3 3.5 6.6 - - 10.5
ADR actual (JPY) 7,331 8,387 9,381 11,880 - - 9,300
year-on-year (%) 6.8 7.1 7.3 27.4 - - 12.1
RevPAR actual (JPY) 6,184 7,715 8,655 11,149 - - 8,421
year-on-year (%) 41.0 22.1 11.5 37.1 - - 26.8
Gross Revenue actual (JPY mn) 120 121 146 182 - - 570
year-on-year (%) 26.5 7.7 12.4 29.7 - - 19.2
    (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 - - 89.2
year-on-year (points) -1.9 4.2 2.3 3.0 - - 1.8
ADR actual (JPY) 16,639 17,077 20,567 24,366 - - 19,811
year-on-year (%) 22.1 9.6 1.8 23.0 - - 13.8
RevPAR actual (JPY) 13,599 15,342 18,925 22,752 - - 17,670
year-on-year (%) 19.3 15.0 4.4 27.1 - - 16.2
Gross Revenue actual (JPY mn) 110 110 148 170 - - 539
year-on-year (%) 17.6 9.4 4.6 24.3 - - 13.9
    (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 (%) 86.4 88.9 88.5 80.2 - - 86.0
year-on-year (points) 2.3 2.2 -0.2 -5.2 - - -0.2
ADR actual (JPY) 14,023 15,375 17,833 13,507 - - 15,242
year-on-year (%) 1.3 -3.9 6.9 3.0 - - 2.1
RevPAR actual (JPY) 12,121 13,672 15,791 10,826 - - 13,107
year-on-year (%) 4.2 -1.4 6.7 -3.2 - - 1.8
Gross Revenue actual (JPY mn) 212 203 268 183 - - 868
year-on-year (%) 6.9 -0.4 11.7 4.7 - - 6.0
    (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 (%) 95.7 96.8 78.0 73.3 - - 85.8
year-on-year (points) 10.4 7.4 4.9 9.6 - - 8.0
ADR actual (JPY) 11,103 20,214 10,924 8,259 - - 12,853
year-on-year (%) 25.0 21.3 28.0 5.9 - - 19.9
RevPAR actual (JPY) 10,622 19,570 8,517 6,056 - - 11,024
year-on-year (%) 40.3 31.3 36.6 21.8 - - 32.1
Gross Revenue actual (JPY mn) 82 136 67 47 - - 334
year-on-year (%) 38.1 27.0 37.4 23.6 - - 31.1
    (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 - - 93.6
year-on-year (points) 7.9 7.6 2.8 2.0 - - 5.1
ADR actual (JPY) 8,727 9,876 12,302 14,841 - - 11,464
year-on-year (%) 10.7 -1.0 -1.8 19.5 - - 6.3
RevPAR actual (JPY) 7,847 9,463 11,857 13,750 - - 10,736
year-on-year (%) 21.4 7.6 1.2 22.2 - - 12.3
Gross Revenue actual (JPY mn) 41 44 62 69 - - 218
year-on-year (%) 21.0 4.4 1.5 22.0 - - 11.5
    (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 - - 64.6
year-on-year (points) 5.0 -2.6 1.8 -1.1 - - 0.9
ADR actual (JPY) 8,095 8,367 7,859 11,135 - - 9,014
year-on-year (%) 14.8 13.7 -2.3 -1.6 - - 3.6
RevPAR actual (JPY) 4,328 5,075 5,182 8,728 - - 5,823
year-on-year (%) 26.5 9.0 0.4 -2.9 - - 5.0
Gross Revenue actual (JPY mn) 46 42 59 83 - - 231
year-on-year (%) 37.0 -2.0 8.3 -0.5 - - 7.3
    (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 - - 72.7
year-on-year (points) -0.9 -1.5 -8.9 0.1 - - -2.9
ADR actual (JPY) 9,529 12,061 9,528 29,043 - - 15,752
year-on-year (%) 11.6 10.3 1.6 2.9 - - 6.9
RevPAR actual (JPY) 6,063 9,068 6,558 24,275 - - 11,445
year-on-year (%) 10.0 8.2 -10.1 3.0 - - 2.8
Gross Revenue actual (JPY mn) 63 74 75 161 - - 373
year-on-year (%) -9.9 -9.0 -19.9 -3.1 - - -9.3
    (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 - - 89.8
year-on-year (points) 2.7 -1.5 -8.0 2.7 - - -1.0
ADR actual (JPY) 6,897 8,465 8,155 6,782 - - 7,555
year-on-year (%) 0.7 -1.8 5.9 -3.1 - - 0.1
RevPAR actual (JPY) 6,302 7,702 7,114 6,088 - - 6,785
year-on-year (%) 3.8 -3.3 -3.0 -0.1 - - -1.0
Gross Revenue actual (JPY mn) 30 33 34 29 - - 128
year-on-year (%) 6.1 -6.7 -3.2 -0.5 - - -1.5
    (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 - - 93.1
year-on-year (points) 1.8 -0.5 -4.0 3.8 - - 0.3
ADR actual (JPY) 12,290 14,129 15,699 19,034 - - 15,300
year-on-year (%) 19.2 12.5 -2.3 14.6 - - 10.1
RevPAR actual (JPY) 11,457 13,253 14,217 18,106 - - 14,251
year-on-year (%) 21.6 11.9 -6.4 19.4 - - 10.4
Gross Revenue actual (JPY mn) 39 41 48 60 - - 189
year-on-year (%) 20.9 8.2 -6.2 19.7 - - 9.6
    (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 - - 87.9
year-on-year (points) -5.6 -5.6 0.0 5.3 - - -1.4
ADR actual (JPY) 10,777 14,553 14,280 14,264 - - 13,495
year-on-year (%) 17.4 23.0 2.3 6.4 - - 11.4
RevPAR actual (JPY) 8,809 12,353 13,138 13,226 - - 11,859
year-on-year (%) 9.9 15.4 2.3 12.8 - - 9.6
Gross Revenue actual (JPY mn) 35 43 53 50 - - 182
year-on-year (%) 9.5 11.6 3.7 14.1 - - 9.4
    (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 - - 92.3
year-on-year (points) 7.4 2.2 2.5 2.0 - - 3.6
ADR actual (JPY) 18,896 20,387 23,545 30,657 - - 23,402
year-on-year (%) 44.5 26.2 1.6 35.4 - - 24.0
RevPAR actual (JPY) 17,280 18,855 21,776 28,407 - - 21,590
year-on-year (%) 57.3 29.2 4.4 38.4 - - 28.9
Gross Revenue actual (JPY mn) 188 185 235 295 - - 904
year-on-year (%) 53.6 24.2 4.5 36.4 - - 26.7
    (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 (%) 86.7 90.6 80.8 62.2 - - 80.0
year-on-year (points) 14.4 4.3 11.7 11.8 - - 10.6
ADR actual (JPY) 13,799 20,286 12,299 8,888 - - 14,168
year-on-year (%) 43.1 24.0 25.6 -3.4 - - 22.1
RevPAR actual (JPY) 11,957 18,388 9,939 5,530 - - 11,329
year-on-year (%) 71.6 30.2 47.0 19.0 - - 40.7
Gross Revenue actual (JPY mn) 215 267 181 108 - - 772
year-on-year (%) 53.9 22.8 37.0 12.7 - - 31.8
    (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 - - 91.7
year-on-year (points) 2.4 2.0 -0.6 2.1 - - 1.4
ADR actual (JPY) 12,377 14,250 16,478 18,814 - - 15,514
year-on-year (%) 35.2 28.8 14.3 26.7 - - 24.9
RevPAR actual (JPY) 11,064 13,181 15,156 17,531 - - 14,232
year-on-year (%) 38.9 31.7 13.5 29.6 - - 26.9
Gross Revenue actual (JPY mn) 53 56 72 79 - - 261
year-on-year (%) 36.8 26.2 11.5 26.1 - - 23.6
    (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 - - 89.1
year-on-year (points) 25.0 17.8 8.9 8.6 - - 15.1
ADR actual (JPY) 11,960 12,019 12,965 17,495 - - 13,717
year-on-year (%) 16.2 5.8 -0.2 34.0 - - 13.2
RevPAR actual (JPY) 9,552 10,719 12,024 16,599 - - 12,225
year-on-year (%) 69.2 32.2 10.5 47.4 - - 36.3
Gross Revenue actual (JPY mn) 33 33 41 54 - - 162
year-on-year (%) 66.5 27.4 10.4 46.6 - - 34.5
    (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 - - 86.1
year-on-year (points) 15.5 7.5 6.0 7.9 - - 9.2
ADR actual (JPY) 14,816 25,076 14,404 10,256 - - 16,475
year-on-year (%) 29.3 20.1 34.0 6.6 - - 21.8
RevPAR actual (JPY) 14,358 24,177 11,853 7,120 - - 14,192
year-on-year (%) 54.0 30.3 44.5 20.4 - - 36.4
Gross Revenue actual (JPY mn) 163 234 140 87 - - 626
year-on-year (%) 48.5 25.3 38.7 17.0 - - 32.2
    (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 - - 78.2
year-on-year (points) 3.5 0.2 4.4 9.7 - - 4.5
ADR actual (JPY) 14,342 13,755 16,055 15,491 - - 15,016
year-on-year (%) 1.2 -3.2 3.9 -3.7 - - -0.2
RevPAR actual (JPY) 9,313 10,244 13,535 13,788 - - 11,740
year-on-year (%) 6.9 -2.9 9.6 8.1 - - 5.9
Gross Revenue actual (JPY mn) 130 127 171 163 - - 593
year-on-year (%) 11.0 -8.6 17.6 15.3 - - 8.9
    (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 (%) 87.5 92.6 91.0 94.5 - - 91.3
year-on-year (points) 7.5 4.2 -0.1 0.7 - - 3.0
ADR actual (JPY) 27,564 24,807 29,136 37,846 - - 29,975
year-on-year (%) 19.3 7.9 1.7 10.0 - - 8.9
RevPAR actual (JPY) 24,130 22,962 26,505 35,751 - - 27,377
year-on-year (%) 30.4 13.0 1.5 10.8 - - 12.7
Gross Revenue actual (JPY mn) 138 121 151 197 - - 608
year-on-year (%) 25.1 6.1 -0.5 10.6 - - 9.5
    (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 (%) 95.4 95.2 85.1 61.5 - - 84.2
year-on-year (points) 21.8 9.7 22.0 7.0 - - 15.2
ADR actual (JPY) 17,303 22,166 14,187 12,443 - - 16,884
year-on-year (%) 10.1 7.7 6.6 -13.1 - - 3.4
RevPAR actual (JPY) 16,509 21,098 12,077 7,652 - - 14,221
year-on-year (%) 42.6 19.9 43.8 -2.0 - - 26.2
Gross Revenue actual (JPY mn) 95 105 76 47 - - 324
year-on-year (%) 37.3 13.0 32.3 -1.0 - - 20.9
    (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 (%) 52.3 66.6 84.1 80.6 - - 70.9
year-on-year (points) -31.3 -16.5 0.4 3.0 - - -11.1
ADR actual (JPY) 7,773 7,805 8,977 9,954 - - 8,769
year-on-year (%) -12.3 -28.0 -22.2 -19.5 - - -19.3
RevPAR actual (JPY) 4,062 5,198 7,550 8,026 - - 6,219
year-on-year (%) -45.1 -42.3 -21.8 -16.4 - - -30.2
Gross Revenue actual (JPY mn) 31 28 50 52 - - 162
year-on-year (%) -36.9 -48.6 -22.0 -16.8 - - -30.2
    (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 - - 61.4
year-on-year (points) 1.3 5.4 -14.2 -14.8 - - -5.7
ADR actual (JPY) 7,211 7,484 8,148 8,656 - - 7,907
year-on-year (%) 10.7 4.0 5.1 -4.4 - - 1.8
RevPAR actual (JPY) 3,854 4,796 5,317 5,478 - - 4,858
year-on-year (%) 13.5 13.6 -13.7 -22.5 - - -6.8
Gross Revenue actual (JPY mn) 76 79 104 92 - - 353
year-on-year (%) 13.5 7.6 -4.6 -17.6 - - -2.8
    (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 - - 91.3
year-on-year (points) 7.2 1.7 1.8 0.6 - - 2.9
ADR actual (JPY) 8,263 8,858 9,259 11,661 - - 9,525
year-on-year (%) 0.9 -2.4 1.5 11.0 - - 3.0
RevPAR actual (JPY) 7,410 8,035 8,501 10,847 - - 8,697
year-on-year (%) 9.7 -0.5 3.6 11.8 - - 6.4
Gross Revenue actual (JPY mn) 42 41 47 58 - - 189
year-on-year (%) 8.4 -3.4 3.6 11.2 - - 5.2
    (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 - - 82.1
year-on-year (points) 24.2 6.4 15.7 -1.7 - - 11.2
ADR actual (JPY) 17,771 23,652 15,168 13,289 - - 17,883
year-on-year (%) 14.6 13.3 13.2 -5.8 - - 9.7
RevPAR actual (JPY) 16,934 22,238 12,322 7,734 - - 14,680
year-on-year (%) 53.7 21.6 40.3 -8.4 - - 27.1
Gross Revenue actual (JPY mn) 67 76 52 34 - - 231
year-on-year (%) 48.7 17.0 28.8 -7.2 - - 22.4
    (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 (%) 79.3 93.7 89.1 89.6 - - 87.8
year-on-year (points) 3.1 6.1 7.2 11.2 - - 6.8
ADR actual (JPY) 6,266 7,475 6,863 5,742 - - 6,590
year-on-year (%) 6.6 -2.2 -1.9 -9.1 - - -2.1
RevPAR actual (JPY) 4,971 7,003 6,113 5,146 - - 5,784
year-on-year (%) 11.0 4.6 6.8 3.9 - - 6.2
Gross Revenue actual (JPY mn) 46 51 52 44 - - 195
year-on-year (%) 14.9 0.2 1.4 3.9 - - 4.6
    (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 - - 75.1
year-on-year (points) 6.5 5.2 -0.4 1.6 - - 3.1
ADR actual (JPY) 10,996 15,073 8,779 7,599 - - 10,958
year-on-year (%) 30.7 19.0 20.6 -3.0 - - 19.2
RevPAR actual (JPY) 9,711 13,253 6,199 4,120 - - 8,232
year-on-year (%) 41.1 26.4 20.0 0.0 - - 24.3
Gross Revenue actual (JPY mn) 211 201 160 132 - - 706
year-on-year (%) 20.6 9.2 6.9 -0.4 - - 9.8
    (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 (%) 75.8 81.3 88.4 83.8 - - 82.4
year-on-year (points) 11.2 6.7 11.5 12.6 - - 10.5
ADR actual (JPY) 9,322 10,633 9,740 9,510 - - 9,788
year-on-year (%) 21.2 12.0 9.2 8.5 - - 12.0
RevPAR actual (JPY) 7,065 8,648 8,611 7,974 - - 8,061
year-on-year (%) 42.2 22.1 25.5 27.6 - - 28.4
Gross Revenue actual (JPY mn) 64 69 77 70 - - 282
year-on-year (%) 17.9 5.5 15.8 18.3 - - 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 (%) 93.7 97.0 82.0 49.6 - - 80.4
year-on-year (points) 26.0 8.6 15.3 11.0 - - 15.2
ADR actual (JPY) 9,560 16,462 9,284 7,404 - - 11,097
year-on-year (%) 40.2 32.0 37.7 16.9 - - 29.6
RevPAR actual (JPY) 8,961 15,964 7,611 3,674 - - 8,924
year-on-year (%) 93.9 44.8 69.3 50.3 - - 59.8
Gross Revenue actual (JPY mn) 32 49 27 13 - - 122
year-on-year (%) 87.3 38.6 67.8 53.3 - - 57.1
    (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 (%) 95.1 92.4 77.9 63.1 - - 82.0
year-on-year (points) 38.2 14.0 28.6 30.9 - - 28.0
ADR actual (JPY) 10,255 17,710 9,897 7,734 - - 11,641
year-on-year (%) 10.0 6.4 14.5 -10.9 - - 0.2
RevPAR actual (JPY) 9,754 16,357 7,711 4,880 - - 9,548
year-on-year (%) 83.7 25.5 81.0 74.5 - - 52.3
Gross Revenue actual (JPY mn) 25 40 21 13 - - 101
year-on-year (%) 73.6 23.8 81.6 77.9 - - 50.9
    (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 (%) 91.1 94.9 69.0 48.8 - - 75.7
year-on-year (points) 37.2 25.0 37.6 24.0 - - 31.0
ADR actual (JPY) 7,899 14,467 8,579 6,110 - - 9,692
year-on-year (%) 40.6 22.1 37.4 0.0 - - 19.2
RevPAR actual (JPY) 7,195 13,725 5,915 2,981 - - 7,335
year-on-year (%) 137.6 65.9 202.0 97.2 - - 101.7
Gross Revenue actual (JPY mn) 17 30 14 7 - - 71
year-on-year (%) 129.2 59.3 189.5 97.8 - - 96.9
    (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 (%) 88.2 95.9 94.8 96.8 - - 93.8
year-on-year (points) 5.9 3.8 -1.4 0.3 - - 2.1
ADR actual (JPY) 6,907 7,546 8,465 8,163 - - 7,790
year-on-year (%) 12.5 5.8 9.4 5.6 - - 7.9
RevPAR actual (JPY) 6,089 7,234 8,028 7,898 - - 7,309
year-on-year (%) 20.5 10.2 7.8 6.0 - - 10.4
Gross Revenue actual (JPY mn) 13 14 17 17 - - 62
year-on-year (%) 19.2 5.5 6.8 7.4 - - 9.1
    (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 (%) 68.8 71.1 72.3 77.8 - - 72.5
year-on-year (points) 13.5 3.3 0.0 3.0 - - 5.0
ADR actual (JPY) 5,309 6,469 7,270 8,172 - - 6,848
year-on-year (%) 23.4 34.3 42.4 48.8 - - 37.7
RevPAR actual (JPY) 3,650 4,598 5,255 6,358 - - 4,963
year-on-year (%) 53.6 40.8 42.3 54.7 - - 47.8
Gross Revenue actual (JPY mn) 18 20 26 30 - - 96
year-on-year (%) 51.8 36.0 41.9 54.4 - - 46.1
    (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 (%) 94.0 96.8 96.1 96.6 - - 95.9
year-on-year (points) 3.5 0.9 3.3 7.2 - - 3.8
ADR actual (JPY) 5,710 7,014 6,367 5,363 - - 6,100
year-on-year (%) 5.9 1.3 -1.8 -10.4 - - -1.6
RevPAR actual (JPY) 5,370 6,787 6,119 5,182 - - 5,847
year-on-year (%) 10.0 2.3 1.7 -3.1 - - 2.4
Gross Revenue actual (JPY mn) 13 14 14 12 - - 55
year-on-year (%) 13.2 0.0 1.3 -3.7 - - 2.4
    (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 (%) 81.5 94.1 76.4 69.2 - - 80.1
year-on-year (points) 7.1 3.8 5.1 13.0 - - 7.1
ADR actual (JPY) 9,220 9,694 8,751 8,255 - - 9,026
year-on-year (%) 4.6 10.3 2.7 1.0 - - 4.8
RevPAR actual (JPY) 7,512 9,126 6,687 5,716 - - 7,226
year-on-year (%) 14.6 14.9 10.0 24.4 - - 15.1
Gross Revenue actual (JPY mn) 17 19 15 12 - - 65
year-on-year (%) 13.7 8.9 12.1 23.5 - - 13.6
    (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 (%) 70.7 73.4 73.4 80.1 - - 74.4
year-on-year (points) 5.1 2.7 2.2 4.8 - - 3.7
ADR actual (JPY) 9,760 9,561 9,633 9,885 - - 9,715
year-on-year (%) 4.9 2.3 2.8 3.4 - - 3.3
RevPAR actual (JPY) 6,902 7,018 7,067 7,916 - - 7,225
year-on-year (%) 13.0 6.2 6.0 10.0 - - 8.8
Gross Revenue actual (JPY mn) 218 191 215 242 - - 867
year-on-year (%) 8.4 2.2 2.3 8.3 - - 5.4
    (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 - - 81.8
year-on-year (points) -3.6 2.7 -3.6 0.2 - - -1.2
ADR actual (JPY) 7,917 8,558 8,077 10,701 - - 8,835
year-on-year (%) 11.0 8.6 10.8 9.3 - - 10.1
RevPAR actual (JPY) 6,167 7,015 6,631 9,144 - - 7,229
year-on-year (%) 6.1 12.2 6.1 9.6 - - 8.6
Gross Revenue actual (JPY mn) 92 88 101 130 - - 413
year-on-year (%) 5.4 0.0 -2.3 22.0 - - 6.6
    (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 - - 73.6
year-on-year (points) 8.3 7.2 10.7 13.1 - - 9.9
ADR actual (JPY) 27,366 22,120 33,143 34,253 - - 30,175
year-on-year (%) -8.0 -4.5 -2.8 -2.8 - - -3.7
RevPAR actual (JPY) 14,184 14,315 28,686 31,223 - - 22,221
year-on-year (%) 9.4 7.4 10.9 13.5 - - 11.3
Gross Revenue actual (JPY mn) 290 274 564 596 - - 1,726
year-on-year (%) 12.0 5.6 12.1 13.5 - - 11.5
    (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 (%) 70.3 86.9 83.3 86.3 - - 81.5
year-on-year (points) 5.2 9.9 1.5 5.0 - - 5.3
ADR actual (JPY) 26,390 19,215 24,794 20,564 - - 22,643
year-on-year (%) 9.7 -5.9 8.2 -5.2 - - 1.8
RevPAR actual (JPY) 18,553 16,698 20,645 17,745 - - 18,458
year-on-year (%) 18.5 6.1 10.2 0.7 - - 8.9
Gross Revenue actual (JPY mn) 178 165 203 181 - - 729
year-on-year (%) 14.5 7.0 5.4 4.9 - - 7.7
    (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 - - 87.6
year-on-year (points) -5.5 -4.6 -1.8 0.7 - - -2.8
ADR actual (JPY) 6,715 7,696 8,934 8,065 - - 7,900
year-on-year (%) 12.1 12.6 17.9 6.5 - - 12.6
RevPAR actual (JPY) 5,339 6,663 8,256 7,429 - - 6,924
year-on-year (%) 4.9 6.8 15.5 7.4 - - 9.1
Gross Revenue actual (JPY mn) 29 31 44 38 - - 143
year-on-year (%) 6.0 3.6 13.7 6.2 - - 7.7
    (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 - - 78.8
year-on-year (points) 4.7 0.8 2.3 4.4 - - 3.1
ADR actual (JPY) 7,760 8,807 6,947 17,219 - - 10,224
year-on-year (%) 6.6 7.8 1.6 7.9 - - 7.0
RevPAR actual (JPY) 6,047 7,079 5,313 13,875 - - 8,056
year-on-year (%) 13.5 8.9 4.8 14.2 - - 11.3
Gross Revenue actual (JPY mn) 28 30 25 59 - - 144
year-on-year (%) 9.3 7.5 0.5 12.8 - - 8.6
    (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 - - 91.4
year-on-year (points) 0.9 0.2 -0.1 2.0 - - 0.8
ADR actual (JPY) 8,108 11,738 10,653 10,854 - - 10,344
year-on-year (%) 15.6 39.7 8.4 11.2 - - 17.7
RevPAR actual (JPY) 6,954 10,843 9,981 10,205 - - 9,456
year-on-year (%) 16.9 40.1 8.3 13.6 - - 18.7
Gross Revenue actual (JPY mn) 31 41 42 43 - - 158
year-on-year (%) 15.4 30.4 7.4 12.8 - - 15.8
    (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 - - 73.2
year-on-year (points) 7.6 12.4 21.8 0.9 - - 10.6
ADR actual (JPY) 12,486 10,052 11,055 14,980 - - 12,097
year-on-year (%) -9.4 -15.5 -12.0 3.5 - - -8.6
RevPAR actual (JPY) 9,219 8,154 7,641 10,374 - - 8,851
year-on-year (%) 1.0 -0.3 28.5 4.8 - - 7.0
Gross Revenue actual (JPY mn) 54 46 47 51 - - 199
year-on-year (%) 13.2 14.3 38.1 7.1 - - 16.8
    (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 (%) 79.7 77.3 83.7 97.8 - - 84.7
year-on-year (points) 6.3 -4.3 0.0 21.4 - - 5.9
ADR actual (JPY) 15,858 16,489 18,818 21,745 - - 18,447
year-on-year (%) 13.3 2.2 -1.3 17.2 - - 8.5
RevPAR actual (JPY) 12,646 12,738 15,743 21,259 - - 15,621
year-on-year (%) 23.0 -3.2 -1.3 50.1 - - 16.7
Gross Revenue actual (JPY mn) 516 484 538 573 - - 2,113
year-on-year (%) 9.4 -4.4 -1.1 24.3 - - 6.5
    (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 (%) 75.8 73.1 82.7 80.7 - - 78.2
year-on-year (points) 23.2 11.8 11.5 -1.0 - - 11.5
ADR actual (JPY) 13,066 13,030 11,909 16,551 - - 13,642
year-on-year (%) 5.4 4.9 3.7 -0.6 - - 1.5
RevPAR actual (JPY) 9,904 9,523 9,845 13,360 - - 10,664
year-on-year (%) 51.7 25.2 20.6 -1.8 - - 19.0
Gross Revenue actual (JPY mn) 255 230 258 304 - - 1,050
year-on-year (%) 40.0 22.3 19.5 4.6 - - 19.4
    (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 - - 94.6
year-on-year (points) 1.3 0.6 0.1 0.9 - - 0.7
ADR actual (JPY) 19,580 20,612 22,692 27,067 - - 22,529
year-on-year (%) 29.6 15.7 6.8 30.1 - - 20.0
RevPAR actual (JPY) 18,204 19,420 21,567 25,997 - - 21,304
year-on-year (%) 31.5 16.5 6.9 31.3 - - 20.9
Gross Revenue actual (JPY mn) 190 141 158 181 - - 671
year-on-year (%) 21.2 12.4 7.0 25.9 - - 16.8
    (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 - - 85.7
year-on-year (points) 14.7 11.6 -3.6 2.7 - - 6.2
ADR actual (JPY) 8,873 11,406 11,035 9,803 - - 10,258
year-on-year (%) 5.1 10.8 16.9 11.1 - - 11.0
RevPAR actual (JPY) 7,706 10,161 9,202 8,198 - - 8,788
year-on-year (%) 26.5 27.4 12.1 14.8 - - 19.7
Gross Revenue actual (JPY mn) 53 61 62 54 - - 232
year-on-year (%) 32.4 33.7 21.2 18.8 - - 26.2
    (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 - - 67.1
year-on-year (points) -7.4 2.6 -3.8 5.9 - - -0.9
ADR actual (JPY) 7,751 8,425 7,247 16,876 - - 10,282
year-on-year (%) 4.8 9.5 2.6 11.3 - - 10.7
RevPAR actual (JPY) 4,270 6,304 4,808 12,336 - - 6,900
year-on-year (%) -7.7 13.4 -3.0 21.1 - - 9.3
Gross Revenue actual (JPY mn) 44 55 53 100 - - 254
year-on-year (%) -7.0 8.4 -8.4 17.9 - - 4.6
    (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 (%) 76.3 92.4 95.0 91.2 - - 88.6
year-on-year (points) -6.5 2.2 0.8 5.8 - - 0.5
ADR actual (JPY) 39,109 32,014 32,464 29,541 - - 33,081
year-on-year (%) 14.2 -2.6 -6.8 -4.0 - - -0.5
RevPAR actual (JPY) 29,842 29,582 30,845 26,927 - - 29,312
year-on-year (%) 5.3 -0.2 -6.0 2.6 - - 0.1
Gross Revenue actual (JPY mn) 94 89 103 89 - - 377
year-on-year (%) 8.3 4.3 3.2 11.9 - - 6.7
    (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 (%) 86.6 88.4 87.4 83.6 - - 86.5
year-on-year (points) 5.6 3.5 1.3 -0.8 - - 2.4
ADR actual (JPY) 7,445 9,063 8,819 7,243 - - 8,141
year-on-year (%) 2.3 -6.2 -0.4 -5.1 - - -2.6
RevPAR actual (JPY) 6,450 8,012 7,710 6,053 - - 7,041
year-on-year (%) 9.3 -2.3 1.2 -6.0 - - 0.2
Gross Revenue actual (JPY mn) 74 75 82 63 - - 296
year-on-year (%) 6.3 -8.7 -5.0 -10.8 - - -4.7
    (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 (%) 91.8 93.1 93.4 93.4 - - 92.9
year-on-year (points) 4.8 1.7 3.6 7.3 - - 4.4
ADR actual (JPY) 10,506 13,429 12,771 10,463 - - 11,767
year-on-year (%) 1.7 14.4 8.4 9.8 - - 8.3
RevPAR actual (JPY) 9,646 12,500 11,929 9,773 - - 10,934
year-on-year (%) 7.4 16.5 12.8 19.2 - - 13.7
Gross Revenue actual (JPY mn) 93 111 133 117 - - 455
year-on-year (%) 6.7 4.9 7.6 14.3 - - 8.4
    (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 - - 84.0
year-on-year (points) 5.0 4.6 2.5 3.9 - - 4.0
ADR actual (JPY) 10,665 18,027 11,150 8,757 - - 12,097
year-on-year (%) 10.5 4.4 -1.2 -10.7 - - 1.1
RevPAR actual (JPY) 9,251 15,528 9,291 6,995 - - 10,162
year-on-year (%) 17.2 10.3 1.9 -6.1 - - 6.1
Gross Revenue actual (JPY mn) 69 83 65 48 - - 266
year-on-year (%) 17.6 6.6 -0.9 -6.1 - - 4.6
    (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 (%) 76.3 82.2 85.0 74.8 - - 79.6
year-on-year (points) 16.9 4.4 7.8 4.2 - - 8.4
ADR actual (JPY) 8,993 9,744 9,872 8,277 - - 9,249
year-on-year (%) 8.6 -3.2 1.6 -7.0 - - -0.6
RevPAR actual (JPY) 6,865 8,009 8,396 6,188 - - 7,358
year-on-year (%) 39.6 2.2 11.8 -1.5 - - 11.2
Gross Revenue actual (JPY mn) 72 74 89 67 - - 304
year-on-year (%) 27.0 -1.9 7.2 2.3 - - 7.6
    (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 (%) 78.6 82.8 94.6 92.6 - - 87.2
year-on-year (points) 21.9 3.9 7.0 4.2 - - 9.4
ADR actual (JPY) 18,056 15,137 20,573 19,586 - - 18,521
year-on-year (%) 0.8 -3.9 0.9 -2.9 - - -1.1
RevPAR actual (JPY) 14,197 12,535 19,467 18,144 - - 16,157
year-on-year (%) 39.7 0.8 9.0 1.7 - - 10.8
Gross Revenue actual (JPY mn) 50 43 71 63 - - 227
year-on-year (%) 23.9 -4.0 9.0 4.8 - - 7.9
    (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 (%) 80.5 89.3 87.6 85.2 - - 85.6
year-on-year (points) 11.6 15.1 -2.1 1.4 - - 6.4
ADR actual (JPY) 19,136 15,534 20,418 20,399 - - 18,912
year-on-year (%) 11.7 -1.3 15.7 28.9 - - 13.8
RevPAR actual (JPY) 15,403 13,870 17,894 17,371 - - 16,181
year-on-year (%) 30.5 18.8 13.0 31.1 - - 22.9
Gross Revenue actual (JPY mn) 51 45 58 52 - - 208
year-on-year (%) 29.0 24.3 14.7 21.0 - - 21.7
    (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 (%) 84.1 87.4 90.5 79.3 - - 85.3
year-on-year (points) 3.6 5.9 0.6 -2.9 - - 1.7
ADR actual (USD) 766 809 821 759 - - 789
year-on-year (%) 4.6 12.1 4.7 9.0 - - 7.4
RevPAR actual (USD) 644 707 743 601 - - 673
year-on-year (%) 9.3 20.2 5.4 5.2 - - 9.6
Gross Revenue actual (USD'000) 11,756 10,963 13,267 10,607 - - 46,594
year-on-year (%) 3.9 6.3 -3.6 -3.2 - - 0.5
    (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 - - 21.0
year-on-year (points) -43.8 -43.2 -87.1 -74.5 - - -62.6
ADR actual (USD) 377 355 345 0 - - 368
year-on-year (%) 12.8 13.1 1.5 -100.0 - - 15.2
RevPAR actual (USD) 143 162 7 3 - - 77
year-on-year (%) -47.6 -42.0 -97.6 -98.6 - - -71.1
Gross Revenue actual (USD'000) 886 904 57 11 - - 1,859
year-on-year (%) -41.0 -37.9 -96.7 -99.0 - - -68.4
    (Note 1) This property was acquired on Septemer 28, 2018.
    (Note 2) Renovation Period: August 2024 - October 2025 (scheduled).

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