Hotel Performance

Data Download

Domestic Hotels Total
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
# of Properties (Note2) actual - 103 (111) 103 (111) 103 (111) 103 (111) 103 (111) - 103 (111)
Occupancy Rate actual (%) 80.5 86.6 87.4 85.2 84.9 - 84.9
ADR actual (JPY) 12,073 13,473 14,529 14,620 15,165 - 14,000
RevPAR actual (JPY) 9,715 11,669 12,699 12,452 12,871 - 11,881
Gross Revenue actual (JPY mn) 8,176 8,414 10,131 9,456 10,172 - 46,351
Overseas Hotels Total
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
# of Properties (Note2) actual - 2 2 2 2 2 - 2
Occupancy Rate actual (%) 71.5 81.8 87.4 71.6 58.4 - 74.0
ADR actual (USD) 720 738 790 718 490 - 703
RevPAR actual (USD) 515 604 691 514 286 - 520
Gross Revenue actual (USD'000) 11,941 13,190 16,200 12,363 8,592 - 62,288
  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.

Individual Hotels

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2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 90.7 91.7 92.8 91.5 91.7 - 91.7
year-on-year (points) 0.4 -1.0 1.2 -1.9 -0.2 - -0.3
ADR actual (JPY) 11,157 12,937 15,310 17,243 14,740 - 14,293
year-on-year (%) -5.1 -0.5 7.2 0.0 0.5 - 0.6
RevPAR actual (JPY) 10,115 11,863 14,209 15,784 13,513 - 13,103
year-on-year (%) -4.7 -1.7 8.6 -2.0 0.4 - 0.3
Gross Revenue actual (JPY mn) 40 42 55 60 53 - 251
year-on-year (%) -4.0 -1.6 8.3 -1.8 0.6 - 0.4
    (Note 1) This property was acquired on May 23, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 92.0 93.8 94.1 79.5 69.1 - 85.6
year-on-year (points) 6.6 5.2 5.6 -14.0 -23.8 - -4.2
ADR actual (JPY) 8,736 9,955 12,633 15,426 11,495 - 11,556
year-on-year (%) -2.0 -3.0 -1.5 10.3 -2.6 - -0.5
RevPAR actual (JPY) 8,040 9,337 11,884 12,270 7,940 - 9,890
year-on-year (%) 5.6 2.7 4.8 -6.2 -27.6 - -5.2
Gross Revenue actual (JPY mn) 41 44 60 60 40 - 247
year-on-year (%) 5.4 7.3 4.4 -5.1 -27.2 - -4.1
    (Note 1) This property was acquired on May 23, 2014.
    (Note 2) Renovation Period: April 13, 2026 - September 30, 2026 (scheduled).
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 54.5 71.0 79.8 79.5 89.9 - 75.0
year-on-year (points) -8.2 -8.4 -5.7 -10.3 0.8 - -6.3
ADR actual (JPY) 9,251 9,423 16,732 20,178 14,259 - 14,450
year-on-year (%) -5.3 11.7 6.6 0.6 -3.2 - 1.9
RevPAR actual (JPY) 5,040 6,692 13,354 16,037 12,824 - 10,836
year-on-year (%) -17.7 -0.1 -0.5 -11.0 -2.3 - -6.0
Gross Revenue actual (JPY mn) 40 48 101 118 99 - 409
year-on-year (%) -14.6 1.4 0.5 -8.0 0.9 - -3.6
    (Note 1) This property was acquired on July 17, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 95.3 93.7 94.6 96.4 76.2 - 91.1
year-on-year (points) 2.5 -0.9 1.1 -0.2 -19.4 - -3.5
ADR actual (JPY) 12,882 15,218 17,537 14,191 16,514 - 15,217
year-on-year (%) -1.1 -6.3 -3.5 -9.1 17.9 - -1.2
RevPAR actual (JPY) 12,279 14,264 16,583 13,674 12,578 - 13,869
year-on-year (%) 1.5 -7.3 -2.4 -9.2 -6.1 - -4.8
Gross Revenue actual (JPY mn) 81 80 102 92 76 - 433
year-on-year (%) 2.9 -6.0 -1.6 -7.8 -12.6 - -5.1
    (Note 1) This property was acquired on July 17, 2014.
    (Note 2) Renovation Period: May 7, 2026 - December 18, 2026 (scheduled)
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 98.0 97.5 98.0 97.6 98.3 - 97.9
year-on-year (points) 1.1 0.7 1.9 0.8 4.9 - 1.9
ADR actual (JPY) 23,834 25,960 29,588 27,242 26,700 - 26,675
year-on-year (%) -7.6 -5.0 -7.4 -7.6 3.2 - -5.1
RevPAR actual (JPY) 23,347 25,300 28,984 26,577 26,250 - 26,104
year-on-year (%) -6.5 -4.3 -5.6 -6.8 8.6 - -3.2
Gross Revenue actual (JPY mn) 70 68 86 77 78 - 381
year-on-year (%) -5.9 -3.4 -5.5 -6.0 8.2 - -2.7
    (Note 1) This property was acquired on July 17, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 79.7 83.4 89.0 90.8 90.1 - 86.6
year-on-year (points) -5.6 -10.0 -2.7 -3.5 -5.5 - -5.4
ADR actual (JPY) 12,368 13,099 14,026 14,933 14,608 - 13,860
year-on-year (%) -6.3 -5.8 -7.2 -21.9 -25.3 - -14.9
RevPAR actual (JPY) 9,858 10,929 12,480 13,560 13,157 - 12,008
year-on-year (%) -12.5 -15.9 -9.9 -24.9 -29.6 - -19.9
Gross Revenue actual (JPY mn) 52 51 63 69 70 - 307
year-on-year (%) -11.4 -15.4 -10.4 -19.1 -23.2 - -16.6
    (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.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 68.5 69.0 68.1 66.6 65.1 - 67.4
year-on-year (points) -16.7 -18.9 -23.3 -25.6 -24.3 - -21.8
ADR actual (JPY) 8,117 8,778 10,907 9,811 10,237 - 9,571
year-on-year (%) 11.0 5.3 31.6 -3.1 14.4 - 11.1
RevPAR actual (JPY) 5,558 6,061 7,433 6,531 6,665 - 6,455
year-on-year (%) -10.8 -17.3 -1.9 -30.0 -16.7 - -16.1
Gross Revenue actual (JPY mn) 51 50 68 59 61 - 292
year-on-year (%) -9.4 -16.5 -3.3 -29.0 -15.9 - -15.5
    (Note 1) This property was acquired on July 17, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 67.8 70.7 79.2 82.1 53.5 - 70.6
year-on-year (points) -13.6 -18.0 -11.5 -15.0 -39.8 - -19.6
ADR actual (JPY) 6,937 7,019 7,780 8,619 8,713 - 7,811
year-on-year (%) -12.0 -13.3 -9.4 -17.5 -26.0 - -17.3
RevPAR actual (JPY) 4,705 4,962 6,165 7,074 4,660 - 5,514
year-on-year (%) -26.7 -30.9 -20.9 -30.2 -57.6 - -35.3
Gross Revenue actual (JPY mn) 29 28 38 42 28 - 168
year-on-year (%) -26.2 -30.0 -20.8 -28.2 -57.5 - -34.5
    (Note 1) This property was acquired on July 17, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 83.5 87.4 93.6 87.6 87.4 - 87.9
year-on-year (points) -3.3 -6.3 -2.5 -5.3 -1.4 - -3.7
ADR actual (JPY) 9,290 10,501 12,314 15,192 12,840 - 12,067
year-on-year (%) 9.7 7.4 6.1 12.2 4.9 - 8.1
RevPAR actual (JPY) 7,758 9,172 11,530 13,310 11,221 - 10,609
year-on-year (%) 5.5 0.2 3.4 5.8 3.3 - 3.7
Gross Revenue actual (JPY mn) 49 53 74 81 72 - 331
year-on-year (%) 2.9 -0.4 3.1 4.7 3.2 - 2.9
    (Note 1) This property was acquired on July 17, 2014.
    (Note 2) The number of rooms in this property increased by four on July 20, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 90.4 92.7 93.1 95.1 91.3 - 92.5
year-on-year (points) 32.3 35.1 2.0 0.4 -3.8 - 12.8
ADR actual (JPY) 12,562 13,022 16,140 17,460 15,838 - 15,051
year-on-year (%) 27.0 11.0 12.0 -2.2 12.1 - 6.6
RevPAR actual (JPY) 11,359 12,067 15,026 16,597 14,459 - 13,920
year-on-year (%) 97.6 78.7 14.5 -1.8 7.6 - 23.8
Gross Revenue actual (JPY mn) 33 31 44 46 42 - 198
year-on-year (%) 100.5 76.5 16.6 -3.7 6.5 - 23.5
    (Note 1) This property was acquired on July 17, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 87.9 92.5 92.5 91.3 90.9 - 91.0
year-on-year (points) -2.6 2.4 26.5 23.7 20.1 - 14.2
ADR actual (JPY) 12,901 15,608 15,479 16,325 16,049 - 15,277
year-on-year (%) 29.6 7.0 21.7 35.0 16.6 - 21.8
RevPAR actual (JPY) 11,344 14,440 14,325 14,908 14,580 - 13,903
year-on-year (%) 25.9 9.8 70.6 82.3 49.8 - 44.3
Gross Revenue actual (JPY mn) 65 74 82 82 84 - 390
year-on-year (%) 22.4 9.4 67.6 80.6 48.0 - 42.3
    (Note 1) This property was acquired on July 17, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 87.2 84.5 88.8 91.5 93.6 - 89.2
year-on-year (points) -0.3 -9.1 -6.6 -3.8 -1.9 - -4.3
ADR actual (JPY) 17,226 19,466 23,419 26,197 21,649 - 21,666
year-on-year (%) -11.0 -6.5 1.6 -11.7 6.3 - -4.6
RevPAR actual (JPY) 15,027 16,450 20,797 23,962 20,273 - 19,328
year-on-year (%) -11.3 -15.6 -5.5 -15.3 4.2 - -8.9
Gross Revenue actual (JPY mn) 32 32 44 50 44 - 204
year-on-year (%) -10.9 -14.9 -5.6 -14.8 4.6 - -8.6
    (Note 1) This property was acquired on July 17, 2014.
    (Note 2) The number of rooms in this property increased by nine on September 24, 2024.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 95.4 95.3 93.2 95.6 95.4 - 95.0
year-on-year (points) 2.4 2.2 0.4 1.3 5.2 - 2.3
ADR actual (JPY) 9,824 11,199 14,392 15,266 12,589 - 12,659
year-on-year (%) 5.8 -1.9 11.6 19.0 0.9 - 7.5
RevPAR actual (JPY) 9,376 10,672 13,418 14,602 12,013 - 12,026
year-on-year (%) 8.5 0.4 12.0 20.5 6.7 - 10.1
Gross Revenue actual (JPY mn) 21 21 30 31 26 - 131
year-on-year (%) 8.6 0.4 11.4 20.7 6.6 - 10.0
    (Note 1) This property was acquired on July 17, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 89.6 95.8 95.8 95.8 95.5 - 94.5
year-on-year (points) 3.9 3.8 5.7 1.7 1.7 - 3.4
ADR actual (JPY) 10,209 11,774 13,362 15,909 13,142 - 12,917
year-on-year (%) 1.6 3.4 3.8 5.8 9.7 - 5.0
RevPAR actual (JPY) 9,144 11,277 12,798 15,243 12,556 - 12,202
year-on-year (%) 6.2 7.6 10.4 7.7 11.7 - 8.8
Gross Revenue actual (JPY mn) 15 17 22 25 21 - 102
year-on-year (%) 6.4 7.6 11.7 7.7 11.5 - 9.1
    (Note 1) This property was acquired on July 17, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 54.1 69.2 71.6 74.0 67.6 - 67.2
year-on-year (points) -26.6 -14.0 0.0 -3.3 -5.6 - -9.9
ADR actual (JPY) 6,333 7,430 8,223 9,326 8,114 - 7,978
year-on-year (%) 9.9 23.1 9.7 14.4 13.9 - 15.8
RevPAR actual (JPY) 3,425 5,144 5,889 6,897 5,485 - 5,362
year-on-year (%) -26.4 2.5 9.7 9.5 5.2 - 1.0
Gross Revenue actual (JPY mn) 13 18 23 27 22 - 106
year-on-year (%) -26.1 2.3 8.9 10.0 5.3 - 1.0
    (Note 1) This property was acquired on July 17, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 74.6 74.6 74.7 87.7 83.3 - 79.0
year-on-year (points) -6.6 -8.6 -8.7 -1.2 -1.4 - -5.3
ADR actual (JPY) 5,774 6,037 6,429 6,757 6,779 - 6,381
year-on-year (%) 4.7 4.8 7.3 5.0 8.7 - 6.4
RevPAR actual (JPY) 4,309 4,503 4,802 5,923 5,644 - 5,041
year-on-year (%) -3.8 -6.1 -4.0 3.6 6.8 - -0.3
Gross Revenue actual (JPY mn) 14 13 15 18 18 - 81
year-on-year (%) -3.6 -5.2 -3.6 3.6 8.9 - 0.4
    (Note 1) This property was acquired on July 17, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 72.5 74.5 78.5 88.7 79.4 - 78.7
year-on-year (points) -0.6 -5.0 -10.6 -5.5 -8.8 - -6.1
ADR actual (JPY) 9,195 9,966 10,850 10,721 10,513 - 10,283
year-on-year (%) -13.8 -8.0 -5.8 -19.4 -28.8 - -16.6
RevPAR actual (JPY) 6,663 7,429 8,515 9,509 8,352 - 8,097
year-on-year (%) -14.5 -13.8 -17.0 -24.1 -35.8 - -22.6
Gross Revenue actual (JPY mn) 23 23 29 32 29 - 138
year-on-year (%) -14.4 -13.5 -17.2 -23.7 -35.6 - -22.4
    (Note 1) This property was acquired on July 17, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 85.0 90.7 91.8 88.8 92.1 - 89.7
year-on-year (points) 10.6 15.9 6.3 4.0 6.8 - 8.6
ADR actual (JPY) 14,974 15,308 19,212 22,162 18,476 - 18,080
year-on-year (%) -11.1 -11.6 7.8 3.8 4.6 - -0.9
RevPAR actual (JPY) 12,729 13,888 17,636 19,686 17,023 - 16,215
year-on-year (%) 1.6 7.1 15.8 8.7 13.0 - 9.6
Gross Revenue actual (JPY mn) 23 23 32 34 31 - 145
year-on-year (%) 1.4 6.6 15.2 8.7 13.6 - 9.5
    (Note 1) This property was acquired on July 17, 2014.
    (Note 2) The name of this property was changed from "Flexstay Inn Kiyosumi Shirakawa" and the number of rooms in this property increased by two on September 9, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 70.6 85.6 83.0 97.2 88.3 - 84.9
year-on-year (points) -2.0 5.5 4.6 14.8 4.5 - 5.4
ADR actual (JPY) 6,951 7,356 8,610 8,117 7,766 - 7,800
year-on-year (%) 6.3 -1.3 9.4 -11.7 11.8 - 2.4
RevPAR actual (JPY) 4,904 6,299 7,150 7,888 6,860 - 6,618
year-on-year (%) 3.4 5.5 15.8 4.2 17.7 - 9.4
Gross Revenue actual (JPY mn) 5 6 8 9 8 - 39
year-on-year (%) 2.8 5.9 14.9 3.7 16.1 - 8.8
    (Note 1) This property was acquired on July 17, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 67.9 88.0 90.2 96.7 81.5 - 84.7
year-on-year (points) -4.5 8.0 8.4 12.6 3.7 - 5.5
ADR actual (JPY) 6,309 7,203 7,895 8,373 7,496 - 7,530
year-on-year (%) 1.6 4.1 -2.4 -15.2 1.1 - -2.9
RevPAR actual (JPY) 4,283 6,338 7,120 8,093 6,111 - 6,379
year-on-year (%) -4.7 14.4 7.6 -2.5 5.9 - 3.8
Gross Revenue actual (JPY mn) 2 3 4 5 4 - 21
year-on-year (%) -5.1 13.4 7.3 -1.4 5.8 - 3.8
    (Note 1) This property was acquired on July 17, 2014.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 96.5 99.7 99.8 99.1 98.8 - 98.8
year-on-year (points) -1.7 -0.3 -0.1 -0.9 -0.2 - -0.6
ADR actual (JPY) 7,868 9,613 11,291 13,136 11,220 - 10,643
year-on-year (%) 9.6 11.0 8.3 10.8 12.1 - 10.4
RevPAR actual (JPY) 7,594 9,586 11,266 13,015 11,090 - 10,512
year-on-year (%) 7.7 10.7 8.2 9.9 11.9 - 9.8
Gross Revenue actual (JPY mn) 109 124 161 179 158 - 734
year-on-year (%) 7.8 10.9 8.1 9.8 11.8 - 9.7
    (Note 1) This property was acquired on February 6, 2015.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 70.9 78.8 76.3 79.6 79.4 - 77.0
year-on-year (points) -2.3 4.4 -1.4 1.6 4.6 - 1.3
ADR actual (JPY) 6,079 6,214 6,429 10,022 10,265 - 7,873
year-on-year (%) -10.5 -6.4 -0.2 5.0 4.5 - 0.0
RevPAR actual (JPY) 4,309 4,899 4,907 7,976 8,154 - 6,059
year-on-year (%) -13.3 -0.9 -2.0 7.1 10.9 - 1.8
Gross Revenue actual (JPY mn) 34 34 39 56 59 - 225
year-on-year (%) -8.7 0.9 -0.1 6.5 9.2 - 2.5
    (Note 1) This property was acquired on February 6, 2015.
    (Note 2) The name of this property was changed from "Hotel Nets Hakodate" and the number of rooms in this property increased by six on May 1, 2018.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 82.8 83.0 89.5 89.6 89.9 - 87.0
year-on-year (points) 12.7 9.6 9.0 7.0 4.6 - 8.6
ADR actual (JPY) 7,333 8,208 8,270 8,239 8,214 - 8,058
year-on-year (%) -6.9 -3.4 -2.4 -1.2 -1.0 - -2.9
RevPAR actual (JPY) 6,074 6,812 7,403 7,385 7,384 - 7,013
year-on-year (%) 10.0 9.2 8.5 7.1 4.4 - 7.7
Gross Revenue actual (JPY mn) 16 16 19 18 19 - 89
year-on-year (%) 9.3 7.1 7.9 6.6 4.6 - 7.0
    (Note 1) This property was acquired on February 6, 2015.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 94.2 97.0 95.9 94.6 94.3 - 95.2
year-on-year (points) 3.3 -0.4 -0.1 -1.7 -2.1 - -0.2
ADR actual (JPY) 11,851 12,907 15,158 16,486 13,528 - 13,992
year-on-year (%) -9.2 -5.6 3.4 -4.6 -4.2 - -4.0
RevPAR actual (JPY) 11,164 12,523 14,543 15,599 12,763 - 13,319
year-on-year (%) -5.9 -6.0 3.3 -6.3 -6.3 - -4.2
Gross Revenue actual (JPY mn) 66 66 86 89 74 - 385
year-on-year (%) -4.8 -5.5 4.3 -5.7 -6.5 - -3.6
    (Note 1) This property was acquired on July 16, 2015.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 86.0 92.3 94.0 95.4 93.0 - 92.1
year-on-year (points) -4.5 -1.7 0.4 -0.7 0.2 - -1.2
ADR actual (JPY) 7,624 8,082 9,528 9,831 9,012 - 8,850
year-on-year (%) 4.1 2.8 8.2 4.2 6.2 - 5.4
RevPAR actual (JPY) 6,553 7,461 8,959 9,376 8,386 - 8,152
year-on-year (%) -1.1 0.9 8.7 3.5 6.4 - 4.0
Gross Revenue actual (JPY mn) 56 58 76 77 71 - 340
year-on-year (%) 0.5 1.7 9.2 3.3 6.6 - 4.5
    (Note 1) This property was acquired on July 16, 2015.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 93.5 93.8 93.9 93.9 94.0 - 93.8
year-on-year (points) 4.0 0.6 4.6 -1.0 1.5 - 2.0
ADR actual (JPY) 13,283 14,645 18,699 20,176 16,452 - 16,670
year-on-year (%) 2.9 2.5 11.4 4.9 10.1 - 6.4
RevPAR actual (JPY) 12,426 13,734 17,561 18,942 15,472 - 15,643
year-on-year (%) 7.5 3.1 17.1 3.8 11.9 - 8.7
Gross Revenue actual (JPY mn) 38 37 53 55 47 - 232
year-on-year (%) 7.9 3.6 17.4 4.6 12.8 - 9.3
    (Note 1) This property was acquired on July 16, 2015.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 82.9 90.1 91.5 92.8 89.0 - 89.2
year-on-year (points) -3.5 -2.3 -0.4 -2.8 -6.2 - -3.1
ADR actual (JPY) 8,056 8,545 10,346 10,588 9,060 - 9,359
year-on-year (%) 5.8 3.3 5.8 6.5 12.9 - 7.0
RevPAR actual (JPY) 6,677 7,696 9,465 9,824 8,067 - 8,349
year-on-year (%) 1.5 0.7 5.3 3.4 5.6 - 3.5
Gross Revenue actual (JPY mn) 37 39 53 52 45 - 228
year-on-year (%) 2.5 2.3 5.9 3.0 6.9 - 4.2
    (Note 1) This property was acquired on July 16, 2015.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 79.9 91.5 90.3 87.5 84.6 - 86.7
year-on-year (points) -0.4 -0.4 -0.7 -2.9 -3.4 - -1.6
ADR actual (JPY) 7,391 7,714 8,977 7,687 9,664 - 8,308
year-on-year (%) 3.8 3.6 10.5 -8.5 8.6 - 3.6
RevPAR actual (JPY) 5,904 7,060 8,106 6,725 8,175 - 7,200
year-on-year (%) 3.2 3.2 9.6 -11.4 4.3 - 1.7
Gross Revenue actual (JPY mn) 30 33 41 33 43 - 182
year-on-year (%) 4.4 4.6 8.1 -11.3 6.4 - 2.3
    (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.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 84.5 90.2 91.6 90.9 92.3 - 89.9
year-on-year (points) 4.1 2.5 2.5 1.6 4.1 - 3.0
ADR actual (JPY) 8,419 9,243 11,354 13,858 10,774 - 10,776
year-on-year (%) 55.9 72.4 86.3 84.4 84.3 - 77.7
RevPAR actual (JPY) 7,116 8,340 10,405 12,601 9,944 - 9,689
year-on-year (%) 63.9 77.3 91.6 87.7 92.9 - 83.8
Gross Revenue actual (JPY mn) 20 21 29 34 28 - 133
year-on-year (%) 65.2 78.6 92.2 90.7 95.0 - 85.6
    (Note 1) This property was acquired on July 16, 2015.
    (Note 2) The name of this property was changed from "Flexstay Inn Higashi-Jujo" and the number of rooms in this property increased by two on November 10, 2025.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 75.5 78.8 85.3 87.4 83.9 - 82.2
year-on-year (points) -1.9 -6.9 -3.9 -1.5 -3.1 - -3.4
ADR actual (JPY) 9,304 9,280 10,098 9,187 10,634 - 9,723
year-on-year (%) 4.4 -1.5 -0.7 -6.1 0.3 - -0.8
RevPAR actual (JPY) 7,027 7,312 8,613 8,028 8,922 - 7,993
year-on-year (%) 1.8 -9.4 -5.0 -7.7 -3.3 - -4.8
Gross Revenue actual (JPY mn) 53 53 62 53 64 - 287
year-on-year (%) -3.4 0.6 -2.9 -4.1 7.5 - -0.4
    (Note 1) This property was acquired on July 16, 2015.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 76.4 85.2 82.1 90.1 86.7 - 84.0
year-on-year (points) -4.0 -0.4 3.9 2.2 0.5 - 0.4
ADR actual (JPY) 6,518 7,267 7,469 7,666 7,251 - 7,249
year-on-year (%) 16.5 8.5 9.1 7.5 8.0 - 9.8
RevPAR actual (JPY) 4,977 6,189 6,128 6,903 6,286 - 6,090
year-on-year (%) 10.7 8.0 14.5 10.2 8.5 - 10.3
Gross Revenue actual (JPY mn) 10 11 12 13 12 - 59
year-on-year (%) 10.4 6.6 15.5 9.6 8.7 - 10.1
    (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.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 82.7 89.6 90.6 91.8 90.0 - 88.9
year-on-year (points) -0.3 0.8 1.8 0.2 -1.3 - 0.2
ADR actual (JPY) 5,980 6,365 6,684 6,843 6,631 - 6,511
year-on-year (%) 17.4 6.7 5.6 6.0 10.4 - 8.9
RevPAR actual (JPY) 4,944 5,705 6,058 6,280 5,968 - 5,789
year-on-year (%) 17.0 7.7 7.8 6.2 8.9 - 9.1
Gross Revenue actual (JPY mn) 9 10 11 11 11 - 55
year-on-year (%) 17.9 7.3 7.9 6.3 9.0 - 9.3
    (Note 1) This property was acquired on July 16, 2015.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 77.7 82.2 80.1 91.0 89.8 - 84.1
year-on-year (points) 0.9 1.2 -1.0 2.2 -1.4 - 0.4
ADR actual (JPY) 6,838 7,457 7,471 7,157 6,830 - 7,141
year-on-year (%) 1.5 4.3 4.2 3.6 7.6 - 4.3
RevPAR actual (JPY) 5,311 6,129 5,982 6,515 6,134 - 6,009
year-on-year (%) 2.7 5.9 2.9 6.2 6.0 - 4.8
Gross Revenue actual (JPY mn) 35 36 39 41 40 - 193
year-on-year (%) 2.5 6.4 3.1 6.1 6.3 - 4.9
    (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.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 87.5 88.8 90.9 91.0 87.2 - 89.1
year-on-year (points) -1.0 -4.3 -1.5 -4.6 -8.2 - -3.9
ADR actual (JPY) 12,077 12,248 14,341 15,229 14,364 - 13,683
year-on-year (%) -11.8 -9.6 3.1 -22.7 -26.5 - -15.4
RevPAR actual (JPY) 10,562 10,870 13,038 13,866 12,520 - 12,186
year-on-year (%) -12.8 -13.8 1.4 -26.4 -32.9 - -19.0
Gross Revenue actual (JPY mn) 19 18 23 24 22 - 107
year-on-year (%) -10.9 -10.6 2.6 -24.8 -29.3 - -16.5
    (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.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 92.2 95.4 94.9 94.4 93.9 - 94.1
year-on-year (points) 1.9 3.0 2.5 -0.4 0.3 - 1.5
ADR actual (JPY) 13,187 15,646 17,785 20,209 16,964 - 16,774
year-on-year (%) -2.3 3.3 7.6 5.3 7.5 - 4.5
RevPAR actual (JPY) 12,157 14,924 16,885 19,087 15,921 - 15,790
year-on-year (%) -0.3 6.7 10.6 4.9 7.8 - 6.1
Gross Revenue actual (JPY mn) 160 175 220 240 206 - 1,003
year-on-year (%) 0.0 6.2 10.1 5.7 8.0 - 6.2
    (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 increased by a total of 51 due to an addition of one room on October 16, 2017, the acquisition of an additional 49 rooms on October 31, 2017, and an addition of one room on September 12, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 62.8 76.8 94.4 80.4 85.0 - 79.9
year-on-year (points) 0.5 -1.0 -0.5 -4.2 -1.0 - -1.2
ADR actual (JPY) 28,580 21,717 27,419 25,404 34,834 - 27,806
year-on-year (%) -0.3 4.5 7.3 2.9 15.9 - 7.0
RevPAR actual (JPY) 17,948 16,671 25,895 20,421 29,596 - 22,225
year-on-year (%) 0.5 3.2 6.7 -2.3 14.5 - 5.3
Gross Revenue actual (JPY mn) 438 409 626 502 651 - 2,627
year-on-year (%) 4.6 4.1 4.5 -1.4 8.8 - 4.3
    (Note 1) This property was acquired on March 31, 2016.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 91.4 94.7 94.5 93.6 92.2 - 93.2
year-on-year (points) 1.6 3.8 2.0 1.9 0.0 - 1.8
ADR actual (JPY) 13,197 16,303 16,167 17,266 16,565 - 15,895
year-on-year (%) 7.0 -6.0 4.7 16.4 8.6 - 6.0
RevPAR actual (JPY) 12,062 15,447 15,271 16,160 15,274 - 14,822
year-on-year (%) 8.8 -2.0 7.0 18.8 8.6 - 8.1
Gross Revenue actual (JPY mn) 85 98 107 110 107 - 508
year-on-year (%) 10.1 -1.0 7.4 18.4 9.5 - 8.7
    (Note 1) This property was acquired on March 31, 2016.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 94.7 97.0 96.0 93.2 91.5 - 94.4
year-on-year (points) -1.6 -0.2 -0.7 -3.9 -4.8 - -2.3
ADR actual (JPY) 15,233 16,539 19,657 22,707 19,943 - 18,808
year-on-year (%) 9.3 4.2 4.4 6.2 14.4 - 7.4
RevPAR actual (JPY) 14,419 16,038 18,865 21,164 18,252 - 17,759
year-on-year (%) 7.4 3.9 3.6 1.9 8.6 - 4.9
Gross Revenue actual (JPY mn) 47 48 62 67 60 - 285
year-on-year (%) 7.8 5.2 3.8 2.3 7.8 - 5.1
    (Note 1) This property was acquired on March 31, 2016.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 72.9 81.5 90.8 88.6 87.3 - 84.2
year-on-year (points) 11.3 11.3 11.8 12.4 9.3 - 11.2
ADR actual (JPY) 8,026 9,541 12,088 12,416 15,544 - 11,714
year-on-year (%) -18.1 -1.7 4.4 -3.0 6.7 - -1.1
RevPAR actual (JPY) 5,848 7,773 10,979 10,995 13,573 - 9,867
year-on-year (%) -3.0 14.1 20.0 12.8 19.5 - 14.1
Gross Revenue actual (JPY mn) 62 70 104 101 124 - 464
year-on-year (%) 0.5 9.9 17.5 11.2 17.4 - 12.3
    (Note 1) This property was acquired on June 15, 2016.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 76.8 79.2 36.9 0.0 0.0 - 38.0
year-on-year (points) -3.6 -5.2 -51.0 -88.2 -89.3 - -48.0
ADR actual (JPY) 9,245 9,777 10,346 0 0 - 9,670
year-on-year (%) 8.7 7.3 1.7 -100.0 -100.0 - -2.6
RevPAR actual (JPY) 7,101 7,742 3,820 0 0 - 3,678
year-on-year (%) 3.8 0.7 -57.3 -100.0 -100.0 - -57.0
Gross Revenue actual (JPY mn) 59 54 31 0 0 - 144
year-on-year (%) 5.3 -2.8 -55.7 -100.0 -100.0 - -56.2
    (Note 1) This property was acquired on June 15, 2016.
    (Note 2) The name of this property was changed from "Takamatsu Tokyu REI Hotel" on April 1, 2026.
    (Note 3) Renovation Period: April 1, 2026 - June 30, 2026 (scheduled).
    (Note 4) This property has been closed since March 18, 2026, due to a change in tenant and operator . Therefore, the figures for March 2026 are the results of 17 days of operation from March 1, 2026 to March 17, 2026.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 88.9 92.1 95.2 93.1 92.4 - 92.3
year-on-year (points) -6.2 -3.4 0.8 -3.4 19.7 - 1.6
ADR actual (JPY) 29,139 29,835 36,925 41,253 32,798 - 34,094
year-on-year (%) 10.2 11.4 17.9 7.1 16.4 - 12.2
RevPAR actual (JPY) 25,904 27,464 35,149 38,400 30,312 - 31,479
year-on-year (%) 3.0 7.5 18.9 3.3 47.9 - 14.2
Gross Revenue actual (JPY mn) 105 99 139 146 122 - 614
year-on-year (%) 5.1 7.4 19.5 3.2 46.0 - 14.5
    (Note 1) This property was acquired on May 29, 2017.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 73.6 78.6 84.9 80.0 75.4 - 78.5
year-on-year (points) -10.7 -13.3 -7.4 -13.9 -16.8 - -12.4
ADR actual (JPY) 7,296 7,447 9,069 9,211 8,900 - 8,422
year-on-year (%) -0.5 -11.2 -3.3 -22.5 -24.5 - -14.2
RevPAR actual (JPY) 5,373 5,857 7,695 7,368 6,707 - 6,610
year-on-year (%) -13.1 -24.1 -11.1 -33.9 -38.3 - -25.9
Gross Revenue actual (JPY mn) 113 102 146 134 121 - 618
year-on-year (%) -5.2 -15.7 0.3 -26.4 -31.6 - -17.3
    (Note 1) This property was acquired on October 13, 2017.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 86.2 93.3 91.2 92.9 91.8 - 91.0
year-on-year (points) 4.5 3.5 -0.8 -0.5 -1.6 - 1.0
ADR actual (JPY) 14,441 14,624 20,472 21,553 17,745 - 17,842
year-on-year (%) -13.2 -14.4 -0.5 -11.5 -2.7 - -8.4
RevPAR actual (JPY) 12,453 13,651 18,667 20,023 16,292 - 16,243
year-on-year (%) -8.4 -11.0 -1.4 -12.0 -4.4 - -7.4
Gross Revenue actual (JPY mn) 101 99 146 152 130 - 630
year-on-year (%) -7.7 -9.6 -0.9 -10.9 -3.7 - -6.5
    (Note 1) This property was acquired on October 13, 2017.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 87.4 93.5 93.4 90.1 92.5 - 91.4
year-on-year (points) 1.0 4.6 4.9 9.9 7.4 - 5.6
ADR actual (JPY) 13,711 15,557 19,089 12,513 15,780 - 15,386
year-on-year (%) -2.2 1.2 7.0 -7.4 7.1 - 1.6
RevPAR actual (JPY) 11,987 14,551 17,838 11,271 14,593 - 14,056
year-on-year (%) -1.1 6.4 13.0 4.1 16.5 - 8.2
Gross Revenue actual (JPY mn) 219 227 300 205 246 - 1,199
year-on-year (%) 3.1 11.8 12.1 11.8 15.1 - 10.8
    (Note 1) This property was acquired on October 13, 2017.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 94.0 96.1 87.4 75.8 82.1 - 87.0
year-on-year (points) -1.7 -0.7 9.4 2.5 -0.7 - 1.8
ADR actual (JPY) 14,457 24,152 15,197 8,926 13,457 - 15,446
year-on-year (%) 30.2 19.5 39.1 8.1 6.6 - 20.6
RevPAR actual (JPY) 13,584 23,221 13,277 6,763 11,050 - 13,433
year-on-year (%) 27.9 18.7 55.9 11.7 5.7 - 23.1
Gross Revenue actual (JPY mn) 105 161 104 52 92 - 516
year-on-year (%) 27.9 18.2 53.5 11.7 13.1 - 24.2
    (Note 1) This property was acquired on October 13, 2017.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 81.8 94.4 96.1 88.5 88.2 - 89.7
year-on-year (points) -8.1 -1.4 -0.3 -4.2 -1.5 - -3.1
ADR actual (JPY) 9,590 11,132 12,753 15,912 13,854 - 12,686
year-on-year (%) 9.9 12.7 3.7 7.2 9.9 - 8.5
RevPAR actual (JPY) 7,845 10,513 12,259 14,079 12,223 - 11,383
year-on-year (%) 0.0 11.1 3.4 2.4 8.0 - 4.9
Gross Revenue actual (JPY mn) 41 49 64 71 63 - 291
year-on-year (%) -0.9 10.7 3.2 2.9 7.8 - 4.7
    (Note 1) This property was acquired on February 7, 2018.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 60.9 67.5 64.4 76.9 72.3 - 68.4
year-on-year (points) 7.4 6.8 -1.6 -1.4 -3.9 - 1.4
ADR actual (JPY) 7,940 8,788 9,062 11,654 10,137 - 9,620
year-on-year (%) -1.9 5.0 15.3 4.7 10.8 - 6.4
RevPAR actual (JPY) 4,833 5,932 5,831 8,966 7,331 - 6,576
year-on-year (%) 11.6 16.9 12.5 2.7 5.2 - 8.5
Gross Revenue actual (JPY mn) 48 50 72 85 75 - 331
year-on-year (%) 4.4 19.7 21.4 2.5 10.4 - 10.8
    (Note 1) This property was acquired on February 7, 2018.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 65.7 74.1 65.7 80.8 82.1 - 73.6
year-on-year (points) 2.1 -1.0 -3.2 -2.8 -3.4 - -1.7
ADR actual (JPY) 9,352 12,152 9,494 30,912 17,946 - 16,568
year-on-year (%) -1.9 0.8 -0.4 6.4 13.3 - 5.0
RevPAR actual (JPY) 6,148 9,011 6,235 24,976 14,732 - 12,200
year-on-year (%) 1.4 -0.6 -4.9 2.9 8.7 - 2.7
Gross Revenue actual (JPY mn) 71 82 78 164 128 - 525
year-on-year (%) 12.8 11.8 3.4 2.3 7.9 - 6.6
    (Note 1) This property was acquired on February 7, 2018.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 88.9 93.9 94.1 86.6 87.4 - 90.1
year-on-year (points) -2.5 2.9 6.9 -3.2 8.6 - 2.6
ADR actual (JPY) 6,550 7,278 8,434 6,466 8,198 - 7,406
year-on-year (%) -5.0 -14.0 3.4 -4.6 2.7 - -3.0
RevPAR actual (JPY) 5,823 6,832 7,934 5,600 7,166 - 6,675
year-on-year (%) -7.6 -11.3 11.5 -8.0 14.0 - -0.1
Gross Revenue actual (JPY mn) 28 30 38 26 35 - 159
year-on-year (%) -7.1 -11.1 10.1 -7.0 13.1 - -0.2
    (Note 1) This property was acquired on February 7, 2018.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 95.5 95.5 94.8 94.5 95.2 - 95.1
year-on-year (points) 2.3 1.7 4.3 -0.6 1.1 - 1.8
ADR actual (JPY) 11,131 13,815 15,895 18,111 15,022 - 14,784
year-on-year (%) -9.4 -2.2 1.2 -4.8 0.7 - -2.9
RevPAR actual (JPY) 10,628 13,196 15,070 17,118 14,299 - 14,059
year-on-year (%) -7.2 -0.4 6.0 -5.5 1.9 - -1.0
Gross Revenue actual (JPY mn) 36 41 52 57 49 - 236
year-on-year (%) -7.0 0.0 6.4 -5.3 2.1 - -0.8
    (Note 1) This property was acquired on June 27, 2018.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 89.8 90.4 93.1 90.8 86.7 - 90.1
year-on-year (points) 8.0 5.5 1.1 -2.0 3.3 - 3.2
ADR actual (JPY) 10,620 14,049 15,480 14,883 13,940 - 13,797
year-on-year (%) -1.5 -3.5 8.4 4.3 3.2 - 2.2
RevPAR actual (JPY) 9,533 12,701 14,415 13,510 12,086 - 12,437
year-on-year (%) 8.2 2.8 9.7 2.1 7.3 - 6.0
Gross Revenue actual (JPY mn) 38 45 56 51 48 - 240
year-on-year (%) 9.1 3.5 7.0 2.2 7.9 - 5.8
    (Note 1) This property was acquired on June 27, 2018.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 91.6 93.5 93.3 93.8 94.6 - 93.3
year-on-year (points) 0.1 1.0 0.8 1.1 1.7 - 0.9
ADR actual (JPY) 16,362 17,925 24,141 27,218 24,188 - 22,044
year-on-year (%) -13.4 -12.1 2.5 -11.2 4.8 - -5.5
RevPAR actual (JPY) 14,984 16,754 22,512 25,529 22,880 - 20,574
year-on-year (%) -13.3 -11.1 3.4 -10.1 6.7 - -4.6
Gross Revenue actual (JPY mn) 167 167 246 269 249 - 1,099
year-on-year (%) -11.2 -9.5 4.3 -8.8 6.8 - -3.4
    (Note 1) This property was acquired on August 2, 2018.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 83.8 93.1 92.4 79.0 82.2 - 86.0
year-on-year (points) -2.8 2.4 11.6 16.8 8.8 - 7.4
ADR actual (JPY) 12,955 18,790 13,369 8,870 13,455 - 13,570
year-on-year (%) -6.1 -7.4 8.7 -0.2 12.1 - -1.3
RevPAR actual (JPY) 10,856 17,486 12,352 7,006 11,057 - 11,669
year-on-year (%) -9.2 -4.9 24.3 26.7 25.5 - 7.9
Gross Revenue actual (JPY mn) 191 253 209 135 198 - 988
year-on-year (%) -10.9 -5.4 15.8 24.5 19.9 - 5.4
    (Note 1) This property was acquired on August 2, 2018.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 92.9 96.2 95.6 94.6 93.0 - 94.4
year-on-year (points) 3.5 3.7 3.7 1.4 0.7 - 2.6
ADR actual (JPY) 12,771 14,198 17,534 19,805 16,767 - 16,238
year-on-year (%) 3.2 -0.4 6.4 5.3 8.2 - 4.7
RevPAR actual (JPY) 11,859 13,664 16,768 18,727 15,588 - 15,332
year-on-year (%) 7.2 3.7 10.6 6.8 9.1 - 7.6
Gross Revenue actual (JPY mn) 56 58 78 85 74 - 353
year-on-year (%) 5.7 3.0 9.2 7.7 9.5 - 7.2
    (Note 1) This property was acquired on August 2, 2018.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 77.6 82.2 88.8 86.3 88.8 - 84.8
year-on-year (points) -2.2 -7.0 -3.9 -8.6 -6.4 - -5.6
ADR actual (JPY) 10,281 10,323 11,642 12,896 12,169 - 11,516
year-on-year (%) -14.0 -14.1 -10.2 -26.3 -32.8 - -21.5
RevPAR actual (JPY) 7,981 8,486 10,338 11,129 10,809 - 9,765
year-on-year (%) -16.4 -20.8 -14.0 -33.0 -37.2 - -26.3
Gross Revenue actual (JPY mn) 27 26 35 37 37 - 164
year-on-year (%) -15.9 -20.4 -13.9 -32.1 -36.6 - -25.7
    (Note 1) This property was acquired on August 2, 2018.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 95.4 96.1 84.7 72.3 81.4 - 85.9
year-on-year (points) -1.5 -0.3 2.4 2.8 1.9 - 1.1
ADR actual (JPY) 17,351 28,107 17,535 10,263 16,090 - 18,189
year-on-year (%) 17.1 12.1 21.7 0.1 5.2 - 11.9
RevPAR actual (JPY) 16,549 27,011 14,857 7,416 13,105 - 15,620
year-on-year (%) 15.3 11.7 25.3 4.2 7.6 - 13.4
Gross Revenue actual (JPY mn) 190 260 170 94 156 - 872
year-on-year (%) 16.4 10.8 21.4 8.1 10.6 - 13.6
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 72.6 81.4 91.5 93.8 83.0 - 84.5
year-on-year (points) 7.6 7.0 7.2 4.8 7.6 - 6.8
ADR actual (JPY) 14,328 13,779 16,174 15,632 16,320 - 15,330
year-on-year (%) -0.1 0.2 0.7 0.9 7.1 - 1.8
RevPAR actual (JPY) 10,398 11,222 14,794 14,662 13,548 - 12,947
year-on-year (%) 11.7 9.5 9.3 6.3 17.9 - 10.8
Gross Revenue actual (JPY mn) 150 137 182 171 177 - 820
year-on-year (%) 15.3 7.5 6.7 4.9 24.7 - 11.5
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 85.3 84.4 89.5 94.2 94.3 - 89.6
year-on-year (points) -2.3 -8.2 -1.5 -0.3 1.7 - -2.0
ADR actual (JPY) 21,090 23,751 31,026 39,463 28,698 - 29,073
year-on-year (%) -23.5 -4.3 6.5 4.3 2.3 - -1.7
RevPAR actual (JPY) 17,979 20,038 27,753 37,163 27,073 - 26,046
year-on-year (%) -25.5 -12.7 4.7 3.9 4.2 - -3.9
Gross Revenue actual (JPY mn) 113 112 165 206 162 - 760
year-on-year (%) -18.3 -7.2 9.7 4.1 6.0 - -0.3
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 90.4 94.0 86.9 76.7 85.7 - 86.7
year-on-year (points) -5.0 -1.2 1.8 15.2 9.5 - 4.1
ADR actual (JPY) 17,854 24,432 15,889 11,656 16,584 - 17,424
year-on-year (%) 3.2 10.2 12.0 -6.3 1.5 - 3.8
RevPAR actual (JPY) 16,145 22,962 13,808 8,941 14,218 - 15,102
year-on-year (%) -2.2 8.8 14.3 16.8 14.1 - 9.0
Gross Revenue actual (JPY mn) 96 115 85 57 87 - 442
year-on-year (%) 1.3 10.0 11.6 20.1 16.0 - 10.6
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 66.6 76.1 90.2 90.1 89.9 - 82.7
year-on-year (points) 14.4 9.5 6.1 9.5 11.9 - 10.3
ADR actual (JPY) 6,018 7,491 9,340 9,708 12,109 - 9,173
year-on-year (%) -22.6 -4.0 4.0 -2.5 6.6 - -1.8
RevPAR actual (JPY) 4,009 5,703 8,428 8,747 10,888 - 7,584
year-on-year (%) -1.3 9.7 11.6 9.0 22.8 - 12.2
Gross Revenue actual (JPY mn) 27 35 56 56 72 - 249
year-on-year (%) -11.0 23.4 11.7 9.2 23.3 - 12.5
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 68.9 86.5 93.9 95.4 86.1 - 86.1
year-on-year (points) 15.5 22.4 28.6 32.1 26.8 - 25.1
ADR actual (JPY) 7,288 7,413 7,584 7,652 11,092 - 8,239
year-on-year (%) 1.1 -0.9 -6.9 -11.6 -1.7 - -4.0
RevPAR actual (JPY) 5,024 6,413 7,121 7,299 9,550 - 7,093
year-on-year (%) 30.3 33.7 33.9 33.2 42.8 - 35.5
Gross Revenue actual (JPY mn) 99 98 126 117 145 - 586
year-on-year (%) 29.2 23.8 21.0 26.3 34.5 - 27.1
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 90.6 91.0 92.6 94.7 91.9 - 92.1
year-on-year (points) 0.9 0.3 0.8 1.7 6.6 - 2.1
ADR actual (JPY) 9,261 9,657 11,654 10,793 11,318 - 10,561
year-on-year (%) 12.1 9.0 25.9 -7.4 8.0 - 8.8
RevPAR actual (JPY) 8,386 8,784 10,791 10,220 10,400 - 9,731
year-on-year (%) 13.2 9.3 26.9 -5.8 16.4 - 11.3
Gross Revenue actual (JPY mn) 47 44 60 55 57 - 265
year-on-year (%) 12.1 9.3 26.2 -5.2 15.8 - 11.0
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 92.0 96.0 87.2 72.8 85.9 - 86.7
year-on-year (points) -3.3 2.0 6.0 14.6 6.5 - 5.2
ADR actual (JPY) 18,062 23,888 16,561 11,627 17,359 - 17,731
year-on-year (%) 1.6 1.0 9.2 -12.5 -1.0 - -0.5
RevPAR actual (JPY) 16,624 22,930 14,446 8,467 14,914 - 15,375
year-on-year (%) -1.8 3.1 17.2 9.5 7.1 - 5.8
Gross Revenue actual (JPY mn) 67 76 60 39 65 - 309
year-on-year (%) 0.1 -0.2 14.9 12.3 8.7 - 5.9
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 84.7 91.3 91.2 86.3 87.4 - 88.1
year-on-year (points) 5.3 -2.4 2.1 -3.4 -3.6 - -0.3
ADR actual (JPY) 6,305 8,966 6,752 6,007 7,529 - 7,102
year-on-year (%) 0.6 19.9 -1.6 4.6 2.0 - 5.1
RevPAR actual (JPY) 5,340 8,182 6,156 5,182 6,583 - 6,258
year-on-year (%) 7.4 16.8 0.7 0.7 -2.1 - 4.7
Gross Revenue actual (JPY mn) 48 58 55 47 55 - 265
year-on-year (%) 3.3 12.9 6.1 7.4 1.4 - 6.2
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 89.9 88.3 88.6 70.1 85.9 - 84.6
year-on-year (points) 1.6 0.4 18.0 15.9 12.4 - 9.8
ADR actual (JPY) 10,608 16,526 8,970 6,905 10,555 - 10,781
year-on-year (%) -3.5 9.6 2.2 -9.1 -4.7 - -1.8
RevPAR actual (JPY) 9,539 14,590 7,944 4,839 9,068 - 9,118
year-on-year (%) -1.8 10.1 28.2 17.5 11.4 - 11.0
Gross Revenue actual (JPY mn) 209 203 184 141 178 - 917
year-on-year (%) -0.9 0.8 14.8 7.0 3.9 - 4.5
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 81.6 87.9 91.6 90.1 90.4 - 88.3
year-on-year (points) 5.8 6.6 3.2 6.3 7.2 - 5.8
ADR actual (JPY) 9,640 10,444 11,168 10,311 12,803 - 10,915
year-on-year (%) 3.4 -1.8 14.7 8.4 21.0 - 9.7
RevPAR actual (JPY) 7,863 9,180 10,227 9,291 11,572 - 9,638
year-on-year (%) 11.3 6.2 18.8 16.5 31.4 - 17.3
Gross Revenue actual (JPY mn) 70 73 85 82 93 - 405
year-on-year (%) 9.3 5.1 9.6 17.3 21.5 - 12.7
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 93.4 93.3 84.0 64.4 79.4 - 82.8
year-on-year (points) -0.3 -3.7 2.0 14.8 7.5 - 4.1
ADR actual (JPY) 11,231 19,499 10,689 7,375 11,453 - 12,293
year-on-year (%) 17.5 18.4 15.1 -0.4 2.8 - 10.7
RevPAR actual (JPY) 10,489 18,193 8,975 4,751 9,094 - 10,180
year-on-year (%) 17.1 14.0 17.9 29.3 13.6 - 16.5
Gross Revenue actual (JPY mn) 37 55 32 17 32 - 175
year-on-year (%) 16.4 11.4 17.5 31.9 12.4 - 15.6
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 93.2 94.9 78.5 75.4 80.8 - 84.4
year-on-year (points) -1.9 2.6 0.6 12.3 7.2 - 4.1
ADR actual (JPY) 11,967 17,854 11,600 7,458 10,843 - 12,103
year-on-year (%) 16.7 0.8 17.2 -3.6 -2.2 - 4.9
RevPAR actual (JPY) 11,154 16,950 9,103 5,625 8,765 - 10,219
year-on-year (%) 14.3 3.6 18.1 15.3 7.4 - 10.3
Gross Revenue actual (JPY mn) 30 41 25 15 24 - 136
year-on-year (%) 18.7 2.2 17.0 14.9 7.9 - 10.5
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 88.7 94.6 73.3 60.4 75.5 - 78.3
year-on-year (points) -2.4 -0.3 4.4 11.6 7.6 - 4.2
ADR actual (JPY) 9,402 15,342 9,501 5,939 9,175 - 10,175
year-on-year (%) 19.0 6.0 10.7 -2.8 -7.3 - 4.6
RevPAR actual (JPY) 8,341 14,507 6,969 3,588 6,930 - 7,968
year-on-year (%) 15.9 5.7 17.8 20.3 3.1 - 10.5
Gross Revenue actual (JPY mn) 21 33 17 8 17 - 98
year-on-year (%) 17.5 7.0 18.9 21.9 4.2 - 11.9
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 83.1 91.5 91.7 90.5 90.0 - 89.3
year-on-year (points) -5.1 -4.3 -3.1 -6.3 -1.1 - -4.0
ADR actual (JPY) 6,894 8,030 8,822 9,465 8,912 - 8,452
year-on-year (%) -0.2 6.4 4.2 16.0 1.7 - 5.8
RevPAR actual (JPY) 5,728 7,350 8,091 8,564 8,025 - 7,549
year-on-year (%) -5.9 1.6 0.8 8.4 0.5 - 1.4
Gross Revenue actual (JPY mn) 12 14 17 18 18 - 82
year-on-year (%) -5.1 2.1 1.1 5.9 4.9 - 2.1
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 72.6 81.3 86.8 90.6 86.7 - 83.6
year-on-year (points) 3.8 10.3 14.5 12.8 12.6 - 10.8
ADR actual (JPY) 5,703 5,968 7,116 8,306 7,349 - 6,963
year-on-year (%) 7.4 -7.7 -2.1 1.6 -1.1 - -0.1
RevPAR actual (JPY) 4,138 4,855 6,177 7,525 6,370 - 5,820
year-on-year (%) 13.3 5.6 17.5 18.4 15.7 - 14.7
Gross Revenue actual (JPY mn) 20 22 31 36 32 - 143
year-on-year (%) 13.8 5.8 17.8 19.3 16.1 - 15.2
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 94.7 96.6 96.8 96.6 90.5 - 95.0
year-on-year (points) 0.7 -0.1 0.7 0.0 -6.9 - -1.2
ADR actual (JPY) 5,919 8,328 6,293 5,605 6,894 - 6,579
year-on-year (%) 3.7 18.7 -1.2 4.5 4.6 - 6.1
RevPAR actual (JPY) 5,605 8,046 6,090 5,413 6,242 - 6,250
year-on-year (%) 4.4 18.6 -0.5 4.5 -2.9 - 4.8
Gross Revenue actual (JPY mn) 13 17 14 12 14 - 72
year-on-year (%) -0.6 15.9 -0.5 3.7 -3.8 - 3.0
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 83.7 92.2 80.3 70.5 82.8 - 81.8
year-on-year (points) 2.2 -1.9 3.9 1.2 3.2 - 1.8
ADR actual (JPY) 9,884 10,950 9,330 8,760 9,120 - 9,644
year-on-year (%) 7.2 13.0 6.6 6.1 5.7 - 7.8
RevPAR actual (JPY) 8,272 10,101 7,494 6,174 7,548 - 7,886
year-on-year (%) 10.1 10.7 12.1 8.0 10.0 - 10.3
Gross Revenue actual (JPY mn) 20 21 17 14 17 - 92
year-on-year (%) 14.5 14.5 12.6 10.1 11.2 - 12.8
    (Note 1) This property was acquired on July 19, 2019.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 77.7 80.4 78.8 82.2 78.9 - 79.6
year-on-year (points) 7.0 7.0 5.4 2.1 4.5 - 5.2
ADR actual (JPY) 9,518 9,305 9,630 9,743 9,467 - 9,537
year-on-year (%) -2.5 -2.7 0.0 -1.4 -3.1 - -1.9
RevPAR actual (JPY) 7,393 7,485 7,587 8,009 7,471 - 7,588
year-on-year (%) 7.1 6.6 7.4 1.2 2.8 - 4.9
Gross Revenue actual (JPY mn) 236 202 237 254 237 - 1,168
year-on-year (%) 8.2 5.8 10.2 5.0 4.6 - 6.7
    (Note 1) This property was acquired on January 6, 2020.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 80.0 87.5 84.0 83.2 75.3 - 81.9
year-on-year (points) 2.1 5.6 1.9 -2.3 -2.8 - 0.8
ADR actual (JPY) 7,944 8,122 8,001 9,404 11,154 - 8,892
year-on-year (%) 0.3 -5.1 -0.9 -12.1 2.5 - -3.8
RevPAR actual (JPY) 6,356 7,109 6,722 7,822 8,402 - 7,282
year-on-year (%) 3.1 1.3 1.4 -14.5 -1.1 - -2.8
Gross Revenue actual (JPY mn) 94 91 104 108 118 - 516
year-on-year (%) 2.0 3.0 2.6 -16.8 0.6 - -2.6
    (Note 1) This property was acquired on January 6, 2020.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 59.6 69.6 85.8 92.2 91.2 - 79.8
year-on-year (points) 7.8 4.9 -0.7 1.1 5.2 - 3.6
ADR actual (JPY) 24,765 22,445 35,046 34,988 39,661 - 32,501
year-on-year (%) -9.5 1.5 5.7 2.1 14.7 - 4.2
RevPAR actual (JPY) 14,765 15,620 30,087 32,263 36,170 - 25,940
year-on-year (%) 4.1 9.1 4.9 3.3 21.6 - 9.2
Gross Revenue actual (JPY mn) 308 300 585 619 688 - 2,502
year-on-year (%) 6.0 9.7 3.8 3.7 18.3 - 8.4
    (Note 1) This property was acquired on August 1, 2023.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 74.2 89.0 84.6 79.0 90.0 - 83.3
year-on-year (points) 3.9 2.1 1.3 -7.3 -1.1 - -0.2
ADR actual (JPY) 22,475 17,512 22,583 19,083 26,751 - 21,824
year-on-year (%) -14.8 -8.9 -8.9 -7.2 7.2 - -5.8
RevPAR actual (JPY) 16,670 15,577 19,096 15,079 24,081 - 18,171
year-on-year (%) -10.1 -6.7 -7.5 -15.0 5.8 - -6.0
Gross Revenue actual (JPY mn) 180 173 207 162 230 - 954
year-on-year (%) 0.8 4.8 2.0 -10.5 4.4 - 0.4
    (Note 1) This property was acquired on August 1, 2023.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 79.6 87.9 93.8 89.9 88.0 - 87.8
year-on-year (points) 0.1 1.4 1.4 -2.3 0.6 - 0.2
ADR actual (JPY) 7,263 8,400 9,341 8,969 9,803 - 8,799
year-on-year (%) 8.2 9.2 4.6 11.2 3.1 - 6.9
RevPAR actual (JPY) 5,780 7,387 8,759 8,059 8,623 - 7,726
year-on-year (%) 8.2 10.9 6.1 8.5 3.8 - 7.2
Gross Revenue actual (JPY mn) 31 35 46 41 44 - 198
year-on-year (%) 7.9 10.2 4.6 7.5 3.6 - 6.4
    (Note 1) This property was acquired on August 1, 2023.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 79.0 83.1 80.6 77.7 80.9 - 80.2
year-on-year (points) 1.1 2.7 4.1 -2.9 -2.9 - 0.4
ADR actual (JPY) 7,030 8,510 6,930 17,430 12,429 - 10,412
year-on-year (%) -9.4 -3.4 -0.2 1.2 12.6 - 0.1
RevPAR actual (JPY) 5,556 7,073 5,584 13,539 10,060 - 8,354
year-on-year (%) -8.1 -0.1 5.1 -2.4 8.7 - 0.6
Gross Revenue actual (JPY mn) 26 30 26 58 46 - 188
year-on-year (%) -7.6 -1.1 4.3 -0.5 9.2 - 1.2
    (Note 1) This property was acquired on August 1, 2023.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 89.5 94.3 94.9 95.4 94.8 - 93.7
year-on-year (points) 3.7 1.9 1.2 1.4 6.9 - 3.0
ADR actual (JPY) 8,828 10,108 10,801 10,329 13,480 - 10,746
year-on-year (%) 8.9 -13.9 1.4 -4.8 18.4 - 1.9
RevPAR actual (JPY) 7,897 9,531 10,247 9,852 12,782 - 10,074
year-on-year (%) 13.6 -12.1 2.7 -3.5 27.6 - 5.3
Gross Revenue actual (JPY mn) 36 37 44 42 53 - 213
year-on-year (%) 16.1 -9.8 3.3 -1.8 24.3 - 5.9
    (Note 1) This property was acquired on August 1, 2023.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 80.2 85.8 70.4 58.2 77.5 - 74.3
year-on-year (points) 6.3 4.7 1.3 -11.1 12.6 - 2.8
ADR actual (JPY) 12,772 10,734 12,899 16,558 15,602 - 13,550
year-on-year (%) 2.3 6.8 16.7 10.5 1.0 - 6.5
RevPAR actual (JPY) 10,238 9,210 9,082 9,631 12,091 - 10,065
year-on-year (%) 11.1 13.0 18.9 -7.2 20.5 - 10.7
Gross Revenue actual (JPY mn) 56 51 53 45 60 - 267
year-on-year (%) 3.8 10.1 13.7 -11.2 17.6 - 6.6
    (Note 1) This property was acquired on August 1, 2023.
    (Note 2) The number of rooms in this property decreased by one on May 1, 2026.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 66.1 80.0 82.6 81.8 78.5 - 77.7
year-on-year (points) -13.6 2.7 -1.0 -16.0 -18.4 - -9.5
ADR actual (JPY) 16,495 15,566 18,549 18,277 17,703 - 17,389
year-on-year (%) 4.0 -5.6 -1.4 -15.9 -28.0 - -12.4
RevPAR actual (JPY) 10,904 12,445 15,329 14,948 13,905 - 13,518
year-on-year (%) -13.8 -2.3 -2.6 -29.7 -41.6 - -21.9
Gross Revenue actual (JPY mn) 506 493 509 474 495 - 2,479
year-on-year (%) -2.0 1.8 -5.4 -17.2 -26.0 - -10.9
    (Note 1) This property was acquired on July 31, 2024.
    (Note 2) The number of rooms in this property increased by four on December 24, 2024.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 60.9 72.0 82.1 84.4 84.2 - 76.8
year-on-year (points) -14.9 -1.1 -0.6 3.7 3.8 - -1.9
ADR actual (JPY) 12,994 12,652 12,057 16,418 20,285 - 15,118
year-on-year (%) -0.5 -2.9 1.2 -0.8 7.4 - 2.5
RevPAR actual (JPY) 7,918 9,109 9,896 13,864 17,078 - 11,607
year-on-year (%) -20.1 -4.4 0.5 3.8 12.4 - 0.1
Gross Revenue actual (JPY mn) 235 230 273 318 381 - 1,439
year-on-year (%) -7.9 -0.2 5.6 4.6 9.4 - 2.9
    (Note 1) This property was acquired on July 31, 2024.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 91.9 93.2 94.7 95.1 92.2 - 93.4
year-on-year (points) -1.1 -1.0 -0.3 -0.9 -0.1 - -0.7
ADR actual (JPY) 19,025 20,173 23,883 27,083 23,130 - 22,711
year-on-year (%) -2.8 -2.1 5.3 0.1 9.3 - 2.1
RevPAR actual (JPY) 17,477 18,807 22,619 25,770 21,331 - 21,218
year-on-year (%) -4.0 -3.2 4.9 -0.9 9.2 - 1.3
Gross Revenue actual (JPY mn) 193 144 172 177 173 - 861
year-on-year (%) 2.0 2.1 8.7 -2.3 12.5 - 4.3
    (Note 1) This property was acquired on July 31, 2024.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 85.1 93.0 93.8 92.6 92.4 - 91.3
year-on-year (points) -1.8 3.9 10.4 9.0 4.8 - 5.3
ADR actual (JPY) 8,767 10,948 10,257 9,263 11,146 - 10,087
year-on-year (%) -1.2 -4.0 -7.1 -5.5 -0.4 - -3.5
RevPAR actual (JPY) 7,460 10,178 9,617 8,577 10,299 - 9,212
year-on-year (%) -3.2 0.2 4.5 4.6 5.1 - 2.4
Gross Revenue actual (JPY mn) 53 62 67 60 71 - 315
year-on-year (%) 1.1 1.3 7.9 10.9 6.6 - 5.6
    (Note 1) This property was acquired on July 31, 2024.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 57.5 73.5 64.6 77.5 83.7 - 71.3
year-on-year (points) 2.4 -1.3 -1.7 4.4 2.4 - 1.3
ADR actual (JPY) 7,830 8,531 7,700 16,829 12,566 - 11,024
year-on-year (%) 1.0 1.3 6.2 -0.3 12.9 - 5.2
RevPAR actual (JPY) 4,506 6,271 4,977 13,040 10,514 - 7,859
year-on-year (%) 5.5 -0.5 3.5 5.7 16.2 - 7.1
Gross Revenue actual (JPY mn) 46 58 58 106 95 - 364
year-on-year (%) 4.6 4.6 8.3 6.3 15.4 - 8.4
    (Note 1) This property was acquired on July 31, 2024.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 83.6 91.2 93.4 89.9 91.6 - 89.9
year-on-year (points) 7.3 -1.2 -1.6 -1.3 0.5 - 0.8
ADR actual (JPY) 36,397 36,422 36,672 31,303 34,802 - 35,115
year-on-year (%) -6.9 13.8 13.0 6.0 3.9 - 5.9
RevPAR actual (JPY) 30,420 33,229 34,241 28,135 31,863 - 31,568
year-on-year (%) 1.9 12.3 11.0 4.5 4.5 - 6.8
Gross Revenue actual (JPY mn) 101 95 112 92 103 - 506
year-on-year (%) 7.7 6.6 8.5 3.7 4.2 - 6.2
    (Note 1) This property was acquired on July 31, 2024.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 84.6 89.4 90.4 84.7 87.0 - 87.2
year-on-year (points) -2.1 1.0 3.0 1.1 9.5 - 2.5
ADR actual (JPY) 7,186 7,959 9,099 6,740 8,168 - 7,855
year-on-year (%) -3.5 -12.2 3.2 -6.9 -3.6 - -4.2
RevPAR actual (JPY) 6,078 7,114 8,226 5,707 7,106 - 6,848
year-on-year (%) -5.8 -11.2 6.7 -5.7 8.2 - -1.4
Gross Revenue actual (JPY mn) 73 70 88 69 77 - 380
year-on-year (%) -1.3 -6.1 7.8 9.4 4.9 - 2.8
    (Note 1) This property was acquired on July 31, 2024.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 91.3 93.2 92.9 95.8 96.7 - 94.0
year-on-year (points) -0.5 0.1 -0.6 2.4 8.3 - 2.0
ADR actual (JPY) 10,109 12,510 13,278 11,386 12,900 - 12,041
year-on-year (%) -3.8 -6.8 4.0 8.8 4.4 - 1.3
RevPAR actual (JPY) 9,233 11,655 12,329 10,913 12,479 - 11,318
year-on-year (%) -4.3 -6.8 3.4 11.7 14.1 - 3.5
Gross Revenue actual (JPY mn) 104 127 149 124 175 - 681
year-on-year (%) 12.8 14.0 12.2 6.3 52.1 - 19.5
    (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".
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 87.4 93.2 90.9 80.3 85.4 - 87.4
year-on-year (points) 0.6 7.1 7.6 0.4 -1.0 - 2.9
ADR actual (JPY) 10,091 21,075 11,510 8,981 11,056 - 12,558
year-on-year (%) -5.4 16.9 3.2 2.6 1.7 - 6.1
RevPAR actual (JPY) 8,818 19,642 10,465 7,214 9,442 - 10,973
year-on-year (%) -4.7 26.5 12.6 3.1 0.6 - 9.7
Gross Revenue actual (JPY mn) 68 95 74 52 62 - 354
year-on-year (%) -0.8 15.1 14.2 10.1 3.1 - 8.6
    (Note 1) This property was acquired on July 31, 2024.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 79.3 85.2 84.9 78.1 74.4 - 80.3
year-on-year (points) 2.9 3.0 -0.1 3.3 -3.9 - 1.0
ADR actual (JPY) 8,687 10,263 10,043 7,516 10,995 - 9,504
year-on-year (%) -3.4 5.3 1.7 -9.2 8.8 - 0.9
RevPAR actual (JPY) 6,886 8,748 8,531 5,870 8,180 - 7,633
year-on-year (%) 0.3 9.2 1.6 -5.1 3.3 - 2.1
Gross Revenue actual (JPY mn) 75 76 95 67 87 - 402
year-on-year (%) 3.3 3.3 6.6 -0.5 5.3 - 3.8
    (Note 1) This property was acquired on July 31, 2024.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 77.8 88.6 94.3 87.8 93.1 - 88.3
year-on-year (points) -0.8 5.8 -0.3 -4.9 -0.4 - -0.2
ADR actual (JPY) 17,643 15,491 21,398 20,267 23,516 - 19,855
year-on-year (%) -2.3 2.3 4.0 3.5 11.3 - 4.0
RevPAR actual (JPY) 13,730 13,728 20,176 17,790 21,888 - 17,534
year-on-year (%) -3.3 9.5 3.6 -2.0 10.8 - 3.8
Gross Revenue actual (JPY mn) 50 48 69 61 74 - 305
year-on-year (%) 1.2 12.8 -2.0 -2.1 7.7 - 2.9
    (Note 1) This property was acquired on July 31, 2024.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 83.7 94.2 94.2 95.9 94.3 - 92.4
year-on-year (points) 3.2 4.9 6.5 10.7 1.4 - 5.3
ADR actual (JPY) 19,691 15,916 20,319 19,301 19,602 - 19,010
year-on-year (%) 2.9 2.5 -0.5 -5.4 4.3 - 0.7
RevPAR actual (JPY) 16,485 14,996 19,133 18,505 18,488 - 17,565
year-on-year (%) 7.0 8.1 6.9 6.5 5.9 - 6.8
Gross Revenue actual (JPY mn) 55 49 61 57 59 - 282
year-on-year (%) 7.0 7.5 5.2 8.5 6.5 - 6.9
    (Note 1) This property was acquired on July 31, 2024.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 76.1 86.1 94.3 77.8 81.8 - 83.2
year-on-year (points) 3.9 2.7 5.2 -6.0 -0.8 - 1.0
ADR actual (JPY) 17,594 14,786 20,022 13,789 19,316 - 17,261
year-on-year (%) 5.9 3.2 4.5 -1.0 18.6 - 7.0
RevPAR actual (JPY) 13,393 12,728 18,873 10,730 15,804 - 14,361
year-on-year (%) 11.6 6.6 10.6 -8.1 17.5 - 8.3
Gross Revenue actual (JPY mn) 166 154 219 145 179 - 865
year-on-year (%) 17.4 12.0 14.2 0.4 14.5 - 11.9
    (Note 1) This property was acquired on August 27, 2025.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 84.8 95.3 89.1 84.6 87.1 - 88.0
year-on-year (points) 2.0 2.8 -2.4 -2.8 3.1 - 0.5
ADR actual (JPY) 22,005 20,160 20,879 16,622 22,530 - 20,480
year-on-year (%) 10.2 12.9 5.8 6.1 15.3 - 10.3
RevPAR actual (JPY) 18,656 19,214 18,597 14,058 19,615 - 18,031
year-on-year (%) 12.8 16.3 3.0 2.8 19.5 - 10.9
Gross Revenue actual (JPY mn) 214 203 216 173 214 - 1,022
year-on-year (%) 6.2 10.1 0.7 0.9 12.2 - 6.0
    (Note 1) This property was acquired on August 27, 2025.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 94.5 96.4 94.6 79.5 90.5 - 91.1
year-on-year (points) 14.7 11.7 4.4 2.9 11.5 - 9.0
ADR actual (JPY) 23,511 21,309 26,316 20,272 26,674 - 23,761
year-on-year (%) -1.6 3.6 2.9 -1.9 9.4 - 2.7
RevPAR actual (JPY) 22,217 20,537 24,893 16,108 24,143 - 21,637
year-on-year (%) 16.5 17.8 7.9 1.9 25.3 - 14.0
Gross Revenue actual (JPY mn) 98 88 107 73 100 - 468
year-on-year (%) 22.0 20.2 10.9 8.0 25.9 - 17.4
    (Note 1) This property was acquired on August 27, 2025.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 92.7 96.7 96.5 96.4 96.9 - 95.8
year-on-year (points) -1.1 -0.7 -1.0 0.3 0.5 - -0.4
ADR actual (JPY) 26,157 29,073 32,889 20,617 27,388 - 27,243
year-on-year (%) 10.4 13.7 12.8 -4.1 10.3 - 9.0
RevPAR actual (JPY) 24,259 28,113 31,735 19,870 26,527 - 26,102
year-on-year (%) 9.1 12.8 11.7 -3.8 10.9 - 8.6
Gross Revenue actual (JPY mn) 109 109 137 98 119 - 574
year-on-year (%) 6.6 6.9 8.4 0.7 9.2 - 6.5
    (Note 1) This property was acquired on August 27, 2025.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 61.2 82.4 85.1 68.6 81.5 - 75.7
year-on-year (points) -13.5 -2.6 -6.8 -17.0 -6.2 - -9.3
ADR actual (JPY) 23,918 20,840 22,881 15,572 21,352 - 20,987
year-on-year (%) 7.5 7.8 12.5 2.3 3.1 - 7.3
RevPAR actual (JPY) 14,629 17,178 19,476 10,679 17,394 - 15,880
year-on-year (%) -11.9 4.6 4.3 -18.0 -4.3 - -4.4
Gross Revenue actual (JPY mn) 69 77 99 58 83 - 388
year-on-year (%) -9.8 4.9 2.8 -17.9 -1.2 - -3.7
    (Note 1) This property was acquired on August 27, 2025.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 83.0 93.3 93.5 91.1 82.9 - 88.7
year-on-year (points) 10.3 -0.2 -2.3 1.0 2.6 - 2.4
ADR actual (JPY) 6,364 6,493 7,398 7,976 7,654 - 7,190
year-on-year (%) -3.9 -1.4 -2.1 11.8 3.3 - 1.5
RevPAR actual (JPY) 5,281 6,056 6,917 7,270 6,344 - 6,374
year-on-year (%) 9.6 -1.6 -4.4 13.0 6.7 - 4.3
Gross Revenue actual (JPY mn) 33 34 43 43 39 - 194
year-on-year (%) 11.1 -1.0 -3.8 11.8 6.2 - 4.4
    (Note 1) This property was acquired on August 27, 2025.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 81.6 86.1 89.4 89.7 93.6 - 88.1
year-on-year (points) -12.3 -9.0 -4.3 -6.2 -0.1 - -6.3
ADR actual (JPY) 26,158 20,801 28,513 22,225 28,834 - 25,466
year-on-year (%) 20.7 9.3 5.5 1.2 13.6 - 10.3
RevPAR actual (JPY) 21,358 17,903 25,497 19,942 26,989 - 22,442
year-on-year (%) 4.9 -1.0 0.6 -5.3 13.4 - 2.9
Gross Revenue actual (JPY mn) 76 63 89 72 89 - 391
year-on-year (%) 2.2 -1.1 -1.5 -6.1 9.3 - 0.6
    (Note 1) This property was acquired on August 27, 2025.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 65.0 84.0 84.2 80.2 89.1 - 80.4
year-on-year (points) 8.1 0.8 15.3 7.7 -1.1 - 6.3
ADR actual (JPY) 13,490 12,541 14,588 13,151 17,549 - 14,398
year-on-year (%) 8.6 26.7 -0.8 -6.3 13.1 - 7.3
RevPAR actual (JPY) 8,770 10,534 12,289 10,546 15,633 - 11,581
year-on-year (%) 24.1 28.0 21.3 3.7 11.7 - 16.4
Gross Revenue actual (JPY mn) 37 46 51 43 57 - 236
year-on-year (%) 23.1 38.5 21.0 7.2 9.6 - 18.4
    (Note 1) This property was acquired on August 27, 2025.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 94.1 97.8 97.4 80.4 87.3 - 91.4
year-on-year (points) 4.5 1.1 -0.4 -10.7 -1.9 - -1.5
ADR actual (JPY) 15,465 12,745 14,771 12,669 16,064 - 14,402
year-on-year (%) 0.8 -0.9 10.5 1.7 10.8 - 5.1
RevPAR actual (JPY) 14,556 12,461 14,390 10,192 14,026 - 13,158
year-on-year (%) 5.9 0.2 10.0 -10.3 8.5 - 3.4
Gross Revenue actual (JPY mn) 49 42 52 35 44 - 225
year-on-year (%) 7.6 0.9 8.7 -10.0 4.4 - 2.8
    (Note 1) This property was acquired on August 27, 2025.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 89.7 95.9 93.1 91.6 95.2 - 93.0
year-on-year (points) 2.4 4.8 -0.6 3.3 7.6 - 3.5
ADR actual (JPY) 14,692 14,058 17,296 12,684 15,781 - 14,942
year-on-year (%) -2.6 -1.6 3.2 -7.0 -1.2 - -1.6
RevPAR actual (JPY) 13,175 13,481 16,097 11,617 15,030 - 13,903
year-on-year (%) 0.1 3.6 2.6 -3.6 7.3 - 2.2
Gross Revenue actual (JPY mn) 46 46 60 51 56 - 261
year-on-year (%) 3.6 10.2 9.4 0.1 14.2 - 7.5
    (Note 1) This property was acquired on August 27, 2025.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 76.7 81.4 89.7 82.6 72.0 - 80.5
year-on-year (points) -7.4 -6.0 -0.8 3.3 5.5 - -1.0
ADR actual (USD) 814 859 928 784 519 - 788
year-on-year (%) 6.4 6.1 13.0 3.4 4.9 - 6.5
RevPAR actual (USD) 624 699 833 648 373 - 634
year-on-year (%) -3.0 -1.1 12.1 7.7 13.6 - 5.2
Gross Revenue actual (USD'000) 10,931 11,739 14,707 11,637 8,321 - 57,337
year-on-year (%) -7.0 7.1 10.9 9.7 25.1 - 7.7
    (Note 1) This property was acquired on Septemer 28, 2018.
2026/01 2026/02 2026/03 2026/04 2026/05 2026/06 2026/01～06
Occupancy Rate actual (%) 57.9 82.7 81.4 43.0 23.2 - 57.2
year-on-year (points) 20.1 37.1 79.2 43.0 23.2 - 40.6
ADR actual (USD) 397 430 396 386 261 - 393
year-on-year (%) 5.3 21.2 14.9 0.0 0.0 - 6.6
RevPAR actual (USD) 230 356 322 166 61 - 225
year-on-year (%) 61.2 119.9 4,315.9 5,602.7 0.0 - 266.4
Gross Revenue actual (USD'000) 1,009 1,451 1,492 725 271 - 4,950
year-on-year (%) 13.9 60.4 2,506.5 6,224.4 2,710,750.0 - 166.2
    (Note 1) This property was acquired on Septemer 28, 2018.
    (Note 2) The name of this property was changed from "Sunshine Suites Resort" and the number of rooms in this property increased by one on December 25, 2025.

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