Hotel Performance

Data Download

Domestic Hotels Total
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
# of Properties (Note2) actual - 74 (83) 74 (83) 74 (83) 74 (83) 74 (83) - 74 (83)
Occupancy Rate actual (%) 81.9 75.7 45.3 28.0 26.9 - 51.3
ADR actual (JPY) 7,835 8,087 6,462 6,186 5,027 - 7,179
RevPAR actual (JPY) 6,415 6,122 2,925 1,734 1,354 - 3,685
Gross Revenue actual (JPY mn) 3,659 3,307 1,731 937 728 - 10,364
Overseas Hotels Total
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
# of Properties (Note2) actual - 2 2 2 2 2 - 2
Occupancy Rate actual (%) 88.1 93.8 44.6 0.0 0.0 - 45.0
ADR actual (USD) 473 504 482 0 0 - 487
RevPAR actual (USD) 417 473 215 0 -1 - 219
Gross Revenue actual (USD'000) 9,869 11,011 5,633 124 -21 - 26,616
  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

　Open all 　Close all

2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 81.0 74.8 57.5 37.9 28.6 - 55.8
year-on-year (points) -11.3 -22.9 -39.6 -59.4 -67.2 - -40.2
ADR actual (JPY) 7,327 6,877 4,648 4,547 3,952 - 5,924
year-on-year (%) -6.0 -18.2 -51.0 -58.9 -54.2 - -34.8
RevPAR actual (JPY) 5,935 5,142 2,673 1,721 1,131 - 3,307
year-on-year (%) -17.5 -37.4 -71.0 -84.0 -86.3 - -62.1
Gross Revenue actual (JPY mn) 23 19 10 6 4 - 64
year-on-year (%) -16.9 -34.3 -70.3 -83.5 -86.0 - -61.3
    (Note 1) This property was acquired on May 23, 2014.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 90.7 79.6 34.1 17.8 8.2 - 45.8
year-on-year (points) -0.7 -14.4 -61.2 -78.5 -84.6 - -48.1
ADR actual (JPY) 5,295 4,976 4,255 5,783 4,410 - 5,037
year-on-year (%) -9.5 -24.3 -41.1 -32.5 -34.3 - -28.0
RevPAR actual (JPY) 4,805 3,962 1,449 1,028 361 - 2,308
year-on-year (%) -10.2 -35.9 -79.0 -87.5 -94.2 - -64.9
Gross Revenue actual (JPY mn) 25 19 8 6 2 - 62
year-on-year (%) -8.7 -30.4 -76.0 -85.5 -90.9 - -62.1
    (Note 1) This property was acquired on May 23, 2014.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 80.3 55.2 29.1 8.7 0.0 - 34.6
year-on-year (points) -10.9 -34.4 -65.7 -82.1 -90.7 - -56.9
ADR actual (JPY) 6,842 6,347 6,597 4,884 0 - 6,532
year-on-year (%) -4.8 -16.8 -45.0 -71.9 -100.0 - -41.7
RevPAR actual (JPY) 5,497 3,502 1,920 424 -34 - 2,257
year-on-year (%) -16.2 -48.7 -83.1 -97.3 - - -78.0
Gross Revenue actual (JPY mn) 44 27 16 5 0 - 94
year-on-year (%) -14.0 -43.8 -80.8 -95.6 -98.9 - -75.5
    (Note 1) This property was acquired on July 17, 2014.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 86.0 71.9 19.0 26.0 23.1 - 45.0
year-on-year (points) 0.6 -20.4 -76.0 -64.6 -67.8 - -45.8
ADR actual (JPY) 9,060 8,758 5,811 5,450 5,149 - 7,866
year-on-year (%) -1.2 -3.0 -52.1 -52.7 -49.1 - -24.7
RevPAR actual (JPY) 7,795 6,299 1,105 1,418 1,190 - 3,540
year-on-year (%) -0.4 -24.4 -90.4 -86.4 -87.0 - -62.7
Gross Revenue actual (JPY mn) 53 42 11 15 15 - 138
year-on-year (%) 4.3 -18.4 -84.1 -79.7 -75.2 - -56.3
    (Note 1) This property was acquired on July 17, 2014.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 94.8 78.6 4.4 3.0 1.0 - 36.0
year-on-year (points) -1.4 -18.8 -93.8 -94.2 -96.1 - -61.2
ADR actual (JPY) 14,615 13,855 12,974 9,579 6,548 - 14,129
year-on-year (%) 4.7 -6.4 -36.7 -47.7 -57.9 - -15.2
RevPAR actual (JPY) 13,855 10,893 577 291 63 - 5,092
year-on-year (%) 3.1 -24.4 -97.1 -98.4 -99.6 - -68.6
Gross Revenue actual (JPY mn) 42 31 3 2 1 - 81
year-on-year (%) 3.4 -21.4 -94.3 -95.8 -97.6 - -66.4
    (Note 1) This property was acquired on July 17, 2014.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 90.1 80.5 47.6 24.7 50.7 - 58.7
year-on-year (points) -4.3 -17.9 -48.1 -68.7 -40.3 - -35.8
ADR actual (JPY) 8,690 7,984 6,879 5,859 5,238 - 7,362
year-on-year (%) -7.1 -24.1 -44.3 -58.3 -56.0 - -36.7
RevPAR actual (JPY) 7,831 6,428 3,272 1,449 2,654 - 4,318
year-on-year (%) -11.4 -37.8 -72.3 -89.0 -75.5 - -60.7
Gross Revenue actual (JPY mn) 42 34 22 14 18 - 133
year-on-year (%) -16.5 -35.0 -64.8 -79.4 -66.6 - -54.7
    (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.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 87.8 84.5 51.7 31.1 27.4 - 56.3
year-on-year (points) 2.4 -6.8 -37.9 -62.0 -61.0 - -33.2
ADR actual (JPY) 5,996 6,856 4,932 4,478 4,141 - 5,693
year-on-year (%) -3.7 -1.1 -30.5 -47.0 -44.3 - -21.4
RevPAR actual (JPY) 5,263 5,792 2,552 1,394 1,136 - 3,206
year-on-year (%) -1.0 -8.4 -59.9 -82.3 -82.7 - -50.5
Gross Revenue actual (JPY mn) 51 51 27 15 12 - 158
year-on-year (%) -0.4 -6.8 -55.9 -78.8 -80.9 - -48.1
    (Note 1) This property was acquired on July 17, 2014.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 71.1 54.0 24.5 22.4 26.1 - 39.6
year-on-year (points) -2.9 -35.5 -67.9 -70.5 -59.4 - -47.2
ADR actual (JPY) 4,998 4,730 4,042 3,934 3,530 - 4,491
year-on-year (%) -18.5 -28.3 -37.8 -51.5 -49.6 - -34.9
RevPAR actual (JPY) 3,555 2,555 990 883 922 - 1,777
year-on-year (%) -21.7 -56.7 -83.5 -88.3 -84.6 - -70.3
Gross Revenue actual (JPY mn) 22 15 6 5 5 - 56
year-on-year (%) -20.6 -54.8 -82.5 -87.6 -84.5 - -69.4
    (Note 1) This property was acquired on July 17, 2014.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 92.2 89.6 69.6 33.9 62.6 - 69.6
year-on-year (points) 0.6 -5.4 -26.2 -60.1 -0.7 - -18.2
ADR actual (JPY) 5,945 5,506 4,806 4,309 4,955 - 5,265
year-on-year (%) -2.8 -22.2 -40.5 -52.3 -46.3 - -32.8
RevPAR actual (JPY) 5,482 4,934 3,345 1,462 3,103 - 3,663
year-on-year (%) -2.1 -26.6 -56.8 -82.8 -46.9 - -46.7
Gross Revenue actual (JPY mn) 38 31 22 10 19 - 121
year-on-year (%) 0.4 -23.5 -58.1 -81.8 -50.3 - -46.4
    (Note 1) This property was acquired on July 17, 2014.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 89.1 83.5 57.5 22.3 17.3 - 53.7
year-on-year (points) 2.4 -9.0 -36.5 -70.0 -73.0 - -37.4
ADR actual (JPY) 5,764 5,455 4,099 3,827 4,031 - 5,037
year-on-year (%) -10.1 -23.1 -47.1 -57.8 -41.9 - -32.6
RevPAR actual (JPY) 5,134 4,553 2,359 853 696 - 2,707
year-on-year (%) -7.7 -30.6 -67.6 -89.8 -88.9 - -60.2
Gross Revenue actual (JPY mn) 15 12 7 2 2 - 39
year-on-year (%) -7.5 -27.5 -67.0 -89.6 -88.9 - -59.7
    (Note 1) This property was acquired on July 17, 2014.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 93.6 89.2 57.1 16.5 12.0 - 53.5
year-on-year (points) 3.5 -1.4 -38.2 -72.4 -81.9 - -38.4
ADR actual (JPY) 5,572 6,558 4,624 4,435 3,956 - 5,536
year-on-year (%) -26.5 -34.6 -46.1 -52.8 -57.8 - -38.3
RevPAR actual (JPY) 5,215 5,852 2,640 733 473 - 2,960
year-on-year (%) -23.7 -35.7 -67.7 -91.2 -94.6 - -64.1
Gross Revenue actual (JPY mn) 30 31 15 4 3 - 85
year-on-year (%) -22.7 -32.8 -66.3 -90.1 -93.9 - -62.8
    (Note 1) This property was acquired on July 17, 2014.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 91.5 82.6 63.3 53.2 64.9 - 71.1
year-on-year (points) 4.5 -6.3 -28.0 -42.8 -25.6 - -19.7
ADR actual (JPY) 7,216 8,015 5,468 5,188 4,880 - 6,341
year-on-year (%) -11.9 -18.6 -47.5 -54.3 -45.7 - -35.2
RevPAR actual (JPY) 6,600 6,624 3,459 2,761 3,167 - 4,506
year-on-year (%) -7.3 -24.4 -63.6 -74.7 -61.1 - -49.2
Gross Revenue actual (JPY mn) 13 12 8 6 7 - 48
year-on-year (%) -7.0 -20.2 -58.0 -68.8 -53.2 - -44.2
    (Note 1) This property was acquired on July 17, 2014.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 92.8 79.6 46.5 16.3 12.9 - 49.4
year-on-year (points) 5.0 -13.6 -45.3 -74.3 -76.0 - -40.9
ADR actual (JPY) 5,780 5,348 3,911 4,161 4,130 - 5,096
year-on-year (%) -13.4 -26.2 -54.2 -56.3 -42.7 - -35.1
RevPAR actual (JPY) 5,365 4,260 1,817 676 533 - 2,520
year-on-year (%) -8.4 -36.9 -76.8 -92.2 -91.7 - -64.5
Gross Revenue actual (JPY mn) 12 9 4 1 1 - 28
year-on-year (%) -8.4 -34.2 -76.6 -91.6 -91.1 - -63.9
    (Note 1) This property was acquired on July 17, 2014.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 93.8 93.4 70.1 68.5 51.2 - 75.2
year-on-year (points) -1.3 -4.2 -28.9 -29.9 -46.0 - -22.2
ADR actual (JPY) 7,031 7,325 4,992 4,498 4,673 - 5,930
year-on-year (%) -6.8 -15.7 -45.6 -57.9 -45.1 - -33.6
RevPAR actual (JPY) 6,594 6,838 3,501 3,083 2,393 - 4,460
year-on-year (%) -8.0 -19.3 -61.5 -70.7 -71.1 - -48.7
Gross Revenue actual (JPY mn) 11 11 6 5 4 - 37
year-on-year (%) -8.1 -15.4 -60.8 -70.6 -71.2 - -48.0
    (Note 1) This property was acquired on July 17, 2014.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 69.4 72.5 43.7 72.0 59.0 - 63.2
year-on-year (points) 3.7 -2.1 -34.7 -19.0 -26.1 - -15.9
ADR actual (JPY) 4,786 4,716 4,273 4,659 4,333 - 4,583
year-on-year (%) -10.1 -14.7 -25.9 -21.9 -15.8 - -17.6
RevPAR actual (JPY) 3,320 3,420 1,869 3,356 2,557 - 2,895
year-on-year (%) -5.1 -17.2 -58.7 -38.3 -41.7 - -34.1
Gross Revenue actual (JPY mn) 14 13 8 14 11 - 61
year-on-year (%) -3.9 -12.8 -56.2 -37.1 -40.5 - -32.2
    (Note 1) This property was acquired on July 17, 2014.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 73.2 58.4 26.9 18.5 14.3 - 38.1
year-on-year (points) 5.6 -22.4 -58.6 -74.3 -71.8 - -44.4
ADR actual (JPY) 5,606 5,544 4,670 4,720 4,566 - 5,289
year-on-year (%) -0.6 -14.8 -25.0 -32.5 -26.9 - -16.8
RevPAR actual (JPY) 4,103 3,236 1,254 871 653 - 2,015
year-on-year (%) 7.6 -38.4 -76.4 -86.6 -87.9 - -61.6
Gross Revenue actual (JPY mn) 13 10 4 3 2 - 34
year-on-year (%) 7.6 -35.0 -74.5 -83.6 -86.5 - -59.7
    (Note 1) This property was acquired on July 17, 2014.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 82.1 71.8 35.6 29.8 32.3 - 50.2
year-on-year (points) -1.2 -12.6 -50.6 -61.4 -51.5 - -35.6
ADR actual (JPY) 6,508 6,153 5,535 4,783 4,384 - 5,789
year-on-year (%) -19.2 -32.6 -41.7 -54.5 -53.1 - -37.9
RevPAR actual (JPY) 5,340 4,421 1,972 1,428 1,418 - 2,906
year-on-year (%) -20.4 -42.7 -75.9 -85.1 -81.9 - -63.7
Gross Revenue actual (JPY mn) 18 14 7 5 5 - 51
year-on-year (%) -19.5 -38.4 -72.7 -84.3 -81.4 - -61.9
    (Note 1) This property was acquired on July 17, 2014.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 87.9 66.2 36.2 42.0 43.1 - 55.0
year-on-year (points) 0.0 -19.0 -50.8 -50.4 -49.2 - -34.0
ADR actual (JPY) 7,838 7,840 6,413 7,404 5,928 - 7,277
year-on-year (%) 24.4 13.4 -11.9 -12.9 -13.6 - 1.4
RevPAR actual (JPY) 6,889 5,189 2,323 3,109 2,553 - 4,003
year-on-year (%) 24.4 -11.9 -63.3 -60.4 -59.7 - -37.4
Gross Revenue actual (JPY mn) 13 9 5 6 5 - 39
year-on-year (%) 25.1 -5.9 -57.0 -56.0 -55.2 - -32.9
    (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.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 76.9 83.3 79.6 76.8 77.8 - 78.8
year-on-year (points) -10.5 -1.9 -13.8 -17.1 -2.6 - -9.3
ADR actual (JPY) 4,874 5,114 4,066 5,192 4,561 - 4,754
year-on-year (%) -15.3 -14.7 -32.7 -20.3 -23.1 - -21.5
RevPAR actual (JPY) 3,749 4,260 3,236 3,990 3,546 - 3,748
year-on-year (%) -25.5 -16.5 -42.7 -34.8 -25.6 - -29.7
Gross Revenue actual (JPY mn) 4 4 4 4 4 - 23
year-on-year (%) -26.2 -13.9 -43.7 -33.8 -22.1 - -28.8
    (Note 1) This property was acquired on July 17, 2014.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 86.5 90.0 70.7 79.2 66.3 - 78.4
year-on-year (points) -1.2 2.3 -20.4 -16.5 -23.9 - -12.1
ADR actual (JPY) 4,527 4,811 3,981 4,100 3,014 - 4,143
year-on-year (%) -11.0 -12.0 -30.7 -35.4 -43.1 - -26.0
RevPAR actual (JPY) 3,916 4,328 2,814 3,249 1,998 - 3,247
year-on-year (%) -12.2 -9.7 -46.2 -46.5 -58.2 - -35.9
Gross Revenue actual (JPY mn) 2 2 2 2 1 - 11
year-on-year (%) -11.9 -5.8 -44.5 -45.0 -57.1 - -34.4
    (Note 1) This property was acquired on July 17, 2014.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 82.3 81.7 55.7 46.2 66.0 - 66.3
year-on-year (points) -10.4 -12.0 -39.9 -47.8 -26.7 - -27.4
ADR actual (JPY) 5,251 5,345 4,376 4,003 3,034 - 4,502
year-on-year (%) -8.7 -23.7 -42.5 -56.6 -62.5 - -40.3
RevPAR actual (JPY) 4,322 4,365 2,439 1,850 2,002 - 2,985
year-on-year (%) -19.0 -33.5 -66.5 -78.7 -73.3 - -57.8
Gross Revenue actual (JPY mn) 64 60 37 28 30 - 221
year-on-year (%) -18.4 -30.1 -64.5 -77.0 -71.6 - -56.0
    (Note 1) This property was acquired on February 6, 2015.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 58.7 55.4 30.3 19.7 14.7 - 35.6
year-on-year (points) 0.4 -16.7 -32.4 -52.0 -63.1 - -32.8
ADR actual (JPY) 6,499 6,430 6,188 6,119 5,864 - 6,330
year-on-year (%) -4.1 -8.3 -10.0 -37.1 -43.9 - -23.8
RevPAR actual (JPY) 3,817 3,563 1,872 1,208 859 - 2,254
year-on-year (%) -3.4 -29.5 -56.5 -82.7 -89.4 - -60.4
Gross Revenue actual (JPY mn) 30 27 16 10 8 - 92
year-on-year (%) -4.2 -23.7 -53.3 -79.0 -86.1 - -56.5
    (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.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 68.4 62.6 32.1 43.4 39.5 - 49.0
year-on-year (points) -3.9 -19.8 -52.8 -48.3 -50.6 - -35.2
ADR actual (JPY) 5,866 6,252 5,479 6,884 6,749 - 6,231
year-on-year (%) -7.8 -11.1 -27.8 -16.1 -7.7 - -15.2
RevPAR actual (JPY) 4,010 3,914 1,759 2,986 2,664 - 3,056
year-on-year (%) -12.7 -32.5 -72.7 -60.3 -59.6 - -50.6
Gross Revenue actual (JPY mn) 11 9 4 7 7 - 41
year-on-year (%) -12.2 -29.4 -72.3 -59.7 -59.1 - -49.7
    (Note 1) This property was acquired on February 6, 2015.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 91.0 91.6 82.4 62.4 65.2 - 78.5
year-on-year (points) -3.2 -3.3 -14.7 -35.4 -28.1 - -17.0
ADR actual (JPY) 9,947 9,863 8,580 11,599 8,251 - 9,607
year-on-year (%) 0.3 -11.7 -25.7 -10.6 -24.6 - -15.1
RevPAR actual (JPY) 9,052 9,036 7,072 7,237 5,383 - 7,539
year-on-year (%) -3.1 -14.8 -37.0 -43.0 -47.3 - -30.2
Gross Revenue actual (JPY mn) 55 52 44 43 33 - 228
year-on-year (%) -2.4 -9.7 -34.6 -41.5 -46.6 - -28.3
    (Note 1) This property was acquired on July 16, 2015.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 76.7 61.0 41.0 36.2 28.5 - 48.6
year-on-year (points) -13.2 -28.1 -50.5 -59.2 -63.4 - -43.0
ADR actual (JPY) 5,410 5,289 4,829 5,288 4,772 - 5,187
year-on-year (%) -4.4 -10.9 -21.5 -24.6 -19.5 - -15.6
RevPAR actual (JPY) 4,148 3,227 1,978 1,912 1,358 - 2,519
year-on-year (%) -18.5 -39.0 -64.8 -71.4 -75.1 - -55.2
Gross Revenue actual (JPY mn) 37 27 18 17 13 - 114
year-on-year (%) -17.7 -35.1 -62.2 -68.8 -73.1 - -53.0
    (Note 1) This property was acquired on July 16, 2015.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 94.7 87.4 42.3 8.8 10.2 - 48.5
year-on-year (points) 3.1 -8.4 -53.0 -86.2 -80.2 - -45.1
ADR actual (JPY) 7,486 6,522 4,712 4,104 4,060 - 6,392
year-on-year (%) -14.5 -31.4 -56.2 -67.5 -57.8 - -37.8
RevPAR actual (JPY) 7,093 5,701 1,995 362 413 - 3,097
year-on-year (%) -11.6 -37.5 -80.6 -97.0 -95.2 - -67.8
Gross Revenue actual (JPY mn) 21 16 6 1 1 - 47
year-on-year (%) -11.1 -34.8 -79.5 -95.4 -93.3 - -66.3
    (Note 1) This property was acquired on July 16, 2015.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 86.0 80.2 47.7 36.0 21.4 - 54.0
year-on-year (points) -4.9 -14.0 -48.8 -60.4 -71.6 - -40.2
ADR actual (JPY) 5,378 5,229 4,610 4,827 4,227 - 5,032
year-on-year (%) -4.0 -13.5 -30.1 -34.4 -29.2 - -20.4
RevPAR actual (JPY) 4,626 4,193 2,199 1,738 903 - 2,719
year-on-year (%) -9.3 -26.4 -65.4 -75.5 -83.7 - -54.4
Gross Revenue actual (JPY mn) 26 22 13 10 5 - 79
year-on-year (%) -9.2 -23.2 -63.1 -72.3 -81.8 - -52.4
    (Note 1) This property was acquired on July 16, 2015.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 86.0 84.8 78.2 49.2 46.4 - 68.8
year-on-year (points) 15.1 4.6 14.9 -31.7 -41.1 - -7.6
ADR actual (JPY) 5,407 5,707 5,051 4,500 4,243 - 5,107
year-on-year (%) -13.7 -15.7 -24.5 -35.1 -37.2 - -23.7
RevPAR actual (JPY) 4,652 4,839 3,949 2,214 1,969 - 3,516
year-on-year (%) 4.7 -10.9 -6.7 -60.5 -66.7 - -31.3
Gross Revenue actual (JPY mn) 24 23 20 12 10 - 91
year-on-year (%) 8.0 -4.3 -6.0 -57.3 -66.7 - -29.0
    (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.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 85.7 81.9 41.9 43.3 20.9 - 54.4
year-on-year (points) 4.3 -0.4 -46.8 -51.6 -70.4 - -33.3
ADR actual (JPY) 4,833 4,805 4,282 4,408 3,897 - 4,599
year-on-year (%) -4.8 -11.7 -24.2 -29.2 -24.0 - -16.6
RevPAR actual (JPY) 4,142 3,933 1,792 1,907 813 - 2,503
year-on-year (%) 0.2 -12.1 -64.2 -67.7 -82.6 - -48.3
Gross Revenue actual (JPY mn) 11 10 5 5 2 - 35
year-on-year (%) 0.5 -8.8 -62.4 -66.0 -81.3 - -46.8
    (Note 1) This property was acquired on July 16, 2015.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 88.0 90.8 48.7 30.0 35.7 - 58.4
year-on-year (points) -4.9 -4.2 -48.3 -67.9 -57.1 - -36.7
ADR actual (JPY) 7,088 7,235 6,693 6,058 5,385 - 6,748
year-on-year (%) 0.7 -2.3 -9.9 -31.9 -37.9 - -14.5
RevPAR actual (JPY) 6,241 6,566 3,261 1,816 1,924 - 3,941
year-on-year (%) -4.6 -6.6 -54.8 -79.2 -76.1 - -47.5
Gross Revenue actual (JPY mn) 51 46 20 12 12 - 143
year-on-year (%) 6.1 -6.5 -65.2 -76.2 -78.1 - -46.1
    (Note 1) This property was acquired on July 16, 2015.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 77.6 78.8 77.3 74.4 85.6 - 78.8
year-on-year (points) 5.5 -9.2 -11.2 -19.9 -2.7 - -7.4
ADR actual (JPY) 4,777 4,967 4,620 5,281 4,809 - 4,883
year-on-year (%) -9.0 -8.2 -15.2 -16.3 -13.7 - -13.1
RevPAR actual (JPY) 3,708 3,915 3,572 3,930 4,118 - 3,847
year-on-year (%) -2.0 -17.8 -25.9 -34.0 -16.3 - -20.5
Gross Revenue actual (JPY mn) 7 7 7 8 8 - 40
year-on-year (%) -2.6 -15.0 -25.6 -33.5 -15.2 - -19.7
    (Note 1) This property was acquired on July 16, 2015.
    (Note 1) This property was acquired on July 16, 2015.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 74.3 80.3 77.9 59.5 74.7 - 73.3
year-on-year (points) -5.9 -9.8 -13.9 -38.4 -18.7 - -17.3
ADR actual (JPY) 3,873 4,262 4,346 4,110 3,592 - 4,036
year-on-year (%) -6.5 -5.2 -4.3 -26.3 -24.9 - -14.7
RevPAR actual (JPY) 2,877 3,421 3,387 2,446 2,684 - 2,960
year-on-year (%) -13.4 -15.5 -18.7 -55.2 -39.9 - -31.0
Gross Revenue actual (JPY mn) 5 6 6 5 5 - 30
year-on-year (%) -12.2 -12.1 -18.9 -54.0 -39.1 - -29.9
    (Note 1) This property was acquired on July 16, 2015.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 70.8 79.5 49.8 49.6 42.5 - 58.2
year-on-year (points) -0.1 -13.5 -32.5 -44.5 -50.7 - -28.3
ADR actual (JPY) 4,874 5,106 4,720 4,967 4,311 - 4,840
year-on-year (%) -2.5 0.8 -11.4 -16.5 -19.6 - -9.7
RevPAR actual (JPY) 3,449 4,061 2,353 2,462 1,834 - 2,818
year-on-year (%) -2.6 -13.8 -46.4 -56.0 -63.3 - -39.3
Gross Revenue actual (JPY mn) 24 26 16 16 12 - 96
year-on-year (%) -2.6 -11.6 -45.9 -55.5 -62.9 - -38.7
    (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.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 90.2 62.6 18.0 14.4 42.9 - 45.6
year-on-year (points) -5.2 -33.1 -77.3 -83.1 -53.2 - -50.4
ADR actual (JPY) 8,482 7,320 5,652 3,885 3,514 - 6,710
year-on-year (%) -17.4 -35.4 -48.4 -70.9 -69.1 - -41.4
RevPAR actual (JPY) 7,651 4,581 1,016 561 1,507 - 3,060
year-on-year (%) -21.9 -57.7 -90.3 -95.7 -86.2 - -72.2
Gross Revenue actual (JPY mn) 14 8 2 1 3 - 30
year-on-year (%) -20.0 -52.1 -84.9 -92.0 -82.8 - -68.2
    (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.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 96.6 95.6 83.2 38.0 31.5 - 68.8
year-on-year (points) 10.7 2.3 -11.1 -57.1 -59.4 - -23.0
ADR actual (JPY) 9,342 9,242 5,800 5,284 4,724 - 7,569
year-on-year (%) -7.1 -17.2 -48.8 -58.0 -54.6 - -31.9
RevPAR actual (JPY) 9,026 8,831 4,826 2,006 1,488 - 5,210
year-on-year (%) 4.5 -15.1 -54.8 -83.2 -84.3 - -49.0
Gross Revenue actual (JPY mn) 122 111 67 29 22 - 353
year-on-year (%) 4.3 -11.4 -53.0 -81.0 -82.4 - -47.3
    (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
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 61.3 69.3 54.6 10.7 0.0 - 39.0
year-on-year (points) -2.8 -4.0 -39.5 -77.1 -82.2 - -41.4
ADR actual (JPY) 24,819 19,166 20,674 18,269 0 - 21,362
year-on-year (%) 10.4 10.4 -2.6 -18.9 -100.0 - -1.9
RevPAR actual (JPY) 15,222 13,278 11,294 1,955 0 - 8,327
year-on-year (%) 5.6 4.4 -43.5 -90.1 -100.0 - -52.5
Gross Revenue actual (JPY mn) 391 361 286 66 15 - 1,121
year-on-year (%) 3.1 4.7 -44.7 -86.9 -97.0 - -50.9
    (Note 1) This property was acquired on March 31, 2016.
    (Note 2) Renovation Period : January 13, 2020 - February 21, 2020
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 81.1 73.9 49.6 17.2 17.7 - 47.8
year-on-year (points) -10.0 -17.2 -44.6 -74.5 -75.7 - -44.6
ADR actual (JPY) 6,286 7,183 5,240 4,487 3,987 - 6,027
year-on-year (%) -22.2 -35.7 -44.5 -54.2 -60.6 - -37.8
RevPAR actual (JPY) 5,100 5,311 2,599 771 707 - 2,880
year-on-year (%) -30.7 -47.9 -70.8 -91.4 -92.5 - -67.8
Gross Revenue actual (JPY mn) 38 37 20 6 5 - 108
year-on-year (%) -29.7 -44.3 -69.4 -90.3 -91.8 - -66.3
    (Note 1) This property was acquired on March 31, 2016.
    (Note 2) Renovation Period : January 7, 2020 - May 30, 2020
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 70.8 64.1 66.6 56.2 50.8 - 61.7
year-on-year (points) -26.3 -33.3 -31.1 -40.5 -41.3 - -34.5
ADR actual (JPY) 9,024 8,522 5,248 4,602 4,613 - 6,558
year-on-year (%) -5.3 -19.8 -53.3 -64.0 -54.6 - -39.7
RevPAR actual (JPY) 6,390 5,466 3,496 2,584 2,344 - 4,047
year-on-year (%) -31.0 -47.2 -68.2 -79.1 -74.9 - -61.3
Gross Revenue actual (JPY mn) 20 16 11 9 8 - 67
year-on-year (%) -31.3 -45.0 -66.8 -77.2 -73.0 - -59.9
    (Note 1) This property was acquired on March 31, 2016.
    (Note 2) Renovation Period : January 6, 2020 - March 19, 2020.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 79.1 76.5 65.0 18.2 16.9 - 51.0
year-on-year (points) -4.1 -13.3 -25.1 -69.2 -69.9 - -36.4
ADR actual (JPY) 8,034 8,476 7,576 5,898 5,784 - 7,739
year-on-year (%) -6.3 -14.7 -24.5 -61.0 -59.4 - -33.3
RevPAR actual (JPY) 6,355 6,487 4,928 1,076 976 - 3,950
year-on-year (%) -10.9 -27.3 -45.6 -91.9 -92.1 - -61.1
Gross Revenue actual (JPY mn) 66 62 53 19 17 - 218
year-on-year (%) -8.3 -21.4 -41.0 -83.9 -85.1 - -54.1
    (Note 1) This property was acquired on June 15, 2016.
    (Note 1) This property was acquired on June 15, 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.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 96.5 91.3 69.7 47.1 51.4 - 71.1
year-on-year (points) 1.3 -5.1 -25.4 -48.0 -41.9 - -23.9
ADR actual (JPY) 15,295 11,935 8,580 7,354 6,863 - 10,847
year-on-year (%) -5.4 -30.4 -53.9 -68.7 -59.9 - -41.3
RevPAR actual (JPY) 14,757 10,900 5,979 3,464 3,529 - 7,712
year-on-year (%) -4.1 -34.1 -66.2 -84.5 -77.9 - -56.1
Gross Revenue actual (JPY mn) 61 44 29 18 18 - 172
year-on-year (%) -2.7 -27.9 -58.7 -78.5 -71.7 - -50.5
    (Note 1) This property was acquired on May 29, 2017.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 70.8 67.6 39.2 15.7 15.1 - 41.5
year-on-year (points) -0.2 -19.5 -49.8 -76.9 -64.0 - -42.1
ADR actual (JPY) 5,885 5,631 4,484 4,469 4,024 - 5,293
year-on-year (%) -10.0 -22.7 -42.7 -50.5 -47.2 - -31.4
RevPAR actual (JPY) 4,165 3,809 1,758 700 609 - 2,197
year-on-year (%) -10.3 -40.0 -74.7 -91.6 -89.9 - -66.0
Gross Revenue actual (JPY mn) 94 77 34 13 10 - 231
year-on-year (%) 0.2 -31.3 -73.5 -90.7 -91.1 - -61.8
    (Note 1) This property was acquired on October 13, 2017.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 90.3 78.8 45.9 43.7 31.2 - 57.8
year-on-year (points) -6.0 -17.0 -50.3 -51.0 -57.2 - -36.5
ADR actual (JPY) 10,245 8,945 6,977 6,966 6,226 - 8,445
year-on-year (%) -9.1 -24.2 -48.6 -57.7 -50.8 - -35.8
RevPAR actual (JPY) 9,250 7,050 3,204 3,045 1,943 - 4,882
year-on-year (%) -14.7 -37.6 -75.5 -80.5 -82.6 - -60.6
Gross Revenue actual (JPY mn) 75 56 33 30 23 - 219
year-on-year (%) -15.0 -32.2 -68.3 -74.3 -74.2 - -55.0
    (Note 1) This property was acquired on October 13, 2017.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 87.6 84.6 58.9 23.1 26.8 - 56.0
year-on-year (points) -1.4 -4.8 -33.8 -65.8 -58.6 - -33.0
ADR actual (JPY) 11,555 9,492 7,811 4,971 4,808 - 8,965
year-on-year (%) -4.6 -22.7 -41.3 -64.2 -66.1 - -31.8
RevPAR actual (JPY) 10,122 8,027 4,604 1,148 1,287 - 5,024
year-on-year (%) -6.1 -26.9 -62.7 -90.7 -89.4 - -57.1
Gross Revenue actual (JPY mn) 166 122 66 15 16 - 387
year-on-year (%) -0.7 -18.4 -66.0 -91.2 -91.0 - -55.8
    (Note 1) This property was acquired on October 13, 2017.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 87.8 60.1 5.7 0.0 0.0 - 30.5
year-on-year (points) -8.9 -36.2 -85.8 -79.2 -86.3 - -59.4
ADR actual (JPY) 8,486 13,272 6,130 0 0 - 10,194
year-on-year (%) 1.1 -9.6 -22.4 -100.0 -100.0 - 0.6
RevPAR actual (JPY) 7,450 7,973 351 2 0 - 3,113
year-on-year (%) -8.2 -43.6 -95.1 -100.0 -100.0 - -65.9
Gross Revenue actual (JPY mn) 59 61 6 1 0 - 130
year-on-year (%) -7.6 -37.5 -88.3 -97.2 -98.8 - -62.8
    (Note 1) This property was acquired on October 13, 2017.
    (Note 2) Renovation Period : March 2, 2020 - April 17, 2020 and May 11, 2020 - May 30, 2020
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 94.1 89.7 63.1 39.0 74.8 - 72.1
year-on-year (points) 0.4 -5.4 -33.9 -56.8 -17.6 - -22.7
ADR actual (JPY) 6,129 6,076 5,024 4,510 4,100 - 5,317
year-on-year (%) -11.4 -27.4 -48.3 -58.7 -59.5 - -42.3
RevPAR actual (JPY) 5,765 5,452 3,172 1,760 3,066 - 3,836
year-on-year (%) -11.0 -31.6 -66.4 -83.2 -67.2 - -56.1
Gross Revenue actual (JPY mn) 30 27 17 9 16 - 101
year-on-year (%) -10.5 -28.5 -65.0 -81.6 -66.0 - -54.7
    (Note 1) This property was acquired on February 7, 2018.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 55.2 56.0 39.1 17.9 9.7 - 35.4
year-on-year (points) 4.7 -2.9 -26.4 -62.4 -59.8 - -29.5
ADR actual (JPY) 7,266 8,083 7,228 7,473 5,764 - 7,440
year-on-year (%) 2.1 12.1 1.2 -28.3 -29.7 - -9.2
RevPAR actual (JPY) 4,013 4,524 2,823 1,340 562 - 2,636
year-on-year (%) 11.5 6.5 -39.6 -84.0 -90.2 - -50.5
Gross Revenue actual (JPY mn) 48 60 41 14 5 - 169
year-on-year (%) 7.6 38.0 -47.9 -84.6 -92.9 - -50.2
    (Note 1) This property was acquired on February 7, 2018.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 54.3 58.4 36.7 15.3 17.9 - 36.3
year-on-year (points) 2.6 -8.6 -29.2 -58.9 -71.9 - -33.4
ADR actual (JPY) 7,408 8,625 7,393 6,808 5,237 - 7,510
year-on-year (%) 9.1 2.0 2.4 -64.9 -58.8 - -34.2
RevPAR actual (JPY) 4,020 5,034 2,710 1,040 938 - 2,729
year-on-year (%) 14.5 -11.1 -42.9 -92.8 -91.8 - -65.7
Gross Revenue actual (JPY mn) 62 66 35 13 11 - 189
year-on-year (%) -8.9 -16.1 -55.2 -87.8 -90.5 - -58.8
    (Note 1) This property was acquired on February 7, 2018.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 92.8 94.3 63.0 34.2 35.3 - 63.7
year-on-year (points) 4.2 1.1 -31.6 -56.2 -52.2 - -27.1
ADR actual (JPY) 5,100 5,796 4,599 4,219 4,114 - 4,991
year-on-year (%) -3.1 -10.0 -17.5 -30.2 -39.2 - -16.9
RevPAR actual (JPY) 4,733 5,465 2,898 1,443 1,453 - 3,180
year-on-year (%) 1.5 -9.0 -45.1 -73.6 -75.5 - -41.7
Gross Revenue actual (JPY mn) 23 25 14 7 7 - 78
year-on-year (%) -0.4 -5.9 -45.3 -73.1 -74.6 - -41.3
    (Note 1) This property was acquired on February 7, 2018.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 96.8 95.1 83.1 47.9 41.1 - 72.7
year-on-year (points) 9.6 -0.3 -14.4 -49.4 -55.2 - -22.0
ADR actual (JPY) 8,225 8,254 5,313 5,260 4,940 - 6,789
year-on-year (%) -9.4 -20.3 -50.7 -55.4 -46.9 - -34.0
RevPAR actual (JPY) 7,965 7,853 4,416 2,518 2,031 - 4,935
year-on-year (%) 0.6 -20.6 -58.0 -78.1 -77.3 - -49.3
Gross Revenue actual (JPY mn) 27 25 15 8 6 - 83
year-on-year (%) 0.5 -17.5 -57.1 -77.0 -77.9 - -48.6
    (Note 1) This property was acquired on June 27, 2018.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 96.7 95.5 97.1 74.5 73.6 - 87.5
year-on-year (points) 3.7 2.1 0.5 -21.7 -21.7 - -7.5
ADR actual (JPY) 7,448 8,891 5,716 5,056 4,889 - 6,515
year-on-year (%) -2.1 -4.8 -38.9 -48.3 -45.9 - -27.8
RevPAR actual (JPY) 7,202 8,491 5,551 3,769 3,596 - 5,698
year-on-year (%) 1.9 -2.7 -38.6 -60.0 -58.2 - -33.5
Gross Revenue actual (JPY mn) 28 31 22 15 14 - 112
year-on-year (%) 1.6 0.9 -36.4 -57.6 -56.6 - -31.6
    (Note 1) This property was acquired on June 27, 2018.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 92.4 83.9 51.5 35.7 37.2 - 60.0
year-on-year (points) 5.0 -12.0 -44.6 -60.3 -57.1 - -33.9
ADR actual (JPY) 9,711 8,860 6,517 5,383 4,944 - 7,814
year-on-year (%) -5.6 -22.8 -50.9 -67.0 -60.7 - -39.1
RevPAR actual (JPY) 8,976 7,436 3,359 1,920 1,837 - 4,688
year-on-year (%) -0.2 -32.5 -73.7 -87.7 -84.5 - -61.1
Gross Revenue actual (JPY mn) 97 76 39 23 23 - 261
year-on-year (%) 0.4 -28.1 -70.7 -85.2 -81.5 - -58.3
    (Note 1) This property was acquired on August 2, 2018.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 75.2 73.0 18.8 7.4 9.6 - 36.5
year-on-year (points) -17.1 -20.1 -70.9 -57.5 -69.1 - -47.2
ADR actual (JPY) 8,406 12,292 6,235 5,839 5,460 - 9,399
year-on-year (%) -0.4 -20.3 -20.2 -39.6 -56.7 - -12.5
RevPAR actual (JPY) 6,324 8,969 1,171 431 525 - 3,432
year-on-year (%) -18.9 -37.5 -83.3 -93.1 -94.7 - -61.8
Gross Revenue actual (JPY mn) 136 151 28 12 12 - 342
year-on-year (%) -15.6 -30.9 -80.7 -90.0 -93.0 - -59.2
    (Note 1) This property was acquired on August 2, 2018.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 92.8 85.6 42.5 7.2 13.9 - 48.2
year-on-year (points) 0.9 -11.5 -53.4 -87.8 -79.3 - -46.4
ADR actual (JPY) 7,649 7,313 6,570 4,692 7,675 - 7,255
year-on-year (%) -9.1 -23.8 -39.9 -62.4 -19.1 - -28.8
RevPAR actual (JPY) 7,098 6,259 2,793 338 1,068 - 3,496
year-on-year (%) -8.2 -32.8 -73.4 -97.2 -87.9 - -63.7
Gross Revenue actual (JPY mn) 33 28 13 2 5 - 83
year-on-year (%) -8.2 -28.9 -72.1 -95.4 -87.4 - -62.4
    (Note 1) This property was acquired on August 2, 2018.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 90.5 53.2 24.2 21.1 25.7 - 42.9
year-on-year (points) -0.4 -34.8 -66.0 -71.4 -64.6 - -47.5
ADR actual (JPY) 6,696 6,761 5,112 3,723 3,691 - 5,874
year-on-year (%) -18.9 -29.1 -45.1 -66.3 -60.1 - -38.0
RevPAR actual (JPY) 6,060 3,594 1,237 785 950 - 2,523
year-on-year (%) -19.2 -57.2 -85.3 -92.3 -88.6 - -70.6
Gross Revenue actual (JPY mn) 21 12 4 3 3 - 44
year-on-year (%) -18.3 -54.1 -83.0 -90.7 -88.8 - -69.1
    (Note 1) This property was acquired on August 2, 2018.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 87.1 63.0 20.6 10.3 7.7 - 37.6
year-on-year (points) -4.8 -31.2 -68.3 -66.8 -75.8 - -49.4
ADR actual (JPY) 10,604 15,005 7,008 6,233 5,431 - 11,155
year-on-year (%) -4.3 -21.7 -29.5 -41.4 -60.5 - -13.6
RevPAR actual (JPY) 9,235 9,454 1,445 642 420 - 4,194
year-on-year (%) -9.2 -47.6 -83.6 -92.2 -96.3 - -62.7
Gross Revenue actual (JPY mn) 110 101 19 8 5 - 245
year-on-year (%) -6.2 -42.7 -81.8 -90.8 -95.7 - -61.0
    (Note 1) This property was acquired on July 19, 2019.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 65.4 80.9 58.2 8.9 0.0 - 42.4
year-on-year (points) -5.2 4.6 -27.4 -78.4 -84.8 - -38.6
ADR actual (JPY) 12,726 12,400 13,862 11,322 0 - 12,867
year-on-year (%) -5.7 -11.3 -15.1 -33.8 -100.0 - -17.3
RevPAR actual (JPY) 8,318 10,037 8,062 1,004 0 - 5,454
year-on-year (%) -12.7 -6.0 -42.3 -93.3 -100.0 - -56.7
Gross Revenue actual (JPY mn) 121 134 98 14 0 - 369
year-on-year (%) -8.0 4.4 -43.5 -91.9 -99.7 - -53.3
    (Note 1) This property was acquired on July 19, 2019.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 86.2 64.6 27.8 11.1 0.0 - 37.8
year-on-year (points) 3.3 -17.2 -62.2 -78.0 -91.3 - -49.3
ADR actual (JPY) 14,699 13,205 12,994 9,629 0 - 13,668
year-on-year (%) 0.0 -10.8 -24.4 -61.2 -100.0 - -25.1
RevPAR actual (JPY) 12,677 8,529 3,617 1,070 12 - 5,164
year-on-year (%) 4.0 -29.5 -76.6 -95.2 -99.9 - -67.5
Gross Revenue actual (JPY mn) 81 51 22 6 0 - 163
year-on-year (%) 9.8 -23.5 -75.9 -94.7 -99.2 - -64.9
    (Note 1) This property was acquired on July 19, 2019.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 73.0 58.0 18.1 10.1 11.9 - 34.1
year-on-year (points) 11.8 -13.2 -39.9 -40.8 -61.8 - -28.8
ADR actual (JPY) 11,532 14,451 8,820 7,142 6,952 - 11,603
year-on-year (%) 7.0 -13.6 -2.8 -41.9 -51.5 - -9.3
RevPAR actual (JPY) 8,416 8,381 1,594 722 828 - 3,952
year-on-year (%) 27.7 -29.6 -69.7 -88.5 -92.2 - -50.9
Gross Revenue actual (JPY mn) 51 47 13 5 6 - 123
year-on-year (%) 64.9 -16.4 -61.6 -85.2 -90.2 - -44.1
    (Note 1) This property was acquired on July 19, 2019.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 73.8 76.9 49.6 10.3 0.0 - 41.9
year-on-year (points) -1.0 -8.2 -37.9 -75.3 -86.9 - -42.1
ADR actual (JPY) 6,436 7,431 6,531 5,411 0 - 6,758
year-on-year (%) -5.5 -9.2 -20.9 -57.1 -100.0 - -29.7
RevPAR actual (JPY) 4,751 5,712 3,238 557 0 - 2,829
year-on-year (%) -6.8 -17.9 -55.1 -94.8 -100.0 - -64.9
Gross Revenue actual (JPY mn) 32 36 23 4 0 - 96
year-on-year (%) -6.2 -13.2 -51.3 -93.5 -99.8 - -62.9
    (Note 1) This property was acquired on July 19, 2019.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 76.8 83.6 49.2 17.6 13.5 - 47.9
year-on-year (points) 1.6 -3.2 -40.6 -72.8 -72.4 - -37.7
ADR actual (JPY) 5,887 6,434 5,672 5,296 4,701 - 5,913
year-on-year (%) 1.3 7.6 -16.4 -27.3 -39.0 - -12.4
RevPAR actual (JPY) 4,522 5,382 2,793 930 636 - 2,832
year-on-year (%) 3.4 3.6 -54.2 -85.9 -90.4 - -51.0
Gross Revenue actual (JPY mn) 85 85 36 10 7 - 225
year-on-year (%) 8.6 2.7 -64.7 -89.5 -92.7 - -52.1
    (Note 1) This property was acquired on July 19, 2019.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 88.6 73.6 35.8 23.0 12.9 - 46.6
year-on-year (points) 1.8 -17.5 -54.6 -70.7 -75.8 - -43.5
ADR actual (JPY) 7,151 7,879 4,937 4,016 4,457 - 6,567
year-on-year (%) 3.4 1.6 -37.7 -60.6 -47.0 - -20.5
RevPAR actual (JPY) 6,337 5,802 1,768 922 574 - 3,059
year-on-year (%) 5.6 -17.9 -75.3 -90.3 -92.3 - -58.9
Gross Revenue actual (JPY mn) 36 31 11 7 5 - 91
year-on-year (%) 5.6 -14.0 -70.5 -86.3 -87.8 - -55.3
    (Note 1) This property was acquired on July 19, 2019.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 86.5 73.3 9.6 0.0 0.0 - 33.6
year-on-year (points) 0.7 -10.8 -67.5 -65.4 -83.2 - -45.5
ADR actual (JPY) 11,517 15,111 7,640 0 0 - 12,784
year-on-year (%) -3.9 -16.2 -26.1 -100.0 -100.0 - -5.6
RevPAR actual (JPY) 9,959 11,076 737 -5 0 - 4,294
year-on-year (%) -3.1 -26.9 -90.8 - -100.0 - -59.9
Gross Revenue actual (JPY mn) 44 41 3 0 0 - 90
year-on-year (%) -5.6 -20.4 -89.8 -99.3 -99.8 - -60.2
    (Note 1) This property was acquired on July 19, 2019.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 89.2 83.5 75.3 32.7 36.3 - 63.3
year-on-year (points) 1.4 -3.8 -15.8 -57.6 -53.5 - -25.9
ADR actual (JPY) 5,455 6,385 4,707 4,235 4,240 - 5,241
year-on-year (%) -4.9 -6.1 -21.1 -40.4 -43.1 - -20.7
RevPAR actual (JPY) 4,863 5,332 3,545 1,387 1,539 - 3,320
year-on-year (%) -3.4 -10.2 -34.8 -78.4 -77.0 - -43.7
Gross Revenue actual (JPY mn) 48 45 28 10 12 - 145
year-on-year (%) 8.5 -0.7 -44.4 -80.3 -76.5 - -41.5
    (Note 1) This property was acquired on July 19, 2019.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 87.7 76.8 17.3 9.0 13.4 - 40.6
year-on-year (points) 7.8 -17.4 -63.2 -51.2 -67.8 - -38.5
ADR actual (JPY) 5,208 6,799 4,825 4,676 4,358 - 5,669
year-on-year (%) -4.9 -8.6 -2.9 -28.8 -44.0 - -12.2
RevPAR actual (JPY) 4,566 5,219 835 423 582 - 2,300
year-on-year (%) 4.3 -25.5 -79.1 -89.3 -90.8 - -54.9
Gross Revenue actual (JPY mn) 155 117 17 9 9 - 310
year-on-year (%) 3.3 -23.3 -88.2 -93.2 -93.2 - -58.2
    (Note 1) This property was acquired on July 19, 2019.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 75.2 73.9 47.5 22.9 13.8 - 46.5
year-on-year (points) -6.9 -15.9 -44.0 -60.6 -64.6 - -38.5
ADR actual (JPY) 8,255 8,524 7,472 5,658 5,567 - 7,758
year-on-year (%) 12.6 12.0 -8.5 -39.8 -46.9 - -9.5
RevPAR actual (JPY) 6,212 6,300 3,550 1,297 769 - 3,606
year-on-year (%) 3.1 -7.8 -52.5 -83.5 -90.6 - -50.5
Gross Revenue actual (JPY mn) 57 57 27 8 4 - 156
year-on-year (%) 5.8 -2.0 -62.7 -87.7 -93.2 - -52.2
    (Note 1) This property was acquired on July 19, 2019.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 78.0 72.2 9.1 0.0 0.0 - 31.5
year-on-year (points) 2.9 -12.2 -52.8 -64.5 -57.0 - -36.8
ADR actual (JPY) 6,087 9,387 4,283 0 0 - 7,422
year-on-year (%) -16.2 -26.4 -29.8 -100.0 -100.0 - -16.2
RevPAR actual (JPY) 4,750 6,775 388 0 0 - 2,341
year-on-year (%) -12.9 -37.0 -89.7 -100.0 -100.0 - -61.3
Gross Revenue actual (JPY mn) 17 22 1 0 0 - 42
year-on-year (%) -7.5 -30.4 -87.7 -98.8 -99.3 - -58.8
    (Note 1) This property was acquired on July 19, 2019.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 71.2 58.2 7.8 0.0 0.0 - 27.2
year-on-year (points) -11.6 -28.4 -70.5 -62.1 -75.1 - -49.7
ADR actual (JPY) 7,612 10,730 4,938 0 0 - 8,729
year-on-year (%) -15.7 -28.7 -33.5 -100.0 -100.0 - -16.9
RevPAR actual (JPY) 5,420 6,243 385 2 0 - 2,375
year-on-year (%) -27.4 -52.1 -93.4 -100.0 -100.0 - -70.6
Gross Revenue actual (JPY mn) 15 16 1 0 0 - 33
year-on-year (%) -26.3 -48.9 -90.5 -98.9 -99.9 - -69.2
    (Note 1) This property was acquired on July 19, 2019.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 62.3 53.3 1.0 0.0 0.0 - 23.1
year-on-year (points) -11.6 -31.1 -73.8 -58.9 -74.4 - -50.1
ADR actual (JPY) 4,760 8,258 3,707 0 0 - 6,292
year-on-year (%) -10.9 -23.5 -23.1 -100.0 -100.0 - -14.1
RevPAR actual (JPY) 2,963 4,400 37 0 0 - 1,451
year-on-year (%) -24.9 -51.7 -99.0 -100.0 -100.0 - -72.9
Gross Revenue actual (JPY mn) 7 10 - 0 0 - 18
year-on-year (%) -24.7 -49.4 -97.8 -99.8 -100.0 - -72.4
    (Note 1) This property was acquired on July 19, 2019.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 87.1 90.4 65.3 64.4 65.7 - 74.4
year-on-year (points) -1.1 -3.6 -30.5 -32.5 -30.1 - -19.7
ADR actual (JPY) 4,888 5,004 4,356 4,829 4,683 - 4,773
year-on-year (%) -5.8 -14.9 -33.1 -28.9 -26.2 - -22.6
RevPAR actual (JPY) 4,255 4,523 2,842 3,111 3,075 - 3,552
year-on-year (%) -7.0 -18.1 -54.4 -52.7 -49.4 - -38.8
Gross Revenue actual (JPY mn) 9 9 6 7 7 - 40
year-on-year (%) -6.0 -13.2 -52.0 -51.1 -48.1 - -36.7
    (Note 1) This property was acquired on July 19, 2019.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 78.2 62.3 5.5 0.0 0.0 - 29.0
year-on-year (points) -0.2 -29.0 -90.4 -96.7 -90.0 - -61.4
ADR actual (JPY) 2,894 2,955 2,820 0 0 - 2,916
year-on-year (%) -15.6 -13.9 -27.7 -100.0 -100.0 - -23.0
RevPAR actual (JPY) 2,264 1,841 154 -1 0 - 844
year-on-year (%) -15.8 -41.2 -95.9 - -100.0 - -75.3
Gross Revenue actual (JPY mn) 11 8 0 0 0 - 21
year-on-year (%) -15.3 -38.2 -95.3 -99.6 - - -74.6
    (Note 1) This property was acquired on July 19, 2019.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 85.6 92.4 87.6 59.2 57.0 - 76.3
year-on-year (points) -5.0 1.7 -5.4 -35.6 -38.4 - -16.7
ADR actual (JPY) 5,340 5,836 4,543 3,792 3,764 - 4,791
year-on-year (%) -3.4 -11.0 -24.1 -42.5 -47.6 - -24.8
RevPAR actual (JPY) 4,573 5,392 3,978 2,244 2,146 - 3,653
year-on-year (%) -8.7 -9.3 -28.5 -64.1 -68.7 - -38.3
Gross Revenue actual (JPY mn) 11 12 10 6 6 - 46
year-on-year (%) -7.9 -4.9 -25.7 -58.3 -63.4 - -34.3
    (Note 1) This property was acquired on July 19, 2019.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 72.4 80.2 30.1 26.6 41.4 - 49.9
year-on-year (points) -0.9 -4.8 -42.1 -38.0 -33.4 - -23.9
ADR actual (JPY) 7,716 8,311 7,793 7,075 6,029 - 7,555
year-on-year (%) 1.3 3.1 5.7 0.2 -15.6 - 1.2
RevPAR actual (JPY) 5,583 6,665 2,349 1,883 2,498 - 3,770
year-on-year (%) 0.1 -2.7 -55.9 -58.7 -53.3 - -31.6
Gross Revenue actual (JPY mn) 13 14 5 4 5 - 42
year-on-year (%) 0.4 0.2 -57.1 -59.8 -55.3 - -32.3
    (Note 1) This property was acquired on July 19, 2019.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 82.5 70.1 37.8 58.2 41.8 - 57.1
year-on-year (points) - - - - - - -
ADR actual (JPY) 8,084 7,624 7,557 11,665 8,572 - 8,719
year-on-year (%) - - - - - - -
RevPAR actual (JPY) 6,672 5,344 2,859 6,791 3,587 - 4,979
year-on-year (%) - - - - - - -
Gross Revenue actual (JPY mn) 171 149 80 168 101 - 671
year-on-year (%) - - - - - - -
    (Note 1) This property was acquired on January 6, 2020. Therefore, the figures for January 2020 are the results of 26 days of operation from January 6, 2020 to January 31, 2020.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 88.9 86.3 54.6 26.2 42.0 - 58.5
year-on-year (points) - - - - - - -
ADR actual (JPY) 5,982 6,448 5,998 4,950 3,954 - 5,719
year-on-year (%) - - - - - - -
RevPAR actual (JPY) 5,318 5,563 3,275 1,297 1,662 - 3,344
year-on-year (%) - - - - - - -
Gross Revenue actual (JPY mn) 87 99 54 22 20 - 283
year-on-year (%) - - - - - - -
    (Note 1) This property was acquired on January 6, 2020. Therefore, the figures for January 2020 are the results of 26 days of operation from January 6, 2020 to January 31, 2020.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 88.6 93.5 43.5 0.0 0.0 - 44.8
year-on-year (points) 0.8 1.4 -50.1 -91.9 -88.4 - -45.9
ADR actual (USD) 549 591 569 0 0 - 569
year-on-year (%) 7.5 -2.5 3.8 -100.0 -100.0 - 14.3
RevPAR actual (USD) 486 553 247 0 -1 - 255
year-on-year (%) 8.4 -0.9 -51.8 -100.0 - - -43.6
Gross Revenue actual (USD'000) 8,468 9,575 4,840 114 -22 - 22,975
year-on-year (%) 5.9 5.4 -48.3 -98.6 - - -44.9
    (Note 1) This property was acquired on Septemer 28, 2018.
    (Note 2) The Hotel has been closed since late March 2020. It is scheduled to reopen on October 1, 2020 (Cayman Island local time).
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 86.9 94.4 47.5 0.0 0.0 - 45.4
year-on-year (points) -3.4 -0.5 -46.1 -85.7 -77.4 - -42.8
ADR actual (USD) 272 278 276 0 0 - 276
year-on-year (%) -4.9 -6.8 -6.3 -100.0 -100.0 - 0.8
RevPAR actual (USD) 237 263 131 1 0 - 125
year-on-year (%) -8.5 -7.3 -52.4 -99.7 -100.0 - -48.1
Gross Revenue actual (USD'000) 1,400 1,435 793 9 0 - 3,640
year-on-year (%) -5.9 -4.9 -52.6 -99.3 -99.9 - -48.8
    (Note 1) This property was acquired on Septemer 28, 2018.
    (Note 2) The Hotel has been closed since late March 2020. It is scheduled to reopen on October 1, 2020 (Cayman Island local time).

Portfolio