Hotel Performance

Data Download

Domestic Hotels Total
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
# of Properties (Note2) actual - 79 (89) 79 (89) 79 (89) - - - 79 (89)
Occupancy Rate actual (%) 74.0 81.8 83.0 - - - 79.5
ADR actual (JPY) 10,224 12,032 12,928 - - - 11,777
RevPAR actual (JPY) 7,563 9,842 10,729 - - - 9,368
Gross Revenue actual (JPY mn) 4,532 5,191 6,143 - - - 15,867
Overseas Hotels Total
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
# of Properties (Note2) actual - 2 2 2 - - - 2
Occupancy Rate actual (%) 80.8 83.5 89.7 - - - 84.7
ADR actual (USD) 621 602 662 - - - 630
RevPAR actual (USD) 501 503 594 - - - 533
Gross Revenue actual (USD'000) 12,819 11,766 15,517 - - - 40,103
  1. ADR and RevPAR are rounded to the nearest yen and Gross Revenue is rounded down to the indicated unit. Percentages are rounded to one decimal place.This applies hereinafter.
  2. # of properties shows the number of the hotels that are subject to the calculation for each month, and does not include the number of hotels under fixed rent contract. The number in the parenthesis shows the total number of hotels held by INV as of the end of the subject month, including the hotels under fixed rent contract. Please see the footnote of the individual hotels listed below to identify the hotels under fixed rent contract.
  3. Sheraton Grande Tokyo Bay Hotel, the underlying asset of the preferred equity interest acquired on October 13, 2017 is excluded from the performance calculation.
  4. “Gross Revenue” for 2018 shows the total revenue of the hotel, while “Gross Revenue” prior to 2018 showed the gross operating income of the hotel. Year-on-year change in 2018 shows the total revenue in 2018 vs. the total revenue in 2017. There is no significant difference between total revenue and gross operating income for the limited service hotels that account for the vast majority of INV's hotel portfolio.
  5. For below figures of each hotel, comparison for year-on-year is not made if the days of operation are less than one month. Year-on-year comparison for the six month cumulative figures is not provided if the property was not held as at the beginning of the fiscal period. Year-on-year comparison with the pre-acquisition period of each hotel is based on actual results provided by sellers.
  6. Figures for year-on-year comparison are not shown in the case that the figures cannot be calculated due to the closure, etc. during the previous year.

Individual Hotels

　Open all 　Close all

2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 78.6 86.0 89.0 - - - 84.5
year-on-year (points) -4.5 1.8 3.2 - - - 0.1
ADR actual (JPY) 9,087 11,078 13,808 - - - 11,426
year-on-year (%) 25.5 20.6 6.3 - - - 15.9
RevPAR actual (JPY) 7,144 9,529 12,288 - - - 9,656
year-on-year (%) 18.8 23.2 10.3 - - - 16.1
Gross Revenue actual (JPY mn) 28 35 48 - - - 111
year-on-year (%) 19.5 27.4 10.0 - - - 17.4
    (Note 1) This property was acquired on May 23, 2014.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 77.5 86.3 92.7 - - - 85.5
year-on-year (points) 6.9 0.8 1.5 - - - 3.1
ADR actual (JPY) 6,833 7,686 8,840 - - - 7,850
year-on-year (%) 39.1 41.0 39.4 - - - 39.3
RevPAR actual (JPY) 5,293 6,629 8,199 - - - 6,709
year-on-year (%) 52.7 42.2 41.6 - - - 44.6
Gross Revenue actual (JPY mn) 27 31 41 - - - 101
year-on-year (%) 50.4 46.1 39.3 - - - 44.3
    (Note 1) This property was acquired on May 23, 2014.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 42.3 72.9 77.2 - - - 63.9
year-on-year (points) -23.6 0.6 5.0 - - - -6.1
ADR actual (JPY) 8,538 8,750 16,708 - - - 11,975
year-on-year (%) 41.2 37.2 28.3 - - - 38.8
RevPAR actual (JPY) 3,609 6,379 12,892 - - - 7,654
year-on-year (%) -9.4 38.3 37.2 - - - 26.7
Gross Revenue actual (JPY mn) 28 46 97 - - - 172
year-on-year (%) -9.0 38.4 33.5 - - - 25.0
    (Note 1) This property was acquired on July 17, 2014.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 90.2 90.8 92.7 - - - 91.2
year-on-year (points) 7.2 3.5 4.9 - - - 5.3
ADR actual (JPY) 11,216 15,055 16,807 - - - 14,368
year-on-year (%) 18.2 48.0 5.6 - - - 20.1
RevPAR actual (JPY) 10,118 13,669 15,577 - - - 13,110
year-on-year (%) 28.5 53.9 11.5 - - - 27.4
Gross Revenue actual (JPY mn) 64 77 96 - - - 238
year-on-year (%) 23.1 46.1 10.4 - - - 23.7
    (Note 1) This property was acquired on July 17, 2014.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 95.5 97.2 97.1 - - - 96.6
year-on-year (points) -0.8 -0.3 -0.4 - - - -0.5
ADR actual (JPY) 19,712 24,434 30,272 - - - 24,842
year-on-year (%) 28.3 50.8 17.8 - - - 29.3
RevPAR actual (JPY) 18,829 23,742 29,382 - - - 23,990
year-on-year (%) 27.3 50.4 17.3 - - - 28.7
Gross Revenue actual (JPY mn) 58 66 87 - - - 212
year-on-year (%) 25.0 51.6 16.7 - - - 28.3
    (Note 1) This property was acquired on July 17, 2014.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 63.2 74.8 82.7 - - - 73.6
year-on-year (points) -8.5 -0.2 -0.3 - - - -3.0
ADR actual (JPY) 11,472 13,702 15,288 - - - 13,657
year-on-year (%) 6.4 2.3 -1.8 - - - 2.2
RevPAR actual (JPY) 7,251 10,254 12,651 - - - 10,048
year-on-year (%) -6.1 2.1 -2.2 - - - -1.9
Gross Revenue actual (JPY mn) 41 52 65 - - - 159
year-on-year (%) -5.6 4.7 -1.9 - - - -0.9
    (Note 1) This property was acquired on July 17, 2014.
    (Note 2) The name of this property was changed from "Hotel MyStays Dojima" as of March 10, 2018.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 85.9 87.6 90.4 - - - 88.0
year-on-year (points) 13.1 3.5 0.0 - - - 5.6
ADR actual (JPY) 6,399 7,496 7,861 - - - 7,259
year-on-year (%) 9.1 10.7 13.4 - - - 10.7
RevPAR actual (JPY) 5,498 6,566 7,108 - - - 6,387
year-on-year (%) 28.8 15.3 13.4 - - - 18.3
Gross Revenue actual (JPY mn) 51 57 68 - - - 176
year-on-year (%) 25.7 18.4 13.5 - - - 18.4
    (Note 1) This property was acquired on July 17, 2014.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 57.3 69.7 83.6 - - - 70.2
year-on-year (points) -23.1 -8.1 0.3 - - - -10.4
ADR actual (JPY) 6,089 7,773 8,642 - - - 7,657
year-on-year (%) -2.2 7.3 8.5 - - - 7.1
RevPAR actual (JPY) 3,490 5,417 7,228 - - - 5,377
year-on-year (%) -30.3 -3.9 8.9 - - - -6.7
Gross Revenue actual (JPY mn) 22 31 45 - - - 99
year-on-year (%) -28.3 -0.8 6.3 - - - -6.3
    (Note 1) This property was acquired on July 17, 2014.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 82.9 86.8 93.6 - - - 87.8
year-on-year (points) 5.8 0.9 4.9 - - - 4.0
ADR actual (JPY) 7,411 9,411 11,994 - - - 9,706
year-on-year (%) 0.2 5.0 7.8 - - - 4.9
RevPAR actual (JPY) 6,143 8,169 11,226 - - - 8,520
year-on-year (%) 7.8 6.0 13.8 - - - 9.8
Gross Revenue actual (JPY mn) 41 50 73 - - - 166
year-on-year (%) 10.0 14.5 14.9 - - - 13.5
    (Note 1) This property was acquired on July 17, 2014.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 79.4 86.3 87.6 - - - 84.4
year-on-year (points) -1.8 1.3 2.6 - - - 0.7
ADR actual (JPY) 7,447 9,436 11,684 - - - 9,593
year-on-year (%) 23.4 27.2 26.9 - - - 26.6
RevPAR actual (JPY) 5,915 8,141 10,233 - - - 8,096
year-on-year (%) 20.7 29.2 30.9 - - - 27.7
Gross Revenue actual (JPY mn) 17 22 30 - - - 69
year-on-year (%) 21.1 33.4 31.8 - - - 29.4
    (Note 1) This property was acquired on July 17, 2014.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 84.5 90.1 94.0 - - - 89.5
year-on-year (points) 6.7 -0.3 -0.7 - - - 2.0
ADR actual (JPY) 8,695 11,027 10,849 - - - 10,214
year-on-year (%) 20.2 23.2 20.0 - - - 20.8
RevPAR actual (JPY) 7,346 9,938 10,199 - - - 9,144
year-on-year (%) 30.5 22.8 19.1 - - - 23.5
Gross Revenue actual (JPY mn) 42 53 58 - - - 154
year-on-year (%) 30.7 27.2 20.1 - - - 25.3
    (Note 1) This property was acquired on July 17, 2014.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 85.3 90.3 92.6 - - - 89.4
year-on-year (points) -4.0 1.3 -1.4 - - - -1.5
ADR actual (JPY) 10,135 13,012 15,214 - - - 12,853
year-on-year (%) 39.4 52.8 81.1 - - - 59.6
RevPAR actual (JPY) 8,650 11,750 14,083 - - - 11,489
year-on-year (%) 33.1 55.0 78.4 - - - 57.0
Gross Revenue actual (JPY mn) 17 21 27 - - - 66
year-on-year (%) 30.2 49.4 71.5 - - - 51.6
    (Note 1) This property was acquired on July 17, 2014.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 87.2 91.4 93.3 - - - 90.6
year-on-year (points) 1.8 -5.5 -3.0 - - - -2.1
ADR actual (JPY) 7,163 9,168 11,289 - - - 9,254
year-on-year (%) 46.2 79.0 79.8 - - - 69.3
RevPAR actual (JPY) 6,248 8,377 10,530 - - - 8,386
year-on-year (%) 49.2 68.7 74.1 - - - 65.4
Gross Revenue actual (JPY mn) 14 17 23 - - - 55
year-on-year (%) 48.3 73.8 73.5 - - - 66.4
    (Note 1) This property was acquired on July 17, 2014.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 82.3 91.4 92.7 - - - 88.8
year-on-year (points) -9.9 -2.4 -3.9 - - - -5.5
ADR actual (JPY) 8,499 10,107 11,649 - - - 10,147
year-on-year (%) 18.9 25.8 26.1 - - - 24.4
RevPAR actual (JPY) 6,998 9,238 10,795 - - - 9,006
year-on-year (%) 6.2 22.6 21.1 - - - 17.2
Gross Revenue actual (JPY mn) 12 14 18 - - - 45
year-on-year (%) 6.2 26.4 18.7 - - - 17.4
    (Note 1) This property was acquired on July 17, 2014.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 79.6 90.8 91.6 - - - 87.3
year-on-year (points) -1.8 3.3 2.2 - - - 1.2
ADR actual (JPY) 5,189 5,118 5,483 - - - 5,271
year-on-year (%) 31.7 28.2 24.3 - - - 27.8
RevPAR actual (JPY) 4,130 4,647 5,023 - - - 4,599
year-on-year (%) 28.8 33.1 27.3 - - - 29.5
Gross Revenue actual (JPY mn) 16 17 20 - - - 55
year-on-year (%) 29.1 37.2 27.0 - - - 30.8
    (Note 1) This property was acquired on July 17, 2014.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 73.9 76.7 82.0 - - - 77.5
year-on-year (points) -0.9 1.1 3.8 - - - 1.3
ADR actual (JPY) 5,195 5,446 5,614 - - - 5,425
year-on-year (%) 38.9 34.8 31.9 - - - 35.2
RevPAR actual (JPY) 3,840 4,175 4,604 - - - 4,207
year-on-year (%) 37.3 36.9 38.3 - - - 37.5
Gross Revenue actual (JPY mn) 12 12 15 - - - 40
year-on-year (%) 35.7 39.4 36.5 - - - 37.2
    (Note 1) This property was acquired on July 17, 2014.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 63.3 69.9 84.5 - - - 72.6
year-on-year (points) -22.6 -15.2 -3.4 - - - -13.7
ADR actual (JPY) 8,972 10,901 11,504 - - - 10,568
year-on-year (%) 15.9 25.3 11.0 - - - 18.0
RevPAR actual (JPY) 5,675 7,624 9,726 - - - 7,676
year-on-year (%) -14.6 2.9 6.7 - - - -0.8
Gross Revenue actual (JPY mn) 20 25 33 - - - 79
year-on-year (%) -13.8 6.8 6.6 - - - 0.6
    (Note 1) This property was acquired on July 17, 2014.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 69.3 82.3 86.2 - - - 79.2
year-on-year (points) -3.5 2.8 2.9 - - - 0.7
ADR actual (JPY) 13,246 14,229 17,028 - - - 14,974
year-on-year (%) 46.1 40.0 25.8 - - - 35.6
RevPAR actual (JPY) 9,183 11,707 14,677 - - - 11,859
year-on-year (%) 39.0 44.9 30.2 - - - 36.8
Gross Revenue actual (JPY mn) 17 20 27 - - - 65
year-on-year (%) 33.4 49.0 28.5 - - - 35.8
    (Note 1) This property was acquired on July 17, 2014.
    (Note 2) The name of this property was changed from "Flexstay Inn Kiyosumi Shirakawa" as of September 9, 2019.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 63.3 81.7 85.2 - - - 76.6
year-on-year (points) -9.8 -1.6 -3.7 - - - -5.1
ADR actual (JPY) 5,891 6,136 6,596 - - - 6,241
year-on-year (%) 30.6 15.6 10.7 - - - 17.6
RevPAR actual (JPY) 3,728 5,013 5,619 - - - 4,782
year-on-year (%) 13.1 13.3 6.0 - - - 10.2
Gross Revenue actual (JPY mn) 4 5 6 - - - 17
year-on-year (%) 16.9 17.7 6.7 - - - 12.9
    (Note 1) This property was acquired on July 17, 2014.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 68.0 84.0 89.7 - - - 80.5
year-on-year (points) -12.8 -4.0 2.2 - - - -4.8
ADR actual (JPY) 5,484 6,157 6,555 - - - 6,114
year-on-year (%) 20.7 17.5 19.3 - - - 19.8
RevPAR actual (JPY) 3,731 5,172 5,883 - - - 4,923
year-on-year (%) 1.6 12.2 22.3 - - - 13.0
Gross Revenue actual (JPY mn) 2 3 4 - - - 9
year-on-year (%) 1.6 16.1 22.7 - - - 14.4
    (Note 1) This property was acquired on July 17, 2014.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 75.7 73.4 77.8 - - - 75.7
year-on-year (points) - - - - - - -
ADR actual (JPY) 6,549 8,237 9,269 - - - 8,023
year-on-year (%) - - - - - - -
RevPAR actual (JPY) 4,960 6,047 7,213 - - - 6,074
year-on-year (%) - - - - - - -
Gross Revenue actual (JPY mn) 70 80 102 - - - 254
year-on-year (%) - - - - - - -
    (Note 1) This property was acquired on February 6, 2015.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 50.7 63.0 61.3 - - - 58.2
year-on-year (points) -1.8 4.0 -9.3 - - - -2.5
ADR actual (JPY) 6,233 6,121 6,045 - - - 6,127
year-on-year (%) -1.4 1.5 -0.1 - - - 0.0
RevPAR actual (JPY) 3,163 3,855 3,707 - - - 3,569
year-on-year (%) -4.7 8.4 -13.3 - - - -4.1
Gross Revenue actual (JPY mn) 25 29 30 - - - 85
year-on-year (%) -7.3 6.9 -15.0 - - - -6.1
    (Note 1) This property was acquired on February 6, 2015.
    (Note 2) The name of this property was changed from "Hotel Nets Hakodate" as of May 1, 2018.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 70.5 80.0 78.6 - - - 76.3
year-on-year (points) -11.1 2.0 0.3 - - - -3.1
ADR actual (JPY) 6,541 7,147 7,853 - - - 7,204
year-on-year (%) 41.4 42.0 29.6 - - - 37.5
RevPAR actual (JPY) 4,614 5,718 6,176 - - - 5,498
year-on-year (%) 22.2 45.7 30.1 - - - 32.2
Gross Revenue actual (JPY mn) 12 14 16 - - - 42
year-on-year (%) 22.4 50.5 29.8 - - - 33.5
    (Note 1) This property was acquired on February 6, 2015.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 92.8 95.2 94.7 - - - 94.2
year-on-year (points) 10.9 3.4 -1.1 - - - 4.5
ADR actual (JPY) 10,992 12,238 13,811 - - - 12,359
year-on-year (%) -0.6 5.2 9.4 - - - 4.6
RevPAR actual (JPY) 10,195 11,651 13,083 - - - 11,643
year-on-year (%) 12.7 9.1 8.1 - - - 9.8
Gross Revenue actual (JPY mn) 61 64 77 - - - 203
year-on-year (%) 9.6 10.7 7.3 - - - 9.1
    (Note 1) This property was acquired on July 16, 2015.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 78.7 82.8 89.8 - - - 83.8
year-on-year (points) 7.4 -5.7 -1.4 - - - 0.3
ADR actual (JPY) 6,198 7,399 8,392 - - - 7,377
year-on-year (%) 18.6 37.9 40.5 - - - 32.9
RevPAR actual (JPY) 4,881 6,129 7,533 - - - 6,182
year-on-year (%) 31.0 29.1 38.3 - - - 33.3
Gross Revenue actual (JPY mn) 42 49 64 - - - 155
year-on-year (%) 28.8 31.3 36.5 - - - 32.7
    (Note 1) This property was acquired on July 16, 2015.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 87.1 92.3 93.0 - - - 90.8
year-on-year (points) 11.8 8.3 6.4 - - - 8.9
ADR actual (JPY) 10,575 12,848 14,867 - - - 12,810
year-on-year (%) 47.8 56.8 78.0 - - - 61.7
RevPAR actual (JPY) 9,211 11,862 13,823 - - - 11,627
year-on-year (%) 71.0 72.2 91.2 - - - 79.2
Gross Revenue actual (JPY mn) 28 33 41 - - - 104
year-on-year (%) 70.0 76.0 88.8 - - - 79.2
    (Note 1) This property was acquired on July 16, 2015.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 73.9 81.8 88.6 - - - 81.4
year-on-year (points) -9.2 -6.7 -0.8 - - - -5.5
ADR actual (JPY) 6,421 7,574 8,829 - - - 7,683
year-on-year (%) 28.9 43.1 40.2 - - - 38.5
RevPAR actual (JPY) 4,743 6,192 7,818 - - - 6,252
year-on-year (%) 14.6 32.4 38.9 - - - 29.7
Gross Revenue actual (JPY mn) 26 32 43 - - - 102
year-on-year (%) 14.0 35.6 37.6 - - - 30.0
    (Note 1) This property was acquired on July 16, 2015.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 77.5 87.0 82.6 - - - 82.3
year-on-year (points) 2.3 1.6 -9.1 - - - -1.8
ADR actual (JPY) 6,684 7,279 8,475 - - - 7,497
year-on-year (%) 7.7 19.7 14.5 - - - 13.3
RevPAR actual (JPY) 5,178 6,336 6,996 - - - 6,166
year-on-year (%) 10.9 21.9 3.1 - - - 10.9
Gross Revenue actual (JPY mn) 27 30 36 - - - 94
year-on-year (%) 9.9 25.4 3.1 - - - 11.6
    (Note 1) This property was acquired on July 16, 2015.
    (Note 2) The name of this property was changed from "Hotel Vista Shimizu" as of April 1, 2019.
    (Note 1) This property was acquired on July 16, 2015.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 81.7 84.4 86.5 - - - 84.2
year-on-year (points) 0.0 -1.0 -6.3 - - - -2.5
ADR actual (JPY) 4,553 4,859 5,778 - - - 5,080
year-on-year (%) 21.1 29.1 36.4 - - - 29.0
RevPAR actual (JPY) 3,720 4,101 5,001 - - - 4,278
year-on-year (%) 21.1 27.6 27.2 - - - 25.4
Gross Revenue actual (JPY mn) 10 10 13 - - - 35
year-on-year (%) 19.3 29.8 26.6 - - - 25.3
    (Note 1) This property was acquired on July 16, 2015.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 85.3 84.1 89.0 - - - 86.2
year-on-year (points) 8.5 -7.3 -3.9 - - - -0.7
ADR actual (JPY) 7,514 8,222 8,514 - - - 8,086
year-on-year (%) 0.5 12.5 2.2 - - - 4.5
RevPAR actual (JPY) 6,413 6,917 7,576 - - - 6,970
year-on-year (%) 11.7 3.5 -2.1 - - - 3.7
Gross Revenue actual (JPY mn) 48 49 60 - - - 158
year-on-year (%) 20.2 10.4 20.1 - - - 16.9
    (Note 1) This property was acquired on July 16, 2015.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 77.0 83.9 83.6 - - - 81.5
year-on-year (points) 3.3 -0.5 -4.1 - - - -0.4
ADR actual (JPY) 5,062 5,669 5,799 - - - 5,519
year-on-year (%) 9.4 14.4 18.5 - - - 14.2
RevPAR actual (JPY) 3,898 4,759 4,846 - - - 4,495
year-on-year (%) 14.3 13.7 12.9 - - - 13.7
Gross Revenue actual (JPY mn) 7 8 9 - - - 26
year-on-year (%) 14.1 17.2 12.5 - - - 14.5
    (Note 1) This property was acquired on July 16, 2015.
    (Note 1) This property was acquired on July 16, 2015.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 82.2 89.4 87.8 - - - 86.4
year-on-year (points) 13.6 2.2 -1.9 - - - 4.7
ADR actual (JPY) 4,515 5,207 5,905 - - - 5,225
year-on-year (%) -0.7 4.1 9.4 - - - 4.0
RevPAR actual (JPY) 3,709 4,654 5,186 - - - 4,514
year-on-year (%) 19.0 6.6 7.0 - - - 10.1
Gross Revenue actual (JPY mn) 7 8 10 - - - 26
year-on-year (%) 22.2 13.7 6.4 - - - 12.9
    (Note 1) This property was acquired on July 16, 2015.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 78.6 88.9 87.1 - - - 84.8
year-on-year (points) 13.4 16.7 10.9 - - - 13.6
ADR actual (JPY) 5,756 5,961 5,997 - - - 5,909
year-on-year (%) 17.2 13.2 20.4 - - - 17.0
RevPAR actual (JPY) 4,525 5,301 5,226 - - - 5,011
year-on-year (%) 41.3 39.4 37.6 - - - 39.4
Gross Revenue actual (JPY mn) 29 32 34 - - - 97
year-on-year (%) 40.6 44.0 37.7 - - - 40.7
    (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.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 68.6 73.3 90.2 - - - 77.5
year-on-year (points) -4.4 -5.1 2.9 - - - -2.1
ADR actual (JPY) 11,771 13,965 14,701 - - - 13,595
year-on-year (%) 10.4 9.8 3.8 - - - 7.8
RevPAR actual (JPY) 8,072 10,238 13,260 - - - 10,530
year-on-year (%) 3.8 2.7 7.2 - - - 4.9
Gross Revenue actual (JPY mn) 14 17 23 - - - 55
year-on-year (%) 2.7 5.5 7.5 - - - 5.6
    (Note 1) This property was acquired on January 22, 2016.
    (Note 1) This property was acquired on January 22, 2016.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
    (Note 1) This property was acquired on January 22, 2016.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
    (Note 1) This property was acquired on January 22, 2016.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
    (Note 1) This property was acquired on January 22, 2016.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 89.4 93.5 94.1 - - - 92.3
year-on-year (points) 10.8 6.0 -0.1 - - - 5.5
ADR actual (JPY) 11,547 13,607 16,684 - - - 13,996
year-on-year (%) 8.5 17.3 20.5 - - - 15.3
RevPAR actual (JPY) 10,324 12,723 15,704 - - - 12,922
year-on-year (%) 23.3 25.2 20.4 - - - 22.6
Gross Revenue actual (JPY mn) 138 157 205 - - - 500
year-on-year (%) 22.5 27.5 18.3 - - - 22.2
    (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 has increased due to conversion from a locker room in Main Building (1 room) as well asconversion from an office space in Annex Building (49 rooms) on October 16, 2017
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 64.2 76.7 98.3 - - - 79.8
year-on-year (points) 1.4 2.9 1.4 - - - 1.8
ADR actual (JPY) 27,390 21,737 25,727 - - - 24,961
year-on-year (%) 2.6 8.5 3.0 - - - 4.0
RevPAR actual (JPY) 17,597 16,676 25,280 - - - 19,921
year-on-year (%) 4.9 12.8 4.5 - - - 6.5
Gross Revenue actual (JPY mn) 426 389 586 - - - 1,402
year-on-year (%) 6.7 7.7 3.9 - - - 5.8
    (Note 1) This property was acquired on March 31, 2016.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 83.2 89.7 91.9 - - - 88.2
year-on-year (points) 8.9 0.4 0.0 - - - 3.2
ADR actual (JPY) 10,224 13,356 12,646 - - - 12,098
year-on-year (%) 12.6 19.1 15.9 - - - 15.7
RevPAR actual (JPY) 8,510 11,981 11,618 - - - 10,675
year-on-year (%) 26.0 19.6 15.9 - - - 20.0
Gross Revenue actual (JPY mn) 60 78 81 - - - 220
year-on-year (%) 25.5 23.6 15.1 - - - 20.8
    (Note 1) This property was acquired on March 31, 2016.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 92.5 95.8 96.3 - - - 94.9
year-on-year (points) -0.4 0.8 -0.8 - - - -0.2
ADR actual (JPY) 11,927 14,145 17,771 - - - 14,663
year-on-year (%) 24.9 25.4 28.2 - - - 26.3
RevPAR actual (JPY) 11,030 13,551 17,121 - - - 13,908
year-on-year (%) 24.3 26.4 27.2 - - - 26.1
Gross Revenue actual (JPY mn) 36 41 56 - - - 134
year-on-year (%) 23.8 30.9 27.9 - - - 27.7
    (Note 1) This property was acquired on March 31, 2016.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 83.1 74.0 81.8 - - - 79.7
year-on-year (points) 26.6 1.1 3.0 - - - 10.5
ADR actual (JPY) 9,687 12,597 14,976 - - - 12,395
year-on-year (%) 31.6 50.5 29.1 - - - 32.6
RevPAR actual (JPY) 8,048 9,318 12,248 - - - 9,883
year-on-year (%) 93.6 52.9 34.1 - - - 52.7
Gross Revenue actual (JPY mn) 79 84 113 - - - 278
year-on-year (%) 73.9 48.5 29.7 - - - 46.0
    (Note 1) This property was acquired on June 15, 2016.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 71.6 83.6 84.4 - - - 79.8
year-on-year (points) 9.8 0.2 -8.1 - - - 0.1
ADR actual (JPY) 7,117 7,833 8,791 - - - 7,959
year-on-year (%) -1.7 -2.4 1.7 - - - -1.6
RevPAR actual (JPY) 5,097 6,552 7,416 - - - 6,351
year-on-year (%) 13.8 -2.1 -7.3 - - - -1.4
Gross Revenue actual (JPY mn) 43 50 59 - - - 152
year-on-year (%) 38.3 13.4 1.3 - - - 13.9
    (Note 1) This property was acquired on June 15, 2016.
    (Note 2) Their leases had only fixed rent until April 2023. The figures for each month from January to April, the January-June 2023 total are not disclosed as the consent from the operator concerned has not been obtained.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 93.8 94.8 94.2 - - - 94.2
year-on-year (points) 6.5 2.1 -1.2 - - - 2.5
ADR actual (JPY) 21,557 24,257 32,131 - - - 26,023
year-on-year (%) 37.5 50.7 51.8 - - - 46.4
RevPAR actual (JPY) 20,213 23,002 30,265 - - - 24,526
year-on-year (%) 47.7 54.0 50.0 - - - 50.4
Gross Revenue actual (JPY mn) 83 87 119 - - - 290
year-on-year (%) 44.6 54.6 46.0 - - - 48.1
    (Note 1) This property was acquired on May 29, 2017.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 63.9 80.7 88.8 - - - 77.7
year-on-year (points) 6.3 9.7 5.7 - - - 7.2
ADR actual (JPY) 6,865 7,832 8,740 - - - 7,915
year-on-year (%) -0.3 0.6 2.4 - - - 1.0
RevPAR actual (JPY) 4,385 6,320 7,761 - - - 6,151
year-on-year (%) 10.6 14.4 9.5 - - - 11.3
Gross Revenue actual (JPY mn) 94 112 129 - - - 337
year-on-year (%) 21.6 16.9 4.7 - - - 13.1
    (Note 1) This property was acquired on October 13, 2017.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 83.7 85.6 89.7 - - - 86.3
year-on-year (points) 13.5 1.4 -1.6 - - - 4.5
ADR actual (JPY) 13,630 15,581 20,211 - - - 16,576
year-on-year (%) 32.7 38.7 35.3 - - - 34.0
RevPAR actual (JPY) 11,403 13,340 18,131 - - - 14,312
year-on-year (%) 58.1 41.0 33.0 - - - 41.4
Gross Revenue actual (JPY mn) 93 100 141 - - - 336
year-on-year (%) 49.1 39.9 30.3 - - - 38.0
    (Note 1) This property was acquired on October 13, 2017.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 84.1 86.7 88.8 - - - 86.5
year-on-year (points) 14.5 3.7 -0.9 - - - 5.9
ADR actual (JPY) 13,838 16,004 16,681 - - - 15,523
year-on-year (%) 7.1 32.0 11.2 - - - 15.3
RevPAR actual (JPY) 11,636 13,872 14,806 - - - 13,428
year-on-year (%) 29.4 38.0 10.1 - - - 23.7
Gross Revenue actual (JPY mn) 198 204 240 - - - 643
year-on-year (%) 38.7 41.5 13.9 - - - 29.0
    (Note 1) This property was acquired on October 13, 2017.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 85.2 89.5 73.0 - - - 82.4
year-on-year (points) 22.6 0.9 -8.0 - - - 5.4
ADR actual (JPY) 8,884 16,662 8,536 - - - 11,469
year-on-year (%) 14.3 32.2 3.7 - - - 18.6
RevPAR actual (JPY) 7,573 14,905 6,235 - - - 9,454
year-on-year (%) 55.5 33.5 -6.5 - - - 26.9
Gross Revenue actual (JPY mn) 59 107 49 - - - 216
year-on-year (%) 53.5 37.4 -6.7 - - - 27.3
    (Note 1) This property was acquired on October 13, 2017.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 82.0 88.2 93.5 - - - 87.9
year-on-year (points) 2.6 0.0 1.1 - - - 1.3
ADR actual (JPY) 7,882 9,971 12,523 - - - 10,232
year-on-year (%) -6.4 2.0 9.2 - - - 2.7
RevPAR actual (JPY) 6,463 8,796 11,715 - - - 8,995
year-on-year (%) -3.4 2.0 10.5 - - - 4.2
Gross Revenue actual (JPY mn) 34 43 61 - - - 138
year-on-year (%) -3.7 5.7 10.8 - - - 5.3
    (Note 1) This property was acquired on February 7, 2018.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 48.5 63.3 64.2 - - - 58.6
year-on-year (points) 3.4 0.5 -16.7 - - - -4.4
ADR actual (JPY) 7,051 7,360 8,047 - - - 7,529
year-on-year (%) -1.1 6.6 8.8 - - - 4.9
RevPAR actual (JPY) 3,421 4,658 5,163 - - - 4,408
year-on-year (%) 6.3 7.5 -13.7 - - - -2.4
Gross Revenue actual (JPY mn) 33 43 54 - - - 131
year-on-year (%) 1.9 21.0 -4.9 - - - 4.2
    (Note 1) This property was acquired on February 7, 2018.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 64.6 76.7 77.7 - - - 72.9
year-on-year (points) 5.9 11.6 -0.8 - - - 5.4
ADR actual (JPY) 8,535 10,934 9,382 - - - 9,647
year-on-year (%) -7.3 -4.1 -6.4 - - - -5.3
RevPAR actual (JPY) 5,510 8,382 7,291 - - - 7,032
year-on-year (%) 2.1 13.1 -7.4 - - - 2.2
Gross Revenue actual (JPY mn) 69 81 94 - - - 245
year-on-year (%) 25.2 42.9 26.3 - - - 31.0
    (Note 1) This property was acquired on February 7, 2018.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 88.7 92.5 95.2 - - - 92.1
year-on-year (points) - - - - - - -
ADR actual (JPY) 6,849 8,618 7,701 - - - 7,715
year-on-year (%) - - - - - - -
RevPAR actual (JPY) 6,072 7,969 7,333 - - - 7,106
year-on-year (%) - - - - - - -
Gross Revenue actual (JPY mn) 29 36 35 - - - 101
year-on-year (%) - - - - - - -
    (Note 1) This property was acquired on February 7, 2018.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 91.4 94.3 94.5 - - - 93.4
year-on-year (points) 8.3 5.2 2.8 - - - 5.5
ADR actual (JPY) 10,307 12,560 16,076 - - - 13,021
year-on-year (%) 13.2 21.5 33.3 - - - 23.4
RevPAR actual (JPY) 9,419 11,847 15,194 - - - 12,160
year-on-year (%) 24.5 28.7 37.4 - - - 31.0
Gross Revenue actual (JPY mn) 32 37 52 - - - 122
year-on-year (%) 25.2 32.4 37.3 - - - 32.4
    (Note 1) This property was acquired on June 27, 2018.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 87.3 90.5 92.0 - - - 89.9
year-on-year (points) 0.0 0.6 3.3 - - - 1.3
ADR actual (JPY) 9,181 11,836 13,964 - - - 11,699
year-on-year (%) 7.2 7.9 19.2 - - - 12.4
RevPAR actual (JPY) 8,018 10,709 12,847 - - - 10,521
year-on-year (%) 7.3 8.6 23.6 - - - 14.1
Gross Revenue actual (JPY mn) 32 39 51 - - - 122
year-on-year (%) 7.2 12.4 25.5 - - - 16.0
    (Note 1) This property was acquired on June 27, 2018.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 84.0 90.3 90.0 - - - 88.1
year-on-year (points) 11.8 6.5 -0.1 - - - 6.1
ADR actual (JPY) 13,077 16,161 23,169 - - - 17,598
year-on-year (%) 25.8 39.8 53.1 - - - 40.1
RevPAR actual (JPY) 10,988 14,596 20,852 - - - 15,498
year-on-year (%) 46.4 50.6 52.9 - - - 50.5
Gross Revenue actual (JPY mn) 122 149 225 - - - 497
year-on-year (%) 46.3 54.2 51.8 - - - 51.1
    (Note 1) This property was acquired on August 2, 2018.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 72.2 86.3 69.1 - - - 75.6
year-on-year (points) 14.1 2.2 -6.6 - - - 3.4
ADR actual (JPY) 9,644 16,359 9,790 - - - 12,131
year-on-year (%) 7.4 15.1 10.1 - - - 11.9
RevPAR actual (JPY) 6,967 14,118 6,763 - - - 9,176
year-on-year (%) 33.4 18.2 0.5 - - - 17.2
Gross Revenue actual (JPY mn) 139 218 132 - - - 490
year-on-year (%) 29.8 19.3 -2.3 - - - 15.1
    (Note 1) This property was acquired on August 2, 2018.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 87.0 90.5 92.6 - - - 90.0
year-on-year (points) 0.1 1.2 0.7 - - - 0.7
ADR actual (JPY) 9,154 11,060 14,417 - - - 11,608
year-on-year (%) 33.1 46.4 33.3 - - - 36.9
RevPAR actual (JPY) 7,967 10,005 13,350 - - - 10,450
year-on-year (%) 33.3 48.5 34.3 - - - 37.9
Gross Revenue actual (JPY mn) 39 45 64 - - - 148
year-on-year (%) 37.0 55.5 37.2 - - - 42.2
    (Note 1) This property was acquired on August 2, 2018.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 54.8 71.4 83.8 - - - 70.0
year-on-year (points) -11.2 -1.1 0.7 - - - -4.0
ADR actual (JPY) 10,296 11,359 12,986 - - - 11,739
year-on-year (%) 15.8 4.6 4.4 - - - 8.0
RevPAR actual (JPY) 5,646 8,106 10,884 - - - 8,214
year-on-year (%) -3.8 3.0 5.2 - - - 2.3
Gross Revenue actual (JPY mn) 19 26 37 - - - 83
year-on-year (%) -4.4 5.9 5.0 - - - 2.9
    (Note 1) This property was acquired on August 2, 2018.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 81.4 88.9 76.3 - - - 82.1
year-on-year (points) 17.2 1.1 -7.4 - - - 3.8
ADR actual (JPY) 11,459 20,874 10,746 - - - 14,485
year-on-year (%) 19.3 35.1 8.1 - - - 23.1
RevPAR actual (JPY) 9,325 18,561 8,200 - - - 11,885
year-on-year (%) 51.3 36.8 -1.5 - - - 29.0
Gross Revenue actual (JPY mn) 110 187 101 - - - 398
year-on-year (%) 47.4 38.9 2.3 - - - 29.2
    (Note 1) This property was acquired on July 19, 2019.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 61.5 74.3 79.9 - - - 71.8
year-on-year (points) -4.5 -10.5 -11.8 - - - -8.9
ADR actual (JPY) 14,175 14,210 15,447 - - - 14,669
year-on-year (%) 6.8 2.2 -0.6 - - - 2.1
RevPAR actual (JPY) 8,714 10,554 12,345 - - - 10,537
year-on-year (%) -0.5 -10.4 -13.4 - - - -9.1
Gross Revenue actual (JPY mn) 117 139 145 - - - 402
year-on-year (%) -1.3 2.3 -15.9 - - - -6.1
    (Note 1) This property was acquired on July 19, 2019.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 80.1 88.4 91.1 - - - 86.5
year-on-year (points) 6.1 10.5 7.4 - - - 7.9
ADR actual (JPY) 23,105 22,996 28,660 - - - 25,062
year-on-year (%) 27.0 43.7 25.3 - - - 30.3
RevPAR actual (JPY) 18,502 20,328 26,101 - - - 21,673
year-on-year (%) 37.5 63.0 36.4 - - - 43.5
Gross Revenue actual (JPY mn) 110 114 151 - - - 376
year-on-year (%) 31.9 59.0 32.2 - - - 39.2
    (Note 1) This property was acquired on July 19, 2019.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 73.6 85.5 63.1 - - - 73.8
year-on-year (points) 1.4 2.3 -10.3 - - - -2.2
ADR actual (JPY) 15,719 20,578 13,304 - - - 16,809
year-on-year (%) 10.4 22.5 2.5 - - - 14.4
RevPAR actual (JPY) 11,574 17,597 8,399 - - - 12,412
year-on-year (%) 12.6 25.9 -11.8 - - - 11.1
Gross Revenue actual (JPY mn) 69 93 57 - - - 220
year-on-year (%) 9.6 26.7 -6.2 - - - 11.0
    (Note 1) This property was acquired on July 19, 2019.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 83.5 83.1 83.7 - - - 83.4
year-on-year (points) 23.6 11.9 2.0 - - - 12.5
ADR actual (JPY) 8,858 10,834 11,534 - - - 10,399
year-on-year (%) 50.5 53.0 34.5 - - - 42.0
RevPAR actual (JPY) 7,400 9,000 9,652 - - - 8,677
year-on-year (%) 109.7 78.7 37.8 - - - 67.0
Gross Revenue actual (JPY mn) 49 55 64 - - - 170
year-on-year (%) 98.8 80.1 38.2 - - - 65.6
    (Note 1) This property was acquired on July 19, 2019.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 52.1 58.7 79.4 - - - 63.5
year-on-year (points) -9.0 -21.4 -8.1 - - - -12.6
ADR actual (JPY) 6,512 7,200 7,754 - - - 7,244
year-on-year (%) 5.0 -0.4 10.9 - - - 5.7
RevPAR actual (JPY) 3,395 4,223 6,159 - - - 4,600
year-on-year (%) -10.5 -27.0 0.6 - - - -11.8
Gross Revenue actual (JPY mn) 67 74 109 - - - 250
year-on-year (%) 15.8 -5.8 12.6 - - - 7.2
    (Note 1) This property was acquired on July 19, 2019.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 82.5 89.0 90.0 - - - 87.1
year-on-year (points) 1.3 0.3 -3.0 - - - -0.5
ADR actual (JPY) 8,188 9,075 9,118 - - - 8,804
year-on-year (%) 24.1 26.2 15.9 - - - 21.5
RevPAR actual (JPY) 6,755 8,075 8,208 - - - 7,671
year-on-year (%) 26.1 26.7 12.2 - - - 20.8
Gross Revenue actual (JPY mn) 38 42 46 - - - 127
year-on-year (%) 24.6 29.1 11.9 - - - 21.0
    (Note 1) This property was acquired on July 19, 2019.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 71.1 87.6 65.6 - - - 74.5
year-on-year (points) -8.6 -0.3 -8.4 - - - -5.8
ADR actual (JPY) 15,501 20,867 13,396 - - - 16,881
year-on-year (%) 14.2 25.1 4.0 - - - 17.1
RevPAR actual (JPY) 11,016 18,282 8,784 - - - 12,571
year-on-year (%) 1.9 24.6 -7.8 - - - 8.7
Gross Revenue actual (JPY mn) 45 65 40 - - - 151
year-on-year (%) 1.3 25.7 -3.7 - - - 8.9
    (Note 1) This property was acquired on July 19, 2019.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 76.3 87.6 81.9 - - - 81.8
year-on-year (points) 3.1 1.4 -8.1 - - - -1.2
ADR actual (JPY) 5,875 7,647 6,993 - - - 6,861
year-on-year (%) -27.2 -21.3 -42.9 - - - -32.5
RevPAR actual (JPY) 4,481 6,696 5,726 - - - 5,611
year-on-year (%) -24.1 -20.0 -48.0 - - - -33.5
Gross Revenue actual (JPY mn) 40 51 52 - - - 144
year-on-year (%) -15.7 -10.9 -36.8 - - - -23.5
    (Note 1) This property was acquired on July 19, 2019.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 81.8 82.7 71.0 - - - 78.4
year-on-year (points) -0.7 -5.8 -7.9 - - - -4.7
ADR actual (JPY) 8,410 12,669 7,279 - - - 9,493
year-on-year (%) 26.1 47.1 -7.4 - - - 23.2
RevPAR actual (JPY) 6,883 10,483 5,167 - - - 7,446
year-on-year (%) 24.9 37.5 -16.7 - - - 16.2
Gross Revenue actual (JPY mn) 175 184 150 - - - 510
year-on-year (%) 30.3 27.2 -3.2 - - - 17.3
    (Note 1) This property was acquired on July 19, 2019.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 64.6 74.6 76.9 - - - 72.0
year-on-year (points) 6.3 4.0 -0.4 - - - 3.3
ADR actual (JPY) 7,689 9,492 8,916 - - - 8,731
year-on-year (%) -6.0 5.1 -4.6 - - - -1.9
RevPAR actual (JPY) 4,968 7,083 6,860 - - - 6,287
year-on-year (%) 4.1 11.1 -5.0 - - - 2.8
Gross Revenue actual (JPY mn) 54 65 67 - - - 187
year-on-year (%) 20.9 22.0 1.6 - - - 13.6
    (Note 1) This property was acquired on July 19, 2019.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 67.8 88.4 66.7 - - - 74.0
year-on-year (points) 29.0 18.2 7.5 - - - 18.4
ADR actual (JPY) 6,818 12,472 6,742 - - - 8,948
year-on-year (%) 13.9 22.0 0.0 - - - 12.9
RevPAR actual (JPY) 4,620 11,025 4,496 - - - 6,619
year-on-year (%) 99.2 53.6 12.6 - - - 50.2
Gross Revenue actual (JPY mn) 17 35 16 - - - 69
year-on-year (%) 106.5 63.7 19.8 - - - 58.1
    (Note 1) This property was acquired on July 19, 2019.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 56.9 78.3 49.3 - - - 61.2
year-on-year (points) 35.1 15.3 2.9 - - - 18.1
ADR actual (JPY) 9,324 16,638 8,645 - - - 12,123
year-on-year (%) -4.7 36.0 -6.1 - - - 13.5
RevPAR actual (JPY) 5,309 13,035 4,261 - - - 7,414
year-on-year (%) 149.0 69.1 -0.3 - - - 61.0
Gross Revenue actual (JPY mn) 14 33 11 - - - 59
year-on-year (%) 135.8 75.9 -0.9 - - - 61.4
    (Note 1) This property was acquired on July 19, 2019.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 53.9 69.8 31.4 - - - 51.3
year-on-year (points) 14.3 4.4 -24.5 - - - -1.9
ADR actual (JPY) 5,618 11,849 6,243 - - - 8,451
year-on-year (%) 9.9 52.6 15.0 - - - 35.4
RevPAR actual (JPY) 3,028 8,274 1,959 - - - 4,336
year-on-year (%) 49.7 62.9 -35.4 - - - 30.6
Gross Revenue actual (JPY mn) 7 19 5 - - - 32
year-on-year (%) 50.5 67.8 -33.3 - - - 32.3
    (Note 1) This property was acquired on July 19, 2019.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 82.3 92.1 96.3 - - - 90.2
year-on-year (points) -5.3 -2.5 1.8 - - - -1.9
ADR actual (JPY) 6,141 7,129 7,738 - - - 7,044
year-on-year (%) 11.5 25.1 14.5 - - - 17.2
RevPAR actual (JPY) 5,051 6,564 7,449 - - - 6,350
year-on-year (%) 4.8 21.7 16.8 - - - 14.7
Gross Revenue actual (JPY mn) 11 13 16 - - - 41
year-on-year (%) 4.5 25.9 16.6 - - - 15.8
    (Note 1) This property was acquired on July 19, 2019.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 55.3 67.8 72.3 - - - 65.1
year-on-year (points) 5.4 5.9 9.7 - - - 7.1
ADR actual (JPY) 4,301 4,816 5,105 - - - 4,777
year-on-year (%) 30.4 35.6 31.5 - - - 32.7
RevPAR actual (JPY) 2,376 3,266 3,693 - - - 3,108
year-on-year (%) 44.5 48.6 51.9 - - - 48.9
Gross Revenue actual (JPY mn) 12 15 18 - - - 46
year-on-year (%) 45.6 53.7 51.4 - - - 50.6
    (Note 1) This property was acquired on July 19, 2019.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 90.5 95.8 92.8 - - - 93.0
year-on-year (points) 2.4 3.2 -3.3 - - - 0.7
ADR actual (JPY) 5,394 6,922 6,485 - - - 6,267
year-on-year (%) -29.5 -26.1 -41.7 - - - -33.6
RevPAR actual (JPY) 4,882 6,634 6,018 - - - 5,827
year-on-year (%) -27.5 -23.6 -43.8 - - - -33.1
Gross Revenue actual (JPY mn) 12 14 14 - - - 41
year-on-year (%) -27.0 -20.2 -42.5 - - - -31.4
    (Note 1) This property was acquired on July 19, 2019.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 74.3 90.3 71.3 - - - 78.4
year-on-year (points) 0.6 1.4 -9.3 - - - -2.4
ADR actual (JPY) 8,818 8,788 8,520 - - - 8,715
year-on-year (%) 5.0 5.2 5.9 - - - 5.5
RevPAR actual (JPY) 6,555 7,939 6,078 - - - 6,833
year-on-year (%) 5.8 6.8 -6.3 - - - 2.3
Gross Revenue actual (JPY mn) 15 17 14 - - - 47
year-on-year (%) 6.3 12.9 -5.9 - - - 4.5
    (Note 1) This property was acquired on July 19, 2019.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 65.6 70.7 71.1 - - - 69.1
year-on-year (points) -3.5 -4.2 -7.6 - - - -5.1
ADR actual (JPY) 9,306 9,347 9,375 - - - 9,343
year-on-year (%) 4.3 5.0 -2.1 - - - 2.1
RevPAR actual (JPY) 6,107 6,611 6,668 - - - 6,458
year-on-year (%) -1.0 -0.8 -11.5 - - - -4.9
Gross Revenue actual (JPY mn) 202 187 210 - - - 599
year-on-year (%) 5.2 2.4 -7.7 - - - -0.5
    (Note 1) This property was acquired on January 6, 2020.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 81.5 79.3 85.7 - - - 82.2
year-on-year (points) 3.2 -0.1 0.4 - - - 1.2
ADR actual (JPY) 7,129 7,882 7,290 - - - 7,417
year-on-year (%) 8.7 6.9 -6.5 - - - 2.2
RevPAR actual (JPY) 5,813 6,251 6,247 - - - 6,100
year-on-year (%) 13.2 6.9 -6.1 - - - 3.7
Gross Revenue actual (JPY mn) 87 88 104 - - - 280
year-on-year (%) 23.0 17.0 11.1 - - - 16.5
    (Note 1) This property was acquired on January 6, 2020.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 43.6 57.5 75.8 - - - 59.0
year-on-year (points) -14.8 -18.4 -11.4 - - - -14.8
ADR actual (JPY) 29,752 23,163 34,113 - - - 29,613
year-on-year (%) 13.4 3.2 -8.4 - - - 0.4
RevPAR actual (JPY) 12,966 13,330 25,866 - - - 17,476
year-on-year (%) -15.3 -21.8 -20.4 - - - -19.7
Gross Revenue actual (JPY mn) 259 259 503 - - - 1,022
year-on-year (%) -16.3 -20.4 -18.1 - - - -18.2
    (Note 1) This property was acquired on August 1, 2023.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 65.1 77.0 81.8 - - - 74.6
year-on-year (points) 11.3 4.3 2.3 - - - 6.0
ADR actual (JPY) 24,052 20,429 22,918 - - - 22,436
year-on-year (%) -12.8 3.8 -3.0 - - - -4.1
RevPAR actual (JPY) 15,663 15,731 18,737 - - - 16,732
year-on-year (%) 5.5 10.0 -0.2 - - - 4.3
Gross Revenue actual (JPY mn) 156 154 193 - - - 504
year-on-year (%) 16.3 17.2 6.5 - - - 12.6
    (Note 1) This property was acquired on August 1, 2023.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 85.0 91.2 94.3 - - - 90.1
year-on-year (points) 17.5 5.2 0.1 - - - 7.7
ADR actual (JPY) 5,989 6,836 7,580 - - - 6,829
year-on-year (%) 4.4 4.1 1.5 - - - 2.1
RevPAR actual (JPY) 5,088 6,236 7,145 - - - 6,155
year-on-year (%) 31.5 10.4 1.6 - - - 11.7
Gross Revenue actual (JPY mn) 27 30 38 - - - 96
year-on-year (%) 47.5 25.9 15.3 - - - 26.5
    (Note 1) This property was acquired on August 1, 2023.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 73.2 79.6 74.2 - - - 75.6
year-on-year (points) 14.5 1.4 -7.1 - - - 3.0
ADR actual (JPY) 7,277 8,167 6,836 - - - 7,428
year-on-year (%) 11.5 25.8 -3.1 - - - 10.6
RevPAR actual (JPY) 5,328 6,499 5,072 - - - 5,614
year-on-year (%) 39.0 28.1 -11.5 - - - 15.2
Gross Revenue actual (JPY mn) 26 28 25 - - - 80
year-on-year (%) 41.9 31.7 -4.5 - - - 20.0
    (Note 1) This property was acquired on August 1, 2023.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 84.9 92.1 93.8 - - - 90.2
year-on-year (points) -0.4 4.3 0.8 - - - 1.5
ADR actual (JPY) 7,012 8,402 9,831 - - - 8,462
year-on-year (%) -7.2 -3.3 -2.8 - - - -4.1
RevPAR actual (JPY) 5,950 7,742 9,219 - - - 7,635
year-on-year (%) -7.6 1.4 -2.0 - - - -2.5
Gross Revenue actual (JPY mn) 26 31 39 - - - 98
year-on-year (%) -6.3 7.0 -1.0 - - - -0.1
    (Note 1) This property was acquired on August 1, 2023.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 66.2 68.8 47.3 - - - 60.6
year-on-year (points) 7.6 10.7 -15.5 - - - 0.7
ADR actual (JPY) 13,789 11,892 12,559 - - - 12,775
year-on-year (%) -3.4 -10.5 -1.2 - - - -4.8
RevPAR actual (JPY) 9,129 8,175 5,945 - - - 7,741
year-on-year (%) 9.1 6.0 -25.6 - - - -3.7
Gross Revenue actual (JPY mn) 47 40 34 - - - 123
year-on-year (%) 16.0 15.9 -21.8 - - - 2.2
    (Note 1) This property was acquired on August 1, 2023.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 80.5 81.5 89.9 - - - 84.0
year-on-year (points) 1.1 -3.0 4.2 - - - 0.8
ADR actual (USD) 732 722 784 - - - 748
year-on-year (%) 11.5 0.9 6.3 - - - 6.2
RevPAR actual (USD) 589 588 705 - - - 628
year-on-year (%) 13.0 -2.6 11.4 - - - 7.3
Gross Revenue actual (USD'000) 11,316 10,310 13,766 - - - 35,393
year-on-year (%) 21.2 3.9 17.0 - - - 14.0
    (Note 1) This property was acquired on Septemer 28, 2018.
2024/01 2024/02 2024/03 2024/04 2024/05 2024/06 2024/01～06
Occupancy Rate actual (%) 81.6 88.8 89.2 - - - 86.5
year-on-year (points) 15.5 2.8 2.3 - - - 7.0
ADR actual (USD) 334 314 340 - - - 329
year-on-year (%) 8.7 -0.1 8.4 - - - 5.6
RevPAR actual (USD) 272 279 303 - - - 285
year-on-year (%) 34.3 3.2 11.2 - - - 15.0
Gross Revenue actual (USD'000) 1,502 1,456 1,751 - - - 4,710
year-on-year (%) 27.0 7.5 12.1 - - - 14.9
    (Note 1) This property was acquired on Septemer 28, 2018.

Portfolio