Hotel Performance

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Domestic Hotels Total
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
# of Properties (Note2) actual - 92 (101) 92 (101) 92 (101) 92 (101) 92 (101) 92 (101) 92 (101)
Occupancy Rate actual (%) 80.0 84.9 85.2 84.8 84.9 83.1 83.8
ADR actual (JPY) 11,982 13,357 13,710 15,094 14,552 12,953 13,626
RevPAR actual (JPY) 9,581 11,335 11,675 12,803 12,357 10,761 11,416
Gross Revenue actual (JPY mn) 7,007 7,155 8,315 8,526 8,620 7,603 47,228
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
# of Properties (Note2) actual - 92 (101) 92 (101) 102 (111) 102 (111) 102 (111) 102 (111) 102 (111)
Occupancy Rate actual (%) 84.9 87.6 85.9 88.2 85.8 82.7 85.9
ADR actual (JPY) 15,220 18,119 14,386 15,801 15,813 14,804 15,694
RevPAR actual (JPY) 12,918 15,879 12,355 13,941 13,573 12,249 13,474
Gross Revenue actual (JPY mn) 8,979 10,673 9,167 10,477 10,081 9,551 58,926
Overseas Hotels Total
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
# of Properties (Note2) actual - 2 2 2 2 2 2 2
Occupancy Rate actual (%) 71.3 75.8 66.1 57.4 48.1 52.6 61.7
ADR actual (USD) 709 734 817 760 495 447 675
RevPAR actual (USD) 505 556 540 436 238 235 417
Gross Revenue actual (USD'000) 12,642 11,868 13,324 10,618 6,650 6,191 61,296
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
# of Properties (Note2) actual - 2 2 2 2 2 2 2
Occupancy Rate actual (%) 56.7 39.5 21.5 38.1 54.6 66.7 46.3
ADR actual (USD) 412 360 283 337 482 957 530
RevPAR actual (USD) 234 142 61 129 263 638 245
Gross Revenue actual (USD'000) 6,931 4,344 2,174 4,384 6,983 14,290 39,109
  1. ADR and RevPAR are rounded to the nearest yen and Gross Revenue is rounded down to the indicated unit. Percentages are rounded to one decimal place.This applies hereinafter.
  2. # of properties shows the number of the hotels that are subject to the calculation for each month, and does not include the number of hotels under fixed rent contract. The number in the parenthesis shows the total number of hotels held by INV as of the end of the subject month, including the hotels under fixed rent contract. Please see the footnote of the individual hotels listed below to identify the hotels under fixed rent contract.
  3. Sheraton Grande Tokyo Bay Hotel, the underlying asset of the preferred equity interest acquired on October 13, 2017 is excluded from the performance calculation.
  4. “Gross Revenue” for 2018 shows the total revenue of the hotel, while “Gross Revenue” prior to 2018 showed the gross operating income of the hotel. Year-on-year change in 2018 shows the total revenue in 2018 vs. the total revenue in 2017. There is no significant difference between total revenue and gross operating income for the limited service hotels that account for the vast majority of INV's hotel portfolio.
  5. For below figures of each hotel, comparison for year-on-year is not made if the days of operation are less than one month. Year-on-year comparison for the six month cumulative figures is not provided if the property was not held as at the beginning of the fiscal period. Year-on-year comparison with the pre-acquisition period of each hotel is based on actual results provided by sellers.

Individual Hotels

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2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 90.2 92.7 91.6 93.4 91.8 89.0 91.5
year-on-year (points) 11.6 6.7 2.6 3.1 2.7 0.3 4.5
ADR actual (JPY) 11,760 13,007 14,284 17,246 14,663 10,922 13,681
year-on-year (%) 29.4 17.4 3.4 29.7 20.1 -3.4 15.3
RevPAR actual (JPY) 10,613 12,063 13,088 16,105 13,465 9,723 12,512
year-on-year (%) 48.6 26.6 6.5 34.2 23.6 -3.0 21.3
Gross Revenue actual (JPY mn) 41 42 51 61 53 37 288
year-on-year (%) 47.1 22.1 7.1 33.9 23.3 -2.4 20.6
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 90.1 89.8 89.4 90.2 91.5 92.8 90.6
year-on-year (points) 2.4 4.0 1.4 -1.9 -1.7 1.4 1.0
ADR actual (JPY) 10,650 10,283 12,252 15,936 16,887 14,809 13,477
year-on-year (%) -8.0 -6.2 7.8 13.0 4.7 -5.1 1.0
RevPAR actual (JPY) 9,595 9,230 10,956 14,370 15,453 13,747 12,214
year-on-year (%) -5.5 -1.8 9.5 10.6 2.8 -3.6 2.1
Gross Revenue actual (JPY mn) 37 36 41 56 58 54 285
year-on-year (%) -5.2 -1.7 9.7 10.8 2.7 -3.7 2.1
    (Note 1) This property was acquired on May 23, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 85.4 88.6 88.4 93.5 92.9 92.8 90.3
year-on-year (points) 7.9 2.3 -4.3 0.5 3.8 3.1 2.2
ADR actual (JPY) 8,916 10,259 12,825 13,982 11,806 9,358 11,230
year-on-year (%) 30.5 33.5 45.1 64.8 37.4 11.2 37.2
RevPAR actual (JPY) 7,614 9,089 11,341 13,079 10,966 8,687 10,138
year-on-year (%) 43.9 37.1 38.3 65.7 43.1 15.0 40.7
Gross Revenue actual (JPY mn) 38 41 57 63 55 43 300
year-on-year (%) 42.6 31.0 37.7 62.5 42.1 15.2 38.8
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 91.8 90.9 92.9 90.8 89.7 89.8 91.0
year-on-year (points) 2.9 1.6 3.4 -2.2 -3.3 2.5 0.8
ADR actual (JPY) 9,138 8,199 9,620 13,872 16,408 12,693 11,616
year-on-year (%) 8.9 -2.6 12.4 40.3 46.5 7.5 19.6
RevPAR actual (JPY) 8,386 7,450 8,934 12,602 14,712 11,393 10,566
year-on-year (%) 12.5 -0.9 16.7 37.0 41.3 10.5 20.7
Gross Revenue actual (JPY mn) 42 38 44 63 71 58 319
year-on-year (%) 12.7 -1.7 16.4 36.4 40.7 11.0 20.4
    (Note 1) This property was acquired on May 23, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 62.7 79.4 85.5 89.8 89.1 78.7 80.9
year-on-year (points) 20.4 6.5 8.3 18.1 3.5 6.7 10.6
ADR actual (JPY) 9,768 8,435 15,698 20,061 14,730 10,256 13,550
year-on-year (%) 14.4 -3.6 -6.0 9.9 18.0 0.7 5.6
RevPAR actual (JPY) 6,125 6,695 13,419 18,010 13,131 8,074 10,955
year-on-year (%) 69.7 5.0 4.1 37.7 22.8 10.1 21.5
Gross Revenue actual (JPY mn) 47 47 101 129 98 61 486
year-on-year (%) 66.0 1.5 4.2 33.4 18.2 8.9 18.7
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 82.8 79.0 75.9 84.5 78.0 73.0 78.9
year-on-year (points) 14.5 3.6 4.4 -0.8 -9.5 -8.4 0.7
ADR actual (JPY) 9,750 10,093 11,547 17,873 21,258 12,570 13,851
year-on-year (%) -19.8 -8.8 8.6 13.8 -6.4 -0.1 -3.8
RevPAR actual (JPY) 8,069 7,975 8,763 15,111 16,582 9,172 10,927
year-on-year (%) -2.8 -4.5 15.3 12.7 -16.6 -10.5 -3.0
Gross Revenue actual (JPY mn) 63 62 65 113 120 71 496
year-on-year (%) -2.7 -5.4 14.5 11.4 -15.9 -9.1 -3.0
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 92.9 94.7 93.5 96.5 95.6 92.0 94.2
year-on-year (points) 2.7 3.9 0.8 3.5 3.8 1.4 2.7
ADR actual (JPY) 13,024 16,249 18,177 15,609 14,007 12,506 14,927
year-on-year (%) 16.1 7.9 8.2 37.2 5.8 8.4 13.0
RevPAR actual (JPY) 12,095 15,380 16,991 15,065 13,390 11,510 14,059
year-on-year (%) 19.5 12.5 9.1 42.4 10.2 10.1 16.3
Gross Revenue actual (JPY mn) 79 85 104 100 88 75 532
year-on-year (%) 21.8 10.1 8.2 30.4 12.8 13.0 15.6
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 84.7 92.2 92.9 92.7 94.2 94.5 91.8
year-on-year (points) -2.7 2.1 1.3 0.0 1.3 2.2 0.7
ADR actual (JPY) 9,788 11,504 13,661 16,783 22,226 20,675 15,873
year-on-year (%) -8.0 -5.7 6.6 1.9 13.7 16.1 6.1
RevPAR actual (JPY) 8,291 10,607 12,691 15,561 20,927 19,543 14,579
year-on-year (%) -10.9 -3.5 8.1 1.9 15.3 18.8 6.9
Gross Revenue actual (JPY mn) 66 74 77 100 122 114 555
year-on-year (%) -5.2 6.3 6.4 5.4 13.8 13.5 7.6
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 96.9 96.7 96.1 96.7 93.4 94.3 95.7
year-on-year (points) 1.4 -0.4 -1.0 -0.3 -2.6 -3.3 -1.0
ADR actual (JPY) 25,782 27,323 31,952 29,492 25,877 22,828 27,239
year-on-year (%) 30.8 11.8 5.5 33.8 10.9 5.7 15.5
RevPAR actual (JPY) 24,978 26,434 30,692 28,531 24,161 21,526 26,059
year-on-year (%) 32.7 11.3 4.5 33.3 8.0 2.1 14.2
Gross Revenue actual (JPY mn) 75 70 91 82 72 62 454
year-on-year (%) 29.0 6.7 4.0 30.8 7.8 2.9 12.7
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 92.5 97.2 95.9 94.1 96.3 97.1 95.5
year-on-year (points) -4.7 1.0 0.1 -2.8 -0.4 0.7 -1.0
ADR actual (JPY) 19,707 21,497 22,683 30,305 37,769 34,430 27,752
year-on-year (%) -10.2 -5.5 -3.2 -2.1 9.2 5.7 0.2
RevPAR actual (JPY) 18,231 20,896 21,751 28,513 36,384 33,431 26,507
year-on-year (%) -14.6 -4.5 -3.1 -4.9 8.8 6.5 -0.9
Gross Revenue actual (JPY mn) 55 63 62 84 103 98 468
year-on-year (%) -12.4 -3.3 -3.4 -4.4 7.8 7.1 -0.4
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 85.3 93.4 91.6 94.3 95.6 93.7 92.3
year-on-year (points) 22.1 18.6 8.9 12.3 11.0 7.8 13.4
ADR actual (JPY) 13,202 13,911 15,114 19,130 19,546 16,249 16,280
year-on-year (%) 15.1 1.5 -1.1 30.3 40.9 32.3 19.5
RevPAR actual (JPY) 11,266 12,998 13,848 18,049 18,678 15,231 15,027
year-on-year (%) 55.4 26.8 9.5 49.9 59.2 44.4 39.8
Gross Revenue actual (JPY mn) 59 60 70 86 91 75 443
year-on-year (%) 41.9 16.4 7.2 38.0 45.7 32.8 29.8
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 89.4 85.1 79.1 83.4 78.0 86.5 83.6
year-on-year (points) 0.3 4.7 1.2 -6.7 -13.3 0.4 -2.2
ADR actual (JPY) 15,949 16,544 23,477 25,805 18,651 15,000 19,113
year-on-year (%) 23.3 23.4 69.2 57.6 8.6 -7.0 27.2
RevPAR actual (JPY) 14,253 14,072 18,565 21,513 14,542 12,975 15,980
year-on-year (%) 23.7 30.7 71.8 45.8 -7.2 -6.6 23.9
Gross Revenue actual (JPY mn) 72 71 88 104 70 65 472
year-on-year (%) 10.8 21.0 53.8 36.1 -10.8 -10.2 16.0
    (Note 1) This property was acquired on July 17, 2014.
    (Note 2) The name of this property was changed from "Hotel MyStays Dojima" as of March 10, 2018.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 85.2 87.9 91.4 92.2 89.4 82.6 88.1
year-on-year (points) -0.7 0.3 1.0 6.6 1.5 5.0 2.3
ADR actual (JPY) 7,309 8,334 8,289 10,125 8,952 7,652 8,468
year-on-year (%) 14.2 11.2 5.4 13.9 22.5 4.4 12.2
RevPAR actual (JPY) 6,227 7,327 7,578 9,331 8,002 6,320 7,462
year-on-year (%) 13.3 11.6 6.6 22.7 24.6 11.2 15.2
Gross Revenue actual (JPY mn) 57 60 71 83 73 56 402
year-on-year (%) 11.5 5.3 4.4 22.1 22.1 9.7 12.7
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 90.9 95.7 92.8 93.8 94.0 89.6 92.8
year-on-year (points) 1.4 0.5 4.2 7.4 3.4 6.1 3.8
ADR actual (JPY) 7,497 8,558 8,705 9,078 10,772 9,818 9,066
year-on-year (%) 0.2 1.4 7.0 17.4 9.0 11.6 7.8
RevPAR actual (JPY) 6,813 8,188 8,074 8,514 10,122 8,800 8,411
year-on-year (%) 1.8 2.0 12.0 27.4 13.1 19.7 12.5
Gross Revenue actual (JPY mn) 63 75 72 78 89 80 459
year-on-year (%) 1.6 0.6 12.4 26.1 13.4 18.6 11.9
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 81.4 88.6 90.7 97.1 93.3 94.2 90.9
year-on-year (points) 24.1 19.0 7.1 11.3 15.9 20.5 16.3
ADR actual (JPY) 7,880 8,096 8,590 10,443 11,771 9,835 9,508
year-on-year (%) 29.4 4.1 -0.6 26.2 44.9 52.0 24.1
RevPAR actual (JPY) 6,417 7,177 7,792 10,139 10,986 9,262 8,641
year-on-year (%) 83.9 32.5 7.8 42.9 74.6 94.2 51.2
Gross Revenue actual (JPY mn) 40 40 48 59 68 55 312
year-on-year (%) 75.0 28.3 7.6 42.3 72.8 90.6 48.8
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 93.2 94.1 93.5 92.6 92.1 81.6 91.2
year-on-year (points) 3.8 8.3 4.5 3.0 3.9 -9.2 2.4
ADR actual (JPY) 10,162 10,491 14,062 15,158 10,602 8,818 11,596
year-on-year (%) 39.8 42.0 87.4 73.9 9.1 -7.9 38.6
RevPAR actual (JPY) 9,472 9,875 13,147 14,036 9,765 7,193 10,572
year-on-year (%) 45.7 55.6 97.0 79.8 13.8 -17.2 42.3
Gross Revenue actual (JPY mn) 59 60 78 86 58 44 388
year-on-year (%) 44.5 51.7 93.6 76.1 14.0 -16.8 40.7
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 86.8 93.6 96.1 93.0 88.8 84.8 90.5
year-on-year (points) 3.9 6.8 2.5 3.4 -1.4 -4.6 1.7
ADR actual (JPY) 8,471 9,774 11,607 13,537 12,240 11,215 11,172
year-on-year (%) 14.3 3.9 -3.2 17.8 13.7 19.3 10.2
RevPAR actual (JPY) 7,354 9,150 11,155 12,584 10,864 9,508 10,108
year-on-year (%) 19.7 12.0 -0.6 22.2 11.9 13.2 12.4
Gross Revenue actual (JPY mn) 48 53 71 77 70 59 381
year-on-year (%) 17.3 5.1 -2.7 18.7 11.2 11.5 9.5
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 86.9 90.9 87.1 87.0 84.6 81.3 86.3
year-on-year (points) -2.0 -1.2 0.9 -5.6 -4.1 -9.0 -3.5
ADR actual (JPY) 11,141 11,626 9,716 12,161 14,649 13,312 12,071
year-on-year (%) 12.7 -1.7 -7.9 16.0 23.1 18.0 9.8
RevPAR actual (JPY) 9,683 10,569 8,464 10,582 12,394 10,822 10,419
year-on-year (%) 10.1 -3.0 -7.0 8.9 17.5 6.2 5.5
Gross Revenue actual (JPY mn) 62 68 53 68 77 69 400
year-on-year (%) 8.3 -2.3 -7.4 7.2 17.3 5.9 5.0
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 58.1 57.6 91.1 94.7 95.1 93.3 81.9
year-on-year (points) -21.3 -28.7 3.5 6.4 5.0 3.4 -5.0
ADR actual (JPY) 9,887 11,733 14,408 17,849 14,126 11,586 13,638
year-on-year (%) 32.8 24.4 23.3 78.4 53.6 33.3 44.5
RevPAR actual (JPY) 5,748 6,754 13,118 16,902 13,436 10,806 11,170
year-on-year (%) -2.8 -17.0 28.2 91.3 62.2 38.4 36.2
Gross Revenue actual (JPY mn) 16 18 38 48 39 30 191
year-on-year (%) -3.7 -18.7 27.3 86.6 61.4 39.0 34.8
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 93.7 94.7 94.2 96.4 95.8 93.8 94.8
year-on-year (points) 4.8 6.1 22.5 35.6 34.4 29.1 22.0
ADR actual (JPY) 11,241 10,530 11,633 16,196 17,723 16,154 13,921
year-on-year (%) 29.6 23.6 33.0 48.5 34.6 29.7 37.1
RevPAR actual (JPY) 10,536 9,974 10,962 15,618 16,973 15,151 13,194
year-on-year (%) 36.6 32.1 74.9 135.2 110.1 87.9 78.6
Gross Revenue actual (JPY mn) 31 29 31 46 48 44 231
year-on-year (%) 41.6 33.8 75.0 140.8 109.9 86.4 80.4
    (Note 1) This property was acquired on July 17, 2014.
    (Note 2) Renovation Period: September 16, 2024 - March 2, 2025.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 90.5 90.1 66.0 67.6 70.7 58.6 73.8
year-on-year (points) 6.0 0.0 -28.0 -20.7 -18.2 -24.5 -14.4
ADR actual (JPY) 9,957 14,589 12,720 12,094 13,759 11,931 12,465
year-on-year (%) 14.5 32.3 17.2 30.6 36.8 21.3 25.0
RevPAR actual (JPY) 9,012 13,150 8,396 8,176 9,735 6,988 9,196
year-on-year (%) 22.7 32.3 -17.7 0.0 8.8 -14.5 4.6
Gross Revenue actual (JPY mn) 53 68 49 45 57 38 313
year-on-year (%) 26.8 28.8 -16.7 -0.8 8.8 -14.7 4.8
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 50.0 61.5 88.5 91.6 86.2 90.9 78.0
year-on-year (points) -42.1 -26.2 -1.6 0.7 -6.6 -0.7 -12.9
ADR actual (JPY) 11,143 11,483 11,492 16,163 20,364 18,722 15,395
year-on-year (%) -5.5 1.8 3.7 25.8 19.8 12.4 14.4
RevPAR actual (JPY) 5,571 7,065 10,165 14,808 17,557 17,016 12,010
year-on-year (%) -48.7 -28.6 1.9 26.8 11.3 11.5 -1.8
Gross Revenue actual (JPY mn) 32 40 57 85 99 98 413
year-on-year (%) -48.0 -28.0 4.3 27.9 14.3 12.6 -0.3
    (Note 1) This property was acquired on July 17, 2014.
    (Note 2) Renovation Period: March 2, 2025 - August 30, 2025.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 87.6 93.6 95.4 95.3 95.5 92.5 93.3
year-on-year (points) 2.2 3.3 2.9 3.9 11.3 41.8 10.9
ADR actual (JPY) 19,350 20,823 23,058 29,677 20,372 18,077 21,947
year-on-year (%) 90.9 60.0 51.6 98.8 66.0 66.0 69.7
RevPAR actual (JPY) 16,945 19,489 22,008 28,281 19,454 16,712 20,476
year-on-year (%) 95.9 65.9 56.3 107.2 88.2 203.1 92.0
Gross Revenue actual (JPY mn) 37 38 47 58 42 35 259
year-on-year (%) 112.5 77.6 73.5 129.0 107.2 223.2 110.1
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 90.4 92.4 90.0 92.2 90.9 88.0 90.6
year-on-year (points) 46.2 57.2 32.9 0.2 -1.3 -1.3 21.0
ADR actual (JPY) 19,721 17,177 16,333 23,352 25,000 24,611 21,021
year-on-year (%) 50.3 8.0 5.0 23.9 16.1 8.3 10.0
RevPAR actual (JPY) 17,821 15,865 14,700 21,535 22,721 21,669 19,056
year-on-year (%) 207.8 183.5 65.4 24.2 14.5 6.7 43.2
Gross Revenue actual (JPY mn) 38 34 31 46 47 46 245
year-on-year (%) 230.2 204.5 76.7 23.5 14.4 6.8 49.8
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 93.1 93.1 92.9 94.4 90.3 93.1 92.8
year-on-year (points) 5.8 1.7 -0.4 3.1 4.4 1.0 2.6
ADR actual (JPY) 9,286 11,412 12,897 12,833 12,472 9,438 11,390
year-on-year (%) 29.6 24.5 14.2 24.8 17.8 7.2 19.0
RevPAR actual (JPY) 8,641 10,626 11,978 12,114 11,259 8,787 10,568
year-on-year (%) 38.3 26.8 13.8 29.0 23.8 8.4 22.5
Gross Revenue actual (JPY mn) 19 21 27 26 25 19 138
year-on-year (%) 37.5 22.4 14.5 28.3 23.8 8.9 21.9
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 93.9 95.4 95.0 94.6 94.1 93.1 94.3
year-on-year (points) 2.5 3.5 1.1 0.1 -0.7 0.5 1.2
ADR actual (JPY) 9,189 8,166 9,560 13,504 14,493 13,185 11,332
year-on-year (%) 2.2 -6.3 7.7 25.3 26.1 17.3 13.1
RevPAR actual (JPY) 8,625 7,789 9,078 12,778 13,641 12,281 10,691
year-on-year (%) 5.0 -2.8 8.9 25.4 25.1 18.0 14.5
Gross Revenue actual (JPY mn) 19 17 19 28 29 27 142
year-on-year (%) 4.2 -2.7 8.7 25.4 24.6 17.2 14.0
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 85.7 92.0 90.0 94.1 93.8 88.7 90.7
year-on-year (points) 3.3 0.6 -2.6 1.9 7.9 -3.2 1.3
ADR actual (JPY) 10,046 11,387 12,872 15,042 11,981 10,591 12,027
year-on-year (%) 18.2 12.7 10.5 18.2 12.0 6.5 13.0
RevPAR actual (JPY) 8,608 10,478 11,588 14,158 11,243 9,391 10,909
year-on-year (%) 23.0 13.4 7.3 20.6 22.3 2.8 14.7
Gross Revenue actual (JPY mn) 14 16 19 23 19 15 109
year-on-year (%) 21.8 9.5 7.8 21.2 22.3 3.2 14.2
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 87.5 88.4 95.1 96.9 96.2 90.0 92.3
year-on-year (points) -4.1 -2.4 3.5 1.5 3.0 0.1 0.2
ADR actual (JPY) 10,566 9,347 11,288 13,610 14,344 13,466 12,147
year-on-year (%) 4.9 -0.4 10.0 20.5 17.2 11.7 11.6
RevPAR actual (JPY) 9,246 8,262 10,734 13,187 13,797 12,115 11,212
year-on-year (%) 0.2 -3.0 14.1 22.4 21.0 11.8 11.9
Gross Revenue actual (JPY mn) 15 14 17 22 23 20 114
year-on-year (%) 0.5 -3.4 13.0 22.4 21.7 12.0 11.8
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 80.7 83.2 71.6 77.3 73.2 59.1 74.1
year-on-year (points) 1.1 -7.6 -20.0 -11.5 -12.4 -30.2 -13.5
ADR actual (JPY) 5,764 6,033 7,496 8,154 7,125 6,754 6,872
year-on-year (%) 11.1 17.9 36.7 41.8 29.6 24.9 27.0
RevPAR actual (JPY) 4,653 5,019 5,369 6,300 5,213 3,993 5,092
year-on-year (%) 12.7 8.0 6.9 23.4 10.8 -17.4 7.5
Gross Revenue actual (JPY mn) 18 18 21 24 21 15 120
year-on-year (%) 11.7 4.4 7.2 22.6 10.4 -17.1 6.6
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 57.3 51.8 63.5 68.0 64.7 68.3 62.2
year-on-year (points) -33.8 -31.8 -19.3 -17.9 -27.4 -19.3 -24.9
ADR actual (JPY) 6,498 6,254 6,804 8,250 9,038 7,352 7,425
year-on-year (%) 21.9 16.5 19.8 39.3 56.5 23.2 30.9
RevPAR actual (JPY) 3,724 3,237 4,321 5,607 5,843 5,019 4,620
year-on-year (%) -23.3 -27.8 -8.1 10.3 9.8 -4.0 -6.6
Gross Revenue actual (JPY mn) 15 13 17 22 22 20 111
year-on-year (%) -22.7 -27.4 -8.3 9.8 9.5 -4.2 -6.6
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 81.3 83.2 83.4 88.8 84.7 81.9 83.9
year-on-year (points) 7.4 6.5 1.4 3.1 1.4 2.7 3.7
ADR actual (JPY) 5,513 5,761 5,994 6,437 6,239 6,049 6,007
year-on-year (%) 6.1 5.8 6.8 11.0 11.5 5.4 7.8
RevPAR actual (JPY) 4,480 4,794 5,001 5,717 5,283 4,953 5,039
year-on-year (%) 16.7 14.8 8.6 15.0 13.4 8.9 12.8
Gross Revenue actual (JPY mn) 14 14 16 18 17 15 97
year-on-year (%) 16.3 10.7 8.4 14.7 13.2 8.5 11.9
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 81.0 80.1 84.0 84.6 79.6 78.8 81.3
year-on-year (points) -4.3 -3.7 1.3 2.6 -7.2 -1.7 -2.1
ADR actual (JPY) 5,729 5,690 5,717 5,865 5,993 5,806 5,799
year-on-year (%) 3.0 0.7 2.0 3.1 6.3 1.6 2.7
RevPAR actual (JPY) 4,642 4,555 4,804 4,961 4,769 4,576 4,717
year-on-year (%) -2.2 -3.7 3.6 6.4 -2.5 -0.6 0.1
Gross Revenue actual (JPY mn) 15 15 15 16 15 15 92
year-on-year (%) -2.7 -3.7 3.8 6.3 -2.4 -0.7 0.1
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 73.0 79.5 89.0 94.2 88.2 88.1 85.4
year-on-year (points) 9.8 9.6 4.5 6.6 5.1 9.4 7.5
ADR actual (JPY) 10,666 10,833 11,521 13,300 14,759 12,203 12,311
year-on-year (%) 18.9 -0.6 0.1 56.7 63.5 51.5 29.8
RevPAR actual (JPY) 7,792 8,617 10,257 12,522 13,019 10,753 10,512
year-on-year (%) 37.3 13.0 5.5 68.6 73.5 69.6 42.3
Gross Revenue actual (JPY mn) 27 27 36 42 45 36 214
year-on-year (%) 36.6 9.0 6.0 66.7 72.1 67.9 40.8
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 88.8 91.4 89.4 90.7 86.3 84.8 88.6
year-on-year (points) -1.6 7.2 11.7 3.3 -0.9 -1.8 3.0
ADR actual (JPY) 13,249 14,219 15,124 16,043 13,060 11,318 13,867
year-on-year (%) 38.2 37.5 56.6 45.5 12.2 -6.5 29.1
RevPAR actual (JPY) 11,765 13,002 13,520 14,552 11,267 9,602 12,283
year-on-year (%) 35.8 49.3 80.3 51.1 11.0 -8.5 33.6
Gross Revenue actual (JPY mn) 41 45 45 50 37 33 253
year-on-year (%) 36.0 48.2 79.1 49.7 10.6 -8.1 33.1
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 74.4 74.9 85.5 84.8 85.3 77.1 80.4
year-on-year (points) 5.0 -7.4 -0.7 5.7 5.9 3.4 2.1
ADR actual (JPY) 16,843 17,324 17,817 21,358 17,668 14,678 17,685
year-on-year (%) 27.2 21.8 4.6 15.8 11.7 -2.8 12.5
RevPAR actual (JPY) 12,525 12,971 15,226 18,111 15,069 11,313 14,217
year-on-year (%) 36.4 10.8 3.7 24.2 20.0 1.7 15.5
Gross Revenue actual (JPY mn) 23 21 28 32 27 20 153
year-on-year (%) 37.0 4.6 3.6 23.5 18.9 1.9 14.2
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 83.8 83.3 85.3 88.7 88.7 78.6 84.7
year-on-year (points) 4.9 13.9 15.4 11.1 10.9 -0.3 9.3
ADR actual (JPY) 14,558 13,753 14,195 18,626 19,165 18,760 16,526
year-on-year (%) -10.4 -16.9 -2.9 4.7 3.7 -6.1 -4.7
RevPAR actual (JPY) 12,194 11,457 12,112 16,518 17,002 14,747 13,999
year-on-year (%) -4.9 -0.3 18.5 19.7 18.3 -6.4 7.0
Gross Revenue actual (JPY mn) 22 21 21 30 30 27 154
year-on-year (%) -4.3 -0.9 16.0 18.5 17.7 -5.2 6.6
    (Note 1) This property was acquired on July 17, 2014.
    (Note 2) The name of this property was changed from "Flexstay Inn Kiyosumi Shirakawa" as of September 9, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 72.5 80.1 78.4 82.4 83.9 83.9 80.2
year-on-year (points) 9.3 -1.6 -6.8 -13.0 1.7 0.9 -1.5
ADR actual (JPY) 6,541 7,453 7,872 9,190 6,949 6,681 7,453
year-on-year (%) 11.0 21.5 19.3 41.6 7.5 6.4 17.7
RevPAR actual (JPY) 4,745 5,972 6,172 7,572 5,828 5,607 5,976
year-on-year (%) 27.3 19.1 9.8 22.3 9.6 7.6 15.5
Gross Revenue actual (JPY mn) 5 6 7 8 7 6 42
year-on-year (%) 24.8 14.9 10.1 21.8 11.0 8.3 14.8
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 84.6 86.1 79.0 77.3 77.9 71.1 79.3
year-on-year (points) -0.8 7.5 -4.4 -8.9 - -6.0 -2.1
ADR actual (JPY) 6,571 6,454 6,851 8,425 8,590 8,553 7,522
year-on-year (%) 5.6 3.2 6.1 22.3 12.3 21.0 11.5
RevPAR actual (JPY) 5,560 5,557 5,410 6,509 6,696 6,084 5,968
year-on-year (%) 4.5 13.0 0.4 9.7 12.3 11.6 8.7
Gross Revenue actual (JPY mn) 6 6 6 7 8 7 43
year-on-year (%) 4.3 12.9 0.3 8.9 14.4 10.9 8.7
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 72.4 80.0 81.8 84.1 77.9 77.3 78.9
year-on-year (points) 4.4 -4.0 -7.9 -11.8 4.5 1.4 -2.2
ADR actual (JPY) 6,207 6,922 8,090 9,872 7,413 6,873 7,613
year-on-year (%) 13.2 12.4 23.4 45.7 20.8 15.0 22.3
RevPAR actual (JPY) 4,496 5,540 6,619 8,301 5,772 5,311 6,005
year-on-year (%) 20.5 7.1 12.5 27.8 28.3 17.0 19.0
Gross Revenue actual (JPY mn) 3 3 4 5 3 3 24
year-on-year (%) 21.3 4.6 13.0 28.4 28.6 17.0 18.9
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 84.0 76.0 81.1 84.3 79.8 79.0 80.7
year-on-year (points) -1.0 1.6 -1.7 -4.4 -0.3 3.8 -0.3
ADR actual (JPY) 6,725 6,100 6,434 7,847 8,402 7,822 7,227
year-on-year (%) 12.4 2.6 0.9 17.6 15.0 9.0 10.0
RevPAR actual (JPY) 5,650 4,633 5,216 6,616 6,709 6,182 5,833
year-on-year (%) 11.0 4.8 -1.1 11.8 14.6 14.6 9.6
Gross Revenue actual (JPY mn) 3 3 3 4 4 4 23
year-on-year (%) 10.8 4.9 -0.3 12.0 14.3 14.8 9.7
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 98.2 100.0 99.8 99.9 99.0 99.2 99.4
year-on-year (points) 22.5 26.6 22.0 15.1 5.2 1.9 15.5
ADR actual (JPY) 7,176 8,660 10,424 11,852 10,012 9,630 9,636
year-on-year (%) 9.6 5.1 12.5 16.1 10.7 17.7 11.9
RevPAR actual (JPY) 7,049 8,660 10,408 11,845 9,912 9,553 9,574
year-on-year (%) 42.1 43.2 44.3 36.7 16.9 20.0 32.6
Gross Revenue actual (JPY mn) 101 112 149 163 142 132 801
year-on-year (%) 43.8 39.3 45.3 36.0 16.7 18.7 31.9
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 98.5 98.6 99.6 98.1 99.1 99.0 98.8
year-on-year (points) -0.5 0.4 0.7 -1.4 -0.5 -0.5 -0.3
ADR actual (JPY) 9,575 9,993 8,653 10,765 12,515 11,445 10,489
year-on-year (%) 16.4 13.8 -3.9 10.3 9.2 15.5 10.2
RevPAR actual (JPY) 9,434 9,851 8,620 10,564 12,402 11,331 10,365
year-on-year (%) 15.8 14.3 -3.2 8.8 8.7 14.9 9.9
Gross Revenue actual (JPY mn) 135 141 120 151 171 162 882
year-on-year (%) 15.3 13.8 -3.1 8.6 8.7 14.1 9.6
    (Note 1) This property was acquired on February 6, 2015.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 73.1 74.4 77.7 78.0 74.9 80.2 76.4
year-on-year (points) 22.4 11.4 16.4 3.5 2.1 -1.2 9.2
ADR actual (JPY) 6,795 6,642 6,442 9,545 9,825 9,146 8,093
year-on-year (%) 9.0 8.5 6.6 6.1 7.0 1.7 3.9
RevPAR actual (JPY) 4,970 4,941 5,007 7,445 7,355 7,336 6,183
year-on-year (%) 57.1 28.2 35.1 11.1 10.0 0.3 18.1
Gross Revenue actual (JPY mn) 37 34 39 53 54 53 272
year-on-year (%) 46.5 18.6 29.7 9.8 8.8 0.8 15.2
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 79.7 89.0 86.1 83.1 68.8 76.7 80.6
year-on-year (points) -1.3 -0.7 0.4 -1.6 -13.0 -1.5 -2.9
ADR actual (JPY) 9,905 11,824 8,436 8,163 7,398 6,642 8,831
year-on-year (%) -3.1 -5.2 -13.5 -1.6 3.5 -1.8 -3.8
RevPAR actual (JPY) 7,890 10,520 7,261 6,787 5,092 5,092 7,117
year-on-year (%) -4.7 -5.9 -13.0 -3.4 -13.0 -3.7 -7.2
Gross Revenue actual (JPY mn) 58 75 52 51 38 40 316
year-on-year (%) -4.2 -5.1 -11.3 -2.4 -11.9 -2.8 -6.2
    (Note 1) This property was acquired on February 6, 2015.
    (Note 2) The name of this property was changed from "Hotel Nets Hakodate" as of May 1, 2018.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 70.1 73.4 80.5 82.7 85.3 80.2 78.7
year-on-year (points) -0.5 -6.6 1.9 -2.8 6.6 2.8 0.3
ADR actual (JPY) 7,881 8,493 8,473 8,341 8,293 7,906 8,234
year-on-year (%) 20.5 18.8 7.9 6.6 11.2 1.1 10.4
RevPAR actual (JPY) 5,523 6,236 6,824 6,895 7,070 6,338 6,483
year-on-year (%) 19.7 9.1 10.5 3.0 20.5 4.8 10.9
Gross Revenue actual (JPY mn) 14 15 18 17 18 16 100
year-on-year (%) 19.5 7.3 11.0 3.3 20.1 5.0 10.6
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 79.6 76.8 83.2 88.2 88.8 84.9 83.5
year-on-year (points) -2.8 0.2 3.5 4.8 7.7 7.4 3.4
ADR actual (JPY) 7,500 7,347 7,898 8,683 8,646 8,616 8,141
year-on-year (%) -0.5 -3.5 0.5 6.0 7.3 2.6 2.5
RevPAR actual (JPY) 5,968 5,640 6,569 7,659 7,675 7,319 6,802
year-on-year (%) -3.8 -3.2 4.9 12.0 17.6 12.3 6.9
Gross Revenue actual (JPY mn) 15 14 16 20 19 19 106
year-on-year (%) -3.2 -3.4 4.5 12.3 17.5 12.0 6.9
    (Note 1) This property was acquired on February 6, 2015.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 90.9 97.4 96.1 96.3 96.5 95.6 95.4
year-on-year (points) -1.9 2.2 1.3 1.6 2.9 0.0 1.0
ADR actual (JPY) 13,048 13,677 14,658 17,283 14,116 12,275 14,190
year-on-year (%) 18.7 11.8 6.1 25.4 7.9 -2.9 11.2
RevPAR actual (JPY) 11,861 13,323 14,079 16,647 13,619 11,737 13,541
year-on-year (%) 16.3 14.3 7.6 27.5 11.2 -2.9 12.4
Gross Revenue actual (JPY mn) 70 70 83 95 79 67 466
year-on-year (%) 13.8 9.2 8.0 28.2 9.8 -3.6 11.0
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 94.0 96.5 97.3 94.7 94.0 94.0 95.1
year-on-year (points) -0.7 4.1 4.1 -2.0 -1.4 1.3 0.9
ADR actual (JPY) 12,399 11,639 12,106 15,416 16,828 14,952 13,866
year-on-year (%) -2.2 -10.2 -2.6 11.9 8.9 1.8 1.5
RevPAR actual (JPY) 11,659 11,227 11,777 14,599 15,816 14,062 13,183
year-on-year (%) -3.0 -6.2 1.7 9.6 7.4 3.2 2.4
Gross Revenue actual (JPY mn) 69 68 67 86 89 82 463
year-on-year (%) -1.5 -5.2 1.9 10.4 7.1 2.6 2.8
    (Note 1) This property was acquired on July 16, 2015.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 90.4 94.0 93.6 96.1 92.9 93.5 93.4
year-on-year (points) 11.7 11.2 3.8 3.2 3.7 10.4 7.3
ADR actual (JPY) 7,327 7,863 8,807 9,434 8,483 7,442 8,240
year-on-year (%) 18.2 6.3 5.0 9.7 7.7 -2.1 6.7
RevPAR actual (JPY) 6,625 7,394 8,242 9,062 7,879 6,960 7,695
year-on-year (%) 35.7 20.7 9.4 13.4 12.1 10.1 15.8
Gross Revenue actual (JPY mn) 56 57 70 74 67 57 383
year-on-year (%) 32.9 16.3 9.6 13.6 11.7 10.0 14.8
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 92.7 93.7 94.5 95.0 94.9 92.4 93.9
year-on-year (points) 3.1 8.3 5.8 0.3 0.9 -2.5 2.6
ADR actual (JPY) 7,363 7,288 7,910 9,253 10,316 9,408 8,589
year-on-year (%) -0.9 -2.4 6.2 14.5 21.5 12.3 8.8
RevPAR actual (JPY) 6,828 6,832 7,478 8,791 9,794 8,696 8,064
year-on-year (%) 2.6 7.0 13.2 14.8 22.7 9.3 11.9
Gross Revenue actual (JPY mn) 58 59 62 75 79 74 409
year-on-year (%) 3.2 8.4 13.2 15.8 20.7 8.4 11.9
    (Note 1) This property was acquired on July 16, 2015.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 89.5 93.2 89.3 94.9 92.6 94.2 92.2
year-on-year (points) 2.4 0.9 -3.7 2.9 3.7 0.8 1.2
ADR actual (JPY) 12,911 14,287 16,792 19,242 14,942 12,427 15,116
year-on-year (%) 22.1 11.2 12.9 22.2 11.2 4.0 14.0
RevPAR actual (JPY) 11,559 13,319 14,994 18,256 13,829 11,709 13,943
year-on-year (%) 25.5 12.3 8.5 26.0 15.8 4.9 15.5
Gross Revenue actual (JPY mn) 35 36 45 53 41 34 247
year-on-year (%) 25.3 7.9 8.7 24.8 15.3 5.8 14.6
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 94.2 93.2 92.2 92.6 94.2 93.3 93.3
year-on-year (points) 1.0 1.1 0.8 -1.3 -0.1 1.3 0.5
ADR actual (JPY) 11,893 11,095 11,788 16,759 16,851 17,127 14,253
year-on-year (%) -8.3 -9.3 4.1 9.8 7.7 10.0 2.9
RevPAR actual (JPY) 11,209 10,346 10,872 15,521 15,866 15,988 13,300
year-on-year (%) -7.3 -8.2 5.0 8.3 7.6 11.6 3.4
Gross Revenue actual (JPY mn) 34 31 32 47 46 49 241
year-on-year (%) -7.1 -8.5 4.6 7.8 7.4 12.5 3.4
    (Note 1) This property was acquired on July 16, 2015.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 86.4 92.4 91.9 95.6 95.2 92.7 92.3
year-on-year (points) 12.5 10.6 3.4 2.4 6.6 5.5 6.8
ADR actual (JPY) 7,617 8,271 9,783 9,939 8,024 7,260 8,498
year-on-year (%) 18.6 9.2 10.8 16.5 0.4 -7.4 7.4
RevPAR actual (JPY) 6,581 7,640 8,991 9,498 7,641 6,729 7,847
year-on-year (%) 38.8 23.4 15.0 19.6 7.8 -1.5 15.9
Gross Revenue actual (JPY mn) 36 38 50 51 42 36 256
year-on-year (%) 37.8 18.7 15.1 20.0 6.9 -1.0 15.1
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 90.7 92.7 94.1 95.4 96.0 92.5 93.6
year-on-year (points) 3.7 5.3 7.2 1.1 1.8 -1.2 3.0
ADR actual (JPY) 7,565 7,227 8,215 10,463 11,181 10,049 9,132
year-on-year (%) -7.2 -4.5 6.1 20.8 23.8 11.8 9.0
RevPAR actual (JPY) 6,864 6,701 7,733 9,981 10,731 9,299 8,544
year-on-year (%) -3.3 1.2 14.8 22.2 26.3 10.4 12.6
Gross Revenue actual (JPY mn) 38 37 42 56 57 52 284
year-on-year (%) -3.7 1.6 14.0 23.5 25.8 10.9 12.7
    (Note 1) This property was acquired on July 16, 2015.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 80.3 91.9 91.0 90.4 88.0 79.1 86.7
year-on-year (points) 2.9 4.9 8.5 6.0 0.7 -2.3 3.4
ADR actual (JPY) 7,120 7,444 8,126 8,398 8,901 6,929 7,855
year-on-year (%) 6.5 2.3 -4.1 15.5 17.3 0.8 6.5
RevPAR actual (JPY) 5,719 6,842 7,396 7,593 7,835 5,484 6,814
year-on-year (%) 10.5 8.0 5.7 23.7 18.2 -2.0 10.9
Gross Revenue actual (JPY mn) 29 31 38 38 40 27 205
year-on-year (%) 7.8 2.8 6.5 22.7 18.8 -2.0 9.7
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 88.1 87.0 85.6 84.9 87.2 84.0 86.1
year-on-year (points) 5.8 3.8 -2.2 6.8 7.5 2.1 4.0
ADR actual (JPY) 7,526 9,219 8,236 8,642 8,767 8,694 8,511
year-on-year (%) -4.0 6.5 1.6 12.5 4.7 12.9 5.6
RevPAR actual (JPY) 6,630 8,024 7,053 7,340 7,646 7,299 7,332
year-on-year (%) 2.8 11.3 -1.0 22.4 14.5 15.8 10.7
Gross Revenue actual (JPY mn) 34 41 34 38 38 37 226
year-on-year (%) 1.3 9.8 -1.1 23.5 17.2 14.8 10.6
    (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.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 80.4 87.7 89.1 89.4 88.2 76.1 85.1
year-on-year (points) -1.3 3.3 2.6 4.4 4.2 -4.4 1.4
ADR actual (JPY) 5,401 5,361 6,095 7,513 5,846 5,305 5,951
year-on-year (%) 18.6 10.3 5.5 5.2 10.2 4.3 8.9
RevPAR actual (JPY) 4,342 4,704 5,432 6,714 5,156 4,035 5,066
year-on-year (%) 16.7 14.7 8.6 10.7 15.6 -1.4 10.8
Gross Revenue actual (JPY mn) 12 11 15 18 14 10 82
year-on-year (%) 15.9 10.8 8.6 11.0 16.1 -2.2 10.1
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 39.6 36.4 43.3 45.7 77.4 87.2 55.0
year-on-year (points) -43.4 -46.2 -40.0 -42.0 -11.4 5.7 -29.4
ADR actual (JPY) 5,211 4,934 7,194 9,951 12,232 10,912 9,261
year-on-year (%) 1.6 -4.3 33.9 82.2 124.6 78.7 70.1
RevPAR actual (JPY) 2,065 1,798 3,112 4,545 9,463 9,512 5,098
year-on-year (%) -51.5 -57.8 -30.4 -5.1 95.8 91.1 10.9
Gross Revenue actual (JPY mn) 5 5 8 12 25 26 84
year-on-year (%) -50.9 -58.1 -32.2 -5.9 94.1 92.1 9.7
    (Note 1) This property was acquired on July 16, 2015.
    (Note 2) Renovation Period: July 1, 2025 - November 9, 2025.
    (Note 3) The name of this property was changed from "Flexstay Inn Higashi-Jujo" as of November 10, 2025.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 77.5 85.7 89.2 88.9 87.0 82.0 85.0
year-on-year (points) -7.9 1.6 0.2 2.0 -0.4 -0.2 -0.8
ADR actual (JPY) 8,910 9,417 10,168 9,785 10,600 9,647 9,780
year-on-year (%) 18.6 14.5 19.4 3.4 8.0 14.7 12.8
RevPAR actual (JPY) 6,903 8,071 9,071 8,697 9,226 7,909 8,317
year-on-year (%) 7.6 16.7 19.7 5.7 7.5 14.4 11.8
Gross Revenue actual (JPY mn) 55 53 64 55 59 53 342
year-on-year (%) 15.0 7.7 7.9 -10.2 -9.4 3.3 1.5
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 87.0 89.7 86.1 87.4 87.4 81.8 86.6
year-on-year (points) -2.0 -2.0 2.4 -2.3 -3.1 -4.0 -1.8
ADR actual (JPY) 10,286 12,200 11,103 12,896 12,415 9,677 11,450
year-on-year (%) 17.6 16.7 7.6 9.4 -0.2 -2.6 7.8
RevPAR actual (JPY) 8,948 10,945 9,565 11,268 10,849 7,912 9,911
year-on-year (%) 15.0 14.2 10.7 6.6 -3.5 -7.2 5.6
Gross Revenue actual (JPY mn) 60 63 60 77 72 58 393
year-on-year (%) 7.2 11.4 -3.0 11.7 -9.5 -1.8 2.1
    (Note 1) This property was acquired on July 16, 2015.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 80.4 85.5 78.2 87.9 86.2 81.5 83.2
year-on-year (points) 3.4 1.6 -5.4 1.3 4.8 -0.2 0.9
ADR actual (JPY) 5,595 6,698 6,847 7,131 6,715 6,852 6,643
year-on-year (%) 10.5 18.2 18.1 14.0 2.7 12.9 12.4
RevPAR actual (JPY) 4,498 5,730 5,353 6,265 5,791 5,582 5,529
year-on-year (%) 15.4 20.4 10.5 15.7 8.7 12.7 13.7
Gross Revenue actual (JPY mn) 9 10 10 12 11 10 65
year-on-year (%) 14.4 17.1 10.3 15.6 7.9 12.2 12.8
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 79.3 73.1 88.3 88.1 85.9 78.4 82.1
year-on-year (points) -7.8 -13.3 6.8 5.2 3.4 -3.9 -1.7
ADR actual (JPY) 7,130 6,659 6,416 6,971 7,004 6,785 6,828
year-on-year (%) 19.5 3.3 -0.7 2.2 5.8 17.0 7.6
RevPAR actual (JPY) 5,653 4,867 5,668 6,138 6,016 5,318 5,607
year-on-year (%) 8.8 -12.6 7.6 8.6 10.2 11.4 5.4
Gross Revenue actual (JPY mn) 11 9 11 12 11 10 66
year-on-year (%) 8.7 -13.3 7.1 8.5 9.6 11.0 5.0
    (Note 1) This property was acquired on July 16, 2015.
    (Note 1) This property was acquired on July 16, 2015.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 83.0 88.8 88.8 91.6 91.3 87.6 88.5
year-on-year (points) 0.8 -0.6 1.0 0.8 2.0 -1.3 0.5
ADR actual (JPY) 5,093 5,965 6,328 6,457 6,003 5,809 5,953
year-on-year (%) 12.8 14.6 7.2 10.0 8.8 11.4 10.6
RevPAR actual (JPY) 4,226 5,299 5,620 5,915 5,482 5,091 5,269
year-on-year (%) 13.9 13.8 8.4 11.0 11.3 9.7 11.2
Gross Revenue actual (JPY mn) 8 9 10 11 10 9 59
year-on-year (%) 12.9 6.2 8.1 10.3 10.9 10.1 9.6
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 86.9 83.5 87.7 93.8 92.4 88.8 88.8
year-on-year (points) 1.7 0.7 0.0 4.8 1.9 5.4 2.4
ADR actual (JPY) 6,047 5,742 5,804 5,920 6,007 5,773 5,884
year-on-year (%) 10.1 4.6 10.9 13.7 9.4 13.1 10.3
RevPAR actual (JPY) 5,254 4,795 5,089 5,553 5,552 5,127 5,228
year-on-year (%) 12.4 5.4 10.9 19.8 11.7 20.4 13.4
Gross Revenue actual (JPY mn) 10 9 9 10 11 10 61
year-on-year (%) 12.4 5.0 10.9 19.6 19.5 23.0 15.0
    (Note 1) This property was acquired on July 16, 2015.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 76.7 81.0 81.1 88.8 91.2 80.1 83.2
year-on-year (points) -1.9 -7.9 -6.1 -2.0 0.9 -4.9 -3.6
ADR actual (JPY) 6,739 7,148 7,169 6,908 6,345 6,702 6,822
year-on-year (%) 17.1 19.9 19.5 11.4 6.3 10.6 13.8
RevPAR actual (JPY) 5,172 5,789 5,813 6,136 5,787 5,370 5,675
year-on-year (%) 14.3 9.2 11.2 9.0 7.3 4.2 9.1
Gross Revenue actual (JPY mn) 34 34 38 39 38 34 218
year-on-year (%) 14.3 5.4 10.5 9.2 7.1 4.1 8.4
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 82.2 73.2 77.7 82.4 85.8 79.6 80.1
year-on-year (points) -3.0 -4.5 4.3 -1.2 -1.4 -1.3 -1.2
ADR actual (JPY) 6,401 6,778 6,845 7,349 7,253 7,413 7,011
year-on-year (%) 4.4 8.8 7.7 17.0 13.7 12.0 10.7
RevPAR actual (JPY) 5,262 4,961 5,317 6,054 6,226 5,899 5,618
year-on-year (%) 0.8 2.4 14.0 15.2 11.9 10.3 9.1
Gross Revenue actual (JPY mn) 34 32 33 39 39 38 219
year-on-year (%) 0.8 2.4 13.7 14.8 11.8 10.2 8.9
    (Note 1) This property was acquired on August 28, 2015.
    (Note 1) This property was acquired on August 28, 2015.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
    (Note 1) This property was acquired on August 28, 2015.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 88.5 93.1 92.4 95.7 95.4 94.6 93.2
year-on-year (points) 19.9 19.7 2.2 7.3 5.4 2.3 9.4
ADR actual (JPY) 13,688 13,551 13,910 19,694 19,556 15,774 16,105
year-on-year (%) 16.3 -3.0 -5.4 26.0 38.5 33.3 17.3
RevPAR actual (JPY) 12,110 12,610 12,855 18,843 18,656 14,917 15,017
year-on-year (%) 50.0 23.2 -3.1 36.4 46.8 36.6 30.5
Gross Revenue actual (JPY mn) 21 20 22 31 31 24 153
year-on-year (%) 47.0 17.5 -3.3 35.7 41.4 32.2 27.4
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 95.5 97.6 96.8 92.1 97.5 93.0 95.4
year-on-year (points) 0.8 4.8 3.0 -2.0 3.3 -1.3 1.4
ADR actual (JPY) 15,216 15,467 19,374 21,277 17,418 15,592 17,361
year-on-year (%) 15.7 21.8 48.5 28.8 -1.9 -10.9 14.9
RevPAR actual (JPY) 14,535 15,088 18,752 19,587 16,978 14,502 16,559
year-on-year (%) 16.6 28.1 53.3 26.0 1.6 -12.1 16.6
Gross Revenue actual (JPY mn) 25 27 31 34 28 25 172
year-on-year (%) 13.6 28.0 50.3 24.4 1.3 -10.7 15.8
    (Note 1) This property was acquired on January 22, 2016.
    (Note 1) This property was acquired on January 22, 2016.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
    (Note 1) This property was acquired on January 22, 2016.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
    (Note 1) This property was acquired on January 22, 2016.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
    (Note 1) This property was acquired on January 22, 2016.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 90.3 92.4 92.4 94.8 93.6 93.4 92.8
year-on-year (points) 0.9 -1.1 -1.7 3.3 3.5 1.2 1.0
ADR actual (JPY) 13,502 15,144 16,522 19,198 15,776 13,936 15,700
year-on-year (%) 16.9 11.3 -1.0 12.2 8.4 2.2 8.0
RevPAR actual (JPY) 12,190 13,990 15,267 18,200 14,765 13,017 14,570
year-on-year (%) 18.1 10.0 -2.8 16.2 12.7 3.5 9.2
Gross Revenue actual (JPY mn) 159 165 200 227 191 165 1,110
year-on-year (%) 15.1 5.4 -2.2 15.4 10.7 3.1 7.6
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 93.1 92.3 94.1 94.6 94.7 94.7 93.9
year-on-year (points) 1.2 0.7 2.2 1.7 1.2 2.2 1.5
ADR actual (JPY) 13,543 12,489 14,077 18,199 18,793 17,578 15,795
year-on-year (%) -2.4 -4.3 2.5 11.7 5.7 9.1 4.3
RevPAR actual (JPY) 12,607 11,529 13,246 17,225 17,806 16,650 14,836
year-on-year (%) -1.1 -3.6 4.9 13.7 7.1 11.7 6.0
Gross Revenue actual (JPY mn) 167 152 168 223 220 217 1,149
year-on-year (%) -1.8 -3.5 4.4 13.5 6.6 12.2 5.8
    (Note 1) INV acquired the entire portion of the Main Building and a portion of the Annex Building on March 31, 2016, and additionally acquired additional floors of the Annex Building after conversion from office space on October 31, 2017
    (Note 2) The number of rooms in this property has increased due to conversion from a locker room in Main Building (1 room) as well asconversion from an office space in Annex Building (49 rooms) on October 16, 2017
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 62.3 77.7 95.0 84.6 86.0 84.7 81.8
year-on-year (points) -2.0 1.0 -3.3 -0.8 1.7 3.0 -0.1
ADR actual (JPY) 28,662 20,775 25,551 24,699 30,059 23,805 25,621
year-on-year (%) 4.6 -4.4 -0.7 -6.9 7.3 1.9 0.5
RevPAR actual (JPY) 17,854 16,149 24,262 20,904 25,846 20,165 20,945
year-on-year (%) 1.5 -3.2 -4.0 -7.7 9.5 5.6 0.4
Gross Revenue actual (JPY mn) 419 393 599 509 598 512 3,031
year-on-year (%) -1.8 1.1 2.1 -2.0 7.3 2.1 1.7
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 97.3 99.9 98.6 97.1 98.2 76.1 94.5
year-on-year (points) 4.2 0.3 0.4 0.8 0.5 -3.3 0.5
ADR actual (JPY) 34,822 60,827 27,801 29,681 30,789 31,049 36,174
year-on-year (%) 1.6 2.1 -1.5 10.1 16.5 7.6 5.2
RevPAR actual (JPY) 33,884 60,777 27,421 28,826 30,237 23,624 34,186
year-on-year (%) 6.2 2.4 -1.0 10.9 17.1 3.1 5.7
Gross Revenue actual (JPY mn) 686 1,025 630 656 660 538 4,198
year-on-year (%) 3.5 2.0 0.6 2.2 1.5 1.3 1.9
    (Note 1) This property was acquired on March 31, 2016.
    (Note 2) Renovation Period: January 6, 2025 - June 13, 2025.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 89.8 90.9 92.5 91.7 92.2 88.2 90.9
year-on-year (points) 6.6 1.2 0.6 7.4 3.2 -3.0 2.7
ADR actual (JPY) 12,338 17,338 15,436 14,828 15,249 13,287 14,726
year-on-year (%) 20.7 29.8 22.1 31.1 28.7 14.2 24.2
RevPAR actual (JPY) 11,081 15,766 14,273 13,598 14,061 11,726 13,387
year-on-year (%) 30.2 31.6 22.9 42.6 33.2 10.4 28.0
Gross Revenue actual (JPY mn) 77 99 99 93 97 79 547
year-on-year (%) 29.2 25.9 23.1 42.2 33.0 10.3 26.9
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 87.2 90.3 88.6 90.4 89.2 90.4 89.4
year-on-year (points) -2.7 1.3 -5.6 -0.5 -3.6 -3.7 -2.4
ADR actual (JPY) 11,769 12,961 13,324 17,780 21,718 19,410 16,169
year-on-year (%) -12.7 0.3 -0.8 12.7 8.9 5.9 3.2
RevPAR actual (JPY) 10,268 11,706 11,812 16,075 19,376 17,543 14,451
year-on-year (%) -15.3 1.7 -6.7 12.1 4.6 1.7 0.4
Gross Revenue actual (JPY mn) 72 82 80 112 131 122 601
year-on-year (%) -15.4 2.0 -5.9 12.5 5.5 2.3 0.9
    (Note 1) This property was acquired on March 31, 2016.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 96.3 97.2 96.7 97.1 96.3 96.0 96.6
year-on-year (points) 3.8 1.4 0.3 0.5 -0.8 0.1 0.9
ADR actual (JPY) 13,943 15,879 18,837 21,388 17,438 15,714 17,212
year-on-year (%) 16.9 12.3 6.0 23.2 17.9 6.2 13.6
RevPAR actual (JPY) 13,424 15,436 18,206 20,763 16,800 15,086 16,624
year-on-year (%) 21.7 13.9 6.3 23.9 16.9 6.4 14.6
Gross Revenue actual (JPY mn) 44 45 59 66 55 48 320
year-on-year (%) 22.4 9.3 5.9 23.9 18.4 7.3 14.3
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 95.8 96.1 97.6 98.4 98.0 97.8 97.3
year-on-year (points) 3.4 3.7 6.2 2.6 1.4 0.1 2.9
ADR actual (JPY) 15,639 14,159 15,960 20,649 20,909 18,588 17,664
year-on-year (%) 4.0 -1.1 7.2 16.1 14.7 8.5 8.6
RevPAR actual (JPY) 14,986 13,602 15,580 20,319 20,491 18,177 17,183
year-on-year (%) 7.9 2.8 14.4 19.3 16.4 8.6 12.0
Gross Revenue actual (JPY mn) 49 44 49 66 65 59 335
year-on-year (%) 8.7 3.2 15.0 19.0 16.3 7.6 11.9
    (Note 1) This property was acquired on March 31, 2016.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 61.5 70.2 79.0 76.2 78.0 70.6 72.6
year-on-year (points) -21.5 -3.8 -2.7 -3.4 -0.4 -5.1 -6.2
ADR actual (JPY) 9,804 9,704 11,579 12,798 14,564 8,868 11,365
year-on-year (%) 1.2 -23.0 -22.7 -17.1 5.6 -11.7 -11.0
RevPAR actual (JPY) 6,032 6,812 9,151 9,749 11,362 6,263 8,254
year-on-year (%) -25.0 -26.9 -25.3 -20.6 5.0 -17.7 -18.0
Gross Revenue actual (JPY mn) 62 64 88 91 106 64 477
year-on-year (%) -21.5 -24.5 -21.9 -20.1 3.3 -14.5 -16.3
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 71.7 86.7 83.1 87.3 89.9 77.7 82.7
year-on-year (points) -9.1 2.2 7.4 5.6 11.8 17.5 5.8
ADR actual (JPY) 9,712 13,126 10,771 15,069 17,749 10,598 13,006
year-on-year (%) -13.3 -7.9 -6.2 -0.8 7.0 -3.0 -2.8
RevPAR actual (JPY) 6,967 11,380 8,954 13,149 15,957 8,232 10,755
year-on-year (%) -23.1 -5.6 3.0 6.0 23.2 25.2 4.6
Gross Revenue actual (JPY mn) 72 110 85 121 138 81 610
year-on-year (%) -19.1 -4.7 3.4 5.4 20.7 21.2 4.2
    (Note 1) This property was acquired on June 15, 2016.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 80.4 84.4 87.9 88.2 89.3 82.8 85.5
year-on-year (points) 8.8 0.7 3.5 3.4 4.0 -3.6 2.9
ADR actual (JPY) 8,507 9,111 10,171 10,571 11,065 9,093 9,796
year-on-year (%) 19.5 16.3 15.7 16.3 22.0 13.7 17.3
RevPAR actual (JPY) 6,840 7,687 8,939 9,328 9,878 7,527 8,377
year-on-year (%) 34.2 17.3 20.5 20.9 27.7 9.0 21.4
Gross Revenue actual (JPY mn) 56 55 70 70 77 61 392
year-on-year (%) 30.8 11.7 19.5 16.4 23.9 9.3 18.3
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 89.0 84.8 84.2 88.9 90.6 79.9 85.7
year-on-year (points) -0.8 -0.9 -6.3 -4.3 -2.1 -3.1 -3.4
ADR actual (JPY) 9,629 12,605 9,823 12,084 11,474 9,100 10,874
year-on-year (%) 14.8 22.0 10.8 30.1 18.3 6.1 6.4
RevPAR actual (JPY) 8,570 10,687 8,267 10,739 10,397 7,273 9,322
year-on-year (%) 13.8 20.8 3.0 24.1 15.6 2.1 2.3
Gross Revenue actual (JPY mn) 66 79 64 82 78 61 433
year-on-year (%) 11.7 16.9 5.9 17.7 12.4 7.5 12.3
    (Note 1) This property was acquired on June 15, 2016.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 95.1 95.4 94.4 96.5 72.8 59.8 85.6
year-on-year (points) 1.3 0.6 0.2 1.4 -20.7 -34.2 -8.6
ADR actual (JPY) 26,436 26,784 31,312 38,511 28,172 27,180 30,013
year-on-year (%) 22.6 10.4 -2.5 30.9 7.7 3.6 12.6
RevPAR actual (JPY) 25,142 25,556 29,553 37,174 20,500 16,240 25,685
year-on-year (%) 24.4 11.1 -2.4 32.8 -16.1 -34.1 2.3
Gross Revenue actual (JPY mn) 100 93 116 142 83 65 601
year-on-year (%) 19.8 6.5 -1.9 30.4 -14.6 -31.7 1.4
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 69.9 62.0 59.1 96.2 94.2 94.0 79.3
year-on-year (points) -25.1 -30.7 -29.5 1.8 -2.1 -2.1 -14.6
ADR actual (JPY) 27,928 25,081 24,491 33,618 34,978 36,868 31,451
year-on-year (%) 0.2 -3.0 2.5 15.4 16.1 18.3 12.0
RevPAR actual (JPY) 19,527 15,541 14,463 32,352 32,957 34,638 24,926
year-on-year (%) -26.2 -35.2 -31.7 17.6 13.5 15.7 -5.4
Gross Revenue actual (JPY mn) 79 64 59 129 127 138 597
year-on-year (%) -25.0 -34.0 -28.6 19.3 15.0 17.0 -4.1
    (Note 1) This property was acquired on May 29, 2017.
    (Note 2) Renovation Period: January 8, 2025 - July 17, 2025.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 84.4 92.0 92.3 93.8 92.2 91.7 91.0
year-on-year (points) 20.5 11.3 3.5 6.6 10.3 9.5 10.3
ADR actual (JPY) 7,331 8,387 9,381 11,880 11,794 9,807 9,817
year-on-year (%) 6.8 7.1 7.3 27.4 41.0 48.5 22.4
RevPAR actual (JPY) 6,184 7,715 8,655 11,149 10,869 8,991 8,934
year-on-year (%) 41.0 22.1 11.5 37.1 58.8 65.7 38.0
Gross Revenue actual (JPY mn) 120 121 146 182 177 159 906
year-on-year (%) 26.5 7.7 12.4 29.7 34.2 43.0 25.6
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 89.1 84.4 82.5 84.7 80.1 82.7 84.0
year-on-year (points) 5.3 0.9 -2.5 -8.8 -11.6 -5.4 -3.7
ADR actual (JPY) 10,082 11,088 14,421 14,709 11,236 9,009 11,736
year-on-year (%) 31.6 38.4 70.4 59.6 8.9 -4.7 32.2
RevPAR actual (JPY) 8,988 9,358 11,901 12,460 8,999 7,449 9,853
year-on-year (%) 39.9 39.9 65.4 44.5 -4.9 -10.5 26.6
Gross Revenue actual (JPY mn) 156 160 184 206 163 137 1,008
year-on-year (%) 22.2 37.6 45.5 27.1 -2.0 -7.6 18.8
    (Note 1) This property was acquired on October 13, 2017.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 81.7 89.8 92.0 93.4 93.4 92.4 90.4
year-on-year (points) -1.9 4.2 2.3 3.0 5.7 5.4 3.1
ADR actual (JPY) 16,639 17,077 20,567 24,366 18,238 15,455 18,796
year-on-year (%) 22.1 9.6 1.8 23.0 -0.8 -8.6 7.4
RevPAR actual (JPY) 13,599 15,342 18,925 22,752 17,034 14,274 16,998
year-on-year (%) 19.3 15.0 4.4 27.1 5.6 -3.0 11.2
Gross Revenue actual (JPY mn) 110 110 148 170 135 111 786
year-on-year (%) 17.6 9.4 4.6 24.3 5.3 -2.8 9.7
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 91.8 91.9 92.6 88.3 86.6 87.4 89.8
year-on-year (points) 0.6 3.8 7.0 -0.7 -4.9 -0.3 0.9
ADR actual (JPY) 15,537 13,894 14,147 21,840 23,340 21,319 18,241
year-on-year (%) -10.8 -20.0 -7.5 13.5 14.9 3.5 -0.9
RevPAR actual (JPY) 14,260 12,764 13,096 19,295 20,212 18,642 16,375
year-on-year (%) -10.2 -16.6 0.0 12.6 8.7 3.1 0.1
Gross Revenue actual (JPY mn) 114 104 102 150 153 149 775
year-on-year (%) -9.2 -14.6 -0.8 11.3 9.2 4.3 0.5
    (Note 1) This property was acquired on October 13, 2017.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 86.4 88.9 88.5 80.2 85.0 82.5 85.2
year-on-year (points) 2.3 2.2 -0.2 -5.2 1.9 -0.7 0.1
ADR actual (JPY) 14,023 15,375 17,833 13,507 14,727 10,489 14,392
year-on-year (%) 1.3 -3.9 6.9 3.0 0.1 3.5 1.9
RevPAR actual (JPY) 12,121 13,672 15,791 10,826 12,525 8,648 12,268
year-on-year (%) 4.2 -1.4 6.7 -3.2 2.4 2.6 2.0
Gross Revenue actual (JPY mn) 212 203 268 183 214 162 1,245
year-on-year (%) 6.9 -0.4 11.7 4.7 12.0 13.3 7.9
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 71.4 86.8 84.5 87.3 88.2 84.4 83.7
year-on-year (points) -10.7 8.9 9.8 8.2 0.1 0.1 2.7
ADR actual (JPY) 13,450 17,357 12,042 14,307 17,196 16,670 15,242
year-on-year (%) 3.8 -10.8 -11.0 -0.3 8.6 11.1 0.3
RevPAR actual (JPY) 9,599 15,069 10,177 12,487 15,165 14,075 12,763
year-on-year (%) -9.8 -0.6 0.7 10.0 8.8 11.2 3.7
Gross Revenue actual (JPY mn) 169 247 177 216 249 243 1,305
year-on-year (%) 0.1 5.6 11.1 14.6 12.3 16.9 10.3
    (Note 1) This property was acquired on October 13, 2017.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 95.7 96.8 78.0 73.3 82.8 88.0 85.6
year-on-year (points) 10.4 7.4 4.9 9.6 19.7 -0.9 8.5
ADR actual (JPY) 11,103 20,214 10,924 8,259 12,629 14,465 13,090
year-on-year (%) 25.0 21.3 28.0 5.9 27.1 10.8 18.4
RevPAR actual (JPY) 10,622 19,570 8,517 6,056 10,456 12,729 11,210
year-on-year (%) 40.3 31.3 36.6 21.8 66.9 9.7 31.5
Gross Revenue actual (JPY mn) 82 136 67 47 81 96 512
year-on-year (%) 38.1 27.0 37.4 23.6 65.1 11.1 31.0
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 91.5 92.4 90.2 82.7 75.9 90.4 87.2
year-on-year (points) -2.9 -0.1 -4.8 4.3 -6.7 -3.2 -2.2
ADR actual (JPY) 18,327 18,713 15,002 13,066 13,456 16,222 15,937
year-on-year (%) 15.0 11.6 15.3 23.9 28.0 30.2 19.4
RevPAR actual (JPY) 16,776 17,294 13,533 10,811 10,208 14,668 13,903
year-on-year (%) 11.5 11.5 9.5 30.8 17.6 25.7 16.5
Gross Revenue actual (JPY mn) 129 134 102 84 77 114 643
year-on-year (%) 10.8 11.4 9.3 29.2 18.1 25.1 16.1
    (Note 1) This property was acquired on October 13, 2017.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 89.9 95.8 96.4 92.6 89.8 90.3 92.4
year-on-year (points) 7.9 7.6 2.8 2.0 -1.5 -2.6 2.7
ADR actual (JPY) 8,727 9,876 12,302 14,841 12,610 11,730 11,698
year-on-year (%) 10.7 -1.0 -1.8 19.5 6.1 20.6 8.3
RevPAR actual (JPY) 7,847 9,463 11,857 13,750 11,320 10,595 10,812
year-on-year (%) 21.4 7.6 1.2 22.2 4.3 17.2 11.6
Gross Revenue actual (JPY mn) 41 44 62 69 59 53 332
year-on-year (%) 21.0 4.4 1.5 22.0 4.1 17.1 11.0
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 91.6 96.0 94.4 95.1 89.9 87.8 92.5
year-on-year (points) -2.8 0.3 1.1 -0.5 -5.3 -6.0 -2.2
ADR actual (JPY) 11,771 12,422 10,287 12,935 15,086 13,864 12,700
year-on-year (%) 17.1 6.3 -2.6 14.1 18.1 14.4 11.2
RevPAR actual (JPY) 10,779 11,924 9,708 12,298 13,565 12,175 11,743
year-on-year (%) 13.7 6.6 -1.5 13.5 11.5 7.0 8.6
Gross Revenue actual (JPY mn) 56 62 49 64 69 63 366
year-on-year (%) 13.7 6.7 -1.1 13.1 11.4 6.8 8.5
    (Note 1) This property was acquired on February 7, 2018.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 53.5 60.7 65.9 78.4 76.2 72.8 68.0
year-on-year (points) 5.0 -2.6 1.8 -1.1 4.9 1.2 1.6
ADR actual (JPY) 8,095 8,367 7,859 11,135 9,145 7,718 8,809
year-on-year (%) 14.8 13.7 -2.3 -1.6 6.8 3.7 4.2
RevPAR actual (JPY) 4,328 5,075 5,182 8,728 6,971 5,619 5,986
year-on-year (%) 26.5 9.0 0.4 -2.9 14.1 5.5 6.8
Gross Revenue actual (JPY mn) 46 42 59 83 68 61 360
year-on-year (%) 37.0 -2.0 8.3 -0.5 23.0 2.2 9.0
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 80.7 85.2 80.3 85.5 75.9 69.6 79.6
year-on-year (points) 7.2 2.1 4.6 -0.6 -2.8 8.6 3.2
ADR actual (JPY) 8,323 11,595 8,693 9,479 9,349 7,723 9,255
year-on-year (%) 3.9 2.5 5.0 4.6 8.2 -0.2 3.6
RevPAR actual (JPY) 6,719 9,884 6,981 8,100 7,095 5,375 7,363
year-on-year (%) 14.1 5.0 11.4 3.9 4.3 13.8 8.0
Gross Revenue actual (JPY mn) 69 91 63 78 72 73 448
year-on-year (%) 13.1 4.1 12.0 -1.2 -2.7 19.6 6.5
    (Note 1) This property was acquired on February 7, 2018.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 63.6 75.2 68.8 83.6 85.5 83.9 76.7
year-on-year (points) -0.9 -1.5 -8.9 0.1 19.4 9.3 3.0
ADR actual (JPY) 9,529 12,061 9,528 29,043 15,843 12,661 15,209
year-on-year (%) 11.6 10.3 1.6 2.9 -6.2 1.4 3.5
RevPAR actual (JPY) 6,063 9,068 6,558 24,275 13,551 10,623 11,669
year-on-year (%) 10.0 8.2 -10.1 3.0 21.4 14.0 7.7
Gross Revenue actual (JPY mn) 63 74 75 161 118 104 596
year-on-year (%) -9.9 -9.0 -19.9 -3.1 5.3 6.8 -4.1
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 86.4 91.0 86.1 92.1 79.4 63.2 83.0
year-on-year (points) 13.4 6.7 0.9 1.5 2.6 -4.5 3.5
ADR actual (JPY) 13,045 28,224 14,656 19,007 14,639 10,490 17,156
year-on-year (%) 2.9 10.4 10.7 12.0 10.5 5.3 10.0
RevPAR actual (JPY) 11,267 25,683 12,625 17,511 11,617 6,626 14,244
year-on-year (%) 21.8 19.2 11.9 13.9 14.3 -1.6 14.8
Gross Revenue actual (JPY mn) 100 164 109 135 115 98 724
year-on-year (%) 6.0 5.7 10.8 9.0 11.4 -1.9 6.8
    (Note 1) This property was acquired on February 7, 2018.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 91.4 91.0 87.2 89.8 78.8 72.1 85.0
year-on-year (points) 2.7 -1.5 -8.0 2.7 -9.1 -18.2 -5.3
ADR actual (JPY) 6,897 8,465 8,155 6,782 7,980 6,687 7,500
year-on-year (%) 0.7 -1.8 5.9 -3.1 1.1 -8.9 -0.9
RevPAR actual (JPY) 6,302 7,702 7,114 6,088 6,286 4,824 6,374
year-on-year (%) 3.8 -3.3 -3.0 -0.1 -9.4 -27.2 -6.7
Gross Revenue actual (JPY mn) 30 33 34 29 31 23 183
year-on-year (%) 6.1 -6.7 -3.2 -0.5 -8.6 -25.7 -6.6
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 75.5 91.3 83.0 89.3 86.2 90.3 85.9
year-on-year (points) -13.1 -0.3 -7.6 -0.5 -5.3 0.4 -4.4
ADR actual (JPY) 6,436 9,375 6,517 7,404 8,949 7,135 7,679
year-on-year (%) -14.5 -2.0 -18.8 -9.7 -5.8 -5.3 -8.6
RevPAR actual (JPY) 4,857 8,561 5,412 6,612 7,717 6,439 6,600
year-on-year (%) -27.2 -2.3 -25.6 -10.2 -11.3 -4.9 -13.0
Gross Revenue actual (JPY mn) 24 41 25 32 36 31 193
year-on-year (%) -26.1 -2.2 -25.0 -8.8 -11.1 -4.6 -12.5
    (Note 1) This property was acquired on February 7, 2018.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 93.2 93.8 90.6 95.1 94.1 93.7 93.4
year-on-year (points) 1.8 -0.5 -4.0 3.8 5.5 1.4 1.3
ADR actual (JPY) 12,290 14,129 15,699 19,034 14,917 11,731 14,641
year-on-year (%) 19.2 12.5 -2.3 14.6 8.1 -2.7 7.8
RevPAR actual (JPY) 11,457 13,253 14,217 18,106 14,038 10,988 13,674
year-on-year (%) 21.6 11.9 -6.4 19.4 14.8 -1.3 9.4
Gross Revenue actual (JPY mn) 39 41 48 60 48 36 274
year-on-year (%) 20.9 8.2 -6.2 19.7 14.9 -1.5 8.8
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 89.7 93.9 94.8 95.5 95.5 95.4 94.1
year-on-year (points) -1.1 4.3 2.4 0.4 1.3 5.8 2.2
ADR actual (JPY) 10,728 9,739 12,509 16,722 18,301 15,611 13,966
year-on-year (%) -13.4 -12.3 0.0 7.9 4.6 1.5 -0.8
RevPAR actual (JPY) 9,624 9,142 11,853 15,967 17,475 14,892 13,143
year-on-year (%) -14.5 -8.1 2.7 8.4 6.0 8.1 1.5
Gross Revenue actual (JPY mn) 33 31 39 54 58 51 267
year-on-year (%) -13.8 -9.5 2.0 8.0 6.4 7.9 1.3
    (Note 1) This property was acquired on June 27, 2018.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 81.7 84.9 92.0 92.7 83.4 88.5 87.2
year-on-year (points) -5.6 -5.6 0.0 5.3 -4.1 -2.5 -2.1
ADR actual (JPY) 10,777 14,553 14,280 14,264 13,505 11,173 13,107
year-on-year (%) 17.4 23.0 2.3 6.4 12.7 1.1 10.0
RevPAR actual (JPY) 8,809 12,353 13,138 13,226 11,266 9,883 11,430
year-on-year (%) 9.9 15.4 2.3 12.8 7.4 -1.8 7.5
Gross Revenue actual (JPY mn) 35 43 53 50 45 37 265
year-on-year (%) 9.5 11.6 3.7 14.1 7.7 -1.6 7.4
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 87.2 88.8 87.4 92.4 93.1 89.2 89.7
year-on-year (points) -3.2 -4.1 -1.9 1.0 -0.9 1.8 -1.2
ADR actual (JPY) 12,520 12,741 11,949 13,958 16,028 14,078 13,571
year-on-year (%) 9.5 2.8 -5.5 6.1 11.8 0.1 4.4
RevPAR actual (JPY) 10,914 11,314 10,438 12,897 14,929 12,554 12,169
year-on-year (%) 5.6 -1.8 -7.5 7.3 10.7 2.2 3.0
Gross Revenue actual (JPY mn) 43 44 40 50 56 49 284
year-on-year (%) 5.9 -1.6 -7.3 5.9 10.3 1.1 2.6
    (Note 1) This property was acquired on June 27, 2018.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 91.4 92.5 92.5 92.7 92.9 90.0 92.0
year-on-year (points) 7.4 2.2 2.5 2.0 2.0 -0.9 2.5
ADR actual (JPY) 18,896 20,387 23,545 30,657 23,076 17,518 22,391
year-on-year (%) 44.5 26.2 1.6 35.4 20.0 1.5 19.9
RevPAR actual (JPY) 17,280 18,855 21,776 28,407 21,444 15,764 20,600
year-on-year (%) 57.3 29.2 4.4 38.4 22.6 0.4 23.4
Gross Revenue actual (JPY mn) 188 185 235 295 233 171 1,309
year-on-year (%) 53.6 24.2 4.5 36.4 21.2 2.1 21.9
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 91.6 92.4 91.0 92.5 93.2 91.8 92.1
year-on-year (points) 1.2 2.1 0.9 1.0 1.8 2.1 1.5
ADR actual (JPY) 16,001 14,559 19,009 27,642 29,245 22,832 21,544
year-on-year (%) -7.9 -8.4 5.2 13.9 9.4 -7.8 1.7
RevPAR actual (JPY) 14,661 13,459 17,305 25,578 27,257 20,949 19,842
year-on-year (%) -6.7 -6.3 6.2 15.1 11.5 -5.7 3.4
Gross Revenue actual (JPY mn) 163 151 185 277 284 230 1,292
year-on-year (%) -6.1 -5.0 7.0 15.8 11.5 -4.3 4.0
    (Note 1) This property was acquired on August 2, 2018.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 86.7 90.6 80.8 62.2 73.4 76.1 78.2
year-on-year (points) 14.4 4.3 11.7 11.8 26.4 3.5 12.1
ADR actual (JPY) 13,799 20,286 12,299 8,888 11,999 13,836 13,765
year-on-year (%) 43.1 24.0 25.6 -3.4 -3.6 -8.5 11.5
RevPAR actual (JPY) 11,957 18,388 9,939 5,530 8,810 10,523 10,764
year-on-year (%) 71.6 30.2 47.0 19.0 50.5 -4.1 31.9
Gross Revenue actual (JPY mn) 215 267 181 108 165 187 1,125
year-on-year (%) 53.9 22.8 37.0 12.7 45.7 -0.1 26.8
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 87.5 88.9 86.1 81.1 74.6 85.8 84.0
year-on-year (points) 8.6 6.5 0.1 -1.6 -0.8 -0.7 2.1
ADR actual (JPY) 18,444 19,682 15,023 11,971 11,253 13,670 15,179
year-on-year (%) -2.9 0.1 4.1 6.6 7.1 -1.4 2.4
RevPAR actual (JPY) 16,129 17,505 12,936 9,709 8,392 11,725 12,755
year-on-year (%) 7.7 8.0 4.2 4.6 6.0 -2.3 4.9
Gross Revenue actual (JPY mn) 271 293 212 181 154 210 1,324
year-on-year (%) 5.3 5.4 2.9 3.1 3.3 -5.0 2.6
    (Note 1) This property was acquired on August 2, 2018.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 89.4 92.5 92.0 93.2 92.2 92.5 91.9
year-on-year (points) 2.4 2.0 -0.6 2.1 2.2 1.6 1.6
ADR actual (JPY) 12,377 14,250 16,478 18,814 15,492 12,777 15,054
year-on-year (%) 35.2 28.8 14.3 26.7 32.9 10.3 23.9
RevPAR actual (JPY) 11,064 13,181 15,156 17,531 14,289 11,817 13,841
year-on-year (%) 38.9 31.7 13.5 29.6 36.1 12.2 26.1
Gross Revenue actual (JPY mn) 53 56 72 79 67 54 383
year-on-year (%) 36.8 26.2 11.5 26.1 30.7 10.4 22.7
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 94.3 91.9 93.6 92.9 93.4 93.5 93.3
year-on-year (points) 3.0 0.7 0.5 -0.2 0.5 2.1 1.1
ADR actual (JPY) 11,712 10,865 11,994 17,236 17,620 16,435 14,307
year-on-year (%) -4.7 -8.0 3.7 21.7 20.0 11.8 8.3
RevPAR actual (JPY) 11,042 9,982 11,229 16,020 16,457 15,361 13,343
year-on-year (%) -1.5 -7.3 4.3 21.4 20.6 14.4 9.6
Gross Revenue actual (JPY mn) 52 47 51 75 75 72 375
year-on-year (%) -3.0 -9.0 3.2 20.3 20.2 13.3 8.5
    (Note 1) This property was acquired on August 2, 2018.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 79.9 89.2 92.7 94.9 95.2 95.3 91.2
year-on-year (points) 25.0 17.8 8.9 8.6 8.7 4.0 12.2
ADR actual (JPY) 11,960 12,019 12,965 17,495 18,096 15,392 14,790
year-on-year (%) 16.2 5.8 -0.2 34.0 51.1 48.0 25.7
RevPAR actual (JPY) 9,552 10,719 12,024 16,599 17,226 14,665 13,486
year-on-year (%) 69.2 32.2 10.5 47.4 66.3 54.5 45.1
Gross Revenue actual (JPY mn) 33 33 41 54 58 48 270
year-on-year (%) 66.5 27.4 10.4 46.6 64.4 53.4 43.4
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 90.1 84.3 83.1 81.7 79.4 84.5 83.9
year-on-year (points) 1.7 3.8 -5.1 -5.1 -9.7 -7.0 -3.5
ADR actual (JPY) 15,600 17,372 22,971 21,001 15,459 13,185 17,545
year-on-year (%) 29.4 43.2 98.2 49.9 2.9 -6.7 33.1
RevPAR actual (JPY) 14,058 14,648 19,079 17,162 12,267 11,137 14,715
year-on-year (%) 31.9 49.9 86.7 41.1 -8.3 -13.9 27.8
Gross Revenue actual (JPY mn) 48 50 63 58 41 38 300
year-on-year (%) 33.3 48.3 84.6 40.9 -7.8 -13.6 27.6
    (Note 1) This property was acquired on August 2, 2018.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 96.9 96.4 82.3 69.4 79.6 87.7 85.3
year-on-year (points) 15.5 7.5 6.0 7.9 12.3 3.5 8.8
ADR actual (JPY) 14,816 25,076 14,404 10,256 15,299 17,189 16,409
year-on-year (%) 29.3 20.1 34.0 6.6 27.4 4.1 18.6
RevPAR actual (JPY) 14,358 24,177 11,853 7,120 12,174 15,077 13,993
year-on-year (%) 54.0 30.3 44.5 20.4 50.7 8.4 32.2
Gross Revenue actual (JPY mn) 163 234 140 87 141 166 933
year-on-year (%) 48.5 25.3 38.7 17.0 44.2 7.2 28.5
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 92.4 92.2 87.7 87.1 83.6 88.7 88.7
year-on-year (points) -1.1 1.4 0.0 1.3 2.7 -3.0 0.2
ADR actual (JPY) 22,271 23,238 17,550 15,648 16,093 20,171 19,279
year-on-year (%) 11.7 8.9 10.0 20.7 20.7 24.5 15.0
RevPAR actual (JPY) 20,582 21,436 15,388 13,631 13,453 17,891 17,092
year-on-year (%) 10.4 10.5 10.0 22.5 24.7 20.5 15.3
Gross Revenue actual (JPY mn) 225 232 168 157 147 202 1,134
year-on-year (%) 10.4 10.3 9.5 19.4 21.7 19.8 14.5
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 64.9 74.5 84.3 89.0 75.4 76.6 77.4
year-on-year (points) 3.5 0.2 4.4 9.7 12.1 10.7 6.8
ADR actual (JPY) 14,342 13,755 16,055 15,491 15,236 16,071 15,226
year-on-year (%) 1.2 -3.2 3.9 -3.7 -3.3 0.7 -0.5
RevPAR actual (JPY) 9,313 10,244 13,535 13,788 11,489 12,306 11,791
year-on-year (%) 6.9 -2.9 9.6 8.1 15.2 17.1 9.2
Gross Revenue actual (JPY mn) 130 127 171 163 142 151 887
year-on-year (%) 11.0 -8.6 17.6 15.3 12.2 20.7 11.3
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 85.2 88.9 83.5 87.5 77.4 65.9 81.4
year-on-year (points) 11.9 2.9 3.2 6.2 6.4 8.1 6.4
ADR actual (JPY) 23,415 27,364 16,872 17,487 14,567 15,274 19,492
year-on-year (%) -2.8 -2.5 2.8 6.1 2.8 3.2 0.5
RevPAR actual (JPY) 19,959 24,327 14,090 15,302 11,273 10,070 15,871
year-on-year (%) 12.9 0.8 6.8 14.2 12.0 17.7 9.2
Gross Revenue actual (JPY mn) 225 273 162 191 159 147 1,159
year-on-year (%) 12.2 2.7 10.1 16.5 17.2 14.7 11.1
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 87.5 92.6 91.0 94.5 92.6 72.9 88.5
year-on-year (points) 7.5 4.2 -0.1 0.7 -0.7 -16.3 -0.8
ADR actual (JPY) 27,564 24,807 29,136 37,846 28,053 20,028 28,272
year-on-year (%) 19.3 7.9 1.7 10.0 -3.2 -9.4 5.1
RevPAR actual (JPY) 24,130 22,962 26,505 35,751 25,982 14,603 25,021
year-on-year (%) 30.4 13.0 1.5 10.8 -3.9 -25.9 4.2
Gross Revenue actual (JPY mn) 138 121 151 197 153 90 852
year-on-year (%) 25.1 6.1 -0.5 10.6 -4.0 -21.8 2.6
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 73.2 81.4 75.8 88.8 92.2 87.9 83.2
year-on-year (points) -19.2 -6.3 -8.5 -1.2 -1.5 -5.0 -6.9
ADR actual (JPY) 24,028 28,722 22,998 27,428 32,183 28,932 27,606
year-on-year (%) -8.8 -10.3 -12.6 -11.9 -12.7 -4.4 -9.6
RevPAR actual (JPY) 17,583 23,373 17,443 24,345 29,680 25,440 22,971
year-on-year (%) -27.8 -16.8 -21.4 -13.0 -14.1 -9.5 -16.6
Gross Revenue actual (JPY mn) 111 140 103 145 167 151 819
year-on-year (%) -21.8 -14.7 -17.4 -8.9 -10.7 -5.1 -12.7
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 95.4 95.2 85.1 61.5 76.3 84.8 83.0
year-on-year (points) 21.8 9.7 22.0 7.0 5.3 0.4 11.0
ADR actual (JPY) 17,303 22,166 14,187 12,443 16,339 18,131 17,010
year-on-year (%) 10.1 7.7 6.6 -13.1 2.5 -1.4 2.1
RevPAR actual (JPY) 16,509 21,098 12,077 7,652 12,462 15,373 14,110
year-on-year (%) 42.6 19.9 43.8 -2.0 10.1 -0.9 17.8
Gross Revenue actual (JPY mn) 95 105 76 47 75 87 487
year-on-year (%) 37.3 13.0 32.3 -1.0 7.6 -3.0 13.7
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 91.5 91.8 84.6 87.1 72.2 78.7 84.4
year-on-year (points) -3.0 -1.4 -7.2 -3.4 0.6 -8.8 -3.9
ADR actual (JPY) 24,291 25,135 18,216 15,716 15,603 20,085 20,089
year-on-year (%) 5.1 0.5 -4.7 -0.7 7.4 15.3 3.4
RevPAR actual (JPY) 22,219 23,083 15,412 13,681 11,265 15,798 16,949
year-on-year (%) 1.8 -1.0 -12.2 -4.5 8.3 3.6 -1.2
Gross Revenue actual (JPY mn) 126 132 89 84 68 92 592
year-on-year (%) 1.9 -0.3 -10.8 -5.1 9.3 4.7 -0.6
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 52.3 66.6 84.1 80.6 78.0 61.3 70.5
year-on-year (points) -31.3 -16.5 0.4 3.0 -0.2 -5.1 -8.2
ADR actual (JPY) 7,773 7,805 8,977 9,954 11,364 7,554 9,085
year-on-year (%) -12.3 -28.0 -22.2 -19.5 -0.8 -11.9 -14.7
RevPAR actual (JPY) 4,062 5,198 7,550 8,026 8,864 4,629 6,408
year-on-year (%) -45.1 -42.3 -21.8 -16.4 -1.1 -18.6 -23.6
Gross Revenue actual (JPY mn) 31 28 50 52 58 31 252
year-on-year (%) -36.9 -48.6 -22.0 -16.8 -2.1 -17.3 -23.6
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 61.1 84.5 80.1 86.0 90.3 68.8 78.4
year-on-year (points) -15.8 3.1 4.9 3.7 10.2 17.0 3.8
ADR actual (JPY) 7,702 9,723 8,564 11,976 14,407 8,303 10,350
year-on-year (%) -20.0 -8.7 -9.8 0.9 6.1 -1.0 -3.8
RevPAR actual (JPY) 4,710 8,214 6,857 10,299 13,006 5,715 8,114
year-on-year (%) -36.4 -5.2 -3.9 5.5 19.6 31.5 1.2
Gross Revenue actual (JPY mn) 32 55 45 68 83 39 324
year-on-year (%) -35.5 -5.4 -4.3 6.2 19.1 29.7 1.1
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 53.4 64.1 65.3 63.3 59.3 59.8 60.8
year-on-year (points) 1.3 5.4 -14.2 -14.8 -22.2 -22.3 -11.2
ADR actual (JPY) 7,211 7,484 8,148 8,656 11,279 8,343 8,541
year-on-year (%) 10.7 4.0 5.1 -4.4 29.8 -0.8 5.9
RevPAR actual (JPY) 3,854 4,796 5,317 5,478 6,687 4,989 5,193
year-on-year (%) 13.5 13.6 -13.7 -22.5 -5.6 -27.7 -10.6
Gross Revenue actual (JPY mn) 76 79 104 92 108 96 558
year-on-year (%) 13.5 7.6 -4.6 -17.6 -4.7 -11.8 -4.8
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 67.9 78.3 80.3 87.9 81.5 66.7 77.1
year-on-year (points) -15.5 -11.9 -4.3 3.3 6.0 4.7 -3.0
ADR actual (JPY) 11,227 15,535 11,025 10,831 10,245 9,187 11,387
year-on-year (%) 35.8 18.6 11.4 10.4 14.2 19.8 16.5
RevPAR actual (JPY) 7,628 12,158 8,852 9,525 8,349 6,126 8,775
year-on-year (%) 10.5 2.9 5.8 14.7 23.2 28.8 12.2
Gross Revenue actual (JPY mn) 121 157 129 137 129 110 785
year-on-year (%) 3.2 3.4 5.1 8.8 17.3 18.1 8.6
    (Note 1) This property was acquired on July 19, 2019.
    (Note 2) Renovation Period: January 8, 2025 - July 17, 2025.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 89.7 90.7 91.8 93.0 85.3 80.7 88.5
year-on-year (points) 7.2 1.7 1.8 0.6 -7.1 -6.9 -0.5
ADR actual (JPY) 8,263 8,858 9,259 11,661 10,478 8,787 9,571
year-on-year (%) 0.9 -2.4 1.5 11.0 26.7 4.5 7.1
RevPAR actual (JPY) 7,410 8,035 8,501 10,847 8,938 7,089 8,472
year-on-year (%) 9.7 -0.5 3.6 11.8 17.0 -3.7 6.6
Gross Revenue actual (JPY mn) 42 41 47 58 50 39 278
year-on-year (%) 8.4 -3.4 3.6 11.2 15.7 -2.6 5.7
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 85.8 93.7 94.5 96.5 96.3 96.2 93.8
year-on-year (points) -10.5 -2.1 4.1 2.0 4.0 3.2 0.1
ADR actual (JPY) 8,822 9,791 9,363 9,620 11,695 10,095 9,913
year-on-year (%) 1.4 4.0 2.3 13.7 5.8 7.9 6.1
RevPAR actual (JPY) 7,566 9,176 8,844 9,280 11,264 9,711 9,299
year-on-year (%) -9.6 1.7 7.0 16.1 10.4 11.6 6.2
Gross Revenue actual (JPY mn) 42 51 48 52 60 54 310
year-on-year (%) -8.9 1.5 6.9 16.4 10.7 10.7 6.2
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 95.3 94.0 81.2 58.2 79.4 86.5 82.4
year-on-year (points) 24.2 6.4 15.7 -1.7 10.0 0.7 9.3
ADR actual (JPY) 17,771 23,652 15,168 13,289 17,530 19,468 18,100
year-on-year (%) 14.6 13.3 13.2 -5.8 1.2 5.0 7.1
RevPAR actual (JPY) 16,934 22,238 12,322 7,734 13,924 16,832 14,907
year-on-year (%) 53.7 21.6 40.3 -8.4 15.8 5.9 20.8
Gross Revenue actual (JPY mn) 67 76 52 34 60 69 361
year-on-year (%) 48.7 17.0 28.8 -7.2 10.7 7.9 17.3
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 93.6 95.0 90.2 89.3 69.9 81.4 86.6
year-on-year (points) -0.4 2.7 -0.6 -2.5 -1.2 -1.9 -0.6
ADR actual (JPY) 27,048 29,806 19,059 16,829 15,681 21,842 22,108
year-on-year (%) 1.5 -0.3 -8.0 1.3 6.0 10.9 1.6
RevPAR actual (JPY) 25,321 28,325 17,199 15,028 10,960 17,772 19,156
year-on-year (%) 1.0 2.6 -8.7 -1.4 4.1 8.4 0.9
Gross Revenue actual (JPY mn) 96 108 72 66 47 71 462
year-on-year (%) 1.6 3.2 -3.3 1.0 8.2 7.9 2.6
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 79.3 93.7 89.1 89.6 91.1 85.1 87.9
year-on-year (points) 3.1 6.1 7.2 11.2 5.8 6.1 6.5
ADR actual (JPY) 6,266 7,475 6,863 5,742 7,383 5,890 6,618
year-on-year (%) 6.6 -2.2 -1.9 -9.1 -5.9 1.9 -2.4
RevPAR actual (JPY) 4,971 7,003 6,113 5,146 6,724 5,012 5,817
year-on-year (%) 11.0 4.6 6.8 3.9 0.5 9.8 5.5
Gross Revenue actual (JPY mn) 46 51 52 44 54 45 295
year-on-year (%) 14.9 0.2 1.4 3.9 -3.7 9.3 3.6
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 88.6 91.8 87.5 90.9 93.4 90.5 90.5
year-on-year (points) 2.4 4.9 0.2 2.4 -0.3 6.7 2.8
ADR actual (JPY) 5,650 8,683 5,947 6,922 8,782 7,687 7,302
year-on-year (%) -16.7 21.3 -15.0 -15.4 -5.9 14.5 -3.3
RevPAR actual (JPY) 5,009 7,970 5,203 6,291 8,206 6,955 6,605
year-on-year (%) -14.5 28.2 -14.8 -13.2 -6.2 23.7 -0.3
Gross Revenue actual (JPY mn) 42 60 42 52 66 63 327
year-on-year (%) -16.6 17.8 -14.1 -6.3 -3.7 18.0 -0.8
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 88.3 87.9 70.6 54.2 73.5 87.1 76.8
year-on-year (points) 6.5 5.2 -0.4 1.6 -4.1 -0.9 1.2
ADR actual (JPY) 10,996 15,073 8,779 7,599 11,070 15,364 11,804
year-on-year (%) 30.7 19.0 20.6 -3.0 6.4 14.3 15.5
RevPAR actual (JPY) 9,711 13,253 6,199 4,120 8,139 13,384 9,070
year-on-year (%) 41.1 26.4 20.0 0.0 0.8 13.2 17.4
Gross Revenue actual (JPY mn) 211 201 160 132 171 227 1,105
year-on-year (%) 20.6 9.2 6.9 -0.4 3.8 1.9 7.1
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 86.6 90.6 91.1 86.4 78.8 82.3 86.0
year-on-year (points) -4.7 4.0 -4.5 8.5 14.5 5.1 3.8
ADR actual (JPY) 23,046 22,046 13,118 10,886 7,873 10,178 14,752
year-on-year (%) 2.4 0.5 0.6 -2.6 -1.7 2.4 -1.4
RevPAR actual (JPY) 19,966 19,969 11,950 9,403 6,205 8,380 12,684
year-on-year (%) -2.9 5.1 -4.1 8.0 20.4 9.3 3.1
Gross Revenue actual (JPY mn) 287 274 186 198 156 207 1,310
year-on-year (%) -4.1 0.1 -2.3 8.5 9.2 5.1 1.7
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 75.8 81.3 88.4 83.8 83.2 81.2 82.3
year-on-year (points) 11.2 6.7 11.5 12.6 7.8 5.9 9.3
ADR actual (JPY) 9,322 10,633 9,740 9,510 10,581 8,205 9,666
year-on-year (%) 21.2 12.0 9.2 8.5 7.7 8.4 10.7
RevPAR actual (JPY) 7,065 8,648 8,611 7,974 8,805 6,660 7,956
year-on-year (%) 42.2 22.1 25.5 27.6 18.9 17.0 24.8
Gross Revenue actual (JPY mn) 64 69 77 70 77 67 426
year-on-year (%) 17.9 5.5 15.8 18.3 6.9 12.1 12.4
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 84.2 86.4 83.7 88.5 89.2 84.4 86.1
year-on-year (points) 5.9 10.9 3.8 5.4 2.4 18.8 7.9
ADR actual (JPY) 8,585 10,742 9,747 11,169 13,293 10,208 10,646
year-on-year (%) 5.3 2.3 6.4 11.6 13.3 4.1 7.3
RevPAR actual (JPY) 7,231 9,286 8,159 9,879 11,862 8,617 9,163
year-on-year (%) 13.2 17.0 11.5 18.9 16.4 33.9 18.2
Gross Revenue actual (JPY mn) 71 84 67 80 94 83 481
year-on-year (%) 10.4 15.6 4.1 5.8 9.2 20.3 10.9
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 93.7 97.0 82.0 49.6 71.9 77.8 78.5
year-on-year (points) 26.0 8.6 15.3 11.0 20.8 -2.5 13.2
ADR actual (JPY) 9,560 16,462 9,284 7,404 11,136 12,516 11,336
year-on-year (%) 40.2 32.0 37.7 16.9 38.4 24.2 28.8
RevPAR actual (JPY) 8,961 15,964 7,611 3,674 8,007 9,736 8,902
year-on-year (%) 93.9 44.8 69.3 50.3 94.6 20.4 54.9
Gross Revenue actual (JPY mn) 32 49 27 13 28 34 185
year-on-year (%) 87.3 38.6 67.8 53.3 90.6 21.1 52.9
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 90.7 88.0 87.1 80.7 80.4 89.6 86.1
year-on-year (points) 3.1 4.2 -1.7 -3.8 8.8 0.7 1.8
ADR actual (JPY) 15,006 15,252 12,185 10,408 10,751 11,792 12,646
year-on-year (%) 18.9 14.0 10.0 18.9 10.6 26.9 16.7
RevPAR actual (JPY) 13,614 13,426 10,608 8,397 8,649 10,567 10,890
year-on-year (%) 23.1 19.7 8.0 13.5 24.2 27.8 19.3
Gross Revenue actual (JPY mn) 47 47 36 30 30 37 229
year-on-year (%) 19.7 19.4 7.3 9.0 21.6 26.7 17.3
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 95.1 92.4 77.9 63.1 73.6 79.1 80.1
year-on-year (points) 38.2 14.0 28.6 30.9 33.8 4.1 25.1
ADR actual (JPY) 10,255 17,710 9,897 7,734 11,090 12,401 11,679
year-on-year (%) 10.0 6.4 14.5 -10.9 9.3 2.4 1.2
RevPAR actual (JPY) 9,754 16,357 7,711 4,880 8,162 9,805 9,354
year-on-year (%) 83.7 25.5 81.0 74.5 101.9 8.0 47.2
Gross Revenue actual (JPY mn) 25 40 21 13 22 26 150
year-on-year (%) 73.6 23.8 81.6 77.9 103.2 10.2 47.0
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 90.6 88.9 80.6 71.6 67.5 79.1 79.8
year-on-year (points) 12.8 2.4 -7.8 -9.9 0.6 -8.3 -1.7
ADR actual (JPY) 15,667 17,210 13,276 11,646 11,030 14,021 14,040
year-on-year (%) 4.3 7.4 27.1 28.5 13.0 23.3 16.8
RevPAR actual (JPY) 14,198 15,299 10,703 8,339 7,443 11,092 11,202
year-on-year (%) 21.5 10.4 15.8 12.8 14.1 11.6 14.4
Gross Revenue actual (JPY mn) 38 41 28 22 19 30 181
year-on-year (%) 21.2 9.7 14.2 11.7 12.2 8.9 13.1
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 91.1 94.9 69.0 48.8 67.9 76.5 74.5
year-on-year (points) 37.2 25.0 37.6 24.0 14.9 1.7 23.4
ADR actual (JPY) 7,899 14,467 8,579 6,110 9,896 11,306 9,999
year-on-year (%) 40.6 22.1 37.4 0.0 42.3 20.1 21.5
RevPAR actual (JPY) 7,195 13,725 5,915 2,981 6,720 8,654 7,448
year-on-year (%) 137.6 65.9 202.0 97.2 82.2 22.9 77.1
Gross Revenue actual (JPY mn) 17 30 14 7 16 21 109
year-on-year (%) 129.2 59.3 189.5 97.8 82.8 23.8 74.7
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 89.7 87.6 83.0 76.7 63.4 71.8 78.8
year-on-year (points) 4.7 1.3 -8.0 -2.9 2.0 -6.5 -1.6
ADR actual (JPY) 12,709 13,543 11,687 9,602 10,316 10,388 11,509
year-on-year (%) 14.3 18.9 19.1 28.6 11.9 29.2 20.2
RevPAR actual (JPY) 11,397 11,866 9,695 7,368 6,542 7,460 9,065
year-on-year (%) 20.6 20.6 8.7 23.8 15.4 18.4 17.9
Gross Revenue actual (JPY mn) 28 29 23 18 16 19 136
year-on-year (%) 20.0 19.2 8.1 23.3 16.6 18.6 17.4
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 88.2 95.9 94.8 96.8 91.2 86.0 92.1
year-on-year (points) 5.9 3.8 -1.4 0.3 -0.7 -2.0 0.9
ADR actual (JPY) 6,907 7,546 8,465 8,163 8,760 8,362 8,043
year-on-year (%) 12.5 5.8 9.4 5.6 6.5 10.4 8.0
RevPAR actual (JPY) 6,089 7,234 8,028 7,898 7,985 7,196 7,406
year-on-year (%) 20.5 10.2 7.8 6.0 5.7 7.8 9.1
Gross Revenue actual (JPY mn) 13 14 17 17 17 15 96
year-on-year (%) 19.2 5.5 6.8 7.4 4.4 6.7 7.8
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 88.3 92.8 88.9 94.5 92.9 91.1 91.4
year-on-year (points) -2.9 0.5 -2.6 -0.8 -1.9 -2.1 -1.6
ADR actual (JPY) 8,122 8,385 7,722 8,328 9,929 9,517 8,673
year-on-year (%) 5.8 -1.2 -4.7 1.5 10.1 11.1 3.9
RevPAR actual (JPY) 7,172 7,778 6,861 7,871 9,225 8,666 7,928
year-on-year (%) 2.4 -0.7 -7.4 0.6 8.0 8.6 2.1
Gross Revenue actual (JPY mn) 15 17 14 17 19 19 104
year-on-year (%) 1.5 -1.0 -7.1 0.3 7.5 8.3 1.8
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 68.8 71.1 72.3 77.8 74.1 73.7 72.9
year-on-year (points) 13.5 3.3 0.0 3.0 5.2 2.8 4.7
ADR actual (JPY) 5,309 6,469 7,270 8,172 7,432 6,050 6,816
year-on-year (%) 23.4 34.3 42.4 48.8 31.8 14.3 32.6
RevPAR actual (JPY) 3,650 4,598 5,255 6,358 5,504 4,459 4,972
year-on-year (%) 53.6 40.8 42.3 54.7 41.8 18.8 41.6
Gross Revenue actual (JPY mn) 18 20 26 30 27 21 146
year-on-year (%) 51.8 36.0 41.9 54.4 41.5 18.8 40.5
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 67.4 70.9 80.5 82.4 82.1 79.0 77.0
year-on-year (points) 1.0 4.7 8.4 10.8 5.2 4.8 5.8
ADR actual (JPY) 5,631 5,235 6,219 8,325 9,396 7,586 7,148
year-on-year (%) 1.5 1.2 16.3 35.7 45.3 15.2 21.2
RevPAR actual (JPY) 3,795 3,714 5,007 6,857 7,717 5,990 5,504
year-on-year (%) 3.0 8.4 29.9 56.3 55.1 22.7 31.1
Gross Revenue actual (JPY mn) 19 18 24 34 37 30 165
year-on-year (%) 3.5 8.3 30.1 56.4 54.7 25.4 31.6
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 94.0 96.8 96.1 96.6 97.5 96.0 96.2
year-on-year (points) 3.5 0.9 3.3 7.2 3.4 5.8 4.0
ADR actual (JPY) 5,710 7,014 6,367 5,363 6,594 5,221 6,040
year-on-year (%) 5.9 1.3 -1.8 -10.4 -9.4 -0.9 -3.1
RevPAR actual (JPY) 5,370 6,787 6,119 5,182 6,428 5,011 5,808
year-on-year (%) 10.0 2.3 1.7 -3.1 -6.1 5.5 1.1
Gross Revenue actual (JPY mn) 13 14 14 12 15 11 82
year-on-year (%) 13.2 0.0 1.3 -3.7 -6.2 4.5 1.0
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 95.1 96.9 95.8 95.4 94.9 93.7 95.3
year-on-year (points) 0.6 3.2 3.0 3.6 -0.2 4.4 2.4
ADR actual (JPY) 5,363 8,025 5,528 6,613 8,526 7,162 6,869
year-on-year (%) -15.1 21.8 -13.9 -10.7 -2.6 13.6 -1.4
RevPAR actual (JPY) 5,100 7,773 5,299 6,309 8,094 6,713 6,546
year-on-year (%) -14.6 26.0 -11.1 -7.1 -2.8 19.2 1.2
Gross Revenue actual (JPY mn) 12 18 12 15 18 16 92
year-on-year (%) -14.7 24.4 -11.2 -8.5 -3.1 17.0 0.3
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 81.5 94.1 76.4 69.2 79.6 91.8 81.9
year-on-year (points) 7.1 3.8 5.1 13.0 9.6 7.5 7.6
ADR actual (JPY) 9,220 9,694 8,751 8,255 8,625 9,362 9,022
year-on-year (%) 4.6 10.3 2.7 1.0 1.8 3.0 4.0
RevPAR actual (JPY) 7,512 9,126 6,687 5,716 6,864 8,596 7,391
year-on-year (%) 14.6 14.9 10.0 24.4 15.8 12.1 14.6
Gross Revenue actual (JPY mn) 17 19 15 12 16 19 101
year-on-year (%) 13.7 8.9 12.1 23.5 17.0 13.5 14.1
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 93.5 92.4 90.9 88.5 81.0 84.2 88.4
year-on-year (points) 1.5 5.3 -3.7 -0.1 3.4 2.3 1.5
ADR actual (JPY) 10,273 10,548 9,395 9,061 8,636 8,979 9,518
year-on-year (%) 7.6 6.3 5.7 5.4 3.5 4.2 5.7
RevPAR actual (JPY) 9,606 9,746 8,536 8,017 6,995 7,559 8,417
year-on-year (%) 9.4 12.8 1.6 5.2 8.0 7.1 7.4
Gross Revenue actual (JPY mn) 22 23 19 19 15 18 118
year-on-year (%) 11.3 15.2 3.2 7.4 8.7 11.4 9.6
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 70.7 73.4 73.4 80.1 74.4 67.6 73.3
year-on-year (points) 5.1 2.7 2.2 4.8 6.4 3.4 4.1
ADR actual (JPY) 9,760 9,561 9,633 9,885 9,767 9,209 9,647
year-on-year (%) 4.9 2.3 2.8 3.4 1.0 -3.6 1.9
RevPAR actual (JPY) 6,902 7,018 7,067 7,916 7,268 6,229 7,067
year-on-year (%) 13.0 6.2 6.0 10.0 10.5 1.5 7.9
Gross Revenue actual (JPY mn) 218 191 215 242 227 185 1,281
year-on-year (%) 8.4 2.2 2.3 8.3 10.1 -1.0 5.2
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 72.9 72.9 61.1 78.6 83.0 79.9 74.8
year-on-year (points) 4.6 4.5 -0.2 7.6 12.1 12.5 6.9
ADR actual (JPY) 9,513 9,847 9,420 9,604 9,815 9,860 9,689
year-on-year (%) -2.6 -3.0 -0.1 -1.9 0.5 -3.5 -1.8
RevPAR actual (JPY) 6,939 7,182 5,758 7,547 8,143 7,878 7,244
year-on-year (%) 4.0 3.4 -0.4 8.6 17.7 14.4 8.2
Gross Revenue actual (JPY mn) 223 232 176 227 244 253 1,357
year-on-year (%) 2.5 3.1 0.7 7.6 23.7 12.9 8.4
    (Note 1) This property was acquired on January 6, 2020.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 77.9 82.0 82.1 85.5 78.1 80.2 80.9
year-on-year (points) -3.6 2.7 -3.6 0.2 1.3 -4.4 -1.3
ADR actual (JPY) 7,917 8,558 8,077 10,701 10,881 9,409 9,268
year-on-year (%) 11.0 8.6 10.8 9.3 7.4 7.1 9.2
RevPAR actual (JPY) 6,167 7,015 6,631 9,144 8,496 7,549 7,499
year-on-year (%) 6.1 12.2 6.1 9.6 9.2 1.5 7.5
Gross Revenue actual (JPY mn) 92 88 101 130 117 103 633
year-on-year (%) 5.4 0.0 -2.3 22.0 8.4 -5.7 4.7
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 86.6 92.6 88.4 90.8 75.8 64.6 83.1
year-on-year (points) -1.9 1.7 -0.4 4.3 -4.8 -13.2 -2.4
ADR actual (JPY) 9,728 16,661 10,514 11,026 11,146 8,302 11,428
year-on-year (%) 12.8 5.6 1.6 -11.9 0.4 -0.3 2.1
RevPAR actual (JPY) 8,423 15,430 9,294 10,009 8,445 5,364 9,501
year-on-year (%) 10.4 7.6 1.1 -7.5 -5.5 -17.2 -0.8
Gross Revenue actual (JPY mn) 114 142 102 124 114 97 696
year-on-year (%) -2.9 0.9 -0.5 -1.8 -6.7 -11.2 -3.5
    (Note 1) This property was acquired on January 6, 2020.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 51.8 64.7 86.6 91.2 86.0 87.1 78.0
year-on-year (points) 8.3 7.2 10.7 13.1 12.0 11.4 10.5
ADR actual (JPY) 27,366 22,120 33,143 34,253 34,572 34,866 31,874
year-on-year (%) -8.0 -4.5 -2.8 -2.8 -3.0 -3.6 -3.5
RevPAR actual (JPY) 14,184 14,315 28,686 31,223 29,736 30,358 24,857
year-on-year (%) 9.4 7.4 10.9 13.5 12.8 10.9 11.6
Gross Revenue actual (JPY mn) 290 274 564 596 582 573 2,882
year-on-year (%) 12.0 5.6 12.1 13.5 12.5 13.0 12.0
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 91.7 93.8 90.0 89.5 74.7 59.1 83.1
year-on-year (points) 7.8 0.3 2.5 7.4 2.9 9.0 5.0
ADR actual (JPY) 66,297 81,330 42,587 41,359 27,183 29,883 50,360
year-on-year (%) 0.8 0.2 2.7 8.5 6.3 -7.6 0.9
RevPAR actual (JPY) 60,811 76,320 38,314 37,005 20,310 17,664 41,872
year-on-year (%) 10.1 0.6 5.6 18.4 10.6 8.9 7.4
Gross Revenue actual (JPY mn) 1,020 1,272 692 687 406 349 4,429
year-on-year (%) 8.8 1.3 6.7 15.2 8.6 9.5 7.2
    (Note 1) This property was acquired on August 1, 2023.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 70.3 86.9 83.3 86.3 91.1 90.9 84.7
year-on-year (points) 5.2 9.9 1.5 5.0 3.9 2.5 4.6
ADR actual (JPY) 26,390 19,215 24,794 20,564 24,962 18,504 22,334
year-on-year (%) 9.7 -5.9 8.2 -5.2 3.7 -0.3 1.9
RevPAR actual (JPY) 18,553 16,698 20,645 17,745 22,753 16,811 18,921
year-on-year (%) 18.5 6.1 10.2 0.7 8.3 2.4 7.8
Gross Revenue actual (JPY mn) 178 165 203 181 221 183 1,134
year-on-year (%) 14.5 7.0 5.4 4.9 7.6 4.4 7.2
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 96.6 96.5 96.2 91.2 81.5 81.8 90.7
year-on-year (points) 4.0 2.1 3.3 -0.5 -2.8 4.9 1.9
ADR actual (JPY) 30,853 55,473 28,917 29,533 29,899 26,559 33,917
year-on-year (%) 7.7 9.9 6.3 -0.3 -0.4 6.2 5.5
RevPAR actual (JPY) 29,801 53,527 27,827 26,937 24,380 21,719 30,749
year-on-year (%) 12.4 12.3 10.2 -0.8 -3.7 12.9 7.7
Gross Revenue actual (JPY mn) 271 411 250 246 216 213 1,609
year-on-year (%) 12.0 9.8 10.3 2.1 -1.5 13.2 7.8
    (Note 1) This property was acquired on August 1, 2023.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 79.5 86.6 92.4 92.1 87.3 88.1 87.7
year-on-year (points) -5.5 -4.6 -1.8 0.7 0.9 6.5 -0.6
ADR actual (JPY) 6,715 7,696 8,934 8,065 9,512 7,189 8,057
year-on-year (%) 12.1 12.6 17.9 6.5 18.1 9.1 13.1
RevPAR actual (JPY) 5,339 6,663 8,256 7,429 8,308 6,336 7,064
year-on-year (%) 4.9 6.8 15.5 7.4 19.3 17.8 12.3
Gross Revenue actual (JPY mn) 29 31 44 38 43 33 219
year-on-year (%) 6.0 3.6 13.7 6.2 16.6 15.8 10.5
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 84.3 85.0 88.5 90.9 90.9 90.8 88.4
year-on-year (points) -0.5 -5.5 -0.8 -0.6 -0.5 13.0 0.9
ADR actual (JPY) 8,966 10,459 8,157 10,507 10,872 7,770 9,455
year-on-year (%) 36.2 4.2 5.4 21.6 5.9 -3.3 10.2
RevPAR actual (JPY) 7,556 8,888 7,216 9,551 9,879 7,054 8,355
year-on-year (%) 35.4 -2.1 4.5 20.8 5.3 12.9 11.2
Gross Revenue actual (JPY mn) 40 45 36 48 48 38 258
year-on-year (%) 31.6 -4.7 4.5 18.5 4.0 12.6 9.7
    (Note 1) This property was acquired on August 1, 2023.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 77.9 80.4 76.5 80.6 83.8 83.0 80.4
year-on-year (points) 4.7 0.8 2.3 4.4 10.1 3.4 4.3
ADR actual (JPY) 7,760 8,807 6,947 17,219 11,038 10,298 10,382
year-on-year (%) 6.6 7.8 1.6 7.9 10.4 8.7 8.0
RevPAR actual (JPY) 6,047 7,079 5,313 13,875 9,252 8,550 8,342
year-on-year (%) 13.5 8.9 4.8 14.2 25.4 13.4 14.1
Gross Revenue actual (JPY mn) 28 30 25 59 42 38 225
year-on-year (%) 9.3 7.5 0.5 12.8 24.4 12.5 12.0
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 86.2 92.2 87.0 90.7 76.7 66.6 83.2
year-on-year (points) 4.8 6.0 0.4 4.2 0.7 -9.3 1.1
ADR actual (JPY) 11,618 22,810 12,475 15,632 11,286 8,196 14,078
year-on-year (%) 16.5 11.8 10.2 5.0 3.2 10.7 11.2
RevPAR actual (JPY) 10,011 21,026 10,849 14,173 8,656 5,460 11,717
year-on-year (%) 23.3 19.6 10.8 10.2 4.2 -2.9 12.7
Gross Revenue actual (JPY mn) 45 92 47 62 39 25 314
year-on-year (%) 23.6 19.5 10.8 9.9 7.4 -5.7 12.7
    (Note 1) This property was acquired on August 1, 2023.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 85.8 92.4 93.7 94.0 88.0 89.8 90.6
year-on-year (points) 0.9 0.2 -0.1 2.0 -3.9 -1.1 -0.3
ADR actual (JPY) 8,108 11,738 10,653 10,854 11,385 9,827 10,432
year-on-year (%) 15.6 39.7 8.4 11.2 1.1 16.1 13.9
RevPAR actual (JPY) 6,954 10,843 9,981 10,205 10,014 8,821 9,447
year-on-year (%) 16.9 40.1 8.3 13.6 -3.1 14.7 13.5
Gross Revenue actual (JPY mn) 31 41 42 43 42 36 238
year-on-year (%) 15.4 30.4 7.4 12.8 -4.3 10.2 10.8
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 87.0 92.4 91.0 92.6 91.0 92.5 91.1
year-on-year (points) -3.2 1.8 6.1 5.4 0.7 4.6 2.6
ADR actual (JPY) 9,132 10,389 14,179 9,354 13,380 10,617 11,153
year-on-year (%) 21.4 -19.0 65.1 -3.5 19.6 5.8 11.6
RevPAR actual (JPY) 7,940 9,596 12,901 8,662 12,174 9,819 10,156
year-on-year (%) 17.1 -17.4 77.0 2.4 20.6 11.4 14.8
Gross Revenue actual (JPY mn) 35 42 52 38 49 43 261
year-on-year (%) 14.2 -13.3 67.4 4.9 19.0 12.9 14.7
    (Note 1) This property was acquired on August 1, 2023.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 73.8 81.1 69.1 69.3 64.9 63.3 70.1
year-on-year (points) 7.6 12.4 21.8 0.9 2.3 3.9 8.1
ADR actual (JPY) 12,486 10,052 11,055 14,980 15,451 10,977 12,461
year-on-year (%) -9.4 -15.5 -12.0 3.5 3.8 -4.5 -5.9
RevPAR actual (JPY) 9,219 8,154 7,641 10,374 10,031 6,952 8,738
year-on-year (%) 1.0 -0.3 28.5 4.8 7.6 1.8 6.4
Gross Revenue actual (JPY mn) 54 46 47 51 51 40 291
year-on-year (%) 13.2 14.3 38.1 7.1 9.1 9.5 14.3
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 58.8 82.3 71.6 87.8 75.2 63.7 73.2
year-on-year (points) 3.9 0.3 -3.8 2.6 -9.9 2.4 -0.7
ADR actual (JPY) 12,523 24,177 12,694 16,908 13,296 14,515 16,063
year-on-year (%) -11.8 7.3 10.3 8.4 12.2 6.0 6.6
RevPAR actual (JPY) 7,367 19,887 9,087 14,843 9,999 9,242 11,761
year-on-year (%) -5.5 7.7 4.7 11.6 -0.8 10.1 5.6
Gross Revenue actual (JPY mn) 41 85 48 71 53 48 348
year-on-year (%) 4.3 9.2 4.0 10.5 -2.3 8.9 6.2
    (Note 1) This property was acquired on August 1, 2023.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 79.7 77.3 83.7 97.8 96.9 97.6 88.9
year-on-year (points) 6.3 -4.3 0.0 21.4 26.1 24.0 12.4
ADR actual (JPY) 15,858 16,489 18,818 21,745 24,573 23,905 20,584
year-on-year (%) 13.3 2.2 -1.3 17.2 41.1 64.6 23.5
RevPAR actual (JPY) 12,646 12,738 15,743 21,259 23,820 23,324 18,302
year-on-year (%) 23.0 -3.2 -1.3 50.1 93.2 118.4 43.4
Gross Revenue actual (JPY mn) 516 484 538 573 669 651 3,434
year-on-year (%) 9.4 -4.4 -1.1 24.3 45.9 52.4 19.6
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 96.8 97.0 97.3 94.7 86.8 75.9 91.4
year-on-year (points) 17.7 17.5 20.9 5.9 3.2 -11.5 8.9
ADR actual (JPY) 25,676 29,654 31,229 26,968 19,339 20,374 25,854
year-on-year (%) 49.4 57.6 85.9 47.6 8.4 5.3 43.0
RevPAR actual (JPY) 24,864 28,775 30,383 25,532 16,780 15,463 23,633
year-on-year (%) 82.7 92.3 136.7 57.4 12.6 -8.5 58.4
Gross Revenue actual (JPY mn) 667 749 761 713 554 567 4,014
year-on-year (%) 43.2 51.2 77.2 39.2 17.1 -0.7 36.1
    (Note 1) This property was acquired on July 31, 2024.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 75.8 73.1 82.7 80.7 80.4 86.9 80.0
year-on-year (points) 23.2 11.8 11.5 -1.0 -2.7 3.4 7.8
ADR actual (JPY) 13,066 13,030 11,909 16,551 18,894 17,252 15,196
year-on-year (%) 5.4 4.9 3.7 -0.6 6.1 -2.1 0.7
RevPAR actual (JPY) 9,904 9,523 9,845 13,360 15,195 14,985 12,156
year-on-year (%) 51.7 25.2 20.6 -1.8 2.6 1.9 11.5
Gross Revenue actual (JPY mn) 255 230 258 304 348 327 1,726
year-on-year (%) 40.0 22.3 19.5 4.6 5.7 0.4 12.4
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 83.6 83.5 87.3 93.7 87.0 77.1 85.3
year-on-year (points) 6.0 -3.8 2.9 5.1 3.5 -2.2 1.9
ADR actual (JPY) 19,256 26,851 19,455 16,672 13,708 15,330 18,544
year-on-year (%) -14.6 -6.0 -7.2 -6.2 0.7 -1.2 -6.9
RevPAR actual (JPY) 16,090 22,425 16,980 15,620 11,927 11,814 15,824
year-on-year (%) -8.1 -10.1 -4.1 -0.8 4.9 -4.0 -4.8
Gross Revenue actual (JPY mn) 368 449 377 378 327 312 2,213
year-on-year (%) -1.4 -5.4 2.0 5.6 13.9 0.2 1.7
    (Note 1) This property was acquired on July 31, 2024.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 93.0 94.2 95.0 96.0 92.3 94.4 94.2
year-on-year (points) 1.3 0.6 0.1 0.9 1.4 1.7 1.0
ADR actual (JPY) 19,580 20,612 22,692 27,067 21,159 18,567 21,640
year-on-year (%) 29.6 15.7 6.8 30.1 20.6 7.0 18.0
RevPAR actual (JPY) 18,204 19,420 21,567 25,997 19,534 17,528 20,375
year-on-year (%) 31.5 16.5 6.9 31.3 22.5 9.0 19.3
Gross Revenue actual (JPY mn) 190 141 158 181 154 153 979
year-on-year (%) 21.2 12.4 7.0 25.9 12.8 5.9 14.3
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 92.5 91.2 90.4 93.9 93.6 95.2 92.8
year-on-year (points) -0.1 1.5 1.6 -0.9 0.1 4.0 1.0
ADR actual (JPY) 18,239 17,170 17,400 22,128 25,651 24,473 20,888
year-on-year (%) -1.2 -2.7 4.3 9.0 8.9 1.8 3.6
RevPAR actual (JPY) 16,869 15,657 15,730 20,780 24,005 23,307 19,386
year-on-year (%) -1.3 -1.1 6.2 7.9 9.0 6.3 4.8
Gross Revenue actual (JPY mn) 147 114 129 172 190 184 938
year-on-year (%) 5.8 -2.2 12.1 16.3 9.7 5.1 8.0
    (Note 1) This property was acquired on July 31, 2024.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 86.8 89.1 83.4 83.6 87.6 78.2 84.8
year-on-year (points) 14.7 11.6 -3.6 2.7 7.9 0.9 5.7
ADR actual (JPY) 8,873 11,406 11,035 9,803 11,185 8,797 10,199
year-on-year (%) 5.1 10.8 16.9 11.1 11.9 5.7 10.6
RevPAR actual (JPY) 7,706 10,161 9,202 8,198 9,796 6,877 8,644
year-on-year (%) 26.5 27.4 12.1 14.8 23.1 7.0 18.5
Gross Revenue actual (JPY mn) 53 61 62 54 66 46 345
year-on-year (%) 32.4 33.7 21.2 18.8 22.0 5.7 22.2
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 85.9 93.7 88.7 92.3 91.0 85.5 89.5
year-on-year (points) -1.1 5.0 4.9 6.5 3.8 1.1 3.4
ADR actual (JPY) 9,431 10,830 10,521 11,657 13,351 10,238 11,020
year-on-year (%) 4.8 -6.4 4.0 1.2 -7.7 -0.9 -1.3
RevPAR actual (JPY) 8,100 10,147 9,335 10,760 12,155 8,748 9,865
year-on-year (%) 3.5 -1.1 10.1 8.9 -3.6 0.4 2.6
Gross Revenue actual (JPY mn) 56 70 62 74 80 62 406
year-on-year (%) 3.1 1.3 10.5 10.3 -3.7 5.2 4.0
    (Note 1) This property was acquired on July 31, 2024.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 55.1 74.8 66.3 73.1 81.3 79.3 71.6
year-on-year (points) -7.4 2.6 -3.8 5.9 11.7 6.4 2.5
ADR actual (JPY) 7,751 8,425 7,247 16,876 11,126 10,668 10,517
year-on-year (%) 4.8 9.5 2.6 11.3 6.5 9.7 10.0
RevPAR actual (JPY) 4,270 6,304 4,808 12,336 9,047 8,459 7,526
year-on-year (%) -7.7 13.4 -3.0 21.1 24.4 19.2 14.0
Gross Revenue actual (JPY mn) 44 55 53 100 82 76 412
year-on-year (%) -7.0 8.4 -8.4 17.9 19.3 11.2 8.5
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 83.3 86.8 83.2 85.7 75.9 68.1 80.5
year-on-year (points) 8.3 6.4 -1.0 1.6 0.9 0.7 2.9
ADR actual (JPY) 11,198 24,495 12,053 15,560 10,890 8,309 14,081
year-on-year (%) 4.6 8.6 4.0 8.2 6.8 9.0 7.7
RevPAR actual (JPY) 9,331 21,263 10,023 13,336 8,263 5,657 11,336
year-on-year (%) 16.3 17.2 2.7 10.3 8.2 10.1 11.7
Gross Revenue actual (JPY mn) 80 166 84 114 76 63 586
year-on-year (%) 10.4 15.9 -2.1 11.3 8.0 8.2 9.5
    (Note 1) This property was acquired on July 31, 2024.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 76.3 92.4 95.0 91.2 91.1 88.4 89.0
year-on-year (points) -6.5 2.2 0.8 5.8 4.3 -2.5 0.6
ADR actual (JPY) 39,109 32,014 32,464 29,541 33,484 27,059 32,161
year-on-year (%) 14.2 -2.6 -6.8 -4.0 -0.2 -8.6 -1.6
RevPAR actual (JPY) 29,842 29,582 30,845 26,927 30,499 23,910 28,620
year-on-year (%) 5.3 -0.2 -6.0 2.6 4.8 -11.1 -0.8
Gross Revenue actual (JPY mn) 94 89 103 89 99 81 558
year-on-year (%) 8.3 4.3 3.2 11.9 13.6 -1.3 6.6
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 93.0 98.4 92.5 91.0 90.7 88.6 92.4
year-on-year (points) -0.8 12.0 9.3 4.6 5.6 3.2 5.6
ADR actual (JPY) 27,723 37,011 27,814 32,505 33,580 39,466 33,032
year-on-year (%) -20.2 -11.3 -11.2 0.8 0.4 8.2 -5.7
RevPAR actual (JPY) 25,788 36,403 25,741 29,589 30,446 34,953 30,513
year-on-year (%) -20.9 1.1 -1.3 6.2 7.1 12.2 0.4
Gross Revenue actual (JPY mn) 89 117 87 98 98 115 606
year-on-year (%) -12.2 10.8 8.2 9.1 12.7 16.5 7.3
    (Note 1) This property was acquired on July 31, 2024.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 86.6 88.4 87.4 83.6 77.5 77.0 83.4
year-on-year (points) 5.6 3.5 1.3 -0.8 -6.1 -10.7 -1.2
ADR actual (JPY) 7,445 9,063 8,819 7,243 8,470 6,989 8,017
year-on-year (%) 2.3 -6.2 -0.4 -5.1 0.4 -7.7 -2.6
RevPAR actual (JPY) 6,450 8,012 7,710 6,053 6,567 5,378 6,684
year-on-year (%) 9.3 -2.3 1.2 -6.0 -7.0 -18.9 -4.1
Gross Revenue actual (JPY mn) 74 75 82 63 74 61 431
year-on-year (%) 6.3 -8.7 -5.0 -10.8 -5.9 -16.9 -6.9
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 74.5 91.4 82.2 87.0 84.9 85.3 84.2
year-on-year (points) -12.4 5.1 -5.0 1.3 -6.1 -2.7 -3.3
ADR actual (JPY) 7,179 9,105 7,173 7,855 9,642 7,884 8,173
year-on-year (%) -10.7 -9.9 -14.6 -9.8 -2.7 -2.9 -8.0
RevPAR actual (JPY) 5,351 8,323 5,899 6,833 8,188 6,724 6,884
year-on-year (%) -23.4 -4.6 -19.5 -8.4 -9.2 -5.8 -11.4
Gross Revenue actual (JPY mn) 61 87 62 75 84 86 457
year-on-year (%) -16.8 3.2 -16.1 -0.6 -11.9 -4.8 -7.6
    (Note 1) This property was acquired on July 31, 2024.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 91.8 93.1 93.4 93.4 88.5 90.9 91.8
year-on-year (points) 4.8 1.7 3.6 7.3 5.2 3.5 4.4
ADR actual (JPY) 10,506 13,429 12,771 10,463 12,360 9,028 11,415
year-on-year (%) 1.7 14.4 8.4 9.8 15.2 -12.7 6.2
RevPAR actual (JPY) 9,646 12,500 11,929 9,773 10,937 8,206 10,482
year-on-year (%) 7.4 16.5 12.8 19.2 22.4 -9.2 11.5
Gross Revenue actual (JPY mn) 93 111 133 117 115 107 678
year-on-year (%) 6.7 4.9 7.6 14.3 -11.6 -5.3 2.1
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 94.1 92.0 89.8 93.5 94.1 94.5 93.0
year-on-year (points) 2.2 -2.2 -1.3 2.2 0.5 3.2 0.8
ADR actual (JPY) 11,058 13,881 10,114 12,189 13,664 11,532 12,082
year-on-year (%) -5.9 3.8 6.1 18.6 5.2 4.0 4.9
RevPAR actual (JPY) 10,410 12,769 9,081 11,399 12,851 10,892 11,236
year-on-year (%) -3.7 1.3 4.6 21.4 5.7 7.7 5.7
Gross Revenue actual (JPY mn) 101 108 113 134 207 155 820
year-on-year (%) 0.6 2.7 13.1 -1.0 17.8 2.2 6.5
    (Note 1) This property was acquired on July 31, 2024.
    (Note 2) There is a building operating as "Suisui Garden Ryokan" on the property site. The building is not owned by INV, but INV has agreed with the owner of the building to include the revenue from the operation of the building in the GOP of the property and collect it as part of the property's rent, assuming that INV will bear repair costs, etc. of the building. Therefore, the number of guest rooms of the property is 93, including the three guest rooms of the "Suisui Garden Ryokan".
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 86.7 86.1 83.3 79.9 86.4 76.4 83.1
year-on-year (points) 5.0 4.6 2.5 3.9 10.0 -4.6 3.6
ADR actual (JPY) 10,665 18,027 11,150 8,757 10,869 8,469 11,326
year-on-year (%) 10.5 4.4 -1.2 -10.7 -6.7 -3.7 -0.5
RevPAR actual (JPY) 9,251 15,528 9,291 6,995 9,386 6,470 9,417
year-on-year (%) 17.2 10.3 1.9 -6.1 5.5 -9.1 4.0
Gross Revenue actual (JPY mn) 69 83 65 48 60 49 376
year-on-year (%) 17.6 6.6 -0.9 -6.1 1.3 -5.2 2.7
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 82.1 86.2 84.4 88.0 82.5 83.9 84.5
year-on-year (points) 0.4 13.2 12.2 7.7 -1.5 -2.2 5.0
ADR actual (JPY) 9,907 11,556 9,184 9,971 12,440 10,585 10,600
year-on-year (%) -3.7 2.1 -16.8 -4.0 -4.7 3.1 -4.1
RevPAR actual (JPY) 8,137 9,966 7,748 8,777 10,262 8,878 8,961
year-on-year (%) -3.2 20.6 -2.8 5.3 -6.4 0.4 1.9
Gross Revenue actual (JPY mn) 62 68 49 63 68 67 379
year-on-year (%) 6.4 26.5 -1.5 7.7 -4.5 2.5 5.6
    (Note 1) This property was acquired on July 31, 2024.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 76.3 82.2 85.0 74.8 78.3 65.1 76.9
year-on-year (points) 16.9 4.4 7.8 4.2 4.8 -4.3 5.7
ADR actual (JPY) 8,993 9,744 9,872 8,277 10,108 6,964 9,078
year-on-year (%) 8.6 -3.2 1.6 -7.0 -6.6 -12.2 -2.9
RevPAR actual (JPY) 6,865 8,009 8,396 6,188 7,915 4,534 6,985
year-on-year (%) 39.6 2.2 11.8 -1.5 -0.6 -17.7 4.8
Gross Revenue actual (JPY mn) 72 74 89 67 82 53 440
year-on-year (%) 27.0 -1.9 7.2 2.3 3.6 -11.2 4.2
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 73.3 87.6 68.7 72.6 84.2 78.0 77.4
year-on-year (points) -7.7 5.1 -5.7 -4.0 -2.6 0.8 -2.3
ADR actual (JPY) 7,948 13,297 8,490 9,072 10,653 10,749 10,180
year-on-year (%) -12.7 8.3 -14.2 -5.8 0.7 3.7 -1.5
RevPAR actual (JPY) 5,823 11,651 5,833 6,583 8,973 8,388 7,880
year-on-year (%) -21.0 15.0 -20.8 -10.8 -2.3 4.8 -4.3
Gross Revenue actual (JPY mn) 65 110 64 63 94 90 489
year-on-year (%) -10.5 20.7 -2.9 -14.2 0.2 5.3 0.7
    (Note 1) This property was acquired on July 31, 2024.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 78.6 82.8 94.6 92.6 93.5 81.8 87.4
year-on-year (points) 21.9 3.9 7.0 4.2 3.0 -4.9 6.0
ADR actual (JPY) 18,056 15,137 20,573 19,586 21,126 15,305 18,499
year-on-year (%) 0.8 -3.9 0.9 -2.9 3.5 1.3 0.4
RevPAR actual (JPY) 14,197 12,535 19,467 18,144 19,749 12,521 16,170
year-on-year (%) 39.7 0.8 9.0 1.7 6.9 -4.5 7.8
Gross Revenue actual (JPY mn) 50 43 71 63 69 49 346
year-on-year (%) 23.9 -4.0 9.0 4.8 5.0 -4.8 5.3
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 85.1 89.9 84.9 96.8 94.9 91.1 90.5
year-on-year (points) -5.2 0.2 -7.3 6.2 0.3 0.4 -0.9
ADR actual (JPY) 17,518 26,246 18,602 22,361 25,479 19,118 21,652
year-on-year (%) 2.1 0.8 17.8 13.7 5.1 4.9 7.2
RevPAR actual (JPY) 14,905 23,600 15,799 21,655 24,187 17,422 19,590
year-on-year (%) -3.8 1.0 8.5 21.4 5.5 5.3 6.2
Gross Revenue actual (JPY mn) 54 76 53 72 77 65 399
year-on-year (%) -5.7 2.6 -2.3 11.6 3.8 6.4 3.0
    (Note 1) This property was acquired on July 31, 2024.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 80.5 89.3 87.6 85.2 92.9 75.5 85.1
year-on-year (points) 11.6 15.1 -2.1 1.4 16.6 -0.4 7.0
ADR actual (JPY) 19,136 15,534 20,418 20,399 18,792 17,255 18,646
year-on-year (%) 11.7 -1.3 15.7 28.9 0.0 20.9 12.3
RevPAR actual (JPY) 15,403 13,870 17,894 17,371 17,464 13,023 15,877
year-on-year (%) 30.5 18.8 13.0 31.1 21.7 20.3 22.3
Gross Revenue actual (JPY mn) 51 45 58 52 56 42 307
year-on-year (%) 29.0 24.3 14.7 21.0 23.5 14.0 20.9
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 59.0 82.4 81.3 97.5 94.9 81.9 82.8
year-on-year (points) -11.6 0.2 1.8 5.4 1.0 -0.5 -0.6
ADR actual (JPY) 18,163 19,028 15,573 19,188 21,588 21,158 19,236
year-on-year (%) 34.3 9.8 4.4 6.4 8.0 8.0 10.5
RevPAR actual (JPY) 10,714 15,681 12,668 18,702 20,492 17,323 15,923
year-on-year (%) 12.2 10.1 6.8 12.7 9.2 7.4 9.7
Gross Revenue actual (JPY mn) 33 47 40 59 61 54 296
year-on-year (%) -3.1 1.7 -0.1 10.5 4.2 5.6 3.7
    (Note 1) This property was acquired on July 31, 2024.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) - - - - - - -
year-on-year (points) - - - - - - -
ADR actual (JPY) - - - - - - -
year-on-year (%) - - - - - - -
RevPAR actual (JPY) - - - - - - -
year-on-year (%) - - - - - - -
Gross Revenue actual (JPY mn) - - - - - - -
year-on-year (%) - - - - - - -
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) - - 85.3 83.2 87.0 81.4 84.2
year-on-year (points) - - 6.6 9.2 4.0 6.5 -
ADR actual (JPY) - - 16,078 14,360 16,580 19,869 16,705
year-on-year (%) - - 12.2 22.8 27.2 7.2 -
RevPAR actual (JPY) - - 13,708 11,947 14,423 16,173 14,063
year-on-year (%) - - 21.5 38.0 33.4 16.5 -
Gross Revenue actual (JPY mn) - - 161 152 171 178 663
year-on-year (%) - - 18.5 28.9 25.0 16.8 -
    (Note 1) This property was acquired on August 27, 2025. The day of operation in August 2025 is only five days, so the figures for August 2025 are not disclosed.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) - - - - - - -
year-on-year (points) - - - - - - -
ADR actual (JPY) - - - - - - -
year-on-year (%) - - - - - - -
RevPAR actual (JPY) - - - - - - -
year-on-year (%) - - - - - - -
Gross Revenue actual (JPY mn) - - - - - - -
year-on-year (%) - - - - - - -
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) - - 71.7 69.4 78.8 82.5 75.6
year-on-year (points) - - -8.6 -9.7 -6.7 4.0 -
ADR actual (JPY) - - 13,748 17,048 20,721 23,030 18,878
year-on-year (%) - - -1.8 1.3 -0.1 9.2 -
RevPAR actual (JPY) - - 9,853 11,838 16,327 18,995 14,272
year-on-year (%) - - -12.3 -11.2 -8.0 14.7 -
Gross Revenue actual (JPY mn) - - 132 152 180 219 684
year-on-year (%) - - -9.6 -7.0 -7.5 10.5 -
    (Note 1) This property was acquired on August 27, 2025. The day of operation in August 2025 is only five days, so the figures for August 2025 are not disclosed.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) - - - - - - -
year-on-year (points) - - - - - - -
ADR actual (JPY) - - - - - - -
year-on-year (%) - - - - - - -
RevPAR actual (JPY) - - - - - - -
year-on-year (%) - - - - - - -
Gross Revenue actual (JPY mn) - - - - - - -
year-on-year (%) - - - - - - -
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) - - 76.8 88.7 96.7 93.8 89.0
year-on-year (points) - - 1.4 9.5 11.4 15.8 -
ADR actual (JPY) - - 19,010 22,329 27,058 27,817 24,357
year-on-year (%) - - 5.4 18.2 20.6 9.7 -
RevPAR actual (JPY) - - 14,602 19,808 26,169 26,088 21,688
year-on-year (%) - - 7.3 32.3 36.8 31.9 -
Gross Revenue actual (JPY mn) - - 68 89 105 105 368
year-on-year (%) - - 19.8 36.8 42.4 41.3 -
    (Note 1) This property was acquired on August 27, 2025. The day of operation in August 2025 is only five days, so the figures for August 2025 are not disclosed.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) - - - - - - -
year-on-year (points) - - - - - - -
ADR actual (JPY) - - - - - - -
year-on-year (%) - - - - - - -
RevPAR actual (JPY) - - - - - - -
year-on-year (%) - - - - - - -
Gross Revenue actual (JPY mn) - - - - - - -
year-on-year (%) - - - - - - -
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) - - 98.8 96.9 95.3 96.0 96.8
year-on-year (points) - - 2.2 1.5 -0.2 6.7 -
ADR actual (JPY) - - 20,498 28,241 35,062 30,277 28,462
year-on-year (%) - - 6.1 14.2 30.5 10.4 -
RevPAR actual (JPY) - - 20,259 27,375 33,426 29,056 27,540
year-on-year (%) - - 8.6 16.0 30.2 18.7 -
Gross Revenue actual (JPY mn) - - 97 120 132 122 472
year-on-year (%) - - 7.8 12.5 20.5 14.1 -
    (Note 1) This property was acquired on August 27, 2025. The day of operation in August 2025 is only five days, so the figures for August 2025 are not disclosed.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) - - - - - - -
year-on-year (points) - - - - - - -
ADR actual (JPY) - - - - - - -
year-on-year (%) - - - - - - -
RevPAR actual (JPY) - - - - - - -
year-on-year (%) - - - - - - -
Gross Revenue actual (JPY mn) - - - - - - -
year-on-year (%) - - - - - - -
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) - - 87.2 76.2 79.8 67.4 77.6
year-on-year (points) - - 6.1 3.1 12.8 -3.6 -
ADR actual (JPY) - - 18,734 18,095 19,085 27,089 20,510
year-on-year (%) - - -5.3 3.8 -1.9 14.1 -
RevPAR actual (JPY) - - 16,336 13,783 15,226 18,269 15,906
year-on-year (%) - - 1.8 8.2 16.8 8.4 -
Gross Revenue actual (JPY mn) - - 81 70 75 80 308
year-on-year (%) - - 8.3 12.8 23.9 5.2 -
    (Note 1) This property was acquired on August 27, 2025. The day of operation in August 2025 is only five days, so the figures for August 2025 are not disclosed.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) - - - - - - -
year-on-year (points) - - - - - - -
ADR actual (JPY) - - - - - - -
year-on-year (%) - - - - - - -
RevPAR actual (JPY) - - - - - - -
year-on-year (%) - - - - - - -
Gross Revenue actual (JPY mn) - - - - - - -
year-on-year (%) - - - - - - -
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) - - 90.2 92.1 91.9 88.9 90.8
year-on-year (points) - - 8.8 3.2 4.7 2.5 -
ADR actual (JPY) - - 6,815 7,056 7,687 7,506 7,266
year-on-year (%) - - -5.9 -4.5 -3.2 0.6 -
RevPAR actual (JPY) - - 6,145 6,498 7,068 6,671 6,595
year-on-year (%) - - 4.2 -1.0 2.0 3.6 -
Gross Revenue actual (JPY mn) - - 37 40 42 41 163
year-on-year (%) - - 4.8 -0.4 3.0 2.5 -
    (Note 1) This property was acquired on August 27, 2025. The day of operation in August 2025 is only five days, so the figures for August 2025 are not disclosed.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) - - - - - - -
year-on-year (points) - - - - - - -
ADR actual (JPY) - - - - - - -
year-on-year (%) - - - - - - -
RevPAR actual (JPY) - - - - - - -
year-on-year (%) - - - - - - -
Gross Revenue actual (JPY mn) - - - - - - -
year-on-year (%) - - - - - - -
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) - - 88.2 89.9 96.7 87.7 90.6
year-on-year (points) - - 9.7 8.5 14.6 -8.4 -
ADR actual (JPY) - - 18,152 22,134 27,623 28,272 24,131
year-on-year (%) - - -14.0 1.1 3.8 31.5 -
RevPAR actual (JPY) - - 16,010 19,898 26,702 24,789 21,858
year-on-year (%) - - -3.4 11.7 22.4 20.1 -
Gross Revenue actual (JPY mn) - - 61 72 87 86 308
year-on-year (%) - - 5.6 16.2 22.3 14.2 -
    (Note 1) This property was acquired on August 27, 2025. The day of operation in August 2025 is only five days, so the figures for August 2025 are not disclosed.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) - - - - - - -
year-on-year (points) - - - - - - -
ADR actual (JPY) - - - - - - -
year-on-year (%) - - - - - - -
RevPAR actual (JPY) - - - - - - -
year-on-year (%) - - - - - - -
Gross Revenue actual (JPY mn) - - - - - - -
year-on-year (%) - - - - - - -
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) - - 77.2 86.2 89.2 63.0 78.8
year-on-year (points) - - 6.0 20.3 1.3 4.4 -
ADR actual (JPY) - - 14,730 14,785 16,894 16,979 15,804
year-on-year (%) - - 6.1 2.0 4.1 23.9 -
RevPAR actual (JPY) - - 11,369 12,739 15,063 10,691 12,453
year-on-year (%) - - 15.1 33.4 5.6 33.2 -
Gross Revenue actual (JPY mn) - - 43 53 56 41 193
year-on-year (%) - - 12.6 39.0 10.0 22.8 -
    (Note 1) This property was acquired on August 27, 2025. The day of operation in August 2025 is only five days, so the figures for August 2025 are not disclosed.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) - - - - - - -
year-on-year (points) - - - - - - -
ADR actual (JPY) - - - - - - -
year-on-year (%) - - - - - - -
RevPAR actual (JPY) - - - - - - -
year-on-year (%) - - - - - - -
Gross Revenue actual (JPY mn) - - - - - - -
year-on-year (%) - - - - - - -
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) - - 91.6 97.1 99.5 95.5 95.9
year-on-year (points) - - 8.9 10.0 9.1 5.2 -
ADR actual (JPY) - - 12,184 12,525 15,071 16,360 14,065
year-on-year (%) - - 0.4 5.9 14.1 6.9 -
RevPAR actual (JPY) - - 11,155 12,157 14,993 15,621 13,488
year-on-year (%) - - 11.2 18.1 25.7 13.0 -
Gross Revenue actual (JPY mn) - - 36 44 48 52 182
year-on-year (%) - - 9.4 24.7 23.6 16.2 -
    (Note 1) This property was acquired on August 27, 2025. The day of operation in August 2025 is only five days, so the figures for August 2025 are not disclosed.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) - - - - - - -
year-on-year (points) - - - - - - -
ADR actual (JPY) - - - - - - -
year-on-year (%) - - - - - - -
RevPAR actual (JPY) - - - - - - -
year-on-year (%) - - - - - - -
Gross Revenue actual (JPY mn) - - - - - - -
year-on-year (%) - - - - - - -
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) - - 83.5 92.9 94.8 87.9 89.8
year-on-year (points) - - 9.8 3.5 1.8 0.2 -
ADR actual (JPY) - - 11,575 14,178 17,060 16,544 14,920
year-on-year (%) - - -18.0 -4.1 -1.7 11.7 -
RevPAR actual (JPY) - - 9,665 13,172 16,178 14,543 13,397
year-on-year (%) - - -7.1 -0.3 0.2 11.9 -
Gross Revenue actual (JPY mn) - - 40 49 55 51 197
year-on-year (%) - - 3.2 3.7 1.9 12.7 -
    (Note 1) This property was acquired on August 27, 2025. The day of operation in August 2025 is only five days, so the figures for August 2025 are not disclosed.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 84.1 87.4 90.5 79.3 66.5 66.2 78.9
year-on-year (points) 3.6 5.9 0.6 -2.9 -8.1 -8.3 -1.6
ADR actual (USD) 766 809 821 759 495 467 702
year-on-year (%) 4.6 12.1 4.7 9.0 -5.1 -0.5 6.2
RevPAR actual (USD) 644 707 743 601 329 309 554
year-on-year (%) 9.3 20.2 5.4 5.2 -15.3 -11.6 4.1
Gross Revenue actual (USD'000) 11,756 10,963 13,267 10,607 6,650 6,013 59,258
year-on-year (%) 3.9 6.3 -3.6 -3.2 -15.8 -12.2 -3.0
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 74.7 54.5 29.8 52.7 75.3 80.4 61.3
year-on-year (points) 16.3 -7.1 -3.4 -2.2 9.6 1.2 2.4
ADR actual (USD) 421 360 283 337 482 1,022 534
year-on-year (%) 0.4 -4.6 4.9 -1.2 3.1 25.2 10.1
RevPAR actual (USD) 315 196 84 178 363 821 327
year-on-year (%) 28.5 -15.6 -5.8 -5.2 18.3 27.0 14.6
Gross Revenue actual (USD'000) 6,833 4,343 2,171 4,379 6,964 13,617 38,310
year-on-year (%) 41.0 -8.3 -8.3 4.9 11.0 27.4 15.8
    (Note 1) This property was acquired on Septemer 28, 2018.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 37.8 45.6 2.1 0.0 0.0 17.2 16.7
year-on-year (points) -43.8 -43.2 -87.1 -74.5 -66.4 -32.2 -58.2
ADR actual (USD) 377 355 345 0 0 237 346
year-on-year (%) 12.8 13.1 1.5 -100.0 -100.0 9.1 18.1
RevPAR actual (USD) 143 162 7 3 0 41 58
year-on-year (%) -47.6 -42.0 -97.6 -98.6 -100.0 -62.1 -73.6
Gross Revenue actual (USD'000) 886 904 57 11 0 177 2,037
year-on-year (%) -41.0 -37.9 -96.7 -99.0 -100.0 -73.8 -72.6
2025/07 2025/08 2025/09 2025/10 2025/11 2025/12 2025/07～12
Occupancy Rate actual (%) 9.5 0.0 0.0 0.0 0.4 0.3 6.8
year-on-year (points) -22.4 -32.9 -28.7 -39.7 -43.8 -39.5 -29.3
ADR actual (USD) 229 0 0 0 385 510 443
year-on-year (%) 0.7 -100.0 -100.0 -100.0 56.9 35.5 84.8
RevPAR actual (USD) 22 0 0 0 2 156 30
year-on-year (%) -70.1 -100.0 -100.0 -100.0 -98.6 4.6 -65.1
Gross Revenue actual (USD'000) 98 0 2 4 19 673 799
year-on-year (%) -81.2 -99.9 -99.2 -98.9 -97.0 -27.9 -75.8
    (Note 1) This property was acquired on Septemer 28, 2018.
    (Note 2) Renovation Period: August 5, 2024 - December 24, 2025.

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