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)
Occupancy Rate actual (%) 80.0 84.9 85.2 84.8 84.9 - 83.9
ADR actual (JPY) 11,982 13,357 13,710 15,094 14,552 - 13,759
RevPAR actual (JPY) 9,581 11,335 11,675 12,803 12,357 - 11,546
Gross Revenue actual (JPY mn) 7,007 7,155 8,315 8,526 8,620 - 39,625
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
Occupancy Rate actual (%) 71.3 75.8 66.1 57.4 48.1 - 63.5
ADR actual (USD) 709 734 817 760 495 - 713
RevPAR actual (USD) 505 556 540 436 238 - 453
Gross Revenue actual (USD'000) 12,642 11,868 13,324 10,618 6,650 - 55,104
  1. ADR and RevPAR are rounded to the nearest yen and Gross Revenue is rounded down to the indicated unit. Percentages are rounded to one decimal place.This applies hereinafter.
  2. # of properties shows the number of the hotels that are subject to the calculation for each month, and does not include the number of hotels under fixed rent contract. The number in the parenthesis shows the total number of hotels held by INV as of the end of the subject month, including the hotels under fixed rent contract. Please see the footnote of the individual hotels listed below to identify the hotels under fixed rent contract.
  3. Sheraton Grande Tokyo Bay Hotel, the underlying asset of the preferred equity interest acquired on October 13, 2017 is excluded from the performance calculation.
  4. “Gross Revenue” for 2018 shows the total revenue of the hotel, while “Gross Revenue” prior to 2018 showed the gross operating income of the hotel. Year-on-year change in 2018 shows the total revenue in 2018 vs. the total revenue in 2017. There is no significant difference between total revenue and gross operating income for the limited service hotels that account for the vast majority of INV's hotel portfolio.
  5. For below figures of each hotel, comparison for year-on-year is not made if the days of operation are less than one month. Year-on-year comparison for the six month cumulative figures is not provided if the property was not held as at the beginning of the fiscal period. Year-on-year comparison with the pre-acquisition period of each hotel is based on actual results provided by sellers.
  6. Figures for year-on-year comparison are not shown in the case that the figures cannot be calculated due to the closure, etc. during the previous year.

Individual Hotels

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2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 90.2 92.7 91.6 93.4 91.8 - 91.9
year-on-year (points) 11.6 6.7 2.6 3.1 2.7 - 5.3
ADR actual (JPY) 11,760 13,007 14,284 17,246 14,663 - 14,212
year-on-year (%) 29.4 17.4 3.4 29.7 20.1 - 18.7
RevPAR actual (JPY) 10,613 12,063 13,088 16,105 13,465 - 13,067
year-on-year (%) 48.6 26.6 6.5 34.2 23.6 - 26.0
Gross Revenue actual (JPY mn) 41 42 51 61 53 - 250
year-on-year (%) 47.1 22.1 7.1 33.9 23.3 - 25.0
    (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 - 89.8
year-on-year (points) 7.9 2.3 -4.3 0.5 3.8 - 2.1
ADR actual (JPY) 8,916 10,259 12,825 13,982 11,806 - 11,615
year-on-year (%) 30.5 33.5 45.1 64.8 37.4 - 42.7
RevPAR actual (JPY) 7,614 9,089 11,341 13,079 10,966 - 10,427
year-on-year (%) 43.9 37.1 38.3 65.7 43.1 - 46.1
Gross Revenue actual (JPY mn) 38 41 57 63 55 - 257
year-on-year (%) 42.6 31.0 37.7 62.5 42.1 - 43.7
    (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 - 81.3
year-on-year (points) 20.4 6.5 8.3 18.1 3.5 - 11.4
ADR actual (JPY) 9,768 8,435 15,698 20,061 14,730 - 14,183
year-on-year (%) 14.4 -3.6 -6.0 9.9 18.0 - 6.1
RevPAR actual (JPY) 6,125 6,695 13,419 18,010 13,131 - 11,528
year-on-year (%) 69.7 5.0 4.1 37.7 22.8 - 23.4
Gross Revenue actual (JPY mn) 47 47 101 129 98 - 424
year-on-year (%) 66.0 1.5 4.2 33.4 18.2 - 20.2
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 92.9 94.7 93.5 96.5 95.6 - 94.6
year-on-year (points) 2.7 3.9 0.8 3.5 3.8 - 2.9
ADR actual (JPY) 13,024 16,249 18,177 15,609 14,007 - 15,395
year-on-year (%) 16.1 7.9 8.2 37.2 5.8 - 13.7
RevPAR actual (JPY) 12,095 15,380 16,991 15,065 13,390 - 14,565
year-on-year (%) 19.5 12.5 9.1 42.4 10.2 - 17.3
Gross Revenue actual (JPY mn) 79 85 104 100 88 - 456
year-on-year (%) 21.8 10.1 8.2 30.4 12.8 - 16.1
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 96.9 96.7 96.1 96.7 93.4 - 95.9
year-on-year (points) 1.4 -0.4 -1.0 -0.3 -2.6 - -0.6
ADR actual (JPY) 25,782 27,323 31,952 29,492 25,877 - 28,100
year-on-year (%) 30.8 11.8 5.5 33.8 10.9 - 17.2
RevPAR actual (JPY) 24,978 26,434 30,692 28,531 24,161 - 26,959
year-on-year (%) 32.7 11.3 4.5 33.3 8.0 - 16.5
Gross Revenue actual (JPY mn) 75 70 91 82 72 - 391
year-on-year (%) 29.0 6.7 4.0 30.8 7.8 - 14.4
    (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 - 92.0
year-on-year (points) 22.1 18.6 8.9 12.3 11.0 - 14.5
ADR actual (JPY) 13,202 13,911 15,114 19,130 19,546 - 16,286
year-on-year (%) 15.1 1.5 -1.1 30.3 40.9 - 17.0
RevPAR actual (JPY) 11,266 12,998 13,848 18,049 18,678 - 14,987
year-on-year (%) 55.4 26.8 9.5 49.9 59.2 - 39.0
Gross Revenue actual (JPY mn) 59 60 70 86 91 - 368
year-on-year (%) 41.9 16.4 7.2 38.0 45.7 - 29.2
    (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 - 89.2
year-on-year (points) -0.7 0.3 1.0 6.6 1.5 - 1.7
ADR actual (JPY) 7,309 8,334 8,289 10,125 8,952 - 8,618
year-on-year (%) 14.2 11.2 5.4 13.9 22.5 - 13.7
RevPAR actual (JPY) 6,227 7,327 7,578 9,331 8,002 - 7,689
year-on-year (%) 13.3 11.6 6.6 22.7 24.6 - 15.9
Gross Revenue actual (JPY mn) 57 60 71 83 73 - 346
year-on-year (%) 11.5 5.3 4.4 22.1 22.1 - 13.2
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 81.4 88.6 90.7 97.1 93.3 - 90.2
year-on-year (points) 24.1 19.0 7.1 11.3 15.9 - 15.5
ADR actual (JPY) 7,880 8,096 8,590 10,443 11,771 - 9,440
year-on-year (%) 29.4 4.1 -0.6 26.2 44.9 - 19.6
RevPAR actual (JPY) 6,417 7,177 7,792 10,139 10,986 - 8,517
year-on-year (%) 83.9 32.5 7.8 42.9 74.6 - 44.3
Gross Revenue actual (JPY mn) 40 40 48 59 68 - 256
year-on-year (%) 75.0 28.3 7.6 42.3 72.8 - 42.0
    (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 (%) 86.8 93.6 96.1 93.0 88.8 - 91.6
year-on-year (points) 3.9 6.8 2.5 3.4 -1.4 - 3.0
ADR actual (JPY) 8,471 9,774 11,607 13,537 12,240 - 11,165
year-on-year (%) 14.3 3.9 -3.2 17.8 13.7 - 8.6
RevPAR actual (JPY) 7,354 9,150 11,155 12,584 10,864 - 10,227
year-on-year (%) 19.7 12.0 -0.6 22.2 11.9 - 12.2
Gross Revenue actual (JPY mn) 48 53 71 77 70 - 321
year-on-year (%) 17.3 5.1 -2.7 18.7 11.2 - 9.2
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 58.1 57.6 91.1 94.7 95.1 - 79.6
year-on-year (points) -21.3 -28.7 3.5 6.4 5.0 - -6.7
ADR actual (JPY) 9,887 11,733 14,408 17,849 14,126 - 14,116
year-on-year (%) 32.8 24.4 23.3 78.4 53.6 - 47.2
RevPAR actual (JPY) 5,748 6,754 13,118 16,902 13,436 - 11,242
year-on-year (%) -2.8 -17.0 28.2 91.3 62.2 - 35.8
Gross Revenue actual (JPY mn) 16 18 38 48 39 - 161
year-on-year (%) -3.7 -18.7 27.3 86.6 61.4 - 34.0
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 90.5 90.1 66.0 67.6 70.7 - 76.8
year-on-year (points) 6.0 0.0 -28.0 -20.7 -18.2 - -12.4
ADR actual (JPY) 9,957 14,589 12,720 12,094 13,759 - 12,545
year-on-year (%) 14.5 32.3 17.2 30.6 36.8 - 25.5
RevPAR actual (JPY) 9,012 13,150 8,396 8,176 9,735 - 9,635
year-on-year (%) 22.7 32.3 -17.7 0.0 8.8 - 8.1
Gross Revenue actual (JPY mn) 53 68 49 45 57 - 274
year-on-year (%) 26.8 28.8 -16.7 -0.8 8.8 - 8.3
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 87.6 93.6 95.4 95.3 95.5 - 93.5
year-on-year (points) 2.2 3.3 2.9 3.9 11.3 - 4.7
ADR actual (JPY) 19,350 20,823 23,058 29,677 20,372 - 22,707
year-on-year (%) 90.9 60.0 51.6 98.8 66.0 - 72.5
RevPAR actual (JPY) 16,945 19,489 22,008 28,281 19,454 - 21,223
year-on-year (%) 95.9 65.9 56.3 107.2 88.2 - 81.7
Gross Revenue actual (JPY mn) 37 38 47 58 42 - 224
year-on-year (%) 112.5 77.6 73.5 129.0 107.2 - 99.1
    (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 (%) 93.1 93.1 92.9 94.4 90.3 - 92.7
year-on-year (points) 5.8 1.7 -0.4 3.1 4.4 - 2.9
ADR actual (JPY) 9,286 11,412 12,897 12,833 12,472 - 11,779
year-on-year (%) 29.6 24.5 14.2 24.8 17.8 - 21.2
RevPAR actual (JPY) 8,641 10,626 11,978 12,114 11,259 - 10,922
year-on-year (%) 38.3 26.8 13.8 29.0 23.8 - 25.1
Gross Revenue actual (JPY mn) 19 21 27 26 25 - 119
year-on-year (%) 37.5 22.4 14.5 28.3 23.8 - 24.2
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 85.7 92.0 90.0 94.1 93.8 - 91.1
year-on-year (points) 3.3 0.6 -2.6 1.9 7.9 - 2.2
ADR actual (JPY) 10,046 11,387 12,872 15,042 11,981 - 12,305
year-on-year (%) 18.2 12.7 10.5 18.2 12.0 - 14.1
RevPAR actual (JPY) 8,608 10,478 11,588 14,158 11,243 - 11,210
year-on-year (%) 23.0 13.4 7.3 20.6 22.3 - 17.0
Gross Revenue actual (JPY mn) 14 16 19 23 19 - 93
year-on-year (%) 21.8 9.5 7.8 21.2 22.3 - 16.3
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 80.7 83.2 71.6 77.3 73.2 - 77.1
year-on-year (points) 1.1 -7.6 -20.0 -11.5 -12.4 - -10.1
ADR actual (JPY) 5,764 6,033 7,496 8,154 7,125 - 6,890
year-on-year (%) 11.1 17.9 36.7 41.8 29.6 - 27.3
RevPAR actual (JPY) 4,653 5,019 5,369 6,300 5,213 - 5,310
year-on-year (%) 12.7 8.0 6.9 23.4 10.8 - 12.5
Gross Revenue actual (JPY mn) 18 18 21 24 21 - 105
year-on-year (%) 11.7 4.4 7.2 22.6 10.4 - 11.4
    (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 (%) 81.3 83.2 83.4 88.8 84.7 - 84.3
year-on-year (points) 7.4 6.5 1.4 3.1 1.4 - 3.9
ADR actual (JPY) 5,513 5,761 5,994 6,437 6,239 - 5,999
year-on-year (%) 6.1 5.8 6.8 11.0 11.5 - 8.3
RevPAR actual (JPY) 4,480 4,794 5,001 5,717 5,283 - 5,056
year-on-year (%) 16.7 14.8 8.6 15.0 13.4 - 13.6
Gross Revenue actual (JPY mn) 14 14 16 18 17 - 81
year-on-year (%) 16.3 10.7 8.4 14.7 13.2 - 12.6
    (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 (%) 73.0 79.5 89.0 94.2 88.2 - 84.8
year-on-year (points) 9.8 9.6 4.5 6.6 5.1 - 7.1
ADR actual (JPY) 10,666 10,833 11,521 13,300 14,759 - 12,334
year-on-year (%) 18.9 -0.6 0.1 56.7 63.5 - 26.2
RevPAR actual (JPY) 7,792 8,617 10,257 12,522 13,019 - 10,464
year-on-year (%) 37.3 13.0 5.5 68.6 73.5 - 37.8
Gross Revenue actual (JPY mn) 27 27 36 42 45 - 178
year-on-year (%) 36.6 9.0 6.0 66.7 72.1 - 36.3
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 74.4 74.9 85.5 84.8 85.3 - 81.1
year-on-year (points) 5.0 -7.4 -0.7 5.7 5.9 - 1.8
ADR actual (JPY) 16,843 17,324 17,817 21,358 17,668 - 18,253
year-on-year (%) 27.2 21.8 4.6 15.8 11.7 - 15.3
RevPAR actual (JPY) 12,525 12,971 15,226 18,111 15,069 - 14,794
year-on-year (%) 36.4 10.8 3.7 24.2 20.0 - 18.0
Gross Revenue actual (JPY mn) 23 21 28 32 27 - 133
year-on-year (%) 37.0 4.6 3.6 23.5 18.9 - 16.4
    (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 - 79.4
year-on-year (points) 9.3 -1.6 -6.8 -13.0 1.7 - -2.0
ADR actual (JPY) 6,541 7,453 7,872 9,190 6,949 - 7,616
year-on-year (%) 11.0 21.5 19.3 41.6 7.5 - 20.0
RevPAR actual (JPY) 4,745 5,972 6,172 7,572 5,828 - 6,050
year-on-year (%) 27.3 19.1 9.8 22.3 9.6 - 17.0
Gross Revenue actual (JPY mn) 5 6 7 8 7 - 35
year-on-year (%) 24.8 14.9 10.1 21.8 11.0 - 16.1
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 72.4 80.0 81.8 84.1 77.9 - 79.2
year-on-year (points) 4.4 -4.0 -7.9 -11.8 4.5 - -2.9
ADR actual (JPY) 6,207 6,922 8,090 9,872 7,413 - 7,757
year-on-year (%) 13.2 12.4 23.4 45.7 20.8 - 23.7
RevPAR actual (JPY) 4,496 5,540 6,619 8,301 5,772 - 6,143
year-on-year (%) 20.5 7.1 12.5 27.8 28.3 - 19.4
Gross Revenue actual (JPY mn) 3 3 4 5 3 - 20
year-on-year (%) 21.3 4.6 13.0 28.4 28.6 - 19.3
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 98.2 100.0 99.8 99.9 99.0 - 99.4
year-on-year (points) 22.5 26.6 22.0 15.1 5.2 - 18.2
ADR actual (JPY) 7,176 8,660 10,424 11,852 10,012 - 9,637
year-on-year (%) 9.6 5.1 12.5 16.1 10.7 - 10.6
RevPAR actual (JPY) 7,049 8,660 10,408 11,845 9,912 - 9,578
year-on-year (%) 42.1 43.2 44.3 36.7 16.9 - 35.4
Gross Revenue actual (JPY mn) 101 112 149 163 142 - 669
year-on-year (%) 43.8 39.3 45.3 36.0 16.7 - 34.8
    (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 - 75.6
year-on-year (points) 22.4 11.4 16.4 3.5 2.1 - 11.2
ADR actual (JPY) 6,795 6,642 6,442 9,545 9,825 - 7,872
year-on-year (%) 9.0 8.5 6.6 6.1 7.0 - 5.2
RevPAR actual (JPY) 4,970 4,941 5,007 7,445 7,355 - 5,954
year-on-year (%) 57.1 28.2 35.1 11.1 10.0 - 23.5
Gross Revenue actual (JPY mn) 37 34 39 53 54 - 219
year-on-year (%) 46.5 18.6 29.7 9.8 8.8 - 19.3
    (Note 1) This property was acquired on February 6, 2015.
    (Note 2) The name of this property was changed from "Hotel Nets Hakodate" as of May 1, 2018.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 70.1 73.4 80.5 82.7 85.3 - 78.5
year-on-year (points) -0.5 -6.6 1.9 -2.8 6.6 - -0.1
ADR actual (JPY) 7,881 8,493 8,473 8,341 8,293 - 8,300
year-on-year (%) 20.5 18.8 7.9 6.6 11.2 - 12.3
RevPAR actual (JPY) 5,523 6,236 6,824 6,895 7,070 - 6,512
year-on-year (%) 19.7 9.1 10.5 3.0 20.5 - 12.1
Gross Revenue actual (JPY mn) 14 15 18 17 18 - 83
year-on-year (%) 19.5 7.3 11.0 3.3 20.1 - 11.8
    (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 - 95.4
year-on-year (points) -1.9 2.2 1.3 1.6 2.9 - 1.2
ADR actual (JPY) 13,048 13,677 14,658 17,283 14,116 - 14,571
year-on-year (%) 18.7 11.8 6.1 25.4 7.9 - 13.9
RevPAR actual (JPY) 11,861 13,323 14,079 16,647 13,619 - 13,899
year-on-year (%) 16.3 14.3 7.6 27.5 11.2 - 15.4
Gross Revenue actual (JPY mn) 70 70 83 95 79 - 399
year-on-year (%) 13.8 9.2 8.0 28.2 9.8 - 13.9
    (Note 1) This property was acquired on July 16, 2015.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 90.4 94.0 93.6 96.1 92.9 - 93.4
year-on-year (points) 11.7 11.2 3.8 3.2 3.7 - 6.7
ADR actual (JPY) 7,327 7,863 8,807 9,434 8,483 - 8,399
year-on-year (%) 18.2 6.3 5.0 9.7 7.7 - 8.5
RevPAR actual (JPY) 6,625 7,394 8,242 9,062 7,879 - 7,841
year-on-year (%) 35.7 20.7 9.4 13.4 12.1 - 16.8
Gross Revenue actual (JPY mn) 56 57 70 74 67 - 326
year-on-year (%) 32.9 16.3 9.6 13.6 11.7 - 15.6
    (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 - 91.8
year-on-year (points) 2.4 0.9 -3.7 2.9 3.7 - 1.2
ADR actual (JPY) 12,911 14,287 16,792 19,242 14,942 - 15,664
year-on-year (%) 22.1 11.2 12.9 22.2 11.2 - 15.8
RevPAR actual (JPY) 11,559 13,319 14,994 18,256 13,829 - 14,387
year-on-year (%) 25.5 12.3 8.5 26.0 15.8 - 17.4
Gross Revenue actual (JPY mn) 35 36 45 53 41 - 212
year-on-year (%) 25.3 7.9 8.7 24.8 15.3 - 16.2
    (Note 1) This property was acquired on July 16, 2015.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 86.4 92.4 91.9 95.6 95.2 - 92.3
year-on-year (points) 12.5 10.6 3.4 2.4 6.6 - 7.1
ADR actual (JPY) 7,617 8,271 9,783 9,939 8,024 - 8,745
year-on-year (%) 18.6 9.2 10.8 16.5 0.4 - 10.3
RevPAR actual (JPY) 6,581 7,640 8,991 9,498 7,641 - 8,069
year-on-year (%) 38.8 23.4 15.0 19.6 7.8 - 19.4
Gross Revenue actual (JPY mn) 36 38 50 51 42 - 219
year-on-year (%) 37.8 18.7 15.1 20.0 6.9 - 18.4
    (Note 1) This property was acquired on July 16, 2015.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 80.3 91.9 91.0 90.4 88.0 - 88.3
year-on-year (points) 2.9 4.9 8.5 6.0 0.7 - 4.5
ADR actual (JPY) 7,120 7,444 8,126 8,398 8,901 - 8,020
year-on-year (%) 6.5 2.3 -4.1 15.5 17.3 - 7.3
RevPAR actual (JPY) 5,719 6,842 7,396 7,593 7,835 - 7,079
year-on-year (%) 10.5 8.0 5.7 23.7 18.2 - 13.2
Gross Revenue actual (JPY mn) 29 31 38 38 40 - 178
year-on-year (%) 7.8 2.8 6.5 22.7 18.8 - 11.8
    (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 - 86.9
year-on-year (points) -1.3 3.3 2.6 4.4 4.2 - 2.6
ADR actual (JPY) 5,401 5,361 6,095 7,513 5,846 - 6,064
year-on-year (%) 18.6 10.3 5.5 5.2 10.2 - 9.5
RevPAR actual (JPY) 4,342 4,704 5,432 6,714 5,156 - 5,271
year-on-year (%) 16.7 14.7 8.6 10.7 15.6 - 12.9
Gross Revenue actual (JPY mn) 12 11 15 18 14 - 71
year-on-year (%) 15.9 10.8 8.6 11.0 16.1 - 12.2
    (Note 1) This property was acquired on July 16, 2015.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 77.5 85.7 89.2 88.9 87.0 - 85.6
year-on-year (points) -7.9 1.6 0.2 2.0 -0.4 - -1.0
ADR actual (JPY) 8,910 9,417 10,168 9,785 10,600 - 9,806
year-on-year (%) 18.6 14.5 19.4 3.4 8.0 - 12.5
RevPAR actual (JPY) 6,903 8,071 9,071 8,697 9,226 - 8,398
year-on-year (%) 7.6 16.7 19.7 5.7 7.5 - 11.3
Gross Revenue actual (JPY mn) 55 53 64 55 59 - 289
year-on-year (%) 15.0 7.7 7.9 -10.2 -9.4 - 1.2
    (Note 1) This property was acquired on July 16, 2015.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 80.4 85.5 78.2 87.9 86.2 - 83.6
year-on-year (points) 3.4 1.6 -5.4 1.3 4.8 - 1.1
ADR actual (JPY) 5,595 6,698 6,847 7,131 6,715 - 6,603
year-on-year (%) 10.5 18.2 18.1 14.0 2.7 - 12.3
RevPAR actual (JPY) 4,498 5,730 5,353 6,265 5,791 - 5,519
year-on-year (%) 15.4 20.4 10.5 15.7 8.7 - 13.9
Gross Revenue actual (JPY mn) 9 10 10 12 11 - 54
year-on-year (%) 14.4 17.1 10.3 15.6 7.9 - 12.9
    (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 - 88.7
year-on-year (points) 0.8 -0.6 1.0 0.8 2.0 - 0.8
ADR actual (JPY) 5,093 5,965 6,328 6,457 6,003 - 5,981
year-on-year (%) 12.8 14.6 7.2 10.0 8.8 - 10.4
RevPAR actual (JPY) 4,226 5,299 5,620 5,915 5,482 - 5,305
year-on-year (%) 13.9 13.8 8.4 11.0 11.3 - 11.5
Gross Revenue actual (JPY mn) 8 9 10 11 10 - 50
year-on-year (%) 12.9 6.2 8.1 10.3 10.9 - 9.6
    (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 - 83.8
year-on-year (points) -1.9 -7.9 -6.1 -2.0 0.9 - -3.3
ADR actual (JPY) 6,739 7,148 7,169 6,908 6,345 - 6,845
year-on-year (%) 17.1 19.9 19.5 11.4 6.3 - 14.4
RevPAR actual (JPY) 5,172 5,789 5,813 6,136 5,787 - 5,736
year-on-year (%) 14.3 9.2 11.2 9.0 7.3 - 10.1
Gross Revenue actual (JPY mn) 34 34 38 39 38 - 184
year-on-year (%) 14.3 5.4 10.5 9.2 7.1 - 9.2
    (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 - 93.0
year-on-year (points) 19.9 19.7 2.2 7.3 5.4 - 10.8
ADR actual (JPY) 13,688 13,551 13,910 19,694 19,556 - 16,172
year-on-year (%) 16.3 -3.0 -5.4 26.0 38.5 - 14.3
RevPAR actual (JPY) 12,110 12,610 12,855 18,843 18,656 - 15,037
year-on-year (%) 50.0 23.2 -3.1 36.4 46.8 - 29.4
Gross Revenue actual (JPY mn) 21 20 22 31 31 - 128
year-on-year (%) 47.0 17.5 -3.3 35.7 41.4 - 26.5
    (Note 1) This property was acquired on January 22, 2016.
    (Note 1) This property was acquired on January 22, 2016.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
    (Note 1) This property was acquired on January 22, 2016.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
    (Note 1) This property was acquired on January 22, 2016.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
    (Note 1) This property was acquired on January 22, 2016.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
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 - 92.7
year-on-year (points) 0.9 -1.1 -1.7 3.3 3.5 - 1.0
ADR actual (JPY) 13,502 15,144 16,522 19,198 15,776 - 16,053
year-on-year (%) 16.9 11.3 -1.0 12.2 8.4 - 9.1
RevPAR actual (JPY) 12,190 13,990 15,267 18,200 14,765 - 14,878
year-on-year (%) 18.1 10.0 -2.8 16.2 12.7 - 10.2
Gross Revenue actual (JPY mn) 159 165 200 227 191 - 944
year-on-year (%) 15.1 5.4 -2.2 15.4 10.7 - 8.5
    (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 - 81.2
year-on-year (points) -2.0 1.0 -3.3 -0.8 1.7 - -0.7
ADR actual (JPY) 28,662 20,775 25,551 24,699 30,059 - 25,997
year-on-year (%) 4.6 -4.4 -0.7 -6.9 7.3 - 0.3
RevPAR actual (JPY) 17,854 16,149 24,262 20,904 25,846 - 21,100
year-on-year (%) 1.5 -3.2 -4.0 -7.7 9.5 - -0.5
Gross Revenue actual (JPY mn) 419 393 599 509 598 - 2,519
year-on-year (%) -1.8 1.1 2.1 -2.0 7.3 - 1.6
    (Note 1) This property was acquired on March 31, 2016.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 89.8 90.9 92.5 91.7 92.2 - 91.4
year-on-year (points) 6.6 1.2 0.6 7.4 3.2 - 3.8
ADR actual (JPY) 12,338 17,338 15,436 14,828 15,249 - 15,002
year-on-year (%) 20.7 29.8 22.1 31.1 28.7 - 26.1
RevPAR actual (JPY) 11,081 15,766 14,273 13,598 14,061 - 13,717
year-on-year (%) 30.2 31.6 22.9 42.6 33.2 - 31.6
Gross Revenue actual (JPY mn) 77 99 99 93 97 - 467
year-on-year (%) 29.2 25.9 23.1 42.2 33.0 - 30.3
    (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 - 96.7
year-on-year (points) 3.8 1.4 0.3 0.5 -0.8 - 1.0
ADR actual (JPY) 13,943 15,879 18,837 21,388 17,438 - 17,508
year-on-year (%) 16.9 12.3 6.0 23.2 17.9 - 15.0
RevPAR actual (JPY) 13,424 15,436 18,206 20,763 16,800 - 16,930
year-on-year (%) 21.7 13.9 6.3 23.9 16.9 - 16.2
Gross Revenue actual (JPY mn) 44 45 59 66 55 - 272
year-on-year (%) 22.4 9.3 5.9 23.9 18.4 - 15.7
    (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 - 73.0
year-on-year (points) -21.5 -3.8 -2.7 -3.4 -0.4 - -6.4
ADR actual (JPY) 9,804 9,704 11,579 12,798 14,564 - 11,845
year-on-year (%) 1.2 -23.0 -22.7 -17.1 5.6 - -10.8
RevPAR actual (JPY) 6,032 6,812 9,151 9,749 11,362 - 8,650
year-on-year (%) -25.0 -26.9 -25.3 -20.6 5.0 - -18.0
Gross Revenue actual (JPY mn) 62 64 88 91 106 - 413
year-on-year (%) -21.5 -24.5 -21.9 -20.1 3.3 - -16.6
    (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 - 86.1
year-on-year (points) 8.8 0.7 3.5 3.4 4.0 - 4.1
ADR actual (JPY) 8,507 9,111 10,171 10,571 11,065 - 9,931
year-on-year (%) 19.5 16.3 15.7 16.3 22.0 - 17.9
RevPAR actual (JPY) 6,840 7,687 8,939 9,328 9,878 - 8,546
year-on-year (%) 34.2 17.3 20.5 20.9 27.7 - 23.8
Gross Revenue actual (JPY mn) 56 55 70 70 77 - 331
year-on-year (%) 30.8 11.7 19.5 16.4 23.9 - 20.2
    (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 (%) 95.1 95.4 94.4 96.5 72.8 - 90.7
year-on-year (points) 1.3 0.6 0.2 1.4 -20.7 - -3.5
ADR actual (JPY) 26,436 26,784 31,312 38,511 28,172 - 30,384
year-on-year (%) 22.6 10.4 -2.5 30.9 7.7 - 13.7
RevPAR actual (JPY) 25,142 25,556 29,553 37,174 20,500 - 27,562
year-on-year (%) 24.4 11.1 -2.4 32.8 -16.1 - 9.4
Gross Revenue actual (JPY mn) 100 93 116 142 83 - 536
year-on-year (%) 19.8 6.5 -1.9 30.4 -14.6 - 7.8
    (Note 1) This property was acquired on May 29, 2017.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 84.4 92.0 92.3 93.8 92.2 - 90.9
year-on-year (points) 20.5 11.3 3.5 6.6 10.3 - 10.4
ADR actual (JPY) 7,331 8,387 9,381 11,880 11,794 - 9,819
year-on-year (%) 6.8 7.1 7.3 27.4 41.0 - 18.2
RevPAR actual (JPY) 6,184 7,715 8,655 11,149 10,869 - 8,923
year-on-year (%) 41.0 22.1 11.5 37.1 58.8 - 33.5
Gross Revenue actual (JPY mn) 120 121 146 182 177 - 747
year-on-year (%) 26.5 7.7 12.4 29.7 34.2 - 22.4
    (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 - 90.1
year-on-year (points) -1.9 4.2 2.3 3.0 5.7 - 2.6
ADR actual (JPY) 16,639 17,077 20,567 24,366 18,238 - 19,476
year-on-year (%) 22.1 9.6 1.8 23.0 -0.8 - 10.6
RevPAR actual (JPY) 13,599 15,342 18,925 22,752 17,034 - 17,539
year-on-year (%) 19.3 15.0 4.4 27.1 5.6 - 14.0
Gross Revenue actual (JPY mn) 110 110 148 170 135 - 674
year-on-year (%) 17.6 9.4 4.6 24.3 5.3 - 12.1
    (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 (%) 86.4 88.9 88.5 80.2 85.0 - 85.8
year-on-year (points) 2.3 2.2 -0.2 -5.2 1.9 - 0.2
ADR actual (JPY) 14,023 15,375 17,833 13,507 14,727 - 15,138
year-on-year (%) 1.3 -3.9 6.9 3.0 0.1 - 1.7
RevPAR actual (JPY) 12,121 13,672 15,791 10,826 12,525 - 12,988
year-on-year (%) 4.2 -1.4 6.7 -3.2 2.4 - 1.9
Gross Revenue actual (JPY mn) 212 203 268 183 214 - 1,082
year-on-year (%) 6.9 -0.4 11.7 4.7 12.0 - 7.1
    (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 (%) 95.7 96.8 78.0 73.3 82.8 - 85.2
year-on-year (points) 10.4 7.4 4.9 9.6 19.7 - 10.4
ADR actual (JPY) 11,103 20,214 10,924 8,259 12,629 - 12,808
year-on-year (%) 25.0 21.3 28.0 5.9 27.1 - 21.0
RevPAR actual (JPY) 10,622 19,570 8,517 6,056 10,456 - 10,908
year-on-year (%) 40.3 31.3 36.6 21.8 66.9 - 37.7
Gross Revenue actual (JPY mn) 82 136 67 47 81 - 415
year-on-year (%) 38.1 27.0 37.4 23.6 65.1 - 36.6
    (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 - 92.9
year-on-year (points) 7.9 7.6 2.8 2.0 -1.5 - 3.7
ADR actual (JPY) 8,727 9,876 12,302 14,841 12,610 - 11,691
year-on-year (%) 10.7 -1.0 -1.8 19.5 6.1 - 6.1
RevPAR actual (JPY) 7,847 9,463 11,857 13,750 11,320 - 10,856
year-on-year (%) 21.4 7.6 1.2 22.2 4.3 - 10.5
Gross Revenue actual (JPY mn) 41 44 62 69 59 - 278
year-on-year (%) 21.0 4.4 1.5 22.0 4.1 - 9.9
    (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 - 67.0
year-on-year (points) 5.0 -2.6 1.8 -1.1 4.9 - 1.7
ADR actual (JPY) 8,095 8,367 7,859 11,135 9,145 - 9,045
year-on-year (%) 14.8 13.7 -2.3 -1.6 6.8 - 4.3
RevPAR actual (JPY) 4,328 5,075 5,182 8,728 6,971 - 6,059
year-on-year (%) 26.5 9.0 0.4 -2.9 14.1 - 7.0
Gross Revenue actual (JPY mn) 46 42 59 83 68 - 299
year-on-year (%) 37.0 -2.0 8.3 -0.5 23.0 - 10.5
    (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 - 75.3
year-on-year (points) -0.9 -1.5 -8.9 0.1 19.4 - 1.7
ADR actual (JPY) 9,529 12,061 9,528 29,043 15,843 - 15,773
year-on-year (%) 11.6 10.3 1.6 2.9 -6.2 - 4.2
RevPAR actual (JPY) 6,063 9,068 6,558 24,275 13,551 - 11,877
year-on-year (%) 10.0 8.2 -10.1 3.0 21.4 - 6.6
Gross Revenue actual (JPY mn) 63 74 75 161 118 - 492
year-on-year (%) -9.9 -9.0 -19.9 -3.1 5.3 - -6.1
    (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 - 87.5
year-on-year (points) 2.7 -1.5 -8.0 2.7 -9.1 - -2.7
ADR actual (JPY) 6,897 8,465 8,155 6,782 7,980 - 7,633
year-on-year (%) 0.7 -1.8 5.9 -3.1 1.1 - 0.2
RevPAR actual (JPY) 6,302 7,702 7,114 6,088 6,286 - 6,682
year-on-year (%) 3.8 -3.3 -3.0 -0.1 -9.4 - -2.8
Gross Revenue actual (JPY mn) 30 33 34 29 31 - 159
year-on-year (%) 6.1 -6.7 -3.2 -0.5 -8.6 - -3.0
    (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 - 93.3
year-on-year (points) 1.8 -0.5 -4.0 3.8 5.5 - 1.3
ADR actual (JPY) 12,290 14,129 15,699 19,034 14,917 - 15,221
year-on-year (%) 19.2 12.5 -2.3 14.6 8.1 - 9.7
RevPAR actual (JPY) 11,457 13,253 14,217 18,106 14,038 - 14,207
year-on-year (%) 21.6 11.9 -6.4 19.4 14.8 - 11.3
Gross Revenue actual (JPY mn) 39 41 48 60 48 - 238
year-on-year (%) 20.9 8.2 -6.2 19.7 14.9 - 10.6
    (Note 1) This property was acquired on June 27, 2018.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 81.7 84.9 92.0 92.7 83.4 - 87.0
year-on-year (points) -5.6 -5.6 0.0 5.3 -4.1 - -2.0
ADR actual (JPY) 10,777 14,553 14,280 14,264 13,505 - 13,497
year-on-year (%) 17.4 23.0 2.3 6.4 12.7 - 11.7
RevPAR actual (JPY) 8,809 12,353 13,138 13,226 11,266 - 11,737
year-on-year (%) 9.9 15.4 2.3 12.8 7.4 - 9.2
Gross Revenue actual (JPY mn) 35 43 53 50 45 - 227
year-on-year (%) 9.5 11.6 3.7 14.1 7.7 - 9.1
    (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 - 92.4
year-on-year (points) 7.4 2.2 2.5 2.0 2.0 - 3.2
ADR actual (JPY) 18,896 20,387 23,545 30,657 23,076 - 23,334
year-on-year (%) 44.5 26.2 1.6 35.4 20.0 - 23.1
RevPAR actual (JPY) 17,280 18,855 21,776 28,407 21,444 - 21,560
year-on-year (%) 57.3 29.2 4.4 38.4 22.6 - 27.6
Gross Revenue actual (JPY mn) 188 185 235 295 233 - 1,138
year-on-year (%) 53.6 24.2 4.5 36.4 21.2 - 25.6
    (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 (%) 86.7 90.6 80.8 62.2 73.4 - 78.6
year-on-year (points) 14.4 4.3 11.7 11.8 26.4 - 13.8
ADR actual (JPY) 13,799 20,286 12,299 8,888 11,999 - 13,752
year-on-year (%) 43.1 24.0 25.6 -3.4 -3.6 - 17.3
RevPAR actual (JPY) 11,957 18,388 9,939 5,530 8,810 - 10,812
year-on-year (%) 71.6 30.2 47.0 19.0 50.5 - 42.2
Gross Revenue actual (JPY mn) 215 267 181 108 165 - 938
year-on-year (%) 53.9 22.8 37.0 12.7 45.7 - 34.0
    (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 (%) 89.4 92.5 92.0 93.2 92.2 - 91.8
year-on-year (points) 2.4 2.0 -0.6 2.1 2.2 - 1.6
ADR actual (JPY) 12,377 14,250 16,478 18,814 15,492 - 15,510
year-on-year (%) 35.2 28.8 14.3 26.7 32.9 - 26.5
RevPAR actual (JPY) 11,064 13,181 15,156 17,531 14,289 - 14,244
year-on-year (%) 38.9 31.7 13.5 29.6 36.1 - 28.7
Gross Revenue actual (JPY mn) 53 56 72 79 67 - 329
year-on-year (%) 36.8 26.2 11.5 26.1 30.7 - 25.0
    (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 (%) 79.9 89.2 92.7 94.9 95.2 - 90.4
year-on-year (points) 25.0 17.8 8.9 8.6 8.7 - 13.8
ADR actual (JPY) 11,960 12,019 12,965 17,495 18,096 - 14,664
year-on-year (%) 16.2 5.8 -0.2 34.0 51.1 - 21.3
RevPAR actual (JPY) 9,552 10,719 12,024 16,599 17,226 - 13,251
year-on-year (%) 69.2 32.2 10.5 47.4 66.3 - 43.2
Gross Revenue actual (JPY mn) 33 33 41 54 58 - 221
year-on-year (%) 66.5 27.4 10.4 46.6 64.4 - 41.3
    (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 - 84.8
year-on-year (points) 15.5 7.5 6.0 7.9 12.3 - 9.8
ADR actual (JPY) 14,816 25,076 14,404 10,256 15,299 - 16,248
year-on-year (%) 29.3 20.1 34.0 6.6 27.4 - 22.7
RevPAR actual (JPY) 14,358 24,177 11,853 7,120 12,174 - 13,778
year-on-year (%) 54.0 30.3 44.5 20.4 50.7 - 38.7
Gross Revenue actual (JPY mn) 163 234 140 87 141 - 767
year-on-year (%) 48.5 25.3 38.7 17.0 44.2 - 34.3
    (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 (%) 64.9 74.5 84.3 89.0 75.4 - 77.6
year-on-year (points) 3.5 0.2 4.4 9.7 12.1 - 6.1
ADR actual (JPY) 14,342 13,755 16,055 15,491 15,236 - 15,060
year-on-year (%) 1.2 -3.2 3.9 -3.7 -3.3 - -0.8
RevPAR actual (JPY) 9,313 10,244 13,535 13,788 11,489 - 11,688
year-on-year (%) 6.9 -2.9 9.6 8.1 15.2 - 7.6
Gross Revenue actual (JPY mn) 130 127 171 163 142 - 735
year-on-year (%) 11.0 -8.6 17.6 15.3 12.2 - 9.5
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 87.5 92.6 91.0 94.5 92.6 - 91.6
year-on-year (points) 7.5 4.2 -0.1 0.7 -0.7 - 2.3
ADR actual (JPY) 27,564 24,807 29,136 37,846 28,053 - 29,576
year-on-year (%) 19.3 7.9 1.7 10.0 -3.2 - 6.3
RevPAR actual (JPY) 24,130 22,962 26,505 35,751 25,982 - 27,090
year-on-year (%) 30.4 13.0 1.5 10.8 -3.9 - 9.0
Gross Revenue actual (JPY mn) 138 121 151 197 153 - 762
year-on-year (%) 25.1 6.1 -0.5 10.6 -4.0 - 6.5
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 95.4 95.2 85.1 61.5 76.3 - 82.6
year-on-year (points) 21.8 9.7 22.0 7.0 5.3 - 13.1
ADR actual (JPY) 17,303 22,166 14,187 12,443 16,339 - 16,781
year-on-year (%) 10.1 7.7 6.6 -13.1 2.5 - 3.3
RevPAR actual (JPY) 16,509 21,098 12,077 7,652 12,462 - 13,860
year-on-year (%) 42.6 19.9 43.8 -2.0 10.1 - 22.9
Gross Revenue actual (JPY mn) 95 105 76 47 75 - 399
year-on-year (%) 37.3 13.0 32.3 -1.0 7.6 - 18.2
    (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 (%) 52.3 66.6 84.1 80.6 78.0 - 72.4
year-on-year (points) -31.3 -16.5 0.4 3.0 -0.2 - -8.8
ADR actual (JPY) 7,773 7,805 8,977 9,954 11,364 - 9,343
year-on-year (%) -12.3 -28.0 -22.2 -19.5 -0.8 - -14.9
RevPAR actual (JPY) 4,062 5,198 7,550 8,026 8,864 - 6,762
year-on-year (%) -45.1 -42.3 -21.8 -16.4 -1.1 - -24.2
Gross Revenue actual (JPY mn) 31 28 50 52 58 - 221
year-on-year (%) -36.9 -48.6 -22.0 -16.8 -2.1 - -24.4
    (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 (%) 53.4 64.1 65.3 63.3 59.3 - 61.0
year-on-year (points) 1.3 5.4 -14.2 -14.8 -22.2 - -9.0
ADR actual (JPY) 7,211 7,484 8,148 8,656 11,279 - 8,580
year-on-year (%) 10.7 4.0 5.1 -4.4 29.8 - 7.4
RevPAR actual (JPY) 3,854 4,796 5,317 5,478 6,687 - 5,233
year-on-year (%) 13.5 13.6 -13.7 -22.5 -5.6 - -6.4
Gross Revenue actual (JPY mn) 76 79 104 92 108 - 461
year-on-year (%) 13.5 7.6 -4.6 -17.6 -4.7 - -3.2
    (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 (%) 89.7 90.7 91.8 93.0 85.3 - 90.1
year-on-year (points) 7.2 1.7 1.8 0.6 -7.1 - 0.8
ADR actual (JPY) 8,263 8,858 9,259 11,661 10,478 - 9,711
year-on-year (%) 0.9 -2.4 1.5 11.0 26.7 - 7.4
RevPAR actual (JPY) 7,410 8,035 8,501 10,847 8,938 - 8,746
year-on-year (%) 9.7 -0.5 3.6 11.8 17.0 - 8.4
Gross Revenue actual (JPY mn) 42 41 47 58 50 - 239
year-on-year (%) 8.4 -3.4 3.6 11.2 15.7 - 7.2
    (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 - 81.5
year-on-year (points) 24.2 6.4 15.7 -1.7 10.0 - 11.0
ADR actual (JPY) 17,771 23,652 15,168 13,289 17,530 - 17,812
year-on-year (%) 14.6 13.3 13.2 -5.8 1.2 - 7.9
RevPAR actual (JPY) 16,934 22,238 12,322 7,734 13,924 - 14,525
year-on-year (%) 53.7 21.6 40.3 -8.4 15.8 - 24.7
Gross Revenue actual (JPY mn) 67 76 52 34 60 - 291
year-on-year (%) 48.7 17.0 28.8 -7.2 10.7 - 19.8
    (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 (%) 79.3 93.7 89.1 89.6 91.1 - 88.5
year-on-year (points) 3.1 6.1 7.2 11.2 5.8 - 6.6
ADR actual (JPY) 6,266 7,475 6,863 5,742 7,383 - 6,757
year-on-year (%) 6.6 -2.2 -1.9 -9.1 -5.9 - -3.0
RevPAR actual (JPY) 4,971 7,003 6,113 5,146 6,724 - 5,977
year-on-year (%) 11.0 4.6 6.8 3.9 0.5 - 4.8
Gross Revenue actual (JPY mn) 46 51 52 44 54 - 250
year-on-year (%) 14.9 0.2 1.4 3.9 -3.7 - 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 (%) 88.3 87.9 70.6 54.2 73.5 - 74.8
year-on-year (points) 6.5 5.2 -0.4 1.6 -4.1 - 1.6
ADR actual (JPY) 10,996 15,073 8,779 7,599 11,070 - 10,981
year-on-year (%) 30.7 19.0 20.6 -3.0 6.4 - 16.1
RevPAR actual (JPY) 9,711 13,253 6,199 4,120 8,139 - 8,213
year-on-year (%) 41.1 26.4 20.0 0.0 0.8 - 18.7
Gross Revenue actual (JPY mn) 211 201 160 132 171 - 877
year-on-year (%) 20.6 9.2 6.9 -0.4 3.8 - 8.6
    (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 (%) 75.8 81.3 88.4 83.8 83.2 - 82.5
year-on-year (points) 11.2 6.7 11.5 12.6 7.8 - 10.0
ADR actual (JPY) 9,322 10,633 9,740 9,510 10,581 - 9,952
year-on-year (%) 21.2 12.0 9.2 8.5 7.7 - 11.0
RevPAR actual (JPY) 7,065 8,648 8,611 7,974 8,805 - 8,214
year-on-year (%) 42.2 22.1 25.5 27.6 18.9 - 26.2
Gross Revenue actual (JPY mn) 64 69 77 70 77 - 359
year-on-year (%) 17.9 5.5 15.8 18.3 6.9 - 12.5
    (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 (%) 93.7 97.0 82.0 49.6 71.9 - 78.7
year-on-year (points) 26.0 8.6 15.3 11.0 20.8 - 16.3
ADR actual (JPY) 9,560 16,462 9,284 7,404 11,136 - 11,104
year-on-year (%) 40.2 32.0 37.7 16.9 38.4 - 31.0
RevPAR actual (JPY) 8,961 15,964 7,611 3,674 8,007 - 8,736
year-on-year (%) 93.9 44.8 69.3 50.3 94.6 - 65.3
Gross Revenue actual (JPY mn) 32 49 27 13 28 - 151
year-on-year (%) 87.3 38.6 67.8 53.3 90.6 - 62.5
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 95.1 92.4 77.9 63.1 73.6 - 80.3
year-on-year (points) 38.2 14.0 28.6 30.9 33.8 - 29.2
ADR actual (JPY) 10,255 17,710 9,897 7,734 11,090 - 11,537
year-on-year (%) 10.0 6.4 14.5 -10.9 9.3 - 1.4
RevPAR actual (JPY) 9,754 16,357 7,711 4,880 8,162 - 9,264
year-on-year (%) 83.7 25.5 81.0 74.5 101.9 - 59.3
Gross Revenue actual (JPY mn) 25 40 21 13 22 - 123
year-on-year (%) 73.6 23.8 81.6 77.9 103.2 - 58.3
    (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 (%) 91.1 94.9 69.0 48.8 67.9 - 74.1
year-on-year (points) 37.2 25.0 37.6 24.0 14.9 - 27.7
ADR actual (JPY) 7,899 14,467 8,579 6,110 9,896 - 9,730
year-on-year (%) 40.6 22.1 37.4 0.0 42.3 - 23.9
RevPAR actual (JPY) 7,195 13,725 5,915 2,981 6,720 - 7,208
year-on-year (%) 137.6 65.9 202.0 97.2 82.2 - 97.7
Gross Revenue actual (JPY mn) 17 30 14 7 16 - 87
year-on-year (%) 129.2 59.3 189.5 97.8 82.8 - 94.1
    (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 (%) 88.2 95.9 94.8 96.8 91.2 - 93.3
year-on-year (points) 5.9 3.8 -1.4 0.3 -0.7 - 1.5
ADR actual (JPY) 6,907 7,546 8,465 8,163 8,760 - 7,985
year-on-year (%) 12.5 5.8 9.4 5.6 6.5 - 7.5
RevPAR actual (JPY) 6,089 7,234 8,028 7,898 7,985 - 7,448
year-on-year (%) 20.5 10.2 7.8 6.0 5.7 - 9.3
Gross Revenue actual (JPY mn) 13 14 17 17 17 - 80
year-on-year (%) 19.2 5.5 6.8 7.4 4.4 - 8.0
    (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 - 72.8
year-on-year (points) 13.5 3.3 0.0 3.0 5.2 - 5.0
ADR actual (JPY) 5,309 6,469 7,270 8,172 7,432 - 6,970
year-on-year (%) 23.4 34.3 42.4 48.8 31.8 - 36.4
RevPAR actual (JPY) 3,650 4,598 5,255 6,358 5,504 - 5,074
year-on-year (%) 53.6 40.8 42.3 54.7 41.8 - 46.5
Gross Revenue actual (JPY mn) 18 20 26 30 27 - 124
year-on-year (%) 51.8 36.0 41.9 54.4 41.5 - 45.1
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 94.0 96.8 96.1 96.6 97.5 - 96.2
year-on-year (points) 3.5 0.9 3.3 7.2 3.4 - 3.7
ADR actual (JPY) 5,710 7,014 6,367 5,363 6,594 - 6,203
year-on-year (%) 5.9 1.3 -1.8 -10.4 -9.4 - -3.4
RevPAR actual (JPY) 5,370 6,787 6,119 5,182 6,428 - 5,966
year-on-year (%) 10.0 2.3 1.7 -3.1 -6.1 - 0.4
Gross Revenue actual (JPY mn) 13 14 14 12 15 - 70
year-on-year (%) 13.2 0.0 1.3 -3.7 -6.2 - 0.4
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 81.5 94.1 76.4 69.2 79.6 - 80.0
year-on-year (points) 7.1 3.8 5.1 13.0 9.6 - 7.6
ADR actual (JPY) 9,220 9,694 8,751 8,255 8,625 - 8,944
year-on-year (%) 4.6 10.3 2.7 1.0 1.8 - 4.2
RevPAR actual (JPY) 7,512 9,126 6,687 5,716 6,864 - 7,152
year-on-year (%) 14.6 14.9 10.0 24.4 15.8 - 15.2
Gross Revenue actual (JPY mn) 17 19 15 12 16 - 81
year-on-year (%) 13.7 8.9 12.1 23.5 17.0 - 14.3
    (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 (%) 70.7 73.4 73.4 80.1 74.4 - 74.4
year-on-year (points) 5.1 2.7 2.2 4.8 6.4 - 4.3
ADR actual (JPY) 9,760 9,561 9,633 9,885 9,767 - 9,726
year-on-year (%) 4.9 2.3 2.8 3.4 1.0 - 2.9
RevPAR actual (JPY) 6,902 7,018 7,067 7,916 7,268 - 7,234
year-on-year (%) 13.0 6.2 6.0 10.0 10.5 - 9.1
Gross Revenue actual (JPY mn) 218 191 215 242 227 - 1,095
year-on-year (%) 8.4 2.2 2.3 8.3 10.1 - 6.3
    (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 - 81.1
year-on-year (points) -3.6 2.7 -3.6 0.2 1.3 - -0.7
ADR actual (JPY) 7,917 8,558 8,077 10,701 10,881 - 9,240
year-on-year (%) 11.0 8.6 10.8 9.3 7.4 - 9.7
RevPAR actual (JPY) 6,167 7,015 6,631 9,144 8,496 - 7,489
year-on-year (%) 6.1 12.2 6.1 9.6 9.2 - 8.8
Gross Revenue actual (JPY mn) 92 88 101 130 117 - 530
year-on-year (%) 5.4 0.0 -2.3 22.0 8.4 - 7.0
    (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 - 76.2
year-on-year (points) 8.3 7.2 10.7 13.1 12.0 - 10.4
ADR actual (JPY) 27,366 22,120 33,143 34,253 34,572 - 31,195
year-on-year (%) -8.0 -4.5 -2.8 -2.8 -3.0 - -3.5
RevPAR actual (JPY) 14,184 14,315 28,686 31,223 29,736 - 23,764
year-on-year (%) 9.4 7.4 10.9 13.5 12.8 - 11.7
Gross Revenue actual (JPY mn) 290 274 564 596 582 - 2,308
year-on-year (%) 12.0 5.6 12.1 13.5 12.5 - 11.7
    (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 (%) 70.3 86.9 83.3 86.3 91.1 - 83.5
year-on-year (points) 5.2 9.9 1.5 5.0 3.9 - 5.0
ADR actual (JPY) 26,390 19,215 24,794 20,564 24,962 - 23,162
year-on-year (%) 9.7 -5.9 8.2 -5.2 3.7 - 2.2
RevPAR actual (JPY) 18,553 16,698 20,645 17,745 22,753 - 19,340
year-on-year (%) 18.5 6.1 10.2 0.7 8.3 - 8.8
Gross Revenue actual (JPY mn) 178 165 203 181 221 - 950
year-on-year (%) 14.5 7.0 5.4 4.9 7.6 - 7.7
    (Note 1) This property was acquired on August 1, 2023.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 79.5 86.6 92.4 92.1 87.3 - 87.6
year-on-year (points) -5.5 -4.6 -1.8 0.7 0.9 - -2.0
ADR actual (JPY) 6,715 7,696 8,934 8,065 9,512 - 8,230
year-on-year (%) 12.1 12.6 17.9 6.5 18.1 - 14.0
RevPAR actual (JPY) 5,339 6,663 8,256 7,429 8,308 - 7,208
year-on-year (%) 4.9 6.8 15.5 7.4 19.3 - 11.4
Gross Revenue actual (JPY mn) 29 31 44 38 43 - 186
year-on-year (%) 6.0 3.6 13.7 6.2 16.6 - 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 - 79.8
year-on-year (points) 4.7 0.8 2.3 4.4 10.1 - 4.5
ADR actual (JPY) 7,760 8,807 6,947 17,219 11,038 - 10,399
year-on-year (%) 6.6 7.8 1.6 7.9 10.4 - 7.8
RevPAR actual (JPY) 6,047 7,079 5,313 13,875 9,252 - 8,301
year-on-year (%) 13.5 8.9 4.8 14.2 25.4 - 14.3
Gross Revenue actual (JPY mn) 28 30 25 59 42 - 186
year-on-year (%) 9.3 7.5 0.5 12.8 24.4 - 11.9
    (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 - 90.7
year-on-year (points) 0.9 0.2 -0.1 2.0 -3.9 - -0.2
ADR actual (JPY) 8,108 11,738 10,653 10,854 11,385 - 10,551
year-on-year (%) 15.6 39.7 8.4 11.2 1.1 - 13.5
RevPAR actual (JPY) 6,954 10,843 9,981 10,205 10,014 - 9,571
year-on-year (%) 16.9 40.1 8.3 13.6 -3.1 - 13.2
Gross Revenue actual (JPY mn) 31 41 42 43 42 - 201
year-on-year (%) 15.4 30.4 7.4 12.8 -4.3 - 10.9
    (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 - 71.5
year-on-year (points) 7.6 12.4 21.8 0.9 2.3 - 8.9
ADR actual (JPY) 12,486 10,052 11,055 14,980 15,451 - 12,723
year-on-year (%) -9.4 -15.5 -12.0 3.5 3.8 - -6.3
RevPAR actual (JPY) 9,219 8,154 7,641 10,374 10,031 - 9,093
year-on-year (%) 1.0 -0.3 28.5 4.8 7.6 - 7.1
Gross Revenue actual (JPY mn) 54 46 47 51 51 - 250
year-on-year (%) 13.2 14.3 38.1 7.1 9.1 - 15.1
    (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 - 87.2
year-on-year (points) 6.3 -4.3 0.0 21.4 26.1 - 10.1
ADR actual (JPY) 15,858 16,489 18,818 21,745 24,573 - 19,845
year-on-year (%) 13.3 2.2 -1.3 17.2 41.1 - 16.2
RevPAR actual (JPY) 12,646 12,738 15,743 21,259 23,820 - 17,304
year-on-year (%) 23.0 -3.2 -1.3 50.1 93.2 - 31.4
Gross Revenue actual (JPY mn) 516 484 538 573 669 - 2,782
year-on-year (%) 9.4 -4.4 -1.1 24.3 45.9 - 13.9
    (Note 1) This property was acquired on July 31, 2024.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 75.8 73.1 82.7 80.7 80.4 - 78.6
year-on-year (points) 23.2 11.8 11.5 -1.0 -2.7 - 8.6
ADR actual (JPY) 13,066 13,030 11,909 16,551 18,894 - 14,745
year-on-year (%) 5.4 4.9 3.7 -0.6 6.1 - 1.7
RevPAR actual (JPY) 9,904 9,523 9,845 13,360 15,195 - 11,594
year-on-year (%) 51.7 25.2 20.6 -1.8 2.6 - 14.2
Gross Revenue actual (JPY mn) 255 230 258 304 348 - 1,398
year-on-year (%) 40.0 22.3 19.5 4.6 5.7 - 15.7
    (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 - 94.1
year-on-year (points) 1.3 0.6 0.1 0.9 1.4 - 0.9
ADR actual (JPY) 19,580 20,612 22,692 27,067 21,159 - 22,253
year-on-year (%) 29.6 15.7 6.8 30.1 20.6 - 20.1
RevPAR actual (JPY) 18,204 19,420 21,567 25,997 19,534 - 20,941
year-on-year (%) 31.5 16.5 6.9 31.3 22.5 - 21.2
Gross Revenue actual (JPY mn) 190 141 158 181 154 - 825
year-on-year (%) 21.2 12.4 7.0 25.9 12.8 - 16.0
    (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 - 86.1
year-on-year (points) 14.7 11.6 -3.6 2.7 7.9 - 6.6
ADR actual (JPY) 8,873 11,406 11,035 9,803 11,185 - 10,452
year-on-year (%) 5.1 10.8 16.9 11.1 11.9 - 11.1
RevPAR actual (JPY) 7,706 10,161 9,202 8,198 9,796 - 8,995
year-on-year (%) 26.5 27.4 12.1 14.8 23.1 - 20.3
Gross Revenue actual (JPY mn) 53 61 62 54 66 - 299
year-on-year (%) 32.4 33.7 21.2 18.8 22.0 - 25.3
    (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 (%) 55.1 74.8 66.3 73.1 81.3 - 70.0
year-on-year (points) -7.4 2.6 -3.8 5.9 11.7 - 1.7
ADR actual (JPY) 7,751 8,425 7,247 16,876 11,126 - 10,484
year-on-year (%) 4.8 9.5 2.6 11.3 6.5 - 10.0
RevPAR actual (JPY) 4,270 6,304 4,808 12,336 9,047 - 7,341
year-on-year (%) -7.7 13.4 -3.0 21.1 24.4 - 12.8
Gross Revenue actual (JPY mn) 44 55 53 100 82 - 336
year-on-year (%) -7.0 8.4 -8.4 17.9 19.3 - 7.9
    (Note 1) This property was acquired on July 31, 2024.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 76.3 92.4 95.0 91.2 91.1 - 89.1
year-on-year (points) -6.5 2.2 0.8 5.8 4.3 - 1.3
ADR actual (JPY) 39,109 32,014 32,464 29,541 33,484 - 33,166
year-on-year (%) 14.2 -2.6 -6.8 -4.0 -0.2 - -0.4
RevPAR actual (JPY) 29,842 29,582 30,845 26,927 30,499 - 29,556
year-on-year (%) 5.3 -0.2 -6.0 2.6 4.8 - 1.1
Gross Revenue actual (JPY mn) 94 89 103 89 99 - 476
year-on-year (%) 8.3 4.3 3.2 11.9 13.6 - 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 (%) 86.6 88.4 87.4 83.6 77.5 - 84.6
year-on-year (points) 5.6 3.5 1.3 -0.8 -6.1 - 0.7
ADR actual (JPY) 7,445 9,063 8,819 7,243 8,470 - 8,203
year-on-year (%) 2.3 -6.2 -0.4 -5.1 0.4 - -2.0
RevPAR actual (JPY) 6,450 8,012 7,710 6,053 6,567 - 6,943
year-on-year (%) 9.3 -2.3 1.2 -6.0 -7.0 - -1.3
Gross Revenue actual (JPY mn) 74 75 82 63 74 - 370
year-on-year (%) 6.3 -8.7 -5.0 -10.8 -5.9 - -5.0
    (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 (%) 91.8 93.1 93.4 93.4 88.5 - 92.0
year-on-year (points) 4.8 1.7 3.6 7.3 5.2 - 4.5
ADR actual (JPY) 10,506 13,429 12,771 10,463 12,360 - 11,884
year-on-year (%) 1.7 14.4 8.4 9.8 15.2 - 9.7
RevPAR actual (JPY) 9,646 12,500 11,929 9,773 10,937 - 10,934
year-on-year (%) 7.4 16.5 12.8 19.2 22.4 - 15.4
Gross Revenue actual (JPY mn) 93 111 133 117 115 - 570
year-on-year (%) 6.7 4.9 7.6 14.3 -11.6 - 3.6
    (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 - 84.5
year-on-year (points) 5.0 4.6 2.5 3.9 10.0 - 5.2
ADR actual (JPY) 10,665 18,027 11,150 8,757 10,869 - 11,839
year-on-year (%) 10.5 4.4 -1.2 -10.7 -6.7 - -0.6
RevPAR actual (JPY) 9,251 15,528 9,291 6,995 9,386 - 10,002
year-on-year (%) 17.2 10.3 1.9 -6.1 5.5 - 5.9
Gross Revenue actual (JPY mn) 69 83 65 48 60 - 326
year-on-year (%) 17.6 6.6 -0.9 -6.1 1.3 - 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 (%) 76.3 82.2 85.0 74.8 78.3 - 79.3
year-on-year (points) 16.9 4.4 7.8 4.2 4.8 - 7.7
ADR actual (JPY) 8,993 9,744 9,872 8,277 10,108 - 9,423
year-on-year (%) 8.6 -3.2 1.6 -7.0 -6.6 - -2.0
RevPAR actual (JPY) 6,865 8,009 8,396 6,188 7,915 - 7,473
year-on-year (%) 39.6 2.2 11.8 -1.5 -0.6 - 8.4
Gross Revenue actual (JPY mn) 72 74 89 67 82 - 387
year-on-year (%) 27.0 -1.9 7.2 2.3 3.6 - 6.7
    (Note 1) This property was acquired on July 31, 2024.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 78.6 82.8 94.6 92.6 93.5 - 88.5
year-on-year (points) 21.9 3.9 7.0 4.2 3.0 - 8.1
ADR actual (JPY) 18,056 15,137 20,573 19,586 21,126 - 19,086
year-on-year (%) 0.8 -3.9 0.9 -2.9 3.5 - -0.2
RevPAR actual (JPY) 14,197 12,535 19,467 18,144 19,749 - 16,895
year-on-year (%) 39.7 0.8 9.0 1.7 6.9 - 9.9
Gross Revenue actual (JPY mn) 50 43 71 63 69 - 297
year-on-year (%) 23.9 -4.0 9.0 4.8 5.0 - 7.2
    (Note 1) This property was acquired on July 31, 2024.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 80.5 89.3 87.6 85.2 92.9 - 87.1
year-on-year (points) 11.6 15.1 -2.1 1.4 16.6 - 8.5
ADR actual (JPY) 19,136 15,534 20,418 20,399 18,792 - 18,886
year-on-year (%) 11.7 -1.3 15.7 28.9 0.0 - 10.7
RevPAR actual (JPY) 15,403 13,870 17,894 17,371 17,464 - 16,444
year-on-year (%) 30.5 18.8 13.0 31.1 21.7 - 22.7
Gross Revenue actual (JPY mn) 51 45 58 52 56 - 264
year-on-year (%) 29.0 24.3 14.7 21.0 23.5 - 22.1
    (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 (%) 84.1 87.4 90.5 79.3 66.5 - 81.4
year-on-year (points) 3.6 5.9 0.6 -2.9 -8.1 - -0.3
ADR actual (USD) 766 809 821 759 495 - 740
year-on-year (%) 4.6 12.1 4.7 9.0 -5.1 - 6.4
RevPAR actual (USD) 644 707 743 601 329 - 603
year-on-year (%) 9.3 20.2 5.4 5.2 -15.3 - 6.1
Gross Revenue actual (USD'000) 11,756 10,963 13,267 10,607 6,650 - 53,244
year-on-year (%) 3.9 6.3 -3.6 -3.2 -15.8 - -1.9
    (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 - 16.7
year-on-year (points) -43.8 -43.2 -87.1 -74.5 -66.4 - -63.4
ADR actual (USD) 377 355 345 0 0 - 368
year-on-year (%) 12.8 13.1 1.5 -100.0 -100.0 - 21.9
RevPAR actual (USD) 143 162 7 3 0 - 61
year-on-year (%) -47.6 -42.0 -97.6 -98.6 -100.0 - -74.6
Gross Revenue actual (USD'000) 886 904 57 11 0 - 1,859
year-on-year (%) -41.0 -37.9 -96.7 -99.0 -100.0 - -72.5
    (Note 1) This property was acquired on Septemer 28, 2018.
    (Note 2) Renovation Period: August 2024 - October 2025 (scheduled).

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