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)
Occupancy Rate actual (%) 80.0 84.9 85.2 - - - 83.3
ADR actual (JPY) 11,982 13,357 13,710 - - - 13,027
RevPAR actual (JPY) 9,581 11,335 11,675 - - - 10,848
Gross Revenue actual (JPY mn) 7,007 7,155 8,315 - - - 22,478
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
Occupancy Rate actual (%) 71.3 75.8 66.1 - - - 70.9
ADR actual (USD) 709 734 817 - - - 752
RevPAR actual (USD) 505 556 540 - - - 533
Gross Revenue actual (USD'000) 12,642 11,868 13,324 - - - 37,835
  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 - - - 91.5
year-on-year (points) 11.6 6.7 2.6 - - - 7.0
ADR actual (JPY) 11,760 13,007 14,284 - - - 13,024
year-on-year (%) 29.4 17.4 3.4 - - - 14.0
RevPAR actual (JPY) 10,613 12,063 13,088 - - - 11,917
year-on-year (%) 48.6 26.6 6.5 - - - 23.4
Gross Revenue actual (JPY mn) 41 42 51 - - - 136
year-on-year (%) 47.1 22.1 7.1 - - - 22.0
    (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 - - - 87.4
year-on-year (points) 7.9 2.3 -4.3 - - - 2.0
ADR actual (JPY) 8,916 10,259 12,825 - - - 10,701
year-on-year (%) 30.5 33.5 45.1 - - - 36.3
RevPAR actual (JPY) 7,614 9,089 11,341 - - - 9,357
year-on-year (%) 43.9 37.1 38.3 - - - 39.5
Gross Revenue actual (JPY mn) 38 41 57 - - - 138
year-on-year (%) 42.6 31.0 37.7 - - - 36.9
    (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 - - - 75.7
year-on-year (points) 20.4 6.5 8.3 - - - 11.8
ADR actual (JPY) 9,768 8,435 15,698 - - - 11,639
year-on-year (%) 14.4 -3.6 -6.0 - - - -2.8
RevPAR actual (JPY) 6,125 6,695 13,419 - - - 8,815
year-on-year (%) 69.7 5.0 4.1 - - - 15.2
Gross Revenue actual (JPY mn) 47 47 101 - - - 196
year-on-year (%) 66.0 1.5 4.2 - - - 13.8
    (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 (%) 92.9 94.7 93.5 - - - 93.6
year-on-year (points) 2.7 3.9 0.8 - - - 2.4
ADR actual (JPY) 13,024 16,249 18,177 - - - 15,810
year-on-year (%) 16.1 7.9 8.2 - - - 10.0
RevPAR actual (JPY) 12,095 15,380 16,991 - - - 14,803
year-on-year (%) 19.5 12.5 9.1 - - - 12.9
Gross Revenue actual (JPY mn) 79 85 104 - - - 268
year-on-year (%) 21.8 10.1 8.2 - - - 12.5
    (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 - - - 96.6
year-on-year (points) 1.4 -0.4 -1.0 - - - 0.0
ADR actual (JPY) 25,782 27,323 31,952 - - - 28,376
year-on-year (%) 30.8 11.8 5.5 - - - 14.2
RevPAR actual (JPY) 24,978 26,434 30,692 - - - 27,399
year-on-year (%) 32.7 11.3 4.5 - - - 14.2
Gross Revenue actual (JPY mn) 75 70 91 - - - 236
year-on-year (%) 29.0 6.7 4.0 - - - 11.7
    (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 (%) 85.3 93.4 91.6 - - - 90.0
year-on-year (points) 22.1 18.6 8.9 - - - 16.5
ADR actual (JPY) 13,202 13,911 15,114 - - - 14,101
year-on-year (%) 15.1 1.5 -1.1 - - - 3.3
RevPAR actual (JPY) 11,266 12,998 13,848 - - - 12,694
year-on-year (%) 55.4 26.8 9.5 - - - 26.3
Gross Revenue actual (JPY mn) 59 60 70 - - - 190
year-on-year (%) 41.9 16.4 7.2 - - - 19.3
    (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 - - - 88.2
year-on-year (points) -0.7 0.3 1.0 - - - 0.2
ADR actual (JPY) 7,309 8,334 8,289 - - - 7,977
year-on-year (%) 14.2 11.2 5.4 - - - 9.9
RevPAR actual (JPY) 6,227 7,327 7,578 - - - 7,035
year-on-year (%) 13.3 11.6 6.6 - - - 10.1
Gross Revenue actual (JPY mn) 57 60 71 - - - 188
year-on-year (%) 11.5 5.3 4.4 - - - 6.7
    (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 (%) 81.4 88.6 90.7 - - - 86.9
year-on-year (points) 24.1 19.0 7.1 - - - 16.6
ADR actual (JPY) 7,880 8,096 8,590 - - - 8,204
year-on-year (%) 29.4 4.1 -0.6 - - - 7.1
RevPAR actual (JPY) 6,417 7,177 7,792 - - - 7,127
year-on-year (%) 83.9 32.5 7.8 - - - 32.5
Gross Revenue actual (JPY mn) 40 40 48 - - - 129
year-on-year (%) 75.0 28.3 7.6 - - - 29.7
    (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 - - - 92.1
year-on-year (points) 3.9 6.8 2.5 - - - 4.3
ADR actual (JPY) 8,471 9,774 11,607 - - - 10,010
year-on-year (%) 14.3 3.9 -3.2 - - - 3.1
RevPAR actual (JPY) 7,354 9,150 11,155 - - - 9,222
year-on-year (%) 19.7 12.0 -0.6 - - - 8.2
Gross Revenue actual (JPY mn) 48 53 71 - - - 173
year-on-year (%) 17.3 5.1 -2.7 - - - 4.6
    (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 (%) 58.1 57.6 91.1 - - - 69.3
year-on-year (points) -21.3 -28.7 3.5 - - - -15.1
ADR actual (JPY) 9,887 11,733 14,408 - - - 12,410
year-on-year (%) 32.8 24.4 23.3 - - - 29.4
RevPAR actual (JPY) 5,748 6,754 13,118 - - - 8,600
year-on-year (%) -2.8 -17.0 28.2 - - - 6.2
Gross Revenue actual (JPY mn) 16 18 38 - - - 73
year-on-year (%) -3.7 -18.7 27.3 - - - 4.9
    (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 (%) 90.5 90.1 66.0 - - - 82.0
year-on-year (points) 6.0 0.0 -28.0 - - - -7.6
ADR actual (JPY) 9,957 14,589 12,720 - - - 12,309
year-on-year (%) 14.5 32.3 17.2 - - - 20.5
RevPAR actual (JPY) 9,012 13,150 8,396 - - - 10,087
year-on-year (%) 22.7 32.3 -17.7 - - - 10.3
Gross Revenue actual (JPY mn) 53 68 49 - - - 171
year-on-year (%) 26.8 28.8 -16.7 - - - 10.9
    (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 (%) 87.6 93.6 95.4 - - - 92.2
year-on-year (points) 2.2 3.3 2.9 - - - 2.8
ADR actual (JPY) 19,350 20,823 23,058 - - - 21,138
year-on-year (%) 90.9 60.0 51.6 - - - 64.5
RevPAR actual (JPY) 16,945 19,489 22,008 - - - 19,480
year-on-year (%) 95.9 65.9 56.3 - - - 69.6
Gross Revenue actual (JPY mn) 37 38 47 - - - 123
year-on-year (%) 112.5 77.6 73.5 - - - 85.1
    (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 - - - 93.0
year-on-year (points) 5.8 1.7 -0.4 - - - 2.4
ADR actual (JPY) 9,286 11,412 12,897 - - - 11,190
year-on-year (%) 29.6 24.5 14.2 - - - 20.9
RevPAR actual (JPY) 8,641 10,626 11,978 - - - 10,408
year-on-year (%) 38.3 26.8 13.8 - - - 24.1
Gross Revenue actual (JPY mn) 19 21 27 - - - 68
year-on-year (%) 37.5 22.4 14.5 - - - 22.9
    (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 (%) 85.7 92.0 90.0 - - - 89.2
year-on-year (points) 3.3 0.6 -2.6 - - - 0.4
ADR actual (JPY) 10,046 11,387 12,872 - - - 11,460
year-on-year (%) 18.2 12.7 10.5 - - - 12.9
RevPAR actual (JPY) 8,608 10,478 11,588 - - - 10,216
year-on-year (%) 23.0 13.4 7.3 - - - 13.4
Gross Revenue actual (JPY mn) 14 16 19 - - - 50
year-on-year (%) 21.8 9.5 7.8 - - - 12.1
    (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 (%) 80.7 83.2 71.6 - - - 78.4
year-on-year (points) 1.1 -7.6 -20.0 - - - -8.9
ADR actual (JPY) 5,764 6,033 7,496 - - - 6,398
year-on-year (%) 11.1 17.9 36.7 - - - 21.4
RevPAR actual (JPY) 4,653 5,019 5,369 - - - 5,014
year-on-year (%) 12.7 8.0 6.9 - - - 9.0
Gross Revenue actual (JPY mn) 18 18 21 - - - 59
year-on-year (%) 11.7 4.4 7.2 - - - 7.7
    (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 (%) 81.3 83.2 83.4 - - - 82.6
year-on-year (points) 7.4 6.5 1.4 - - - 5.1
ADR actual (JPY) 5,513 5,761 5,994 - - - 5,758
year-on-year (%) 6.1 5.8 6.8 - - - 6.1
RevPAR actual (JPY) 4,480 4,794 5,001 - - - 4,757
year-on-year (%) 16.7 14.8 8.6 - - - 13.1
Gross Revenue actual (JPY mn) 14 14 16 - - - 45
year-on-year (%) 16.3 10.7 8.4 - - - 11.6
    (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 - - - 80.6
year-on-year (points) 9.8 9.6 4.5 - - - 7.9
ADR actual (JPY) 10,666 10,833 11,521 - - - 11,043
year-on-year (%) 18.9 -0.6 0.1 - - - 4.5
RevPAR actual (JPY) 7,792 8,617 10,257 - - - 8,898
year-on-year (%) 37.3 13.0 5.5 - - - 15.9
Gross Revenue actual (JPY mn) 27 27 36 - - - 90
year-on-year (%) 36.6 9.0 6.0 - - - 14.7
    (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 (%) 74.4 74.9 85.5 - - - 78.3
year-on-year (points) 5.0 -7.4 -0.7 - - - -0.9
ADR actual (JPY) 16,843 17,324 17,817 - - - 17,352
year-on-year (%) 27.2 21.8 4.6 - - - 15.9
RevPAR actual (JPY) 12,525 12,971 15,226 - - - 13,594
year-on-year (%) 36.4 10.8 3.7 - - - 14.6
Gross Revenue actual (JPY mn) 23 21 28 - - - 73
year-on-year (%) 37.0 4.6 3.6 - - - 12.7
    (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 - - - 76.9
year-on-year (points) 9.3 -1.6 -6.8 - - - 0.3
ADR actual (JPY) 6,541 7,453 7,872 - - - 7,304
year-on-year (%) 11.0 21.5 19.3 - - - 17.0
RevPAR actual (JPY) 4,745 5,972 6,172 - - - 5,618
year-on-year (%) 27.3 19.1 9.8 - - - 17.5
Gross Revenue actual (JPY mn) 5 6 7 - - - 19
year-on-year (%) 24.8 14.9 10.1 - - - 15.7
    (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 - - - 78.0
year-on-year (points) 4.4 -4.0 -7.9 - - - -2.5
ADR actual (JPY) 6,207 6,922 8,090 - - - 7,115
year-on-year (%) 13.2 12.4 23.4 - - - 16.4
RevPAR actual (JPY) 4,496 5,540 6,619 - - - 5,552
year-on-year (%) 20.5 7.1 12.5 - - - 12.8
Gross Revenue actual (JPY mn) 3 3 4 - - - 11
year-on-year (%) 21.3 4.6 13.0 - - - 12.4
    (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 (%) 98.2 100.0 99.8 - - - 99.3
year-on-year (points) 22.5 26.6 22.0 - - - 23.6
ADR actual (JPY) 7,176 8,660 10,424 - - - 8,765
year-on-year (%) 9.6 5.1 12.5 - - - 9.3
RevPAR actual (JPY) 7,049 8,660 10,408 - - - 8,707
year-on-year (%) 42.1 43.2 44.3 - - - 43.3
Gross Revenue actual (JPY mn) 101 112 149 - - - 363
year-on-year (%) 43.8 39.3 45.3 - - - 43.0
    (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 - - - 75.1
year-on-year (points) 22.4 11.4 16.4 - - - 16.9
ADR actual (JPY) 6,795 6,642 6,442 - - - 6,622
year-on-year (%) 9.0 8.5 6.6 - - - 8.1
RevPAR actual (JPY) 4,970 4,941 5,007 - - - 4,974
year-on-year (%) 57.1 28.2 35.1 - - - 39.4
Gross Revenue actual (JPY mn) 37 34 39 - - - 111
year-on-year (%) 46.5 18.6 29.7 - - - 31.0
    (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 - - - 74.7
year-on-year (points) -0.5 -6.6 1.9 - - - -1.6
ADR actual (JPY) 7,881 8,493 8,473 - - - 8,288
year-on-year (%) 20.5 18.8 7.9 - - - 15.0
RevPAR actual (JPY) 5,523 6,236 6,824 - - - 6,193
year-on-year (%) 19.7 9.1 10.5 - - - 12.6
Gross Revenue actual (JPY mn) 14 15 18 - - - 47
year-on-year (%) 19.5 7.3 11.0 - - - 12.2
    (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 - - - 94.7
year-on-year (points) -1.9 2.2 1.3 - - - 0.5
ADR actual (JPY) 13,048 13,677 14,658 - - - 13,812
year-on-year (%) 18.7 11.8 6.1 - - - 11.8
RevPAR actual (JPY) 11,861 13,323 14,079 - - - 13,080
year-on-year (%) 16.3 14.3 7.6 - - - 12.3
Gross Revenue actual (JPY mn) 70 70 83 - - - 224
year-on-year (%) 13.8 9.2 8.0 - - - 10.1
    (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 (%) 90.4 94.0 93.6 - - - 92.6
year-on-year (points) 11.7 11.2 3.8 - - - 8.8
ADR actual (JPY) 7,327 7,863 8,807 - - - 8,011
year-on-year (%) 18.2 6.3 5.0 - - - 8.6
RevPAR actual (JPY) 6,625 7,394 8,242 - - - 7,421
year-on-year (%) 35.7 20.7 9.4 - - - 20.1
Gross Revenue actual (JPY mn) 56 57 70 - - - 184
year-on-year (%) 32.9 16.3 9.6 - - - 18.0
    (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 (%) 89.5 93.2 89.3 - - - 90.6
year-on-year (points) 2.4 0.9 -3.7 - - - -0.2
ADR actual (JPY) 12,911 14,287 16,792 - - - 14,669
year-on-year (%) 22.1 11.2 12.9 - - - 14.5
RevPAR actual (JPY) 11,559 13,319 14,994 - - - 13,289
year-on-year (%) 25.5 12.3 8.5 - - - 14.3
Gross Revenue actual (JPY mn) 35 36 45 - - - 117
year-on-year (%) 25.3 7.9 8.7 - - - 12.9
    (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 (%) 86.4 92.4 91.9 - - - 90.2
year-on-year (points) 12.5 10.6 3.4 - - - 8.8
ADR actual (JPY) 7,617 8,271 9,783 - - - 8,586
year-on-year (%) 18.6 9.2 10.8 - - - 11.8
RevPAR actual (JPY) 6,581 7,640 8,991 - - - 7,741
year-on-year (%) 38.8 23.4 15.0 - - - 23.8
Gross Revenue actual (JPY mn) 36 38 50 - - - 125
year-on-year (%) 37.8 18.7 15.1 - - - 22.2
    (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 (%) 80.3 91.9 91.0 - - - 87.6
year-on-year (points) 2.9 4.9 8.5 - - - 5.4
ADR actual (JPY) 7,120 7,444 8,126 - - - 7,585
year-on-year (%) 6.5 2.3 -4.1 - - - 1.2
RevPAR actual (JPY) 5,719 6,842 7,396 - - - 6,646
year-on-year (%) 10.5 8.0 5.7 - - - 7.8
Gross Revenue actual (JPY mn) 29 31 38 - - - 99
year-on-year (%) 7.8 2.8 6.5 - - - 5.7
    (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 - - - 85.7
year-on-year (points) -1.3 3.3 2.6 - - - 1.5
ADR actual (JPY) 5,401 5,361 6,095 - - - 5,637
year-on-year (%) 18.6 10.3 5.5 - - - 11.0
RevPAR actual (JPY) 4,342 4,704 5,432 - - - 4,830
year-on-year (%) 16.7 14.7 8.6 - - - 12.9
Gross Revenue actual (JPY mn) 12 11 15 - - - 39
year-on-year (%) 15.9 10.8 8.6 - - - 11.5
    (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 - - - 84.1
year-on-year (points) -7.9 1.6 0.2 - - - -2.1
ADR actual (JPY) 8,910 9,417 10,168 - - - 9,530
year-on-year (%) 18.6 14.5 19.4 - - - 17.9
RevPAR actual (JPY) 6,903 8,071 9,071 - - - 8,013
year-on-year (%) 7.6 16.7 19.7 - - - 15.0
Gross Revenue actual (JPY mn) 55 53 64 - - - 173
year-on-year (%) 15.0 7.7 7.9 - - - 10.0
    (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 (%) 80.4 85.5 78.2 - - - 81.2
year-on-year (points) 3.4 1.6 -5.4 - - - -0.2
ADR actual (JPY) 5,595 6,698 6,847 - - - 6,372
year-on-year (%) 10.5 18.2 18.1 - - - 15.4
RevPAR actual (JPY) 4,498 5,730 5,353 - - - 5,176
year-on-year (%) 15.4 20.4 10.5 - - - 15.1
Gross Revenue actual (JPY mn) 9 10 10 - - - 30
year-on-year (%) 14.4 17.1 10.3 - - - 13.8
    (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 - - - 86.8
year-on-year (points) 0.8 -0.6 1.0 - - - 0.4
ADR actual (JPY) 5,093 5,965 6,328 - - - 5,806
year-on-year (%) 12.8 14.6 7.2 - - - 11.1
RevPAR actual (JPY) 4,226 5,299 5,620 - - - 5,040
year-on-year (%) 13.9 13.8 8.4 - - - 11.7
Gross Revenue actual (JPY mn) 8 9 10 - - - 28
year-on-year (%) 12.9 6.2 8.1 - - - 8.8
    (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 (%) 76.7 81.0 81.1 - - - 79.6
year-on-year (points) -1.9 -7.9 -6.1 - - - -5.2
ADR actual (JPY) 6,739 7,148 7,169 - - - 7,019
year-on-year (%) 17.1 19.9 19.5 - - - 18.8
RevPAR actual (JPY) 5,172 5,789 5,813 - - - 5,584
year-on-year (%) 14.3 9.2 11.2 - - - 11.4
Gross Revenue actual (JPY mn) 34 34 38 - - - 106
year-on-year (%) 14.3 5.4 10.5 - - - 9.9
    (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 - - - 91.3
year-on-year (points) 19.9 19.7 2.2 - - - 13.8
ADR actual (JPY) 13,688 13,551 13,910 - - - 13,722
year-on-year (%) 16.3 -3.0 -5.4 - - - 0.9
RevPAR actual (JPY) 12,110 12,610 12,855 - - - 12,522
year-on-year (%) 50.0 23.2 -3.1 - - - 18.9
Gross Revenue actual (JPY mn) 21 20 22 - - - 64
year-on-year (%) 47.0 17.5 -3.3 - - - 16.5
    (Note 1) This property was acquired on January 22, 2016.
    (Note 1) This property was acquired on January 22, 2016.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
    (Note 1) This property was acquired on January 22, 2016.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
    (Note 1) This property was acquired on January 22, 2016.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
    (Note 1) This property was acquired on January 22, 2016.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 90.3 92.4 92.4 - - - 91.7
year-on-year (points) 0.9 -1.1 -1.7 - - - -0.7
ADR actual (JPY) 13,502 15,144 16,522 - - - 15,066
year-on-year (%) 16.9 11.3 -1.0 - - - 7.6
RevPAR actual (JPY) 12,190 13,990 15,267 - - - 13,810
year-on-year (%) 18.1 10.0 -2.8 - - - 6.9
Gross Revenue actual (JPY mn) 159 165 200 - - - 525
year-on-year (%) 15.1 5.4 -2.2 - - - 5.0
    (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 - - - 78.3
year-on-year (points) -2.0 1.0 -3.3 - - - -1.5
ADR actual (JPY) 28,662 20,775 25,551 - - - 24,929
year-on-year (%) 4.6 -4.4 -0.7 - - - -0.1
RevPAR actual (JPY) 17,854 16,149 24,262 - - - 19,530
year-on-year (%) 1.5 -3.2 -4.0 - - - -1.9
Gross Revenue actual (JPY mn) 419 393 599 - - - 1,411
year-on-year (%) -1.8 1.1 2.1 - - - 0.6
    (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 - - - 91.1
year-on-year (points) 6.6 1.2 0.6 - - - 2.8
ADR actual (JPY) 12,338 17,338 15,436 - - - 14,975
year-on-year (%) 20.7 29.8 22.1 - - - 23.8
RevPAR actual (JPY) 11,081 15,766 14,273 - - - 13,638
year-on-year (%) 30.2 31.6 22.9 - - - 27.8
Gross Revenue actual (JPY mn) 77 99 99 - - - 276
year-on-year (%) 29.2 25.9 23.1 - - - 25.8
    (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 - - - 96.7
year-on-year (points) 3.8 1.4 0.3 - - - 1.8
ADR actual (JPY) 13,943 15,879 18,837 - - - 16,233
year-on-year (%) 16.9 12.3 6.0 - - - 10.7
RevPAR actual (JPY) 13,424 15,436 18,206 - - - 15,697
year-on-year (%) 21.7 13.9 6.3 - - - 12.9
Gross Revenue actual (JPY mn) 44 45 59 - - - 150
year-on-year (%) 22.4 9.3 5.9 - - - 11.4
    (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 - - - 70.3
year-on-year (points) -21.5 -3.8 -2.7 - - - -9.5
ADR actual (JPY) 9,804 9,704 11,579 - - - 10,461
year-on-year (%) 1.2 -23.0 -22.7 - - - -15.6
RevPAR actual (JPY) 6,032 6,812 9,151 - - - 7,349
year-on-year (%) -25.0 -26.9 -25.3 - - - -25.6
Gross Revenue actual (JPY mn) 62 64 88 - - - 215
year-on-year (%) -21.5 -24.5 -21.9 - - - -22.6
    (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 - - - 84.2
year-on-year (points) 8.8 0.7 3.5 - - - 4.5
ADR actual (JPY) 8,507 9,111 10,171 - - - 9,293
year-on-year (%) 19.5 16.3 15.7 - - - -25.0
RevPAR actual (JPY) 6,840 7,687 8,939 - - - 7,827
year-on-year (%) 34.2 17.3 20.5 - - - -20.8
Gross Revenue actual (JPY mn) 56 55 70 - - - 182
year-on-year (%) 30.8 11.7 19.5 - - - -34.3
    (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 - - - 95.0
year-on-year (points) 1.3 0.6 0.2 - - - 0.7
ADR actual (JPY) 26,436 26,784 31,312 - - - 28,214
year-on-year (%) 22.6 10.4 -2.5 - - - 8.4
RevPAR actual (JPY) 25,142 25,556 29,553 - - - 26,790
year-on-year (%) 24.4 11.1 -2.4 - - - 9.2
Gross Revenue actual (JPY mn) 100 93 116 - - - 310
year-on-year (%) 19.8 6.5 -1.9 - - - 6.9
    (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 - - - 89.5
year-on-year (points) 20.5 11.3 3.5 - - - 11.7
ADR actual (JPY) 7,331 8,387 9,381 - - - 8,397
year-on-year (%) 6.8 7.1 7.3 - - - 6.1
RevPAR actual (JPY) 6,184 7,715 8,655 - - - 7,511
year-on-year (%) 41.0 22.1 11.5 - - - 22.1
Gross Revenue actual (JPY mn) 120 121 146 - - - 387
year-on-year (%) 26.5 7.7 12.4 - - - 14.8
    (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 - - - 87.8
year-on-year (points) -1.9 4.2 2.3 - - - 1.5
ADR actual (JPY) 16,639 17,077 20,567 - - - 18,196
year-on-year (%) 22.1 9.6 1.8 - - - 9.8
RevPAR actual (JPY) 13,599 15,342 18,925 - - - 15,976
year-on-year (%) 19.3 15.0 4.4 - - - 11.6
Gross Revenue actual (JPY mn) 110 110 148 - - - 368
year-on-year (%) 17.6 9.4 4.6 - - - 9.7
    (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 - - - 87.9
year-on-year (points) 2.3 2.2 -0.2 - - - 1.4
ADR actual (JPY) 14,023 15,375 17,833 - - - 15,770
year-on-year (%) 1.3 -3.9 6.9 - - - 1.6
RevPAR actual (JPY) 12,121 13,672 15,791 - - - 13,867
year-on-year (%) 4.2 -1.4 6.7 - - - 3.3
Gross Revenue actual (JPY mn) 212 203 268 - - - 684
year-on-year (%) 6.9 -0.4 11.7 - - - 6.4
    (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 (%) 95.7 96.8 78.0 - - - 89.9
year-on-year (points) 10.4 7.4 4.9 - - - 7.5
ADR actual (JPY) 11,103 20,214 10,924 - - - 14,101
year-on-year (%) 25.0 21.3 28.0 - - - 23.0
RevPAR actual (JPY) 10,622 19,570 8,517 - - - 12,681
year-on-year (%) 40.3 31.3 36.6 - - - 34.1
Gross Revenue actual (JPY mn) 82 136 67 - - - 286
year-on-year (%) 38.1 27.0 37.4 - - - 32.4
    (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 (%) 89.9 95.8 96.4 - - - 94.0
year-on-year (points) 7.9 7.6 2.8 - - - 6.1
ADR actual (JPY) 8,727 9,876 12,302 - - - 10,354
year-on-year (%) 10.7 -1.0 -1.8 - - - 1.2
RevPAR actual (JPY) 7,847 9,463 11,857 - - - 9,731
year-on-year (%) 21.4 7.6 1.2 - - - 8.2
Gross Revenue actual (JPY mn) 41 44 62 - - - 149
year-on-year (%) 21.0 4.4 1.5 - - - 7.2
    (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 - - - 60.0
year-on-year (points) 5.0 -2.6 1.8 - - - 1.4
ADR actual (JPY) 8,095 8,367 7,859 - - - 8,091
year-on-year (%) 14.8 13.7 -2.3 - - - 7.5
RevPAR actual (JPY) 4,328 5,075 5,182 - - - 4,855
year-on-year (%) 26.5 9.0 0.4 - - - 10.1
Gross Revenue actual (JPY mn) 46 42 59 - - - 148
year-on-year (%) 37.0 -2.0 8.3 - - - 12.2
    (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 - - - 69.0
year-on-year (points) -0.9 -1.5 -8.9 - - - -3.9
ADR actual (JPY) 9,529 12,061 9,528 - - - 10,387
year-on-year (%) 11.6 10.3 1.6 - - - 7.7
RevPAR actual (JPY) 6,063 9,068 6,558 - - - 7,168
year-on-year (%) 10.0 8.2 -10.1 - - - 1.9
Gross Revenue actual (JPY mn) 63 74 75 - - - 212
year-on-year (%) -9.9 -9.0 -19.9 - - - -13.4
    (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
year-on-year (points) 2.7 -1.5 -8.0 - - - -2.3
ADR actual (JPY) 6,897 8,465 8,155 - - - 7,812
year-on-year (%) 0.7 -1.8 5.9 - - - 1.3
RevPAR actual (JPY) 6,302 7,702 7,114 - - - 7,017
year-on-year (%) 3.8 -3.3 -3.0 - - - -1.3
Gross Revenue actual (JPY mn) 30 33 34 - - - 99
year-on-year (%) 6.1 -6.7 -3.2 - - - -1.8
    (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 (%) 93.2 93.8 90.6 - - - 92.5
year-on-year (points) 1.8 -0.5 -4.0 - - - -0.9
ADR actual (JPY) 12,290 14,129 15,699 - - - 14,020
year-on-year (%) 19.2 12.5 -2.3 - - - 7.7
RevPAR actual (JPY) 11,457 13,253 14,217 - - - 12,966
year-on-year (%) 21.6 11.9 -6.4 - - - 6.6
Gross Revenue actual (JPY mn) 39 41 48 - - - 129
year-on-year (%) 20.9 8.2 -6.2 - - - 5.4
    (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 - - - 86.3
year-on-year (points) -5.6 -5.6 - - - - -3.7
ADR actual (JPY) 10,777 14,553 14,280 - - - 13,220
year-on-year (%) 17.4 23.0 2.3 - - - 13.0
RevPAR actual (JPY) 8,809 12,353 13,138 - - - 11,403
year-on-year (%) 9.9 15.4 2.3 - - - 8.4
Gross Revenue actual (JPY mn) 35 43 53 - - - 132
year-on-year (%) 9.5 11.6 3.7 - - - 7.7
    (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 - - - 92.1
year-on-year (points) 7.4 2.2 2.5 - - - 4.1
ADR actual (JPY) 18,896 20,387 23,545 - - - 20,969
year-on-year (%) 44.5 26.2 1.6 - - - 19.2
RevPAR actual (JPY) 17,280 18,855 21,776 - - - 19,318
year-on-year (%) 57.3 29.2 4.4 - - - 24.6
Gross Revenue actual (JPY mn) 188 185 235 - - - 609
year-on-year (%) 53.6 24.2 4.5 - - - 22.5
    (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 (%) 86.7 90.6 80.8 - - - 85.9
year-on-year (points) 14.4 4.3 11.7 - - - 10.2
ADR actual (JPY) 13,799 20,286 12,299 - - - 15,443
year-on-year (%) 43.1 24.0 25.6 - - - 27.3
RevPAR actual (JPY) 11,957 18,388 9,939 - - - 13,263
year-on-year (%) 71.6 30.2 47.0 - - - 44.5
Gross Revenue actual (JPY mn) 215 267 181 - - - 664
year-on-year (%) 53.9 22.8 37.0 - - - 35.5
    (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 (%) 89.4 92.5 92.0 - - - 91.3
year-on-year (points) 2.4 2.0 -0.6 - - - 1.2
ADR actual (JPY) 12,377 14,250 16,478 - - - 14,391
year-on-year (%) 35.2 28.8 14.3 - - - 24.0
RevPAR actual (JPY) 11,064 13,181 15,156 - - - 13,132
year-on-year (%) 38.9 31.7 13.5 - - - 25.7
Gross Revenue actual (JPY mn) 53 56 72 - - - 182
year-on-year (%) 36.8 26.2 11.5 - - - 22.6
    (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 (%) 79.9 89.2 92.7 - - - 87.2
year-on-year (points) 25.0 17.8 8.9 - - - 17.2
ADR actual (JPY) 11,960 12,019 12,965 - - - 12,347
year-on-year (%) 16.2 5.8 -0.2 - - - 5.2
RevPAR actual (JPY) 9,552 10,719 12,024 - - - 10,767
year-on-year (%) 69.2 32.2 10.5 - - - 31.1
Gross Revenue actual (JPY mn) 33 33 41 - - - 107
year-on-year (%) 66.5 27.4 10.4 - - - 29.1
    (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 - - - 91.7
year-on-year (points) 15.5 7.5 6.0 - - - 9.7
ADR actual (JPY) 14,816 25,076 14,404 - - - 18,044
year-on-year (%) 29.3 20.1 34.0 - - - 24.6
RevPAR actual (JPY) 14,358 24,177 11,853 - - - 16,550
year-on-year (%) 54.0 30.3 44.5 - - - 39.2
Gross Revenue actual (JPY mn) 163 234 140 - - - 538
year-on-year (%) 48.5 25.3 38.7 - - - 35.1
    (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 (%) 64.9 74.5 84.3 - - - 74.6
year-on-year (points) 3.5 0.2 4.4 - - - 2.7
ADR actual (JPY) 14,342 13,755 16,055 - - - 14,827
year-on-year (%) 1.2 -3.2 3.9 - - - 1.1
RevPAR actual (JPY) 9,313 10,244 13,535 - - - 11,057
year-on-year (%) 6.9 -2.9 9.6 - - - 4.9
Gross Revenue actual (JPY mn) 130 127 171 - - - 429
year-on-year (%) 11.0 -8.6 17.6 - - - 6.6
    (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 (%) 87.5 92.6 91.0 - - - 90.3
year-on-year (points) 7.5 4.2 -0.1 - - - 3.8
ADR actual (JPY) 27,564 24,807 29,136 - - - 27,230
year-on-year (%) 19.3 7.9 1.7 - - - 8.6
RevPAR actual (JPY) 24,130 22,962 26,505 - - - 24,585
year-on-year (%) 30.4 13.0 1.5 - - - 13.4
Gross Revenue actual (JPY mn) 138 121 151 - - - 410
year-on-year (%) 25.1 6.1 -0.5 - - - 9.0
    (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 (%) 95.4 95.2 85.1 - - - 91.8
year-on-year (points) 21.8 9.7 22.0 - - - 18.0
ADR actual (JPY) 17,303 22,166 14,187 - - - 17,876
year-on-year (%) 10.1 7.7 6.6 - - - 6.3
RevPAR actual (JPY) 16,509 21,098 12,077 - - - 16,410
year-on-year (%) 42.6 19.9 43.8 - - - 32.2
Gross Revenue actual (JPY mn) 95 105 76 - - - 277
year-on-year (%) 37.3 13.0 32.3 - - - 25.7
    (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 (%) 52.3 66.6 84.1 - - - 67.7
year-on-year (points) -31.3 -16.5 0.4 - - - -15.8
ADR actual (JPY) 7,773 7,805 8,977 - - - 8,298
year-on-year (%) -12.3 -28.0 -22.2 - - - -20.2
RevPAR actual (JPY) 4,062 5,198 7,550 - - - 5,617
year-on-year (%) -45.1 -42.3 -21.8 - - - -35.3
Gross Revenue actual (JPY mn) 31 28 50 - - - 110
year-on-year (%) -36.9 -48.6 -22.0 - - - -35.1
    (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 - - - 60.8
year-on-year (points) 1.3 5.4 -14.2 - - - -2.7
ADR actual (JPY) 7,211 7,484 8,148 - - - 7,647
year-on-year (%) 10.7 4.0 5.1 - - - 5.6
RevPAR actual (JPY) 3,854 4,796 5,317 - - - 4,651
year-on-year (%) 13.5 13.6 -13.7 - - - 1.1
Gross Revenue actual (JPY mn) 76 79 104 - - - 260
year-on-year (%) 13.5 7.6 -4.6 - - - 3.9
    (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 (%) 89.7 90.7 91.8 - - - 90.7
year-on-year (points) 7.2 1.7 1.8 - - - 3.6
ADR actual (JPY) 8,263 8,858 9,259 - - - 8,796
year-on-year (%) 0.9 -2.4 1.5 - - - -0.1
RevPAR actual (JPY) 7,410 8,035 8,501 - - - 7,980
year-on-year (%) 9.7 -0.5 3.6 - - - 4.0
Gross Revenue actual (JPY mn) 42 41 47 - - - 130
year-on-year (%) 8.4 -3.4 3.6 - - - 2.7
    (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 (%) 95.3 94.0 81.2 - - - 90.1
year-on-year (points) 24.2 6.4 15.7 - - - 15.6
ADR actual (JPY) 17,771 23,652 15,168 - - - 18,872
year-on-year (%) 14.6 13.3 13.2 - - - 11.8
RevPAR actual (JPY) 16,934 22,238 12,322 - - - 16,996
year-on-year (%) 53.7 21.6 40.3 - - - 35.2
Gross Revenue actual (JPY mn) 67 76 52 - - - 196
year-on-year (%) 48.7 17.0 28.8 - - - 29.7
    (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 (%) 79.3 93.7 89.1 - - - 87.2
year-on-year (points) 3.1 6.1 7.2 - - - 5.4
ADR actual (JPY) 6,266 7,475 6,863 - - - 6,880
year-on-year (%) 6.6 -2.2 -1.9 - - - 0.3
RevPAR actual (JPY) 4,971 7,003 6,113 - - - 5,996
year-on-year (%) 11.0 4.6 6.8 - - - 6.9
Gross Revenue actual (JPY mn) 46 51 52 - - - 150
year-on-year (%) 14.9 0.2 1.4 - - - 4.8
    (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 - - - 82.1
year-on-year (points) 6.5 5.2 -0.4 - - - 3.7
ADR actual (JPY) 10,996 15,073 8,779 - - - 11,697
year-on-year (%) 30.7 19.0 20.6 - - - 23.2
RevPAR actual (JPY) 9,711 13,253 6,199 - - - 9,603
year-on-year (%) 41.1 26.4 20.0 - - - 29.0
Gross Revenue actual (JPY mn) 211 201 160 - - - 574
year-on-year (%) 20.6 9.2 6.9 - - - 12.4
    (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 (%) 75.8 81.3 88.4 - - - 81.9
year-on-year (points) 11.2 6.7 11.5 - - - 9.9
ADR actual (JPY) 9,322 10,633 9,740 - - - 9,883
year-on-year (%) 21.2 12.0 9.2 - - - 13.2
RevPAR actual (JPY) 7,065 8,648 8,611 - - - 8,090
year-on-year (%) 42.2 22.1 25.5 - - - 28.7
Gross Revenue actual (JPY mn) 64 69 77 - - - 211
year-on-year (%) 17.9 5.5 15.8 - - - 12.8
    (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 (%) 93.7 97.0 82.0 - - - 90.7
year-on-year (points) 26.0 8.6 15.3 - - - 16.7
ADR actual (JPY) 9,560 16,462 9,284 - - - 11,770
year-on-year (%) 40.2 32.0 37.7 - - - 31.5
RevPAR actual (JPY) 8,961 15,964 7,611 - - - 10,675
year-on-year (%) 93.9 44.8 69.3 - - - 61.3
Gross Revenue actual (JPY mn) 32 49 27 - - - 109
year-on-year (%) 87.3 38.6 67.8 - - - 57.5
    (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 - - - 88.3
year-on-year (points) 38.2 14.0 28.6 - - - 27.2
ADR actual (JPY) 10,255 17,710 9,897 - - - 12,571
year-on-year (%) 10.0 6.4 14.5 - - - 3.7
RevPAR actual (JPY) 9,754 16,357 7,711 - - - 11,105
year-on-year (%) 83.7 25.5 81.0 - - - 49.8
Gross Revenue actual (JPY mn) 25 40 21 - - - 88
year-on-year (%) 73.6 23.8 81.6 - - - 47.6
    (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 (%) 91.1 94.9 69.0 - - - 84.6
year-on-year (points) 37.2 25.0 37.6 - - - 33.3
ADR actual (JPY) 7,899 14,467 8,579 - - - 10,380
year-on-year (%) 40.6 22.1 37.4 - - - 22.8
RevPAR actual (JPY) 7,195 13,725 5,915 - - - 8,786
year-on-year (%) 137.6 65.9 202.0 - - - 102.6
Gross Revenue actual (JPY mn) 17 30 14 - - - 63
year-on-year (%) 129.2 59.3 189.5 - - - 96.8
    (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 (%) 88.2 95.9 94.8 - - - 92.9
year-on-year (points) 5.9 3.8 -1.4 - - - 2.7
ADR actual (JPY) 6,907 7,546 8,465 - - - 7,660
year-on-year (%) 12.5 5.8 9.4 - - - 8.8
RevPAR actual (JPY) 6,089 7,234 8,028 - - - 7,113
year-on-year (%) 20.5 10.2 7.8 - - - 12.0
Gross Revenue actual (JPY mn) 13 14 17 - - - 45
year-on-year (%) 19.2 5.5 6.8 - - - 9.7
    (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 (%) 68.8 71.1 72.3 - - - 70.7
year-on-year (points) 13.5 3.3 0.0 - - - 5.6
ADR actual (JPY) 5,309 6,469 7,270 - - - 6,362
year-on-year (%) 23.4 34.3 42.4 - - - 33.2
RevPAR actual (JPY) 3,650 4,598 5,255 - - - 4,498
year-on-year (%) 53.6 40.8 42.3 - - - 44.7
Gross Revenue actual (JPY mn) 18 20 26 - - - 65
year-on-year (%) 51.8 36.0 41.9 - - - 42.6
    (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 - - - 95.6
year-on-year (points) 3.5 0.9 3.3 - - - 2.6
ADR actual (JPY) 5,710 7,014 6,367 - - - 6,348
year-on-year (%) 5.9 1.3 -1.8 - - - 1.3
RevPAR actual (JPY) 5,370 6,787 6,119 - - - 6,069
year-on-year (%) 10.0 2.3 1.7 - - - 4.1
Gross Revenue actual (JPY mn) 13 14 14 - - - 43
year-on-year (%) 13.2 0.0 1.3 - - - 4.3
    (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 - - - 83.7
year-on-year (points) 7.1 3.8 5.1 - - - 5.3
ADR actual (JPY) 9,220 9,694 8,751 - - - 9,239
year-on-year (%) 4.6 10.3 2.7 - - - 6.0
RevPAR actual (JPY) 7,512 9,126 6,687 - - - 7,730
year-on-year (%) 14.6 14.9 10.0 - - - 13.1
Gross Revenue actual (JPY mn) 17 19 15 - - - 52
year-on-year (%) 13.7 8.9 12.1 - - - 11.4
    (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 (%) 70.7 73.4 73.4 - - - 72.5
year-on-year (points) 5.1 2.7 2.2 - - - 3.3
ADR actual (JPY) 9,760 9,561 9,633 - - - 9,653
year-on-year (%) 4.9 2.3 2.8 - - - 3.3
RevPAR actual (JPY) 6,902 7,018 7,067 - - - 6,995
year-on-year (%) 13.0 6.2 6.0 - - - 8.3
Gross Revenue actual (JPY mn) 218 191 215 - - - 625
year-on-year (%) 8.4 2.2 2.3 - - - 4.3
    (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 - - - 80.6
year-on-year (points) -3.6 2.7 -3.6 - - - -1.6
ADR actual (JPY) 7,917 8,558 8,077 - - - 8,176
year-on-year (%) 11.0 8.6 10.8 - - - 10.2
RevPAR actual (JPY) 6,167 7,015 6,631 - - - 6,591
year-on-year (%) 6.1 12.2 6.1 - - - 8.0
Gross Revenue actual (JPY mn) 92 88 101 - - - 282
year-on-year (%) 5.4 0.0 -2.3 - - - 0.8
    (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 - - - 67.8
year-on-year (points) 8.3 7.2 10.7 - - - 8.8
ADR actual (JPY) 27,366 22,120 33,143 - - - 28,348
year-on-year (%) -8.0 -4.5 -2.8 - - - -4.3
RevPAR actual (JPY) 14,184 14,315 28,686 - - - 19,220
year-on-year (%) 9.4 7.4 10.9 - - - 10.0
Gross Revenue actual (JPY mn) 290 274 564 - - - 1,129
year-on-year (%) 12.0 5.6 12.1 - - - 10.4
    (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 - - - 79.9
year-on-year (points) 5.2 9.9 1.5 - - - 5.4
ADR actual (JPY) 26,390 19,215 24,794 - - - 23,391
year-on-year (%) 9.7 -5.9 8.2 - - - 4.3
RevPAR actual (JPY) 18,553 16,698 20,645 - - - 18,696
year-on-year (%) 18.5 6.1 10.2 - - - 11.7
Gross Revenue actual (JPY mn) 178 165 203 - - - 548
year-on-year (%) 14.5 7.0 5.4 - - - 8.7
    (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 - - - 86.2
year-on-year (points) -5.5 -4.6 -1.8 - - - -4.0
ADR actual (JPY) 6,715 7,696 8,934 - - - 7,841
year-on-year (%) 12.1 12.6 17.9 - - - 14.8
RevPAR actual (JPY) 5,339 6,663 8,256 - - - 6,756
year-on-year (%) 4.9 6.8 15.5 - - - 9.8
Gross Revenue actual (JPY mn) 29 31 44 - - - 105
year-on-year (%) 6.0 3.6 13.7 - - - 8.3
    (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 - - - 78.2
year-on-year (points) 4.7 0.8 2.3 - - - 2.6
ADR actual (JPY) 7,760 8,807 6,947 - - - 7,821
year-on-year (%) 6.6 7.8 1.6 - - - 5.3
RevPAR actual (JPY) 6,047 7,079 5,313 - - - 6,116
year-on-year (%) 13.5 8.9 4.8 - - - 8.9
Gross Revenue actual (JPY mn) 28 30 25 - - - 84
year-on-year (%) 9.3 7.5 0.5 - - - 5.9
    (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 - - - 90.6
year-on-year (points) 0.9 0.2 -0.1 - - - 0.3
ADR actual (JPY) 8,108 11,738 10,653 - - - 10,167
year-on-year (%) 15.6 39.7 8.4 - - - 20.1
RevPAR actual (JPY) 6,954 10,843 9,981 - - - 9,207
year-on-year (%) 16.9 40.1 8.3 - - - 20.6
Gross Revenue actual (JPY mn) 31 41 42 - - - 115
year-on-year (%) 15.4 30.4 7.4 - - - 17.0
    (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 - - - 74.5
year-on-year (points) 7.6 12.4 21.8 - - - 13.9
ADR actual (JPY) 12,486 10,052 11,055 - - - 11,204
year-on-year (%) -9.4 -15.5 -12.0 - - - -12.3
RevPAR actual (JPY) 9,219 8,154 7,641 - - - 8,344
year-on-year (%) 1.0 -0.3 28.5 - - - 7.8
Gross Revenue actual (JPY mn) 54 46 47 - - - 148
year-on-year (%) 13.2 14.3 38.1 - - - 20.5
    (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 - - - 80.3
year-on-year (points) 6.3 -4.3 0.0 - - - 0.8
ADR actual (JPY) 15,858 16,489 18,818 - - - 17,109
year-on-year (%) 13.3 2.2 -1.3 - - - 3.6
RevPAR actual (JPY) 12,646 12,738 15,743 - - - 13,741
year-on-year (%) 23.0 -3.2 -1.3 - - - 4.7
Gross Revenue actual (JPY mn) 516 484 538 - - - 1,539
year-on-year (%) 9.4 -4.4 -1.1 - - - 1.0
    (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 (%) 75.8 73.1 82.7 - - - 77.3
year-on-year (points) 23.2 11.8 11.5 - - - 15.6
ADR actual (JPY) 13,066 13,030 11,909 - - - 12,629
year-on-year (%) 5.4 4.9 3.7 - - - 4.9
RevPAR actual (JPY) 9,904 9,523 9,845 - - - 9,765
year-on-year (%) 51.7 25.2 20.6 - - - 31.4
Gross Revenue actual (JPY mn) 255 230 258 - - - 745
year-on-year (%) 40.0 22.3 19.5 - - - 26.8
    (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 - - - 94.1
year-on-year (points) 1.3 0.6 0.1 - - - 0.7
ADR actual (JPY) 19,580 20,612 22,692 - - - 20,984
year-on-year (%) 29.6 15.7 6.8 - - - 16.0
RevPAR actual (JPY) 18,204 19,420 21,567 - - - 19,740
year-on-year (%) 31.5 16.5 6.9 - - - 16.8
Gross Revenue actual (JPY mn) 190 141 158 - - - 490
year-on-year (%) 21.2 12.4 7.0 - - - 13.7
    (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 (%) 86.8 89.1 83.4 - - - 86.4
year-on-year (points) 14.7 11.6 -3.6 - - - 7.5
ADR actual (JPY) 8,873 11,406 11,035 - - - 10,405
year-on-year (%) 5.1 10.8 16.9 - - - 10.7
RevPAR actual (JPY) 7,706 10,161 9,202 - - - 8,985
year-on-year (%) 26.5 27.4 12.1 - - - 21.2
Gross Revenue actual (JPY mn) 53 61 62 - - - 178
year-on-year (%) 32.4 33.7 21.2 - - - 28.6
    (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 (%) 55.1 74.8 66.3 - - - 65.1
year-on-year (points) -7.4 2.6 -3.8 - - - -3.1
ADR actual (JPY) 7,751 8,425 7,247 - - - 7,815
year-on-year (%) 4.8 9.5 2.6 - - - 5.9
RevPAR actual (JPY) 4,270 6,304 4,808 - - - 5,088
year-on-year (%) -7.7 13.4 -3.0 - - - 1.1
Gross Revenue actual (JPY mn) 44 55 53 - - - 153
year-on-year (%) -7.0 8.4 -8.4 - - - -2.5
    (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 - - - 87.8
year-on-year (points) -6.5 2.2 0.8 - - - -1.3
ADR actual (JPY) 39,109 32,014 32,464 - - - 34,307
year-on-year (%) 14.2 -2.6 -6.8 - - - 0.8
RevPAR actual (JPY) 29,842 29,582 30,845 - - - 30,107
year-on-year (%) 5.3 -0.2 -6.0 - - - -0.6
Gross Revenue actual (JPY mn) 94 89 103 - - - 287
year-on-year (%) 8.3 4.3 3.2 - - - 5.2
    (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 (%) 86.6 88.4 87.4 - - - 87.5
year-on-year (points) 5.6 3.5 1.3 - - - 3.5
ADR actual (JPY) 7,445 9,063 8,819 - - - 8,427
year-on-year (%) 2.3 -6.2 -0.4 - - - -1.9
RevPAR actual (JPY) 6,450 8,012 7,710 - - - 7,370
year-on-year (%) 9.3 -2.3 1.2 - - - 2.1
Gross Revenue actual (JPY mn) 74 75 82 - - - 232
year-on-year (%) 6.3 -8.7 -5.0 - - - -2.9
    (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 (%) 91.8 93.1 93.4 - - - 92.8
year-on-year (points) 4.8 1.7 3.6 - - - 3.4
ADR actual (JPY) 10,506 13,429 12,771 - - - 12,204
year-on-year (%) 1.7 14.4 8.4 - - - 8.2
RevPAR actual (JPY) 9,646 12,500 11,929 - - - 11,321
year-on-year (%) 7.4 16.5 12.8 - - - 12.3
Gross Revenue actual (JPY mn) 93 111 133 - - - 338
year-on-year (%) 6.7 4.9 7.6 - - - 6.4
    (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 - - - 85.4
year-on-year (points) 5.0 4.6 2.5 - - - 4.0
ADR actual (JPY) 10,665 18,027 11,150 - - - 13,139
year-on-year (%) 10.5 4.4 -1.2 - - - 4.0
RevPAR actual (JPY) 9,251 15,528 9,291 - - - 11,217
year-on-year (%) 17.2 10.3 1.9 - - - 9.1
Gross Revenue actual (JPY mn) 69 83 65 - - - 218
year-on-year (%) 17.6 6.6 -0.9 - - - 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 (%) 76.3 82.2 85.0 - - - 81.2
year-on-year (points) 16.9 4.4 7.8 - - - 9.8
ADR actual (JPY) 8,993 9,744 9,872 - - - 9,547
year-on-year (%) 8.6 -3.2 1.6 - - - 1.2
RevPAR actual (JPY) 6,865 8,009 8,396 - - - 7,748
year-on-year (%) 39.6 2.2 11.8 - - - 15.1
Gross Revenue actual (JPY mn) 72 74 89 - - - 236
year-on-year (%) 27.0 -1.9 7.2 - - - 9.2
    (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 (%) 78.6 82.8 94.6 - - - 85.4
year-on-year (points) 21.9 3.9 7.0 - - - 11.1
ADR actual (JPY) 18,056 15,137 20,573 - - - 18,136
year-on-year (%) 0.8 -3.9 0.9 - - - -0.2
RevPAR actual (JPY) 14,197 12,535 19,467 - - - 15,495
year-on-year (%) 39.7 0.8 9.0 - - - 14.7
Gross Revenue actual (JPY mn) 50 43 71 - - - 164
year-on-year (%) 23.9 -4.0 9.0 - - - 9.1
    (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 (%) 80.5 89.3 87.6 - - - 85.7
year-on-year (points) 11.6 15.1 -2.1 - - - 8.0
ADR actual (JPY) 19,136 15,534 20,418 - - - 18,420
year-on-year (%) 11.7 -1.3 15.7 - - - 8.9
RevPAR actual (JPY) 15,403 13,870 17,894 - - - 15,784
year-on-year (%) 30.5 18.8 13.0 - - - 20.2
Gross Revenue actual (JPY mn) 51 45 58 - - - 155
year-on-year (%) 29.0 24.3 14.7 - - - 22.0
    (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 (%) 84.1 87.4 90.5 - - - 87.3
year-on-year (points) 3.6 5.9 0.6 - - - 3.3
ADR actual (USD) 766 809 821 - - - 799
year-on-year (%) 4.6 12.1 4.7 - - - 6.8
RevPAR actual (USD) 644 707 743 - - - 698
year-on-year (%) 9.3 20.2 5.4 - - - 11.0
Gross Revenue actual (USD'000) 11,756 10,963 13,267 - - - 35,987
year-on-year (%) 3.9 6.3 -3.6 - - - 1.7
    (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 - - - 27.9
year-on-year (points) -43.8 -43.2 -87.1 - - - -58.5
ADR actual (USD) 377 355 345 - - - 365
year-on-year (%) 12.8 13.1 1.5 - - - 10.7
RevPAR actual (USD) 143 162 7 - - - 102
year-on-year (%) -47.6 -42.0 -97.6 - - - -64.2
Gross Revenue actual (USD'000) 886 904 57 - - - 1,848
year-on-year (%) -41.0 -37.9 -96.7 - - - -60.8
    (Note 1) This property was acquired on Septemer 28, 2018.
    (Note 2) Renovation Period: August 2024 - October 2025 (scheduled).

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