Make The World

More Sustainable

[Provisional Translation Only]

This English translation of the original Japanese document is provided solely for information purposes. Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

July 25, 2022

Issuer

Ichigo Hotel REIT Investment Corporation ("Ichigo Hotel," 3463)

1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo

Representative: Osamu Miyashita, Executive Director

www.ichigo-hotel.co.jp/en

Asset Management Company

Ichigo Investment Advisors Co., Ltd.

Representative: Hiroshi Iwai, President

Inquiries: Hidehito Iwasaka, Head of Ichigo Hotel

Tel: +81-3-3502-4892

Ichigo Hotel Operating Results - June 2022

Portfolio Revenue, RevPAR, Occupancy, and ADR

Total (22 Hotels)

Jun

(Previous)

Feb 2022 - Jun 2022

Difference

YOY

(Current Period-To-Date)

Jun 2019

2022

Jun

(A) - (B)

Change

YOY

YOY

(Reference)

(A)

2021 (B)

Cumulative

Difference

Change

Revenue

474.5

237.6

+237.0

+99.8%

2,146.3

+879.1

+69.4%

681.3

(JPY million)

RevPAR (JPY)

4,364

2,489

+1,875

+75.3%

4,015

+1,384

+52.6%

6,662

Occupancy (%)

80.1

56.2

+23.9

+42.6%

77.1

+20.4

+35.9%

88.0

ADR (JPY)

5,446

4,429

+1,017

+23.0%

5,204

+570

+12.3%

7,571

Variable Rent Hotels (15 Hotels)

Jun

(Previous)

Feb 2022 - Jun 2022

Difference

YOY

(Current Period-To-Date)

Jun 2019

2022

Jun

(A) - (B)

Change

YOY

YOY

(Reference)

(A)

2021 (B)

Cumulative

Difference

Change

Revenue

336.0

172.4

+163.6

+94.9%

1,591.0

+686.5

+75.9%

461.2

(JPY million)

RevPAR (JPY)

4,424

2,671

+1,754

+65.7%

4,195

+1,440

+52.3%

7,705

Occupancy (%)

85.3

64.6

+20.7

+32.1%

84.3

+20.4

+32.0%

96.0

ADR (JPY)

5,184

4,133

+1,051

+25.4%

4,978

+664

+15.4%

8,030

1

Fixed Rent Hotels (7 Hotels)

Jun

(Previous)

Feb 2022 - Jun 2022

Difference

YOY

(Current Period-To-Date)

Jun 2019

2022

Jun

(A) - (B)

Change

YOY

YOY

(Reference)

(A)

2021 (B)

Cumulative

Difference

Change

Revenue

122.9

65.2

+57.8

+88.6%

539.7

+177.0

+48.8%

220.2

(JPY million)

RevPAR (JPY)

4,034

2,138

+1,896

+88.7%

3,491

+1,104

+46.2%

5,934

Occupancy (%)

66.4

39.9

+26.5

+66.4%

60.5

+17.7

+41.3%

86.9

ADR (JPY)

6,073

5,357

+717

+13.4%

5,769

+196

+3.5%

6,830

Revenue, RevPAR, Occupancy, and ADR by Hotel

Variable Rent Hotels (15 Hotels)

Feb

2022 - Jun 2022

Jun

(Previous)

Jun

Difference

YOY

(Current Period-To-Date)

2022

Jun

(A) - (B)

Change

YOY

YOY

2019

(A)

2021 (B)

Cumulative

(Reference)

Difference

Change

Revenue

34.4

16.1

+18.4

+114.3%

135.5

+42.8

+46.1%

74.2

Nest Hotel

(JPY million)

4,558

RevPAR (JPY)

5,918

2,622

+3,296

+125.7%

+1,465

+47.4%

13,139

Sapporo

Occupancy (%)

93.7

77.2

+16.5

+21.3%

94.0

+8.0

+9.3%

98.5

Ekimae

ADR (JPY)

6,317

3,396

+2,921

+86.0%

4,847

+1,253

+34.9%

13,336

Revenue

26.7

9.2

+17.6

+191.8%

103.2

+55.6

+117.0%

55.3

Nest Hotel

(JPY million)

4,732

RevPAR (JPY)

6,205

1,997

+4,207

+210.7%

+2,477

+109.8%

14,187

Sapporo

Occupancy (%)

97.2

58.7

+38.6

+65.8%

94.7

+32.4

+52.1%

98.1

Odori

ADR (JPY)

6,382

3,405

+2,977

+87.4%

4,995

+1,374

+37.9%

14,458

Revenue

20.7

14.1

+6.5

+46.3%

108.2

+28.0

+34.9%

28.5

Smile Hotel

(JPY million)

6,354

RevPAR (JPY)

6,074

4,121

+1,953

+47.4%

+1,718

+37.1%

8,288

Tokyo

Occupancy (%)

99.6

97.4

+2.2

+2.3%

96.3

+0.4

+0.4%

98.3

Asagaya

ADR (JPY)

6,099

4,232

+1,868

+44.1%

6,600

+1,766

+36.5%

8,429

Revenue

14.1

8.8

+5.3

+60.4%

65.7

+22.6

+52.5%

HOTEL

(JPY million)

6,081

RevPAR (JPY)

6,509

4,051

+2,458

+60.7%

+2,101

+52.8%

EMIT

Occupancy (%)

99.4

99.4

-

-

99.0

+5.6

+6.0%

SHIBUYA

ADR (JPY)

6,545

4,074

+2,471

+60.7%

6,142

+1,879

+44.1%

Revenue

36.7

9.5

+27.1

+284.7%

183.3

+127.6

+229.0%

36.6

Hotel Wing

(JPY million)

RevPAR (JPY)

5,455

1,289

+4,166

+323.3%

5,455

+3,987

+271.5%

4,923

International

Occupancy (%)

100

36.2

+63.8

+176.4%

100

+61.4

+159.0%

82.3

Nagoya

ADR (JPY)

5,455

3,562

+1,893

+53.1%

5,455

+1,652

+43.4%

5,983

2

Feb 2022 - Jun 2022

Jun

(Previous)

Jun

Difference

YOY

(Current Period-To-Date)

2022

Jun

(A) - (B)

Change

YOY

YOY

2019

(A)

2021 (B)

(Reference)

Cumulative Difference

Change

Revenue

9.3

2.4

+6.9

+285.0%

50.9

+32.3

+173.5%

27.6

(JPY million)

Smile Hotel

RevPAR (JPY)

1,991

524

+1,467

+280.0%

2,145

+1,335

+164.7%

5,293

Kyoto Shijo

Occupancy (%)

57.3

22.4

+34.9

+156.0%

59.5

+34.2

+134.8%

99.1

ADR (JPY)

3,473

2,340

+1,133

+48.4%

3,605

+407

+12.7%

5,339

Revenue

10.3

-

-

-

50.5

-

-

21.1

The OneFive

(JPY million)

RevPAR (JPY)

2,617

-

-

-

2,567

-

-

5,419

Osaka

Occupancy (%)

97.5

-

-

-

96.0

-

-

81.1

Sakaisuji

ADR (JPY)

2,685

-

-

-

2,673

-

-

6,683

Revenue

22.6

1.8

+20.8

+1,165.8%

107.1

+96.5

+909.6%

72.4

Nest Hotel

(JPY million)

RevPAR (JPY)

2,279

-

-

-

2,138

+1,808

+546.6%

7,358

Osaka

Occupancy (%)

61.9

-

-

-

60.9

+51.1

+519.4%

95.4

Shinsaibashi

ADR (JPY)

3,685

-

-

-

3,509

+147

+4.4%

7,714

Hotel Wing

Revenue

20.7

13.8

+6.8

+49.5%

97.2

+33.4

+52.3%

23.5

(JPY million)

International

RevPAR (JPY)

4,906

3,059

+1,847

+60.4%

4,548

+1,725

+61.1%

5,358

Kobe Shin

Occupancy (%)

66.1

41.9

+24.2

+57.7%

61.6

+19.5

+46.2%

70.4

Nagata

Ekimae

ADR (JPY)

7,426

7,305

+121

+1.7%

7,385

+683

+10.2%

7,611

Revenue

29.1

14.7

+14.4

+97.9%

129.9

+55.2

+73.8%

44.7

(JPY million)

Nest Hotel

RevPAR (JPY)

3,961

2,100

+1,861

+88.6%

3,583

+1,422

+65.8%

5,196

Matsuyama

Occupancy (%)

78.2

54.0

+24.1

+44.7%

76.4

+25.0

+48.5%

88.2

ADR (JPY)

5,068

3,887

+1,180

+30.4%

4,691

+487

+11.6%

5,889

Revenue

22.2

13.9

+8.3

+59.2%

112.4

+39.7

+54.5%

31.1

(JPY million)

The OneFive

RevPAR (JPY)

3,410

2,119

+1,291

+61.0%

3,452

+1,204

+53.6%

4,761

Okayama

Occupancy (%)

97.8

90.8

+7.0

+7.7%

97.7

+9.4

+10.7%

87.5

ADR (JPY)

3,488

2,334

+1,154

+49.4%

3,535

+988

+38.8%

5,441

Revenue

11.1

8.5

+2.6

+31.0%

53.7

+14.2

+35.8%

24.5

The

(JPY million)

OneFive

RevPAR (JPY)

3,124

2,266

+858

+37.9%

3,020

+1,053

+53.6%

6,541

Garden

Occupancy (%)

46.2

46.9

-0.8

-1.7%

42.0

+7.2

+20.9%

93.2

Kurashiki

ADR (JPY)

6,766

4,826

+1,940

+40.2%

7,199

+1,532

+27.0%

7,016

Revenue

38.5

39.7

-1.2

-3.1%

193.6

-0.9

-0.4%

(JPY million)

Valie Hotel

RevPAR (JPY)

7,500

7,500

-

-

7,500

+289

+4.0%

Hiroshima

Occupancy (%)

100

100

-

-

100

+4.1

+4.3%

ADR (JPY)

7,500

7,500

-

-

7,500

-23

-0.3%

3

Jun

(Previous)

Feb 2022 - Jun 2022

Jun

Difference

YOY

(Current Period-To-Date)

2022

Jun

(A) - (B)

Change

YOY

YOY

2019

(A)

2021 (B)

Cumulative

(Reference)

Difference

Change

Revenue

9.5

5.7

+3.8

+66.1%

48.2

+16.3

+51.2%

22.5

The OneFive

(JPY million)

RevPAR (JPY)

3,683

2,051

+1,633

+79.6%

3,758

+1,415

+60.4%

9,087

Fukuoka

Occupancy (%)

97.8

87.3

+10.5

+12.0%

93.3

+4.5

+5.0%

96.4

Tenjin

ADR (JPY)

3,765

2,349

+1,416

+60.3%

4,026

+1,389

+52.7%

9,426

Revenue

30.2

14.1

+16.0

+113.1%

151.5

+72.7

+92.3%

30.2

(JPY million)

Nest Hotel

RevPAR (JPY)

5,000

2,091

+2,909

+139.1%

4,999

+2,656

+113.4%

4,406

Kumamoto

Occupancy (%)

100

58.0

+42.0

+72.5%

100

+37.1

+59.0%

71.4

ADR (JPY)

5,000

3,607

+1,393

+38.6%

4,999

+1,275

+34.2%

6,167

Fixed Rent Hotels (5 Hotels - excludes Hotel Livemax Nihombashi-Hakozaki)

Jun

(Previous)

Feb 2022 - Jun 2022

Jun

Difference

YOY

(Current Period-To-Date)

2022

Jun

(A) - (B)

Change

YOY

YOY

2019

(A)

2021 (B)

Cumulative

(Reference)

Difference

Change

Revenue

21.0

11.7

+9.3

+79.9%

79.8

+24.1

+43.3%

17.6

Comfort

(JPY million)

RevPAR (JPY)

5,243

2,911

+2,332

+80.1%

3,964

+1,188

+42.8%

4,401

Hotel

Occupancy (%)

83.4

59.4

+24.0

+40.5%

73.7

+16.2

+28.2%

79.2

Kushiro

ADR (JPY)

6,288

4,904

+1,384

+28.2%

5,375

+550

+11.4%

5,560

Revenue

23.5

12.0

+11.5

+95.3%

104.8

+34.7

+49.6%

27.2

Comfort

(JPY million)

RevPAR (JPY)

3,996

2,046

+1,950

+95.3%

3,565

+1,182

+49.6%

4,619

Hotel

Occupancy (%)

75.7

43.6

+32.1

+73.7%

67.2

+18.6

+38.2%

81.5

Hamamatsu

ADR (JPY)

5,280

4,696

+584

+12.4%

5,305

+403

+8.2%

5,670

Revenue

49.3

30.0

+19.2

+64.0%

218.0

+82.5

+60.8%

91.8

Comfort

(JPY million)

Hotel Central

RevPAR (JPY)

4,612

2,823

+1,789

+63.4%

4,071

+1,528

+60.1%

8,456

International

Occupancy (%)

61.9

40.6

+21.4

+52.7%

55.3

+19.3

+53.8%

92.3

Airport

ADR (JPY)

7,446

6,958

+488

+7.0%

7,357

+292

+4.1%

9,166

Revenue

12.0

7.6

+4.4

+57.9%

64.7

+27.0

+71.6%

14.5

(JPY million)

Comfort

RevPAR (JPY)

3,795

2,386

+1,409

+59.1%

4,093

+1,732

+73.3%

4,564

Hotel Suzuka

Occupancy (%)

71.3

52.4

+18.9

+36.0%

73.5

+25.0

+51.6%

82.2

ADR (JPY)

5,323

4,552

+771

+16.9%

5,565

+699

+14.4%

5,555

Revenue

13.2

0.8

+12.4

+1,473.7%

50.3

+2.8

+5.9%

30.8

Urbain

(JPY million)

RevPAR (JPY)

2,577

164

+2,413

+1,473.7%

1,963

+109

+5.9%

6,006

Hiroshima

Occupancy (%)

48.7

3.0

+45.6

+1,510.3%

36.7

+10.5

+40.0%

91.1

Executive

ADR (JPY)

5,296

5,419

-123

-2.3%

5,354

-1,726

-24.4%

6,592

4

Jun

(Previous)

Feb 2022 - Jun 2022

Jun

Difference

YOY

(Current Period-To-Date)

2022

Jun

(A) - (B)

Change

YOY

YOY

2019

(A)

2021 (B)

Cumulative

(Reference)

Difference

Change

Revenue

15.6

-

-

-

15.6

-

-

Comfort

(JPY million)

RevPAR (JPY)

6,815

-

-

-

6,815

-

-

Hotel

Nagano

Occupancy (%)

98.0

-

-

-

98.0

-

-

ADR (JPY)

6,952

-

-

-

6,952

-

-

Notes:

  1. The above data are as provided by the hotel operators or as calculated by Ichigo Investment Advisors based on information provided by the hotel operators. The data have not been audited and thus their accuracy cannot be guaranteed and may not match data disclosed in future releases.
  2. Revenue is revenue from accommodations and related services only. Rent from retail tenants at The OneFive Osaka Sakaisuji, Hotel Wing International Kobe Shin Nagata Ekimae, and Smile Hotel Tokyo Asagaya, and rent from the banquet hall at the Nest Hotel Kumamoto are not included.
  3. RevPAR (Revenue Per Available Room) is calculated with the following formula:

RevPAR = Total Revenue from accommodations (excluding restaurant charges and other service fees) / number of available guest rooms

  1. Occupancy is calculated with the following formula:

Occupancy = Total number of guest rooms occupied during the period /

(total number of guest rooms * number of days hotel was in operation during the period)

Occupancy may exceed 100% in the following cases: 1) a guest had pre-paid for a guest room but checked out early, allowing the guest room to be occupied by a different guest; or 2) a guest room is occupied for less than one day by different guests.

  1. ADR (Average Daily Rate) is calculated with the following formula:

ADR = Total revenue from accommodations (excluding restaurant charges and other service fees) / number of guest rooms occupied during the period

  1. The Capsule Plus Yokohama and the Washington Hotel Plaza Shimonoseki Eki Nishi are excluded from the above data because the hotel operators did not give consent to disclose hotel-specific data that would allow for year-on-year comparisons. Data for the Hotel Livemax Nihombashi-Hakozaki are included in the total and fixed rent hotels data above, but not separately disclosed because the hotel operator did not provide consent to disclose hotel-specific data.
  2. Hiroshima Prefecture has temporarily leased all rooms of the Valie Hotel Hiroshima starting on February 8, 2021.
  3. Aichi Prefecture has temporarily leased all rooms of the Hotel Wing International Nagoya starting on January 28, 2022.
  4. Kumamoto Prefecture has temporarily leased all rooms of the Nest Hotel Kumamoto starting on February 1, 2022.
  5. Pre-acquisitiondata for acquired hotels are based on data received from the previous owners.
  6. June 2019 Revenue, RevPAR, Occupancy, and ADR data provided as a reference is for the 18 hotels owned since June 2019, and is not available for Hotel Wing International Kobe Shin Nagata Ekimae, Valie Hotel Hiroshima, HOTEL EMIT SHIBUYA, and Comfort Hotel Nagano. The OneFive Okayama was operating under the name Comfort Hotel Okayama in June 2019, and hotel data is included as a fixed rent hotel.

5

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Disclaimer

Ichigo Hotel REIT Investment Corporation published this content on 25 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 July 2022 06:13:07 UTC.