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.

January 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 - December 2021

Portfolio Revenue, RevPAR, Occupancy, and ADR

Total (21 Hotels)

(Previous)

Aug 2021 - Dec 2021

Dec

Difference

YOY

(Current Period-To-Date)

Dec 2019

Dec

2021 (A)

(A) - (B)

Change

YOY

YOY

(Reference)

2020 (B)

Cumulative

Difference

Change

Revenue

419.0

238.3

+180.7

+75.8%

1,724.3

+473.0

+37.8%

606.9

(JPY million)

RevPAR (JPY)

3,747

2,220

+1,527

+68.8%

3,127

+815

+35.3%

5,362

Occupancy (%)

73.4

48.5

+24.9

+51.4%

64.9

+17.4

+36.5%

82.1

ADR (JPY)

5,103

4,578

+525

+11.5%

4,814

-45

-0.9%

6,532

Variable Rent Hotels (15 Hotels)

(Previous)

Aug 2021 - Dec 2021

Dec

Difference

YOY

(Current Period-To-Date)

Dec 2019

Dec

2021 (A)

(A) - (B)

Change

YOY

YOY

(Reference)

2020 (B)

Cumulative

Difference

Change

Revenue

299.6

166.1

+133.6

+80.4%

1,242.4

+388.9

+45.6%

413.8

(JPY million)

RevPAR (JPY)

3,721

2,184

+1,537

+70.4%

3,136

+932

+42.3%

5,967

Occupancy (%)

76.3

52.1

+24.2

+46.4%

69.0

+19.7

+40.0%

90.0

ADR (JPY)

4,879

4,191

+688

+16.4%

4,547

+76

+1.7%

6,633

1

Fixed Rent Hotels (6 Hotels)

(Previous)

Aug 2021 - Dec 2021

Dec

Difference

YOY

(Current Period-To-Date)

Dec 2019

Dec

2021 (A)

(A) - (B)

Change

YOY

YOY

(Reference)

2020 (B)

Cumulative

Difference

Change

Revenue

119.4

72.2

+47.2

+65.3%

481.9

+84.1

+21.1%

193.1

(JPY million)

RevPAR (JPY)

3,807

2,299

+1,508

+65.6%

3,105

+551

+21.6%

5,032

Occupancy (%)

66.6

40.3

+26.3

+65.2%

55.6

+11.8

+27.0%

79.3

ADR (JPY)

5,713

5,699

+14

+0.2%

5,590

-247

-4.2%

6,348

Revenue, RevPAR, Occupancy, and ADR by Hotel

Variable Rent Hotels (15 Hotels)

Aug 2021 - Dec 2021

Dec

(Previous)

Dec

Difference

YOY

(Current Period-To-Date)

2021

Dec

(A) - (B)

Change

YOY

YOY

2019

(A)

2020 (B)

Cumulative

(Reference)

Difference

Change

Revenue

29.2

12.4

+16.8

+135.5%

125.5

+10.8

+9.4%

46.9

Nest Hotel

(JPY million)

RevPAR (JPY)

4,650

2,065

+2,585

+125.2%

4,050

+314

+8.4%

6,812

Sapporo

Occupancy (%)

93.9

58.1

+35.8

+61.6%

91.8

+4.4

+5.1%

98.1

Ekimae

ADR (JPY)

4,951

3,553

+1,398

+39.3%

4,411

+134

+3.1%

6,940

Revenue

20.8

6.5

+14.3

+218.9%

83.7

+12.7

+17.9%

30.8

Nest Hotel

(JPY million)

RevPAR (JPY)

4,603

1,491

+3,111

+208.6%

3,710

+390

+11.7%

7,342

Sapporo

Occupancy (%)

87.8

38.9

+48.9

+125.8%

82.3

+6.2

+8.1%

89.6

Odori

ADR (JPY)

5,240

3,834

+1,406

+36.7%

4,507

+145

+3.3%

8,194

Revenue

23.0

17.1

+5.9

+34.6%

92.6

+17.2

+22.8%

31.6

Smile Hotel

(JPY million)

RevPAR (JPY)

6,440

4,755

+1,685

+35.4%

5,294

+1,043

+24.5%

8,823

Tokyo

Occupancy (%)

100

92.1

+7.9

+8.6%

99.1

+15.0

+17.9%

98.5

Asagaya

ADR (JPY)

6,438

5,161

+1,277

+24.7%

5,342

+286

+5.7%

8,957

Revenue

15.1

12.8

+2.3

+17.8%

57.8

+6.5

+12.6%

HOTEL

(JPY million)

RevPAR (JPY)

6,759

5,728

+1,031

+18.0%

5,245

+594

+12.8%

EMIT

Occupancy (%)

99.6

98.8

+0.8

+0.8%

99.0

+0.3

+0.3%

SHIBUYA

ADR (JPY)

6,789

5,798

+991

+17.1%

5,299

+587

+12.5%

Revenue

19.9

12.4

+7.5

+60.4%

70.9

+15.6

+28.1%

40.7

Hotel Wing

(JPY million)

RevPAR (JPY)

2,651

1,591

+1,059

+66.6%

1,876

+426

+29.4%

5,359

International

Occupancy (%)

59.8

35.6

+24.2

+67.9%

45.3

+13.3

+41.6%

86.6

Nagoya

ADR (JPY)

4,436

4,471

-35

-0.8%

4,143

-390

-8.6%

6,191

2

Dec

(Previous)

Aug 2021 - Dec 2021

Dec

Difference

YOY

(Current Period-To-Date)

2021

Dec

(A) - (B)

Change

YOY

YOY

2019

(A)

2020 (B)

Cumulative

(Reference)

Difference

Change

Revenue

10.6

6.9

+3.6

+52.7%

40.3

+5.1

+14.4%

27.1

(JPY million)

Smile Hotel

RevPAR (JPY)

2,309

1,509

+800

+53.0%

1,776

+223

+14.4%

5,597

Kyoto Shijo

Occupancy (%)

60.4

47.8

+12.6

+26.3%

53.6

+13.6

+34.2%

98.4

ADR (JPY)

3,825

3,158

+667

+21.1%

3,316

-574

-14.7%

5,690

Revenue

10.8

-

-

-

29.7

-

-

15.7

The OneFive

(JPY million)

RevPAR (JPY)

2,649

-

-

-

1,859

-

-

3,904

Osaka

Sakaisuji

Occupancy (%)

97.6

-

-

-

78.5

-

-

63.8

ADR (JPY)

2,713

-

-

-

2,368

-

-

6,115

Revenue

19.0

4.6

+14.4

+315.3%

53.6

+37.5

+232.5%

57.2

Nest Hotel

(JPY million)

RevPAR (JPY)

1,809

294

+1,515

+514.9%

981

+842

+605.5%

5,749

Osaka

Occupancy (%)

51.7

8.7

+43.0

+493.5%

29.6

+26.0

+721.8%

80.3

Shinsaibashi

ADR (JPY)

3,502

3,380

+122

+3.6%

3,310

-545

-14.1%

7,162

Hotel Wing

Revenue

22.1

17.0

+5.1

+29.8%

86.4

+10.4

+13.6%

28.8

(JPY million)

International

RevPAR (JPY)

4,876

3,819

+1,057

+27.7%

3,821

+513

+15.5%

6,147

Kobe Shin

Nagata

Occupancy (%)

64.9

51.7

+13.2

+25.5%

53.3

+6.5

+13.8%

78.0

Ekimae

ADR (JPY)

7,518

7,388

+130

+1.8%

7,163

+104

+1.5%

7,885

Revenue

29.4

18.5

+10.8

+58.4%

115.7

+2.6

+2.3%

46.3

(JPY million)

Nest Hotel

RevPAR (JPY)

3,758

2,661

+1,098

+41.3%

3,097

-118

-3.7%

4,773

Matsuyama

Occupancy (%)

78.5

57.8

+20.7

+35.9%

67.4

-0.5

-0.7%

85.0

ADR (JPY)

4,788

4,607

+182

+3.9%

4,597

-144

-3.0%

5,618

Revenue

22.9

17.4

+5.5

+31.4%

103.4

+44.9

+76.8%

30.4

(JPY million)

The OneFive

RevPAR (JPY)

3,395

2,674

+722

+27.0%

3,113

+1,319

+73.5%

4,487

Okayama

Occupancy (%)

97.9

93.2

+4.7

+5.0%

97.5

+39.2

+67.3%

86.7

ADR (JPY)

3,469

2,868

+601

+21.0%

3,192

+114

+3.7%

5,175

Revenue

2.8

6.9

-4.1

-59.5%

40.7

-6.2

-13.2%

19.5

(JPY million)

Court Hotel

RevPAR (JPY)

657

1,690

-1,033

-61.1%

1,928

-375

-16.3%

4,845

Kurashiki

Occupancy (%)

10.6

26.3

-15.8

-59.8%

31.1

+0.5

+1.7%

77.2

ADR (JPY)

6,205

6,413

-208

-3.2%

6,190

-1,328

-17.7%

6,275

Revenue

40.3

5.2

+35.1

+672.6%

206.0

+176.2

+591.3%

14.9

(JPY million)

Valie Hotel

RevPAR (JPY)

7,500

927

+6,573

+709.2%

7,500

+6,398

+580.5%

2,759

Hiroshima

Occupancy (%)

100.2

23.6

+76.4

+324.1%

100.0

+75.0

+299.3%

68.3

ADR (JPY)

7,500

3,931

+3,569

+90.8%

7,500

+3,100

+70.4%

4,041

3

Dec

(Previous)

Aug 2021 - Dec 2021

Dec

Difference

YOY

(Current Period-To-Date)

2021

Dec

(A) - (B)

Change

YOY

YOY

2019

(A)

2020 (B)

Cumulative

(Reference)

Difference

Change

Revenue

12.3

7.8

+4.5

+57.7%

44.3

+16.4

+58.5%

21.9

The OneFive

(JPY million)

RevPAR (JPY)

4,746

2,845

+1,901

+66.8%

3,359

+1,398

+71.3%

8,531

Fukuoka

Occupancy (%)

97.7

86.3

+11.4

+13.3%

97.4

+40.5

+71.1%

93.8

Tenjin

ADR (JPY)

4,856

3,296

+1,559

+47.3%

3,448

+4

+0.1%

9,095

Revenue

21.6

20.5

+1.1

+5.4%

91.7

+9.7

+11.9%

32.4

(JPY million)

Nest Hotel

RevPAR (JPY)

3,174

3,020

+154

+5.1%

2,713

+318

+13.3%

4,554

Kumamoto

Occupancy (%)

76.2

80.3

-4.1

-5.1%

69.7

+7.5

+12.1%

80.0

ADR (JPY)

4,167

3,762

+405

+10.8%

3,891

+42

+1.1%

5,691

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

Dec

(Previous)

Aug 2021 - Dec 2021

Dec

Difference

YOY

(Current Period-To-Date)

2021

Dec

(A) - (B)

Change

YOY

YOY

2019

(A)

2020 (B)

Cumulative

(Reference)

Difference

Change

Revenue

15.5

8.5

+7.0

+82.8%

95.8

+15.5

+19.3%

13.7

Comfort

(JPY million)

RevPAR (JPY)

3,718

2,018

+1,700

+84.2%

4,716

+780

+19.8%

3,267

Hotel

Occupancy (%)

73.5

48.6

+24.8

+51.1%

80.3

+6.7

+9.1%

74.1

Kushiro

ADR (JPY)

5,062

4,152

+910

+21.9%

5,874

+526

+9.8%

4,409

Revenue

20.1

13.0

+7.1

+54.3%

88.9

+24.5

+37.9%

21.3

Comfort

(JPY million)

RevPAR (JPY)

3,301

2,139

+1,162

+54.3%

2,966

+816

+37.9%

3,500

Hotel

Occupancy (%)

64.4

43.4

+21.0

+48.3%

60.6

+17.0

+39.0%

68.6

Hamamatsu

ADR (JPY)

5,130

4,929

+200

+4.1%

4,896

-37

-0.8%

5,102

Comfort

Revenue

54.2

33.2

+21.1

+63.6%

197.4

+33.5

+20.5%

82.4

(JPY million)

Hotel

RevPAR (JPY)

4,948

3,018

+1,930

+64.0%

3,642

+643

+21.4%

7,371

Central

Occupancy (%)

68.6

39.0

+29.6

+75.7%

54.5

+16.4

+43.1%

81.8

International

Airport

ADR (JPY)

7,213

7,731

-518

-6.7%

6,682

-1,194

-15.2%

9,013

Revenue

12.4

10.5

+2.0

+18.7%

49.1

+4.0

+8.8%

12.4

Comfort

(JPY million)

RevPAR (JPY)

3,802

3,184

+618

+19.4%

3,029

+245

+8.8%

3,765

Hotel

Occupancy (%)

77.2

58.2

+18.9

+32.5%

62.6

+8.9

+16.5%

74.3

Suzuka

ADR (JPY)

4,927

5,466

-539

-9.9%

4,837

-343

-6.6%

5,069

Revenue

12.1

3.4

+8.8

+259.4%

33.2

+5.9

+21.6%

24.9

Urbain

(JPY million)

RevPAR (JPY)

2,292

638

+1,654

+259.4%

1,268

+225

+21.6%

4,703

Hiroshima

Occupancy (%)

46.1

12.2

+33.9

+278.9%

25.2

+6.4

+33.8%

83.9

Executive

ADR (JPY)

4,971

5,240

-270

-5.1%

5,026

-506

-9.1%

5,602

4

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.
  4. 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.
  5. 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.
  6. 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.
  7. Hiroshima Prefecture has temporarily leased all rooms of the Valie Hotel Hiroshima starting on February 8, 2021.
  8. Pre-acquisitiondata for acquired hotels are based on data received from the previous owners.
  9. December 2019 Revenue, RevPAR, Occupancy, and ADR data provided as a reference is for the 20 hotels owned since December 2019, and is not available for HOTEL EMIT SHIBUYA. The OneFive Okayama was operating under the name Comfort Hotel Okayama in November 2019, and hotel data is included as a fixed rent hotel.

Status of Temporarily Closed Hotel

Hotel

Close Start Date

Status

Hotel operation ended on December 15,

2021

Selected Hakata Hotels as the new

Court Hotel Kurashiki

December 16, 2021

operator, replacing the previous operator

Preparing to rebrand and reopen as The

OneFive Garden Kurashiki on February 1,

2022

5

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Disclaimer

Ichigo Hotel REIT Investment Corporation published this content on 25 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 January 2022 06:26:36 UTC.