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.

February 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 - January 2022

Portfolio Revenue, RevPAR, Occupancy, and ADR

Total (21 Hotels)

(Previous)

Aug 2021 - Jan 2022

Jan

Difference

YOY

(Current Period-To-Date)

Jan 2020

Jan

2022 (A)

(A) - (B)

Change

YOY

YOY

(Reference)

2021 (B)

Cumulative

Difference

Change

Revenue

325.3

207.6

+117.6

+56.7%

2,049.6

+590.7

+40.5%

552.3

(JPY million)

RevPAR (JPY)

2,899

1,936

+962

+49.7%

3,088

+840

+37.3%

4,895

Occupancy (%)

61.8

41.6

+20.1

+48.4%

64.4

+17.8

+38.3%

78.7

ADR (JPY)

4,693

4,652

+42

+0.9%

4,795

-33

-0.7%

6,221

Variable Rent Hotels (15 Hotels)

(Previous)

Aug 2021 - Jan 2022

Jan

Difference

YOY

(Current Period-To-Date)

Jan 2020

Jan

2022 (A)

(A) - (B)

Change

YOY

YOY

(Reference)

2021 (B)

Cumulative

Difference

Change

Revenue

240.8

111.1

+129.7

+116.8%

1,483.2

+518.7

+53.8%

364.3

(JPY million)

RevPAR (JPY)

2,995

1,429

+1,566

+109.6%

3,112

+1,039

+50.1%

5,258

Occupancy (%)

68.1

37.5

+30.6

+81.7%

68.8

+21.5

+45.5%

86.0

ADR (JPY)

4,398

3,812

+586

+15.4%

4,522

+138

+3.2%

6,111

1

Fixed Rent Hotels (6 Hotels)

(Previous)

Aug 2021 - Jan 2022

Jan

Difference

YOY

(Current Period-To-Date)

Jan 2020

Jan

2022 (A)

(A) - (B)

Change

YOY

YOY

(Reference)

2021 (B)

Cumulative

Difference

Change

Revenue

84.5

96.6

-12.1

-12.5%

566.4

+72.0

+14.6%

188.0

(JPY million)

RevPAR (JPY)

2,669

3,073

-404

-13.1%

3,032

+390

+14.8%

4,898

Occupancy (%)

46.7

50.9

-4.2

-8.3%

54.1

+9.1

+20.3%

76.3

ADR (JPY)

5,717

6,039

-322

-5.3%

5,608

-267

-4.5%

6,422

Revenue, RevPAR, Occupancy, and ADR by Hotel

Variable Rent Hotels (15 Hotels)

Aug 2021 - Jan 2022

Jan

(Previous)

Jan

Difference

YOY

(Current Period-To-Date)

2022

Jan

(A) - (B)

Change

YOY

YOY

2020

(A)

2021 (B)

Cumulative

(Reference)

Difference

Change

Revenue

21.8

11.0

+10.9

+99.4%

147.3

+21.7

+17.2%

45.4

Nest Hotel

(JPY million)

RevPAR (JPY)

3,576

1,830

+1,746

+95.4%

3,970

+555

+16.2%

6,872

Sapporo

Occupancy (%)

86.9

50.7

+36.2

+71.3%

91.0

+9.8

+12.1%

96.8

Ekimae

ADR (JPY)

4,114

3,607

+508

+14.1%

4,363

+157

+3.7%

7,102

Revenue

16.0

2.8

+13.2

+473.5%

99.7

+25.9

+35.1%

31.1

Nest Hotel

(JPY million)

RevPAR (JPY)

3,602

655

+2,947

+449.6%

3,692

+820

+28.6%

7,359

Sapporo

Occupancy (%)

85.7

16.4

+69.3

+423.3%

82.9

+16.8

+25.5%

90.6

Odori

ADR (JPY)

4,205

4,004

+201

+5.0%

4,454

+108

+2.5%

8,123

Revenue

20.0

13.8

+6.3

+45.5%

112.6

+23.5

+26.3%

28.1

Smile Hotel

(JPY million)

RevPAR (JPY)

5,686

3,822

+1,864

+48.8%

5,360

+1,181

+28.3%

7,819

Tokyo

Occupancy (%)

99.0

83.6

+15.4

+18.4%

99.1

+15.1

+17.9%

96.2

Asagaya

ADR (JPY)

5,744

4,571

+1,173

+25.7%

5,410

+435

+8.7%

8,128

Revenue

11.4

5.5

+6.0

+109.0%

69.3

+12.4

+21.8%

HOTEL

(JPY million)

RevPAR (JPY)

5,122

2,437

+2,685

+110.2%

5,224

+946

+22.1%

EMIT

Occupancy (%)

98.2

68.7

+29.5

+42.9%

98.9

+5.2

+5.5%

SHIBUYA

ADR (JPY)

5,216

3,546

+1,670

+47.1%

5,285

+717

+15.7%

Revenue

16.3

8.8

+7.5

+84.7%

87.2

+23.0

+35.9%

34.8

Hotel Wing

(JPY million)

RevPAR (JPY)

2,083

1,093

+990

+90.5%

1,911

+521

+37.5%

4,587

International

Occupancy (%)

44.5

26.8

+17.7

+66.2%

45.1

+14.0

+45.2%

79.9

Nagoya

ADR (JPY)

4,683

4,085

+598

+14.6%

4,233

-236

-5.3%

5,739

2

Jan

(Previous)

Aug 2021 - Jan 2022

Jan

Difference

YOY

(Current Period-To-Date)

2022

Jan

(A) - (B)

Change

YOY

YOY

2020

(A)

2021 (B)

Cumulative

(Reference)

Difference

Change

Revenue

8.3

2.6

+5.7

+216.9%

48.5

+10.7

+28.4%

20.2

(JPY million)

Smile Hotel

RevPAR (JPY)

1,803

546

+1,256

+230.0%

1,780

+397

+28.7%

4,191

Kyoto Shijo

Occupancy (%)

59.5

19.0

+40.6

+214.1%

54.6

+18.2

+50.0%

86.4

ADR (JPY)

3,029

2,882

+146

+5.1%

3,263

-538

-14.2%

4,852

Revenue

9.3

-

-

-

39.0

-

-

10.6

The OneFive

(JPY million)

RevPAR (JPY)

2,290

-

-

-

1,946

-

-

2,627

Osaka

Sakaisuji

Occupancy (%)

96.2

-

-

-

82.1

-

-

47.3

ADR (JPY)

2,379

-

-

-

2,371

-

-

5,552

Revenue

15.2

2.7

+12.5

+466.8%

68.8

+50.0

+265.9%

51.2

Nest Hotel

(JPY million)

RevPAR (JPY)

1,397

96

+1,300

+1,347.8%

1,053

+921

+698.5%

5,068

Osaka

Occupancy (%)

41.8

2.7

+39.1

+1,459.0%

31.8

+28.3

+819.9%

82.4

Shinsaibashi

ADR (JPY)

3,342

3,599

-257

-7.1%

3,317

-504

-13.2%

6,153

Hotel Wing

Revenue

18.0

12.2

+5.8

+47.4%

104.4

+16.1

+18.3%

23.8

(JPY million)

International

RevPAR (JPY)

3,913

2,603

+1,311

+50.4%

3,837

+647

+20.3%

4,922

Kobe Shin

Nagata

Occupancy (%)

54.4

39.0

+15.3

+39.3%

53.5

+8.0

+17.5%

67.9

Ekimae

ADR (JPY)

7,199

6,669

+530

+8.0%

7,169

+166

+2.4%

7,247

Revenue

15.8

12.5

+3.3

+26.2%

131.5

+5.9

+4.7%

41.4

(JPY million)

Nest Hotel

RevPAR (JPY)

2,298

1,840

+457

+24.9%

2,962

-21

-0.7%

4,655

Matsuyama

Occupancy (%)

49.9

41.8

+8.1

+19.3%

64.4

+1.0

+1.6%

81.8

ADR (JPY)

4,608

4,402

+205

+4.7%

4,598

-105

-2.2%

5,688

Revenue

19.9

10.8

+9.1

+83.8%

123.3

+54.0

+77.9%

28.8

(JPY million)

The OneFive

RevPAR (JPY)

2,930

1,661

+1,269

+76.4%

3,082

+1,310

+74.0%

4,244

Okayama

Occupancy (%)

98.1

58.8

+39.3

+66.8%

97.6

+39.2

+67.2%

79.8

ADR (JPY)

2,987

2,825

+161

+5.7%

3,157

+122

+4.0%

5,317

Revenue

-

4.0

-4.0

-100.0%

40.7

-10.1

-19.9%

18.9

(JPY million)

Court Hotel

RevPAR (JPY)

-

984

-984

-100.0%

1,603

-478

-23.0%

4,772

Kurashiki

Occupancy (%)

-

20.3

-20.3

-100.0%

25.9

-3.0

-10.4%

80.0

ADR (JPY)

-

4,836

-4,836

-100.0%

6,190

-1,009

-14.0%

5,968

Revenue

43.6

2.8

+40.8

+1,432.6%

249.6

+217.0

+664.7%

14.5

(JPY million)

Valie Hotel

RevPAR (JPY)

7,500

511

+6,989

+1,367.5%

7,500

+6,497

+648.1%

2,677

Hiroshima

Occupancy (%)

100.0

14.8

+85.2

+573.6%

100.0

+76.7

+328.7%

68.8

ADR (JPY)

7,500

3,442

+4,058

+117.9%

7,500

+3,203

+74.5%

3,892

3

Jan

(Previous)

Aug 2021 - Jan 2022

Jan

Difference

YOY

(Current Period-To-Date)

2022

Jan

(A) - (B)

Change

YOY

YOY

2020

(A)

2021 (B)

Cumulative

(Reference)

Difference

Change

Revenue

8.7

4.9

+3.7

+75.6%

53.0

+20.1

+61.0%

17.1

The OneFive

(JPY million)

RevPAR (JPY)

3,235

1,652

+1,583

+95.8%

3,338

+1,429

+74.8%

6,562

Fukuoka

Occupancy (%)

94.8

68.2

+26.6

+39.0%

97.0

+38.1

+64.8%

89.9

Tenjin

ADR (JPY)

3,411

2,421

+989

+40.9%

3,442

+198

+6.1%

7,299

Revenue

16.5

16.7

-0.2

-1.2%

108.2

+9.5

+9.7%

27.2

(JPY million)

Nest Hotel

RevPAR (JPY)

2,422

2,415

+7

+0.3%

2,664

+266

+11.1%

3,744

Kumamoto

Occupancy (%)

62.5

69.7

-7.2

-10.3%

68.5

+5.0

+7.9%

77.0

ADR (JPY)

3,878

3,467

+411

+11.9%

3,889

+110

+2.9%

4,864

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

Jan

(Previous)

Aug 2021 - Jan 2022

Jan

Difference

YOY

(Current Period-To-Date)

2022

Jan

(A) - (B)

Change

YOY

YOY

2020

(A)

2021 (B)

Cumulative

(Reference)

Difference

Change

Revenue

11.1

9.3

+1.8

+19.0%

106.9

+17.3

+19.3%

14.4

Comfort

(JPY million)

RevPAR (JPY)

2,613

2,227

+387

+17.4%

4,362

+713

+19.6%

3,467

Hotel

Occupancy (%)

51.7

51.9

-0.2

-0.4%

75.5

+5.5

+7.9%

75.3

Kushiro

ADR (JPY)

5,053

4,289

+765

+17.8%

5,779

+564

+10.8%

4,603

Revenue

15.1

11.7

+3.4

+29.1%

104.0

+27.9

+36.6%

18.7

Comfort

(JPY million)

RevPAR (JPY)

2,478

1,920

+559

+29.1%

2,884

+772

+36.6%

3,077

Hotel

Occupancy (%)

49.9

37.4

+12.5

+33.5%

58.8

+16.2

+38.2%

63.7

Hamamatsu

ADR (JPY)

4,968

5,136

-168

-3.3%

4,906

-57

-1.1%

4,830

Comfort

Revenue

42.1

25.4

+16.7

+65.6%

239.5

+50.2

+26.5%

87.6

(JPY million)

Hotel

RevPAR (JPY)

3,811

2,250

+1,561

+69.4%

3,670

+797

+27.8%

7,848

Central

Occupancy (%)

51.8

32.8

+19.0

+58.0%

54.0

+16.9

+45.3%

83.9

International

Airport

ADR (JPY)

7,360

6,864

+495

+7.2%

6,791

-935

-12.1%

9,352

Revenue

8.3

6.0

+2.2

+36.4%

57.4

+6.2

+12.1%

10.5

Comfort

(JPY million)

RevPAR (JPY)

2,507

1,828

+679

+37.2%

2,941

+318

+12.1%

3,177

Hotel

Occupancy (%)

53.0

41.6

+11.4

+27.3%

61.0

+9.3

+18.0%

70.1

Suzuka

ADR (JPY)

4,731

4,391

+340

+7.7%

4,821

-252

-5.0%

4,530

Revenue

4.0

41.0

-36.9

-90.1%

37.2

-31.0

-45.5%

21.2

Urbain

(JPY million)

RevPAR (JPY)

762

7,728

-6,966

-90.1%

1,183

-986

-45.5%

3,997

Hiroshima

Occupancy (%)

15.9

100.0

-84.1

-84.1%

23.7

-8.9

-27.2%

73.2

Executive

ADR (JPY)

4,780

7,728

-2,948

-38.2%

4,998

-1,671

-25.1%

5,459

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. Aichi Prefecture has temporarily leased all rooms of the Hotel Wing International Nagoya starting on January 28, 2022.
  9. Pre-acquisitiondata for acquired hotels are based on data received from the previous owners.
  10. January 2020 Revenue, RevPAR, Occupancy, and ADR data provided as a reference is for the 20 hotels owned since January 2020, and is not available for HOTEL EMIT SHIBUYA. The OneFive Okayama was operating under the name Comfort Hotel Okayama in January 2020, and hotel data is included as a fixed rent hotel.

5

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Ichigo Hotel REIT Investment Corporation published this content on 25 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 February 2022 06:11:14 UTC.