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.

November 25, 2021

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 - October 2021

Portfolio Revenue, RevPAR, Occupancy, and ADR

Total (21 Hotels)

(Previous)

Aug 2021 - Oct 2021

Oct

Difference

YOY

(Current Period-To-Date)

Oct 2019

Oct

2021 (A)

(A) - (B)

Change

YOY

YOY

(Reference)

2020 (B)

Cumulative

Difference

Change

Revenue

336.2

267.2

+68.9

+25.8%

922.5

+236.0

+34.4%

691.8

(JPY million)

RevPAR (JPY)

2,993

2,412

+580

+24.1%

2,796

+713

+34.2%

6,287

Occupancy (%)

65.9

50.6

+15.3

+30.2%

60.2

+16.6

+38.1%

84.1

ADR (JPY)

4,542

4,765

-223

-4.7%

4,646

-133

-2.8%

7,473

Variable Rent Hotels (15 Hotels)

(Previous)

Aug 2021 - Oct 2021

Oct

Difference

YOY

(Current Period-To-Date)

Oct 2019

Oct

2021 (A)

(A) - (B)

Change

YOY

YOY

(Reference)

2020 (B)

Cumulative

Difference

Change

Revenue

238.5

178.1

+60.3

+33.9%

658.9

+197.0

+42.6%

450.5

(JPY million)

RevPAR (JPY)

2,946

2,229

+717

+32.2%

2,784

+840

+43.2%

6,732

Occupancy (%)

69.6

51.5

+18.1

+35.1%

64.5

+20.2

+45.7%

90.1

ADR (JPY)

4,234

4,327

-94

-2.2%

4,320

-76

-1.7%

7,469

1

Fixed Rent Hotels (6 Hotels)

(Previous)

Aug 2021 - Oct 2021

Oct

Difference

YOY

(Current Period-To-Date)

Oct 2019

Oct

2021 (A)

(A) - (B)

Change

YOY

YOY

(Reference)

2020 (B)

Cumulative

Difference

Change

Revenue

97.7

89.1

+8.6

+9.7%

263.5

+39.0

+17.4%

241.3

(JPY million)

RevPAR (JPY)

3,105

2,824

+280

+9.9%

2,824

+429

+17.9%

6,325

Occupancy (%)

57.2

48.7

+8.5

+17.4%

50.3

+8.2

+19.4%

84.6

ADR (JPY)

5,431

5,802

-371

-6.4%

5,614

-70

-1.2%

7,480

Revenue, RevPAR, Occupancy, and ADR by Hotel

Variable Rent Hotels (15 Hotels)

Aug 2021 - Oct 2021

Oct

(Previous)

Oct

Difference

YOY

(Current Period-To-Date)

2021

Oct

(A) - (B)

Change

YOY

YOY

2019

(A)

2020 (B)

Cumulative

(Reference)

Difference

Change

Revenue

24.1

27.7

-3.6

-13.1%

71.2

-10.1

-12.4%

49.4

Nest Hotel

(JPY million)

RevPAR (JPY)

3,736

4,374

-638

-14.6%

3,872

-506

-11.6%

8,221

Sapporo

Occupancy (%)

92.1

96.9

-4.7

-4.9%

91.0

-6.3

-6.4%

96.6

Ekimae

ADR (JPY)

4,055

4,516

-461

-10.2%

4,254

-246

-5.5%

8,514

Revenue

15.2

16.6

-1.4

-8.3%

46.5

-6.1

-11.6%

34.0

Nest Hotel

(JPY million)

RevPAR (JPY)

3,218

3,825

-607

-15.9%

3,422

-693

-16.8%

8,022

Sapporo

Occupancy (%)

83.2

89.8

-6.6

-7.4%

79.8

-11.6

-12.7%

90.7

Odori

ADR (JPY)

3,869

4,260

-391

-9.2%

4,287

-213

-4.7%

8,840

Revenue

17.3

15.4

+1.9

+12.4%

50.5

+9.9

+24.5%

31.7

Smile Hotel

(JPY million)

RevPAR (JPY)

4,890

4,289

+601

+14.0%

4,808

+1,007

+26.5%

8,878

Tokyo

Occupancy (%)

99.1

83.6

+15.5

+18.6%

98.6

+19.5

+24.6%

97.2

Asagaya

ADR (JPY)

4,935

5,133

-198

-3.9%

4,875

+74

+1.5%

9,136

Revenue

10.6

11.1

-0.5

-4.8%

30.1

+2.7

+10.1%

HOTEL

(JPY million)

RevPAR (JPY)

4,746

4,979

-233

-4.7%

4,532

+419

+10.2%

EMIT

Occupancy (%)

99.0

99.1

-0.1

-0.1%

98.6

-

-

SHIBUYA

ADR (JPY)

4,793

5,022

-229

-4.6%

4,596

+426

+10.2%

Revenue

13.2

11.3

+1.9

+17.1%

36.9

+11.1

+42.7%

39.9

Hotel Wing

(JPY million)

RevPAR (JPY)

1,733

1,468

+265

+18.1%

1,604

+473

+41.8%

5,234

International

Occupancy (%)

44.0

32.5

+11.5

+35.5%

39.5

+14.1

+55.2%

84.1

Nagoya

ADR (JPY)

3,940

4,523

-583

-12.9%

4,058

-384

-8.7%

6,224

2

Oct

(Previous)

Aug 2021 - Oct 2021

Oct

Difference

YOY

(Current Period-To-Date)

2021

Oct

(A) - (B)

Change

YOY

YOY

2019

(A)

2020 (B)

Cumulative

(Reference)

Difference

Change

Revenue

6.4

4.9

+1.5

+30.5%

15.4

+1.7

+12.4%

37.0

(JPY million)

Smile Hotel

RevPAR (JPY)

1,397

1,062

+335

+31.6%

1,118

+126

+12.7%

7,670

Kyoto Shijo

Occupancy (%)

57.3

34.6

+22.7

+65.7%

46.7

+14.7

+46.1%

99.8

ADR (JPY)

2,439

3,072

-633

-20.6%

2,395

-709

-22.8%

7,689

Revenue

6.4

-

-

-

10.7

-

-

17.0

The OneFive

(JPY million)

RevPAR (JPY)

1,573

-

-

-

1,338

-

-

4,224

Osaka

Sakaisuji

Occupancy (%)

73.2

-

-

-

62.5

-

-

70.5

ADR (JPY)

2,151

-

-

-

2,141

-

-

5,990

Revenue

10.0

1.9

+8.1

+438.1%

21.6

+15.7

+261.9%

56.6

Nest Hotel

(JPY million)

RevPAR (JPY)

856

-

-

-

608

-

-

5,558

Osaka

Occupancy (%)

27.8

-

-

-

19.3

-

-

77.0

Shinsaibashi

ADR (JPY)

3,077

-

-

-

3,144

-

-

7,222

Hotel Wing

Revenue

15.4

15.4

-0.1

-0.6%

43.6

+5.1

+13.3%

27.0

(JPY million)

International

RevPAR (JPY)

3,380

3,272

+108

+3.3%

3,134

+406

+14.9%

5,911

Kobe Shin

Nagata

Occupancy (%)

49.4

48.6

+0.8

+1.6%

45.5

+4.2

+10.2%

75.5

Ekimae

ADR (JPY)

6,848

6,735

+113

+1.7%

6,889

+282

+4.3%

7,831

Revenue

23.6

26.1

-2.5

-9.6%

55.2

-10.5

-16.0%

42.8

(JPY million)

Nest Hotel

RevPAR (JPY)

3,214

3,550

-337

-9.5%

2,629

-416

-13.6%

5,685

Matsuyama

Occupancy (%)

71.5

75.3

-3.9

-5.1%

60.6

-7.2

-10.6%

90.4

ADR (JPY)

4,497

4,714

-217

-4.6%

4,342

-153

-3.4%

6,286

Revenue

20.3

7.4

+12.9

+173.6%

58.0

+33.7

+139.2%

39.1

(JPY million)

The OneFive

RevPAR (JPY)

3,013

1,148

+1,864

+162.3%

2,900

+1,687

+139.0%

5,833

Okayama

Occupancy (%)

97.5

54.0

+43.5

+80.5%

97.3

+60.4

+163.8%

89.0

ADR (JPY)

3,091

2,127

+965

+45.4%

2,980

-309

-9.4%

6,552

Revenue

8.3

13.4

-5.1

-38.3%

22.2

-0.3

-1.2%

36.5

(JPY million)

Court Hotel

RevPAR (JPY)

2,036

3,159

-1,123

-35.6%

1,751

-110

-5.9%

9,360

Kurashiki

Occupancy (%)

38.1

44.9

-6.8

-15.2%

31.8

+5.9

+22.6%

94.5

ADR (JPY)

5,343

7,033

-1,691

-24.0%

5,506

-1,668

-23.3%

9,906

Revenue

39.8

8.5

+31.3

+369.7%

126.8

+115.0

+973.5%

20.6

(JPY million)

Valie Hotel

RevPAR (JPY)

7,500

1,552

+5,948

+383.2%

7,500

+6,770

+926.8%

3,834

Hiroshima

Occupancy (%)

100

43.6

+56.4

+129.4%

100

+81.1

+428.5%

61.4

ADR (JPY)

7,500

3,561

+3,939

+110.6%

7,500

+3,640

+94.3%

6,242

3

Oct

(Previous)

Aug 2021 - Oct 2021

Oct

Difference

YOY

(Current Period-To-Date)

2021

Oct

(A) - (B)

Change

YOY

YOY

2019

(A)

2020 (B)

Cumulative

(Reference)

Difference

Change

Revenue

8.3

4.4

+3.8

+87.2%

22.7

+11.4

+101.1%

21.9

The OneFive

(JPY million)

RevPAR (JPY)

3,063

1,458

+1,604

+110.0%

2,804

+1,605

+133.8%

8,475

Fukuoka

Occupancy (%)

98.2

54.0

+44.2

+81.7%

97.0

+62.4

+180.1%

95.9

Tenjin

ADR (JPY)

3,119

2,699

+420

+15.6%

2,890

-572

-16.5%

8,834

Revenue

19.6

13.9

+5.7

+40.8%

47.5

+6.9

+16.9%

36.0

(JPY million)

Nest Hotel

RevPAR (JPY)

2,860

1,991

+869

+43.7%

2,319

+387

+20.1%

5,056

Kumamoto

Occupancy (%)

76.6

53.8

+22.8

+42.4%

64.9

+12.4

+23.7%

77.8

ADR (JPY)

3,731

3,699

+32

+0.9%

3,572

-108

-2.9%

6,501

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

Oct

(Previous)

Aug 2021 - Oct 2021

Oct

Difference

YOY

(Current Period-To-Date)

2021

Oct

(A) - (B)

Change

YOY

YOY

2019

(A)

2020 (B)

Cumulative

(Reference)

Difference

Change

Revenue

20.5

19.1

+1.3

+7.0%

64.9

+4.4

+7.3%

19.9

Comfort

(JPY million)

RevPAR (JPY)

4,949

4,624

+325

+7.0%

5,336

+393

+7.9%

4,846

Hotel

Occupancy (%)

87.1

86.3

+0.8

+0.9%

84.0

-2.8

-3.3%

80.8

Kushiro

ADR (JPY)

5,679

5,356

+323

+6.0%

6,353

+660

+11.6%

5,995

Revenue

18.5

13.5

+5.0

+36.6%

49.1

+12.7

+34.8%

30.1

Comfort

(JPY million)

RevPAR (JPY)

3,046

2,229

+817

+36.6%

2,720

+702

+34.8%

4,947

Hotel

Occupancy (%)

64.0

45.0

+19.1

+42.4%

56.4

+14.5

+34.5%

77.4

Hamamatsu

ADR (JPY)

4,757

4,956

-199

-4.0%

4,819

+10

+0.2%

6,395

Comfort

Revenue

40.3

33.6

+6.7

+19.9%

104.4

+22.8

+27.9%

86.9

(JPY million)

Hotel

RevPAR (JPY)

3,667

3,045

+622

+20.4%

3,203

+713

+28.6%

7,793

Central

Occupancy (%)

55.8

39.6

+16.3

+41.1%

50.2

+16.8

+50.1%

84.6

International

Airport

ADR (JPY)

6,568

7,697

-1,129

-14.7%

6,384

-1,067

-14.3%

9,215

Revenue

9.7

10.3

-0.6

-6.0%

26.6

+1.4

+5.3%

18.7

Comfort

(JPY million)

RevPAR (JPY)

2,945

3,140

-195

-6.2%

2,724

+135

+5.2%

5,684

Hotel

Occupancy (%)

64.7

56.4

+8.4

+14.8%

55.7

+4.8

+9.5%

77.7

Suzuka

ADR (JPY)

4,550

5,570

-1,020

-18.3%

4,895

-200

-3.9%

7,315

Revenue

5.6

8.6

-3.1

-35.4%

10.4

-0.6

-5.7%

37.9

Urbain

(JPY million)

RevPAR (JPY)

1,050

1,626

-576

-35.4%

659

-40

-5.7%

7,149

Hiroshima

Occupancy (%)

21.8

29.6

-7.7

-26.2%

13.1

+0.6

+4.4%

93.4

Executive

ADR (JPY)

4,812

5,500

-689

-12.5%

5,022

-538

-9.7%

7,655

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. October 2019 Revenue, RevPAR, Occupancy, and ADR data provided as a reference is for the 20 hotels owned since October 2019, and is not available for HOTEL EMIT SHIBUYA. The OneFive Okayama was operating under the name Comfort Hotel Okayama in October 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 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 November 2021 06:19:07 UTC.