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.

October 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 - September 2021

Portfolio Revenue, RevPAR, Occupancy, and ADR

Total (21 Hotels)

(Previous)

Aug 2021 - Sep 2021

Sep

Difference

YOY

(Current Period-To-Date)

Sep 2019

Sep

2021 (A)

(A) - (B)

Change

YOY

YOY

(Reference)

2020 (B)

Cumulative

Difference

Change

Revenue

264.9

213.0

+51.9

+24.4%

586.3

+167.1

+39.9%

633.9

(JPY million)

RevPAR (JPY)

2,415

1,965

+451

+22.9%

2,694

+778

+40.6%

6,108

Occupancy (%)

54.6

40.0

+14.5

+36.3%

57.2

+17.2

+43.0%

82.4

ADR (JPY)

4,426

4,906

-480

-9.8%

4,709

-80

-1.7%

7,413

Variable Rent Hotels (15 Hotels)

(Previous)

Aug 2021 - Sep 2021

Sep

Difference

YOY

(Current Period-To-Date)

Sep 2019

Sep

2021 (A)

(A) - (B)

Change

YOY

YOY

(Reference)

2020 (B)

Cumulative

Difference

Change

Revenue

191.8

144.9

+46.9

+32.4%

420.5

+136.7

+48.2%

412.1

(JPY million)

RevPAR (JPY)

2,423

1,849

+574

+31.1%

2,699

+900

+50.0%

6,664

Occupancy (%)

59.3

40.2

+19.1

+47.5%

61.8

+21.2

+52.3%

88.7

ADR (JPY)

4,087

4,599

-511

-11.1%

4,371

-69

-1.5%

7,516

1

Fixed Rent Hotels (6 Hotels)

(Previous)

Aug 2021 - Sep 2021

Sep

Difference

YOY

(Current Period-To-Date)

Sep 2019

Sep

2021 (A)

(A) - (B)

Change

YOY

YOY

(Reference)

2020 (B)

Cumulative

Difference

Change

Revenue

73.1

68.1

+5.0

+7.3%

165.8

+30.4

+22.5%

221.8

(JPY million)

RevPAR (JPY)

2,397

2,225

+172

+7.8%

2,681

+505

+23.2%

5,992

Occupancy (%)

43.4

39.7

+3.7

+9.3%

46.8

+8.0

+20.7%

82.7

ADR (JPY)

5,523

5,602

-79

-1.4%

5,727

+118

+2.1%

7,243

Revenue, RevPAR, Occupancy, and ADR by Hotel

Variable Rent Hotels (15 Hotels)

Aug 2021 - Sep 2021

Sep

(Previous)

Sep

Difference

YOY

(Current Period-To-Date)

2021

Sep

(A) - (B)

Change

YOY

YOY

2019

(A)

2020 (B)

Cumulative

(Reference)

Difference

Change

Revenue

21.9

27.6

-5.8

-20.8%

47.2

-6.5

-12.1%

61.9

Nest Hotel

(JPY million)

RevPAR (JPY)

3,710

4,435

-725

-16.3%

3,941

-439

-10.0%

10,788

Sapporo

Occupancy (%)

90.0

98.1

-8.1

-8.2%

90.4

-7.1

-7.2%

96.6

Ekimae

ADR (JPY)

4,122

4,521

-399

-8.8%

4,357

-135

-3.0%

11,162

Revenue

13.3

18.0

-4.7

-26.1%

31.3

-4.7

-13.1%

44.0

Nest Hotel

(JPY million)

RevPAR (JPY)

2,979

4,197

-1,218

-29.0%

3,525

-737

-17.3%

11,077

Sapporo

Occupancy (%)

74.3

92.3

-18.0

-19.5%

78.1

-14.2

-15.3%

93.8

Odori

ADR (JPY)

4,010

4,545

-535

-11.8%

4,514

-106

-2.3%

11,809

Revenue

15.3

12.7

+2.7

+21.2%

33.2

+8.0

+31.8%

29.8

Smile Hotel

(JPY million)

RevPAR (JPY)

4,479

3,637

+843

+23.2%

4,767

+1,214

+34.2%

8,633

Tokyo

Occupancy (%)

97.9

78.5

+19.4

+24.7%

98.4

+21.5

+27.9%

98.3

Asagaya

ADR (JPY)

4,577

4,634

-56

-1.2%

4,844

+226

+4.9%

8,782

Revenue

9.2

8.2

+1.0

+11.8%

19.5

+3.3

+20.2%

HOTEL

(JPY million)

RevPAR (JPY)

4,250

3,793

+457

+12.0%

4,423

+750

+20.4%

EMIT

Occupancy (%)

98.2

98.2

-

-

98.4

-

-

SHIBUYA

ADR (JPY)

4,326

3,861

+465

+12.0%

4,495

+761

+20.4%

Revenue

9.5

8.6

+0.9

+10.5%

23.7

+9.1

+62.5%

39.8

Hotel Wing

(JPY million)

RevPAR (JPY)

1,268

1,146

+122

+10.6%

1,539

+579

+60.2%

5,401

International

Occupancy (%)

32.8

25.6

+7.1

+27.9%

37.3

+15.4

+70.1%

89.0

Nagoya

ADR (JPY)

3,867

4,468

-602

-13.5%

4,129

-253

-5.8%

6,071

2

Sep

(Previous)

Aug 2021 - Sep 2021

Sep

Difference

YOY

(Current Period-To-Date)

2021

Sep

(A) - (B)

Change

YOY

YOY

2019

(A)

2020 (B)

Cumulative

(Reference)

Difference

Change

Revenue

4.2

3.9

+0.2

+6.1%

8.9

+0.2

+2.2%

27.9

(JPY million)

Smile Hotel

RevPAR (JPY)

925

877

+48

+5.5%

976

+20

+2.1%

5,951

Kyoto Shijo

Occupancy (%)

40.3

26.6

+13.6

+51.2%

41.3

+10.7

+34.8%

99.2

ADR (JPY)

2,296

3,290

-994

-30.2%

2,364

-758

-24.3%

5,999

Revenue

4.3

-

-

-

4.3

-

-

15.8

The OneFive

(JPY million)

RevPAR (JPY)

1,094

-

-

-

1,094

-

-

4,052

Osaka

Sakaisuji

Occupancy (%)

51.5

-

-

-

51.5

-

-

71.5

ADR (JPY)

2,126

-

-

-

2,126

-

-

5,669

Revenue

6.5

1.9

+4.6

+248.3%

11.7

+7.6

+183.0%

45.6

Nest Hotel

(JPY million)

RevPAR (JPY)

508

-

-

-

470

-

-

4,558

Osaka

Occupancy (%)

15.8

-

-

-

14.6

-

-

65.8

Shinsaibashi

ADR (JPY)

3,218

-

-

-

3,214

-

-

6,926

Hotel Wing

Revenue

10.2

13.2

-3.0

-22.6%

28.2

+5.2

+22.6%

23.4

(JPY million)

International

RevPAR (JPY)

2,325

2,876

-550

-19.1%

3,009

+557

+22.7%

5,445

Kobe Shin

Nagata

Occupancy (%)

35.0

43.8

-8.8

-20.0%

43.5

+5.9

+15.8%

73.2

Ekimae

ADR (JPY)

6,641

6,568

+73

+1.1%

6,913

+390

+6.0%

7,437

Revenue

13.4

20.5

-7.1

-34.5%

31.5

-8.0

-20.2%

37.8

(JPY million)

Nest Hotel

RevPAR (JPY)

1,985

2,921

-936

-32.0%

2,332

-456

-16.3%

4,805

Matsuyama

Occupancy (%)

49.9

65.6

-15.7

-24.0%

55.0

-8.9

-13.9%

81.7

ADR (JPY)

3,981

4,454

-472

-10.6%

4,239

-125

-2.9%

5,883

Revenue

16.6

-

-

-

37.7

+20.9

+124.0%

34.7

(JPY million)

The OneFive

RevPAR (JPY)

2,530

-

-

-

2,843

+1,596

+128.0%

5,368

Okayama

Occupancy (%)

95.7

-

-

-

97.2

+69.0

+244.8%

83.3

ADR (JPY)

2,643

-

-

-

2,924

-1,497

-33.9%

6,447

Revenue

5.0

8.9

-3.9

-44.2%

13.9

+4.9

+53.8%

26.4

(JPY million)

Court Hotel

RevPAR (JPY)

1,193

2,441

-1,248

-51.1%

1,606

+405

+33.8%

6,996

Kurashiki

Occupancy (%)

25.5

33.1

-7.6

-23.0%

28.6

+12.3

+75.5%

93.4

ADR (JPY)

4,682

7,371

-2,689

-36.5%

5,617

-1,754

-23.8%

7,490

Revenue

42.1

3.3

+38.7

+1,158.7%

87.0

+83.7

+2,503.1%

(JPY million)

Valie Hotel

RevPAR (JPY)

7,500

636

+6,864

+1,079.5%

7,500

+7,187

+2,298.2%

Hiroshima

Occupancy (%)

100

13.0

+87.0

+670.3%

100

+93.6

+1,466.2%

ADR (JPY)

7,500

4,898

+2,602

+53.1%

7,500

+2,602

+53.1%

3

Sep

(Previous)

Aug 2021 - Sep 2021

Sep

Difference

YOY

(Current Period-To-Date)

2021

Sep

(A) - (B)

Change

YOY

YOY

2019

(A)

2020 (B)

Cumulative

(Reference)

Difference

Change

Revenue

6.8

3.5

+3.3

+95.8%

14.5

+7.6

+110.0%

20.2

The OneFive

(JPY million)

RevPAR (JPY)

2,519

1,094

+1,425

+130.3%

2,673

+1,605

+150.4%

8,034

Fukuoka

Occupancy (%)

95.0

24.1

+70.9

+294.1%

96.4

+71.6

+289.1%

96.3

Tenjin

ADR (JPY)

2,651

4,535

-1,885

-41.6%

2,772

-1,536

-35.7%

8,341

Revenue

13.6

14.6

-1.0

-7.0%

27.8

+1.2

+4.5%

34.7

(JPY million)

Nest Hotel

RevPAR (JPY)

2,015

2,140

-125

-5.8%

2,044

+142

+7.5%

5,105

Kumamoto

Occupancy (%)

60.5

54.6

+5.8

+10.7%

59.0

+7.1

+13.8%

75.7

ADR (JPY)

3,333

3,916

-584

-14.9%

3,467

-202

-5.5%

6,743

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

Sep

(Previous)

Aug 2021 - Sep 2021

Sep

Difference

YOY

(Current Period-To-Date)

2021

Sep

(A) - (B)

Change

YOY

YOY

2019

(A)

2020 (B)

Cumulative

(Reference)

Difference

Change

Revenue

18.0

20.1

-2.1

-10.6%

44.4

+3.1

+7.5%

25.2

Comfort

(JPY million)

RevPAR (JPY)

4,528

5,063

-535

-10.6%

5,533

+427

+8.4%

6,407

Hotel

Occupancy (%)

75.3

87.2

-11.8

-13.6%

82.4

-4.7

-5.4%

89.7

Kushiro

ADR (JPY)

6,009

5,808

+202

+3.5%

6,716

+852

+14.5%

7,140

Revenue

13.2

11.6

+1.6

+13.6%

30.5

+7.7

+33.7%

29.8

Comfort

(JPY million)

RevPAR (JPY)

2,243

1,975

+268

+13.6%

2,555

+644

+33.7%

5,062

Hotel

Occupancy (%)

47.7

41.1

+6.6

+16.1%

52.6

+12.2

+30.1%

79.4

Hamamatsu

ADR (JPY)

4,702

4,806

-103

-2.1%

4,858

+132

+2.8%

6,379

Comfort

Revenue

30.2

26.7

+3.5

+13.0%

64.1

+16.1

+33.5%

80.2

(JPY million)

Hotel

RevPAR (JPY)

2,838

2,501

+337

+13.5%

2,968

+759

+34.3%

7,355

Central

Occupancy (%)

44.9

34.6

+10.3

+29.7%

47.3

+17.0

+56.1%

82.2

International

Airport

ADR (JPY)

6,328

7,233

-906

-12.5%

6,273

-1,014

-13.9%

8,943

Revenue

8.0

6.6

+1.4

+21.9%

16.9

+2.0

+13.2%

10.7

Comfort

(JPY million)

RevPAR (JPY)

2,519

2,067

+452

+21.9%

2,611

+303

+13.1%

3,368

Hotel

Occupancy (%)

51.9

46.3

+5.7

+12.3%

51.0

+3.0

+6.3%

65.6

Suzuka

ADR (JPY)

4,850

4,469

+381

+8.5%

5,117

+306

+6.4%

5,135

Revenue

1.5

-

-

-

4.8

+2.4

+102.3%

33.6

Urbain

(JPY million)

RevPAR (JPY)

296

-

-

-

460

+233

+102.3%

6,544

Hiroshima

Occupancy (%)

5.8

-

-

-

8.7

+4.8

+121.2%

91.5

Executive

ADR (JPY)

5,079

-

-

-

5,290

-496

-8.6%

7,155

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 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. September 2019 Revenue, RevPAR, Occupancy, and ADR data provided as a reference is for the 19 hotels owned since September 2019, and is not available for HOTEL EMIT SHIBUYA and Valie Hotel Hiroshima (rebranded and reopened in September 2019). The OneFive Okayama was operating under the name Comfort Hotel Okayama in September 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 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 October 2021 06:03:03 UTC.