Hotel Performance

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Domestic Hotels Total
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
# of Properties (Note2) actual - 92 (101) 92 (101) - - - - 92 (101)
Occupancy Rate actual (%) 80.0 84.9 - - - - 82.3
ADR actual (JPY) 11,982 13,357 - - - - 12,655
RevPAR actual (JPY) 9,581 11,335 - - - - 10,413
Gross Revenue actual (JPY mn) 7,007 7,155 - - - - 14,163
Overseas Hotels Total
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
# of Properties (Note2) actual - 2 2 - - - - 2
Occupancy Rate actual (%) 71.3 75.8 - - - - 73.5
ADR actual (USD) 709 734 - - - - 721
RevPAR actual (USD) 505 556 - - - - 529
Gross Revenue actual (USD'000) 12,642 11,868 - - - - 24,510
  1. ADR and RevPAR are rounded to the nearest yen and Gross Revenue is rounded down to the indicated unit. Percentages are rounded to one decimal place.This applies hereinafter.
  2. # of properties shows the number of the hotels that are subject to the calculation for each month, and does not include the number of hotels under fixed rent contract. The number in the parenthesis shows the total number of hotels held by INV as of the end of the subject month, including the hotels under fixed rent contract. Please see the footnote of the individual hotels listed below to identify the hotels under fixed rent contract.
  3. Sheraton Grande Tokyo Bay Hotel, the underlying asset of the preferred equity interest acquired on October 13, 2017 is excluded from the performance calculation.
  4. “Gross Revenue” for 2018 shows the total revenue of the hotel, while “Gross Revenue” prior to 2018 showed the gross operating income of the hotel. Year-on-year change in 2018 shows the total revenue in 2018 vs. the total revenue in 2017. There is no significant difference between total revenue and gross operating income for the limited service hotels that account for the vast majority of INV's hotel portfolio.
  5. For below figures of each hotel, comparison for year-on-year is not made if the days of operation are less than one month. Year-on-year comparison for the six month cumulative figures is not provided if the property was not held as at the beginning of the fiscal period. Year-on-year comparison with the pre-acquisition period of each hotel is based on actual results provided by sellers.
  6. Figures for year-on-year comparison are not shown in the case that the figures cannot be calculated due to the closure, etc. during the previous year.

Individual Hotels

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2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 90.2 92.7 - - - - 91.4
year-on-year (points) 11.6 6.7 - - - - 9.2
ADR actual (JPY) 11,760 13,007 - - - - 12,360
year-on-year (%) 29.4 17.4 - - - - 22.5
RevPAR actual (JPY) 10,613 12,063 - - - - 11,301
year-on-year (%) 48.6 26.6 - - - - 36.2
Gross Revenue actual (JPY mn) 41 42 - - - - 84
year-on-year (%) 47.1 22.1 - - - - 33.3
    (Note 1) This property was acquired on May 23, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 85.4 88.6 - - - - 86.9
year-on-year (points) 7.9 2.3 - - - - 5.2
ADR actual (JPY) 8,916 10,259 - - - - 9,565
year-on-year (%) 30.5 33.5 - - - - 31.6
RevPAR actual (JPY) 7,614 9,089 - - - - 8,314
year-on-year (%) 43.9 37.1 - - - - 40.0
Gross Revenue actual (JPY mn) 38 41 - - - - 80
year-on-year (%) 42.6 31.0 - - - - 36.3
    (Note 1) This property was acquired on May 23, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 62.7 79.4 - - - - 70.6
year-on-year (points) 20.4 6.5 - - - - 13.5
ADR actual (JPY) 9,768 8,435 - - - - 9,057
year-on-year (%) 14.4 -3.6 - - - - 4.5
RevPAR actual (JPY) 6,125 6,695 - - - - 6,395
year-on-year (%) 69.7 5.0 - - - - 29.3
Gross Revenue actual (JPY mn) 47 47 - - - - 95
year-on-year (%) 66.0 1.5 - - - - 26.1
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 92.9 94.7 - - - - 93.7
year-on-year (points) 2.7 3.9 - - - - 3.2
ADR actual (JPY) 13,024 16,249 - - - - 14,570
year-on-year (%) 16.1 7.9 - - - - 11.4
RevPAR actual (JPY) 12,095 15,380 - - - - 13,654
year-on-year (%) 19.5 12.5 - - - - 15.4
Gross Revenue actual (JPY mn) 79 85 - - - - 164
year-on-year (%) 21.8 10.1 - - - - 15.4
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 96.9 96.7 - - - - 96.8
year-on-year (points) 1.4 -0.4 - - - - 0.5
ADR actual (JPY) 25,782 27,323 - - - - 26,513
year-on-year (%) 30.8 11.8 - - - - 20.4
RevPAR actual (JPY) 24,978 26,434 - - - - 25,669
year-on-year (%) 32.7 11.3 - - - - 21.1
Gross Revenue actual (JPY mn) 75 70 - - - - 145
year-on-year (%) 29.0 6.7 - - - - 17.1
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 85.3 93.4 - - - - 89.2
year-on-year (points) 22.1 18.6 - - - - 20.4
ADR actual (JPY) 13,202 13,911 - - - - 13,555
year-on-year (%) 15.1 1.5 - - - - 7.2
RevPAR actual (JPY) 11,266 12,998 - - - - 12,088
year-on-year (%) 55.4 26.8 - - - - 38.9
Gross Revenue actual (JPY mn) 59 60 - - - - 120
year-on-year (%) 41.9 16.4 - - - - 27.7
    (Note 1) This property was acquired on July 17, 2014.
    (Note 2) The name of this property was changed from "Hotel MyStays Dojima" as of March 10, 2018.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 85.2 87.9 - - - - 86.5
year-on-year (points) -0.7 0.3 - - - - -0.2
ADR actual (JPY) 7,309 8,334 - - - - 7,804
year-on-year (%) 14.2 11.2 - - - - 12.5
RevPAR actual (JPY) 6,227 7,327 - - - - 6,749
year-on-year (%) 13.3 11.6 - - - - 12.2
Gross Revenue actual (JPY mn) 57 60 - - - - 117
year-on-year (%) 11.5 5.3 - - - - 8.2
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 81.4 88.6 - - - - 84.9
year-on-year (points) 24.1 19.0 - - - - 21.6
ADR actual (JPY) 7,880 8,096 - - - - 7,987
year-on-year (%) 29.4 4.1 - - - - 14.3
RevPAR actual (JPY) 6,417 7,177 - - - - 6,777
year-on-year (%) 83.9 32.5 - - - - 53.3
Gross Revenue actual (JPY mn) 40 40 - - - - 80
year-on-year (%) 75.0 28.3 - - - - 48.0
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 86.8 93.6 - - - - 90.0
year-on-year (points) 3.9 6.8 - - - - 5.3
ADR actual (JPY) 8,471 9,774 - - - - 9,114
year-on-year (%) 14.3 3.9 - - - - 8.5
RevPAR actual (JPY) 7,354 9,150 - - - - 8,206
year-on-year (%) 19.7 12.0 - - - - 15.2
Gross Revenue actual (JPY mn) 48 53 - - - - 101
year-on-year (%) 17.3 5.1 - - - - 10.5
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 58.1 57.6 - - - - 57.9
year-on-year (points) -21.3 -28.7 - - - - -24.9
ADR actual (JPY) 9,887 11,733 - - - - 10,759
year-on-year (%) 32.8 24.4 - - - - 27.3
RevPAR actual (JPY) 5,748 6,754 - - - - 6,225
year-on-year (%) -2.8 -17.0 - - - - -11.0
Gross Revenue actual (JPY mn) 16 18 - - - - 34
year-on-year (%) -3.7 -18.7 - - - - -12.1
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 90.5 90.1 - - - - 90.3
year-on-year (points) 6.0 0.0 - - - - 3.1
ADR actual (JPY) 9,957 14,589 - - - - 12,151
year-on-year (%) 14.5 32.3 - - - - 23.2
RevPAR actual (JPY) 9,012 13,150 - - - - 10,976
year-on-year (%) 22.7 32.3 - - - - 27.6
Gross Revenue actual (JPY mn) 53 68 - - - - 122
year-on-year (%) 26.8 28.8 - - - - 27.9
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 87.6 93.6 - - - - 90.4
year-on-year (points) 2.2 3.3 - - - - 2.7
ADR actual (JPY) 19,350 20,823 - - - - 20,073
year-on-year (%) 90.9 60.0 - - - - 73.6
RevPAR actual (JPY) 16,945 19,489 - - - - 18,152
year-on-year (%) 95.9 65.9 - - - - 78.9
Gross Revenue actual (JPY mn) 37 38 - - - - 75
year-on-year (%) 112.5 77.6 - - - - 93.2
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 93.1 93.1 - - - - 93.1
year-on-year (points) 5.8 1.7 - - - - 3.8
ADR actual (JPY) 9,286 11,412 - - - - 10,296
year-on-year (%) 29.6 24.5 - - - - 26.2
RevPAR actual (JPY) 8,641 10,626 - - - - 9,583
year-on-year (%) 38.3 26.8 - - - - 31.7
Gross Revenue actual (JPY mn) 19 21 - - - - 41
year-on-year (%) 37.5 22.4 - - - - 29.1
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 85.7 92.0 - - - - 88.7
year-on-year (points) 3.3 0.6 - - - - 2.0
ADR actual (JPY) 10,046 11,387 - - - - 10,706
year-on-year (%) 18.2 12.7 - - - - 14.9
RevPAR actual (JPY) 8,608 10,478 - - - - 9,495
year-on-year (%) 23.0 13.4 - - - - 17.5
Gross Revenue actual (JPY mn) 14 16 - - - - 31
year-on-year (%) 21.8 9.5 - - - - 15.0
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 80.7 83.2 - - - - 81.9
year-on-year (points) 1.1 -7.6 - - - - -3.1
ADR actual (JPY) 5,764 6,033 - - - - 5,894
year-on-year (%) 11.1 17.9 - - - - 14.4
RevPAR actual (JPY) 4,653 5,019 - - - - 4,827
year-on-year (%) 12.7 8.0 - - - - 10.2
Gross Revenue actual (JPY mn) 18 18 - - - - 37
year-on-year (%) 11.7 4.4 - - - - 8.0
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 81.3 83.2 - - - - 82.2
year-on-year (points) 7.4 6.5 - - - - 6.9
ADR actual (JPY) 5,513 5,761 - - - - 5,632
year-on-year (%) 6.1 5.8 - - - - 5.9
RevPAR actual (JPY) 4,480 4,794 - - - - 4,629
year-on-year (%) 16.7 14.8 - - - - 15.7
Gross Revenue actual (JPY mn) 14 14 - - - - 29
year-on-year (%) 16.3 10.7 - - - - 13.5
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 73.0 79.5 - - - - 76.1
year-on-year (points) 9.8 9.6 - - - - 9.6
ADR actual (JPY) 10,666 10,833 - - - - 10,749
year-on-year (%) 18.9 -0.6 - - - - 8.0
RevPAR actual (JPY) 7,792 8,617 - - - - 8,183
year-on-year (%) 37.3 13.0 - - - - 23.7
Gross Revenue actual (JPY mn) 27 27 - - - - 54
year-on-year (%) 36.6 9.0 - - - - 21.3
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 74.4 74.9 - - - - 74.6
year-on-year (points) 5.0 -7.4 - - - - -1.0
ADR actual (JPY) 16,843 17,324 - - - - 17,072
year-on-year (%) 27.2 21.8 - - - - 24.0
RevPAR actual (JPY) 12,525 12,971 - - - - 12,737
year-on-year (%) 36.4 10.8 - - - - 22.4
Gross Revenue actual (JPY mn) 23 21 - - - - 45
year-on-year (%) 37.0 4.6 - - - - 19.2
    (Note 1) This property was acquired on July 17, 2014.
    (Note 2) The name of this property was changed from "Flexstay Inn Kiyosumi Shirakawa" as of September 9, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 72.5 80.1 - - - - 76.1
year-on-year (points) 9.3 -1.6 - - - - 4.0
ADR actual (JPY) 6,541 7,453 - - - - 6,997
year-on-year (%) 11.0 21.5 - - - - 16.1
RevPAR actual (JPY) 4,745 5,972 - - - - 5,327
year-on-year (%) 27.3 19.1 - - - - 22.5
Gross Revenue actual (JPY mn) 5 6 - - - - 12
year-on-year (%) 24.8 14.9 - - - - 19.3
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 72.4 80.0 - - - - 76.0
year-on-year (points) 4.4 -4.0 - - - - 0.3
ADR actual (JPY) 6,207 6,922 - - - - 6,564
year-on-year (%) 13.2 12.4 - - - - 12.3
RevPAR actual (JPY) 4,496 5,540 - - - - 4,991
year-on-year (%) 20.5 7.1 - - - - 12.7
Gross Revenue actual (JPY mn) 3 3 - - - - 6
year-on-year (%) 21.3 4.6 - - - - 11.9
    (Note 1) This property was acquired on July 17, 2014.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 98.2 100.0 - - - - 99.1
year-on-year (points) 22.5 26.6 - - - - 24.5
ADR actual (JPY) 7,176 8,660 - - - - 7,887
year-on-year (%) 9.6 5.1 - - - - 7.3
RevPAR actual (JPY) 7,049 8,660 - - - - 7,813
year-on-year (%) 42.1 43.2 - - - - 42.4
Gross Revenue actual (JPY mn) 101 112 - - - - 214
year-on-year (%) 43.8 39.3 - - - - 41.4
    (Note 1) This property was acquired on February 6, 2015.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 73.1 74.4 - - - - 73.7
year-on-year (points) 22.4 11.4 - - - - 17.1
ADR actual (JPY) 6,795 6,642 - - - - 6,721
year-on-year (%) 9.0 8.5 - - - - 8.9
RevPAR actual (JPY) 4,970 4,941 - - - - 4,956
year-on-year (%) 57.1 28.2 - - - - 41.7
Gross Revenue actual (JPY mn) 37 34 - - - - 72
year-on-year (%) 46.5 18.6 - - - - 31.7
    (Note 1) This property was acquired on February 6, 2015.
    (Note 2) The name of this property was changed from "Hotel Nets Hakodate" as of May 1, 2018.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 70.1 73.4 - - - - 71.7
year-on-year (points) -0.5 -6.6 - - - - -3.4
ADR actual (JPY) 7,881 8,493 - - - - 8,178
year-on-year (%) 20.5 18.8 - - - - 19.3
RevPAR actual (JPY) 5,523 6,236 - - - - 5,861
year-on-year (%) 19.7 9.1 - - - - 13.9
Gross Revenue actual (JPY mn) 14 15 - - - - 29
year-on-year (%) 19.5 7.3 - - - - 12.9
    (Note 1) This property was acquired on February 6, 2015.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 90.9 97.4 - - - - 94.0
year-on-year (points) -1.9 2.2 - - - - 0.1
ADR actual (JPY) 13,048 13,677 - - - - 13,357
year-on-year (%) 18.7 11.8 - - - - 15.1
RevPAR actual (JPY) 11,861 13,323 - - - - 12,555
year-on-year (%) 16.3 14.3 - - - - 15.2
Gross Revenue actual (JPY mn) 70 70 - - - - 140
year-on-year (%) 13.8 9.2 - - - - 11.4
    (Note 1) This property was acquired on July 16, 2015.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 90.4 94.0 - - - - 92.1
year-on-year (points) 11.7 11.2 - - - - 11.4
ADR actual (JPY) 7,327 7,863 - - - - 7,586
year-on-year (%) 18.2 6.3 - - - - 11.7
RevPAR actual (JPY) 6,625 7,394 - - - - 6,990
year-on-year (%) 35.7 20.7 - - - - 27.5
Gross Revenue actual (JPY mn) 56 57 - - - - 113
year-on-year (%) 32.9 16.3 - - - - 24.0
    (Note 1) This property was acquired on July 16, 2015.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 89.5 93.2 - - - - 91.3
year-on-year (points) 2.4 0.9 - - - - 1.7
ADR actual (JPY) 12,911 14,287 - - - - 13,578
year-on-year (%) 22.1 11.2 - - - - 16.0
RevPAR actual (JPY) 11,559 13,319 - - - - 12,394
year-on-year (%) 25.5 12.3 - - - - 18.1
Gross Revenue actual (JPY mn) 35 36 - - - - 71
year-on-year (%) 25.3 7.9 - - - - 15.8
    (Note 1) This property was acquired on July 16, 2015.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 86.4 92.4 - - - - 89.2
year-on-year (points) 12.5 10.6 - - - - 11.6
ADR actual (JPY) 7,617 8,271 - - - - 7,939
year-on-year (%) 18.6 9.2 - - - - 13.3
RevPAR actual (JPY) 6,581 7,640 - - - - 7,084
year-on-year (%) 38.8 23.4 - - - - 30.1
Gross Revenue actual (JPY mn) 36 38 - - - - 75
year-on-year (%) 37.8 18.7 - - - - 27.4
    (Note 1) This property was acquired on July 16, 2015.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 80.3 91.9 - - - - 85.8
year-on-year (points) 2.9 4.9 - - - - 3.7
ADR actual (JPY) 7,120 7,444 - - - - 7,284
year-on-year (%) 6.5 2.3 - - - - 4.2
RevPAR actual (JPY) 5,719 6,842 - - - - 6,252
year-on-year (%) 10.5 8.0 - - - - 9.0
Gross Revenue actual (JPY mn) 29 31 - - - - 60
year-on-year (%) 7.8 2.8 - - - - 5.1
    (Note 1) This property was acquired on July 16, 2015.
    (Note 2) The name of this property was changed from "Hotel Vista Shimizu" as of April 1, 2019.
    (Note 1) This property was acquired on July 16, 2015.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 80.4 87.7 - - - - 83.9
year-on-year (points) -1.3 3.3 - - - - 0.9
ADR actual (JPY) 5,401 5,361 - - - - 5,381
year-on-year (%) 18.6 10.3 - - - - 14.4
RevPAR actual (JPY) 4,342 4,704 - - - - 4,514
year-on-year (%) 16.7 14.7 - - - - 15.6
Gross Revenue actual (JPY mn) 12 11 - - - - 24
year-on-year (%) 15.9 10.8 - - - - 13.3
    (Note 1) This property was acquired on July 16, 2015.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 77.5 85.7 - - - - 81.4
year-on-year (points) -7.9 1.6 - - - - -3.4
ADR actual (JPY) 8,910 9,417 - - - - 9,163
year-on-year (%) 18.6 14.5 - - - - 16.7
RevPAR actual (JPY) 6,903 8,071 - - - - 7,457
year-on-year (%) 7.6 16.7 - - - - 12.0
Gross Revenue actual (JPY mn) 55 53 - - - - 109
year-on-year (%) 15.0 7.7 - - - - 11.3
    (Note 1) This property was acquired on July 16, 2015.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 80.4 85.5 - - - - 82.8
year-on-year (points) 3.4 1.6 - - - - 2.5
ADR actual (JPY) 5,595 6,698 - - - - 6,136
year-on-year (%) 10.5 18.2 - - - - 14.3
RevPAR actual (JPY) 4,498 5,730 - - - - 5,083
year-on-year (%) 15.4 20.4 - - - - 17.8
Gross Revenue actual (JPY mn) 9 10 - - - - 19
year-on-year (%) 14.4 17.1 - - - - 15.8
    (Note 1) This property was acquired on July 16, 2015.
    (Note 1) This property was acquired on July 16, 2015.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 83.0 88.8 - - - - 85.8
year-on-year (points) 0.8 -0.6 - - - - 0.1
ADR actual (JPY) 5,093 5,965 - - - - 5,522
year-on-year (%) 12.8 14.6 - - - - 13.5
RevPAR actual (JPY) 4,226 5,299 - - - - 4,735
year-on-year (%) 13.9 13.8 - - - - 13.7
Gross Revenue actual (JPY mn) 8 9 - - - - 17
year-on-year (%) 12.9 6.2 - - - - 9.2
    (Note 1) This property was acquired on July 16, 2015.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 76.7 81.0 - - - - 78.8
year-on-year (points) -1.9 -7.9 - - - - -4.8
ADR actual (JPY) 6,739 7,148 - - - - 6,938
year-on-year (%) 17.1 19.9 - - - - 18.4
RevPAR actual (JPY) 5,172 5,789 - - - - 5,464
year-on-year (%) 14.3 9.2 - - - - 11.5
Gross Revenue actual (JPY mn) 34 34 - - - - 68
year-on-year (%) 14.3 5.4 - - - - 9.6
    (Note 1) This property was acquired on August 28, 2015.
    (Note 1) This property was acquired on August 28, 2015.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
    (Note 1) This property was acquired on August 28, 2015.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 88.5 93.1 - - - - 90.6
year-on-year (points) 19.9 19.7 - - - - 19.8
ADR actual (JPY) 13,688 13,551 - - - - 13,621
year-on-year (%) 16.3 -3.0 - - - - 5.9
RevPAR actual (JPY) 12,110 12,610 - - - - 12,347
year-on-year (%) 50.0 23.2 - - - - 35.4
Gross Revenue actual (JPY mn) 21 20 - - - - 41
year-on-year (%) 47.0 17.5 - - - - 31.1
    (Note 1) This property was acquired on January 22, 2016.
    (Note 1) This property was acquired on January 22, 2016.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
    (Note 1) This property was acquired on January 22, 2016.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
    (Note 1) This property was acquired on January 22, 2016.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
    (Note 1) This property was acquired on January 22, 2016.
    (Note 2) Their leases have only fixed rent. Not disclosed, as operator's consent has not been obtained for disclosure regarding Occupancy, ADR, RevPAR and Gross Revenue.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 90.3 92.4 - - - - 91.3
year-on-year (points) 0.9 -1.1 - - - - -0.1
ADR actual (JPY) 13,502 15,144 - - - - 14,291
year-on-year (%) 16.9 11.3 - - - - 13.7
RevPAR actual (JPY) 12,190 13,990 - - - - 13,044
year-on-year (%) 18.1 10.0 - - - - 13.6
Gross Revenue actual (JPY mn) 159 165 - - - - 325
year-on-year (%) 15.1 5.4 - - - - 10.0
    (Note 1) INV acquired the entire portion of the Main Building and a portion of the Annex Building on March 31, 2016, and additionally acquired additional floors of the Annex Building after conversion from office space on October 31, 2017
    (Note 2) The number of rooms in this property has increased due to conversion from a locker room in Main Building (1 room) as well asconversion from an office space in Annex Building (49 rooms) on October 16, 2017
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 62.3 77.7 - - - - 69.6
year-on-year (points) -2.0 1.0 - - - - -0.6
ADR actual (JPY) 28,662 20,775 - - - - 24,483
year-on-year (%) 4.6 -4.4 - - - - 0.3
RevPAR actual (JPY) 17,854 16,149 - - - - 17,044
year-on-year (%) 1.5 -3.2 - - - - -0.6
Gross Revenue actual (JPY mn) 419 393 - - - - 812
year-on-year (%) -1.8 1.1 - - - - -0.4
    (Note 1) This property was acquired on March 31, 2016.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 89.8 90.9 - - - - 90.3
year-on-year (points) 6.6 1.2 - - - - 4.0
ADR actual (JPY) 12,338 17,338 - - - - 14,726
year-on-year (%) 20.7 29.8 - - - - 24.8
RevPAR actual (JPY) 11,081 15,766 - - - - 13,305
year-on-year (%) 30.2 31.6 - - - - 30.6
Gross Revenue actual (JPY mn) 77 99 - - - - 176
year-on-year (%) 29.2 25.9 - - - - 27.3
    (Note 1) This property was acquired on March 31, 2016.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 96.3 97.2 - - - - 96.7
year-on-year (points) 3.8 1.4 - - - - 2.6
ADR actual (JPY) 13,943 15,879 - - - - 14,866
year-on-year (%) 16.9 12.3 - - - - 14.2
RevPAR actual (JPY) 13,424 15,436 - - - - 14,379
year-on-year (%) 21.7 13.9 - - - - 17.4
Gross Revenue actual (JPY mn) 44 45 - - - - 90
year-on-year (%) 22.4 9.3 - - - - 15.4
    (Note 1) This property was acquired on March 31, 2016.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 61.5 70.2 - - - - 65.6
year-on-year (points) -21.5 -3.8 - - - - -13.0
ADR actual (JPY) 9,804 9,704 - - - - 9,753
year-on-year (%) 1.2 -23.0 - - - - -11.4
RevPAR actual (JPY) 6,032 6,812 - - - - 6,402
year-on-year (%) -25.0 -26.9 - - - - -26.1
Gross Revenue actual (JPY mn) 62 64 - - - - 126
year-on-year (%) -21.5 -24.5 - - - - -23.0
    (Note 1) This property was acquired on June 15, 2016.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 80.4 84.4 - - - - 84.4
year-on-year (points) 8.8 0.7 - - - - 5.7
ADR actual (JPY) 8,507 9,111 - - - - 9,111
year-on-year (%) 19.5 16.3 - - - - -17.2
RevPAR actual (JPY) 6,840 7,687 - - - - 7,687
year-on-year (%) 34.2 17.3 - - - - -11.3
Gross Revenue actual (JPY mn) 56 55 - - - - 55
year-on-year (%) 30.8 11.7 - - - - -66.0
    (Note 1) This property was acquired on June 15, 2016.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 95.1 95.4 - - - - 95.3
year-on-year (points) 1.3 0.6 - - - - 1.0
ADR actual (JPY) 26,436 26,784 - - - - 26,601
year-on-year (%) 22.6 10.4 - - - - 16.3
RevPAR actual (JPY) 25,142 25,556 - - - - 25,339
year-on-year (%) 24.4 11.1 - - - - 17.5
Gross Revenue actual (JPY mn) 100 93 - - - - 193
year-on-year (%) 19.8 6.5 - - - - 13.0
    (Note 1) This property was acquired on May 29, 2017.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 84.4 92.0 - - - - 88.0
year-on-year (points) 20.5 11.3 - - - - 16.0
ADR actual (JPY) 7,331 8,387 - - - - 7,855
year-on-year (%) 6.8 7.1 - - - - 6.3
RevPAR actual (JPY) 6,184 7,715 - - - - 6,911
year-on-year (%) 41.0 22.1 - - - - 29.9
Gross Revenue actual (JPY mn) 120 121 - - - - 241
year-on-year (%) 26.5 7.7 - - - - 16.3
    (Note 1) This property was acquired on October 13, 2017.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 81.7 89.8 - - - - 85.6
year-on-year (points) -1.9 4.2 - - - - 1.0
ADR actual (JPY) 16,639 17,077 - - - - 16,857
year-on-year (%) 22.1 9.6 - - - - 15.6
RevPAR actual (JPY) 13,599 15,342 - - - - 14,426
year-on-year (%) 19.3 15.0 - - - - 16.9
Gross Revenue actual (JPY mn) 110 110 - - - - 220
year-on-year (%) 17.6 9.4 - - - - 13.4
    (Note 1) This property was acquired on October 13, 2017.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 86.4 88.9 - - - - 87.6
year-on-year (points) 2.3 2.2 - - - - 2.3
ADR actual (JPY) 14,023 15,375 - - - - 14,674
year-on-year (%) 1.3 -3.9 - - - - -1.5
RevPAR actual (JPY) 12,121 13,672 - - - - 12,857
year-on-year (%) 4.2 -1.4 - - - - 1.1
Gross Revenue actual (JPY mn) 212 203 - - - - 416
year-on-year (%) 6.9 -0.4 - - - - 3.2
    (Note 1) This property was acquired on October 13, 2017.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 95.7 96.8 - - - - 96.2
year-on-year (points) 10.4 7.4 - - - - 8.9
ADR actual (JPY) 11,103 20,214 - - - - 15,454
year-on-year (%) 25.0 21.3 - - - - 21.3
RevPAR actual (JPY) 10,622 19,570 - - - - 14,868
year-on-year (%) 40.3 31.3 - - - - 33.7
Gross Revenue actual (JPY mn) 82 136 - - - - 218
year-on-year (%) 38.1 27.0 - - - - 30.9
    (Note 1) This property was acquired on October 13, 2017.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 89.9 95.8 - - - - 92.7
year-on-year (points) 7.9 7.6 - - - - 7.7
ADR actual (JPY) 8,727 9,876 - - - - 9,291
year-on-year (%) 10.7 -1.0 - - - - 4.0
RevPAR actual (JPY) 7,847 9,463 - - - - 8,614
year-on-year (%) 21.4 7.6 - - - - 13.5
Gross Revenue actual (JPY mn) 41 44 - - - - 86
year-on-year (%) 21.0 4.4 - - - - 11.8
    (Note 1) This property was acquired on February 7, 2018.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 53.5 60.7 - - - - 56.9
year-on-year (points) 5.0 -2.6 - - - - 1.2
ADR actual (JPY) 8,095 8,367 - - - - 8,232
year-on-year (%) 14.8 13.7 - - - - 14.0
RevPAR actual (JPY) 4,328 5,075 - - - - 4,683
year-on-year (%) 26.5 9.0 - - - - 16.5
Gross Revenue actual (JPY mn) 46 42 - - - - 88
year-on-year (%) 37.0 -2.0 - - - - 15.0
    (Note 1) This property was acquired on February 7, 2018.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 63.6 75.2 - - - - 69.1
year-on-year (points) -0.9 -1.5 - - - - -1.3
ADR actual (JPY) 9,529 12,061 - - - - 10,836
year-on-year (%) 11.6 10.3 - - - - 10.6
RevPAR actual (JPY) 6,063 9,068 - - - - 7,489
year-on-year (%) 10.0 8.2 - - - - 8.6
Gross Revenue actual (JPY mn) 63 74 - - - - 137
year-on-year (%) -9.9 -9.0 - - - - -9.4
    (Note 1) This property was acquired on February 7, 2018.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 91.4 91.0 - - - - 91.2
year-on-year (points) 2.7 -1.5 - - - - 0.7
ADR actual (JPY) 6,897 8,465 - - - - 7,640
year-on-year (%) 0.7 -1.8 - - - - -1.1
RevPAR actual (JPY) 6,302 7,702 - - - - 6,966
year-on-year (%) 3.8 -3.3 - - - - -0.3
Gross Revenue actual (JPY mn) 30 33 - - - - 64
year-on-year (%) 6.1 -6.7 - - - - -1.0
    (Note 1) This property was acquired on February 7, 2018.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 93.2 93.8 - - - - 93.5
year-on-year (points) 1.8 -0.5 - - - - 0.7
ADR actual (JPY) 12,290 14,129 - - - - 13,165
year-on-year (%) 19.2 12.5 - - - - 15.3
RevPAR actual (JPY) 11,457 13,253 - - - - 12,309
year-on-year (%) 21.6 11.9 - - - - 16.2
Gross Revenue actual (JPY mn) 39 41 - - - - 80
year-on-year (%) 20.9 8.2 - - - - 14.0
    (Note 1) This property was acquired on June 27, 2018.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 81.7 84.9 - - - - 83.2
year-on-year (points) -5.6 -5.6 - - - - -5.6
ADR actual (JPY) 10,777 14,553 - - - - 12,605
year-on-year (%) 17.4 23.0 - - - - 20.2
RevPAR actual (JPY) 8,809 12,353 - - - - 10,491
year-on-year (%) 9.9 15.4 - - - - 12.6
Gross Revenue actual (JPY mn) 35 43 - - - - 78
year-on-year (%) 9.5 11.6 - - - - 10.6
    (Note 1) This property was acquired on June 27, 2018.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 91.4 92.5 - - - - 91.9
year-on-year (points) 7.4 2.2 - - - - 4.9
ADR actual (JPY) 18,896 20,387 - - - - 19,608
year-on-year (%) 44.5 26.2 - - - - 34.1
RevPAR actual (JPY) 17,280 18,855 - - - - 18,027
year-on-year (%) 57.3 29.2 - - - - 41.6
Gross Revenue actual (JPY mn) 188 185 - - - - 373
year-on-year (%) 53.6 24.2 - - - - 37.5
    (Note 1) This property was acquired on August 2, 2018.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 86.7 90.6 - - - - 88.5
year-on-year (points) 14.4 4.3 - - - - 9.5
ADR actual (JPY) 13,799 20,286 - - - - 16,951
year-on-year (%) 43.1 24.0 - - - - 28.5
RevPAR actual (JPY) 11,957 18,388 - - - - 15,009
year-on-year (%) 71.6 30.2 - - - - 44.0
Gross Revenue actual (JPY mn) 215 267 - - - - 483
year-on-year (%) 53.9 22.8 - - - - 35.0
    (Note 1) This property was acquired on August 2, 2018.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 89.4 92.5 - - - - 90.9
year-on-year (points) 2.4 2.0 - - - - 2.2
ADR actual (JPY) 12,377 14,250 - - - - 13,282
year-on-year (%) 35.2 28.8 - - - - 31.6
RevPAR actual (JPY) 11,064 13,181 - - - - 12,069
year-on-year (%) 38.9 31.7 - - - - 34.8
Gross Revenue actual (JPY mn) 53 56 - - - - 110
year-on-year (%) 36.8 26.2 - - - - 31.1
    (Note 1) This property was acquired on August 2, 2018.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 79.9 89.2 - - - - 84.3
year-on-year (points) 25.0 17.8 - - - - 21.5
ADR actual (JPY) 11,960 12,019 - - - - 11,989
year-on-year (%) 16.2 5.8 - - - - 10.2
RevPAR actual (JPY) 9,552 10,719 - - - - 10,106
year-on-year (%) 69.2 32.2 - - - - 47.9
Gross Revenue actual (JPY mn) 33 33 - - - - 66
year-on-year (%) 66.5 27.4 - - - - 44.2
    (Note 1) This property was acquired on August 2, 2018.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 96.9 96.4 - - - - 96.7
year-on-year (points) 15.5 7.5 - - - - 11.7
ADR actual (JPY) 14,816 25,076 - - - - 19,672
year-on-year (%) 29.3 20.1 - - - - 21.3
RevPAR actual (JPY) 14,358 24,177 - - - - 19,018
year-on-year (%) 54.0 30.3 - - - - 37.9
Gross Revenue actual (JPY mn) 163 234 - - - - 398
year-on-year (%) 48.5 25.3 - - - - 33.9
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 64.9 74.5 - - - - 69.5
year-on-year (points) 3.5 0.2 - - - - 1.8
ADR actual (JPY) 14,342 13,755 - - - - 14,044
year-on-year (%) 1.2 -3.2 - - - - -1.1
RevPAR actual (JPY) 9,313 10,244 - - - - 9,755
year-on-year (%) 6.9 -2.9 - - - - 1.6
Gross Revenue actual (JPY mn) 130 127 - - - - 258
year-on-year (%) 11.0 -8.6 - - - - 0.4
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 87.5 92.6 - - - - 89.9
year-on-year (points) 7.5 4.2 - - - - 5.8
ADR actual (JPY) 27,564 24,807 - - - - 26,217
year-on-year (%) 19.3 7.9 - - - - 13.7
RevPAR actual (JPY) 24,130 22,962 - - - - 23,576
year-on-year (%) 30.4 13.0 - - - - 21.6
Gross Revenue actual (JPY mn) 138 121 - - - - 259
year-on-year (%) 25.1 6.1 - - - - 15.4
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 95.4 95.2 - - - - 95.3
year-on-year (points) 21.8 9.7 - - - - 15.9
ADR actual (JPY) 17,303 22,166 - - - - 19,608
year-on-year (%) 10.1 7.7 - - - - 7.4
RevPAR actual (JPY) 16,509 21,098 - - - - 18,687
year-on-year (%) 42.6 19.9 - - - - 29.0
Gross Revenue actual (JPY mn) 95 105 - - - - 200
year-on-year (%) 37.3 13.0 - - - - 23.4
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 52.3 66.6 - - - - 59.1
year-on-year (points) -31.3 -16.5 - - - - -24.3
ADR actual (JPY) 7,773 7,805 - - - - 7,790
year-on-year (%) -12.3 -28.0 - - - - -20.6
RevPAR actual (JPY) 4,062 5,198 - - - - 4,601
year-on-year (%) -45.1 -42.3 - - - - -43.7
Gross Revenue actual (JPY mn) 31 28 - - - - 60
year-on-year (%) -36.9 -48.6 - - - - -43.1
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 53.4 64.1 - - - - 58.5
year-on-year (points) 1.3 5.4 - - - - 3.2
ADR actual (JPY) 7,211 7,484 - - - - 7,353
year-on-year (%) 10.7 4.0 - - - - 7.1
RevPAR actual (JPY) 3,854 4,796 - - - - 4,301
year-on-year (%) 13.5 13.6 - - - - 13.3
Gross Revenue actual (JPY mn) 76 79 - - - - 156
year-on-year (%) 13.5 7.6 - - - - 10.4
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 89.7 90.7 - - - - 90.2
year-on-year (points) 7.2 1.7 - - - - 4.5
ADR actual (JPY) 8,263 8,858 - - - - 8,547
year-on-year (%) 0.9 -2.4 - - - - -1.0
RevPAR actual (JPY) 7,410 8,035 - - - - 7,706
year-on-year (%) 9.7 -0.5 - - - - 4.2
Gross Revenue actual (JPY mn) 42 41 - - - - 83
year-on-year (%) 8.4 -3.4 - - - - 2.2
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 95.3 94.0 - - - - 94.7
year-on-year (points) 24.2 6.4 - - - - 15.6
ADR actual (JPY) 17,771 23,652 - - - - 20,542
year-on-year (%) 14.6 13.3 - - - - 11.8
RevPAR actual (JPY) 16,934 22,238 - - - - 19,451
year-on-year (%) 53.7 21.6 - - - - 33.9
Gross Revenue actual (JPY mn) 67 76 - - - - 144
year-on-year (%) 48.7 17.0 - - - - 30.0
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 79.3 93.7 - - - - 86.1
year-on-year (points) 3.1 6.1 - - - - 4.4
ADR actual (JPY) 6,266 7,475 - - - - 6,890
year-on-year (%) 6.6 -2.2 - - - - 1.4
RevPAR actual (JPY) 4,971 7,003 - - - - 5,935
year-on-year (%) 11.0 4.6 - - - - 6.9
Gross Revenue actual (JPY mn) 46 51 - - - - 98
year-on-year (%) 14.9 0.2 - - - - 6.7
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 88.3 87.9 - - - - 88.1
year-on-year (points) 6.5 5.2 - - - - 5.9
ADR actual (JPY) 10,996 15,073 - - - - 12,926
year-on-year (%) 30.7 19.0 - - - - 23.3
RevPAR actual (JPY) 9,711 13,253 - - - - 11,392
year-on-year (%) 41.1 26.4 - - - - 32.1
Gross Revenue actual (JPY mn) 211 201 - - - - 413
year-on-year (%) 20.6 9.2 - - - - 14.7
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 75.8 81.3 - - - - 78.4
year-on-year (points) 11.2 6.7 - - - - 9.0
ADR actual (JPY) 9,322 10,633 - - - - 9,967
year-on-year (%) 21.2 12.0 - - - - 15.6
RevPAR actual (JPY) 7,065 8,648 - - - - 7,816
year-on-year (%) 42.2 22.1 - - - - 30.5
Gross Revenue actual (JPY mn) 64 69 - - - - 133
year-on-year (%) 17.9 5.5 - - - - 11.1
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 93.7 97.0 - - - - 95.3
year-on-year (points) 26.0 8.6 - - - - 17.5
ADR actual (JPY) 9,560 16,462 - - - - 12,894
year-on-year (%) 40.2 32.0 - - - - 29.9
RevPAR actual (JPY) 8,961 15,964 - - - - 12,284
year-on-year (%) 93.9 44.8 - - - - 59.2
Gross Revenue actual (JPY mn) 32 49 - - - - 82
year-on-year (%) 87.3 38.6 - - - - 54.3
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 95.1 92.4 - - - - 93.8
year-on-year (points) 38.2 14.0 - - - - 26.5
ADR actual (JPY) 10,255 17,710 - - - - 13,738
year-on-year (%) 10.0 6.4 - - - - 2.2
RevPAR actual (JPY) 9,754 16,357 - - - - 12,888
year-on-year (%) 83.7 25.5 - - - - 42.5
Gross Revenue actual (JPY mn) 25 40 - - - - 66
year-on-year (%) 73.6 23.8 - - - - 39.2
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 91.1 94.9 - - - - 92.9
year-on-year (points) 37.2 25.0 - - - - 31.3
ADR actual (JPY) 7,899 14,467 - - - - 11,083
year-on-year (%) 40.6 22.1 - - - - 22.7
RevPAR actual (JPY) 7,195 13,725 - - - - 10,294
year-on-year (%) 137.6 65.9 - - - - 85.0
Gross Revenue actual (JPY mn) 17 30 - - - - 48
year-on-year (%) 129.2 59.3 - - - - 79.4
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 88.2 95.9 - - - - 91.8
year-on-year (points) 5.9 3.8 - - - - 4.8
ADR actual (JPY) 6,907 7,546 - - - - 7,223
year-on-year (%) 12.5 5.8 - - - - 8.7
RevPAR actual (JPY) 6,089 7,234 - - - - 6,632
year-on-year (%) 20.5 10.2 - - - - 14.7
Gross Revenue actual (JPY mn) 13 14 - - - - 27
year-on-year (%) 19.2 5.5 - - - - 11.7
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 68.8 71.1 - - - - 69.9
year-on-year (points) 13.5 3.3 - - - - 8.5
ADR actual (JPY) 5,309 6,469 - - - - 5,869
year-on-year (%) 23.4 34.3 - - - - 28.3
RevPAR actual (JPY) 3,650 4,598 - - - - 4,100
year-on-year (%) 53.6 40.8 - - - - 46.1
Gross Revenue actual (JPY mn) 18 20 - - - - 39
year-on-year (%) 51.8 36.0 - - - - 43.0
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 94.0 96.8 - - - - 95.3
year-on-year (points) 3.5 0.9 - - - - 2.3
ADR actual (JPY) 5,710 7,014 - - - - 6,338
year-on-year (%) 5.9 1.3 - - - - 3.0
RevPAR actual (JPY) 5,370 6,787 - - - - 6,042
year-on-year (%) 10.0 2.3 - - - - 5.5
Gross Revenue actual (JPY mn) 13 14 - - - - 28
year-on-year (%) 13.2 0.0 - - - - 5.9
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 81.5 94.1 - - - - 87.5
year-on-year (points) 7.1 3.8 - - - - 5.4
ADR actual (JPY) 9,220 9,694 - - - - 9,462
year-on-year (%) 4.6 10.3 - - - - 7.5
RevPAR actual (JPY) 7,512 9,126 - - - - 8,278
year-on-year (%) 14.6 14.9 - - - - 14.6
Gross Revenue actual (JPY mn) 17 19 - - - - 36
year-on-year (%) 13.7 8.9 - - - - 11.2
    (Note 1) This property was acquired on July 19, 2019.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 70.7 73.4 - - - - 72.0
year-on-year (points) 5.1 2.7 - - - - 3.9
ADR actual (JPY) 9,760 9,561 - - - - 9,664
year-on-year (%) 4.9 2.3 - - - - 3.6
RevPAR actual (JPY) 6,902 7,018 - - - - 6,957
year-on-year (%) 13.0 6.2 - - - - 9.6
Gross Revenue actual (JPY mn) 218 191 - - - - 410
year-on-year (%) 8.4 2.2 - - - - 5.4
    (Note 1) This property was acquired on January 6, 2020.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 77.9 82.0 - - - - 79.8
year-on-year (points) -3.6 2.7 - - - - -0.6
ADR actual (JPY) 7,917 8,558 - - - - 8,229
year-on-year (%) 11.0 8.6 - - - - 9.9
RevPAR actual (JPY) 6,167 7,015 - - - - 6,570
year-on-year (%) 6.1 12.2 - - - - 9.1
Gross Revenue actual (JPY mn) 92 88 - - - - 181
year-on-year (%) 5.4 0.0 - - - - 2.7
    (Note 1) This property was acquired on January 6, 2020.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 51.8 64.7 - - - - 57.9
year-on-year (points) 8.3 7.2 - - - - 7.6
ADR actual (JPY) 27,366 22,120 - - - - 24,585
year-on-year (%) -8.0 -4.5 - - - - -5.8
RevPAR actual (JPY) 14,184 14,315 - - - - 14,246
year-on-year (%) 9.4 7.4 - - - - 8.4
Gross Revenue actual (JPY mn) 290 274 - - - - 565
year-on-year (%) 12.0 5.6 - - - - 8.8
    (Note 1) This property was acquired on August 1, 2023.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 70.3 86.9 - - - - 78.2
year-on-year (points) 5.2 9.9 - - - - 7.3
ADR actual (JPY) 26,390 19,215 - - - - 22,606
year-on-year (%) 9.7 -5.9 - - - - 2.1
RevPAR actual (JPY) 18,553 16,698 - - - - 17,673
year-on-year (%) 18.5 6.1 - - - - 12.6
Gross Revenue actual (JPY mn) 178 165 - - - - 344
year-on-year (%) 14.5 7.0 - - - - 10.8
    (Note 1) This property was acquired on August 1, 2023.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 79.5 86.6 - - - - 82.9
year-on-year (points) -5.5 -4.6 - - - - -5.1
ADR actual (JPY) 6,715 7,696 - - - - 7,201
year-on-year (%) 12.1 12.6 - - - - 12.3
RevPAR actual (JPY) 5,339 6,663 - - - - 5,967
year-on-year (%) 4.9 6.8 - - - - 5.7
Gross Revenue actual (JPY mn) 29 31 - - - - 61
year-on-year (%) 6.0 3.6 - - - - 4.7
    (Note 1) This property was acquired on August 1, 2023.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 77.9 80.4 - - - - 79.1
year-on-year (points) 4.7 0.8 - - - - 2.8
ADR actual (JPY) 7,760 8,807 - - - - 8,265
year-on-year (%) 6.6 7.8 - - - - 7.0
RevPAR actual (JPY) 6,047 7,079 - - - - 6,537
year-on-year (%) 13.5 8.9 - - - - 10.9
Gross Revenue actual (JPY mn) 28 30 - - - - 59
year-on-year (%) 9.3 7.5 - - - - 8.4
    (Note 1) This property was acquired on August 1, 2023.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 85.8 92.4 - - - - 88.9
year-on-year (points) 0.9 0.2 - - - - 0.5
ADR actual (JPY) 8,108 11,738 - - - - 9,898
year-on-year (%) 15.6 39.7 - - - - 28.3
RevPAR actual (JPY) 6,954 10,843 - - - - 8,800
year-on-year (%) 16.9 40.1 - - - - 29.1
Gross Revenue actual (JPY mn) 31 41 - - - - 72
year-on-year (%) 15.4 30.4 - - - - 23.5
    (Note 1) This property was acquired on August 1, 2023.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 73.8 81.1 - - - - 77.3
year-on-year (points) 7.6 12.4 - - - - 9.9
ADR actual (JPY) 12,486 10,052 - - - - 11,274
year-on-year (%) -9.4 -15.5 - - - - -12.3
RevPAR actual (JPY) 9,219 8,154 - - - - 8,713
year-on-year (%) 1.0 -0.3 - - - - 0.5
Gross Revenue actual (JPY mn) 54 46 - - - - 100
year-on-year (%) 13.2 14.3 - - - - 13.7
    (Note 1) This property was acquired on August 1, 2023.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 79.7 77.3 - - - - 78.6
year-on-year (points) 6.3 -4.3 - - - - 1.2
ADR actual (JPY) 15,858 16,489 - - - - 16,153
year-on-year (%) 13.3 2.2 - - - - 7.1
RevPAR actual (JPY) 12,646 12,738 - - - - 12,690
year-on-year (%) 23.0 -3.2 - - - - 8.7
Gross Revenue actual (JPY mn) 516 484 - - - - 1,000
year-on-year (%) 9.4 -4.4 - - - - 2.3
    (Note 1) This property was acquired on July 31, 2024.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 75.8 73.1 - - - - 74.5
year-on-year (points) 23.2 11.8 - - - - 17.7
ADR actual (JPY) 13,066 13,030 - - - - 13,049
year-on-year (%) 5.4 4.9 - - - - 5.1
RevPAR actual (JPY) 9,904 9,523 - - - - 9,723
year-on-year (%) 51.7 25.2 - - - - 37.9
Gross Revenue actual (JPY mn) 255 230 - - - - 486
year-on-year (%) 40.0 22.3 - - - - 31.0
    (Note 1) This property was acquired on July 31, 2024.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 93.0 94.2 - - - - 93.6
year-on-year (points) 1.3 0.6 - - - - 1.0
ADR actual (JPY) 19,580 20,612 - - - - 20,073
year-on-year (%) 29.6 15.7 - - - - 22.2
RevPAR actual (JPY) 18,204 19,420 - - - - 18,781
year-on-year (%) 31.5 16.5 - - - - 23.5
Gross Revenue actual (JPY mn) 190 141 - - - - 331
year-on-year (%) 21.2 12.4 - - - - 17.3
    (Note 1) This property was acquired on July 31, 2024.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 86.8 89.1 - - - - 87.9
year-on-year (points) 14.7 11.6 - - - - 13.2
ADR actual (JPY) 8,873 11,406 - - - - 10,091
year-on-year (%) 5.1 10.8 - - - - 7.7
RevPAR actual (JPY) 7,706 10,161 - - - - 8,871
year-on-year (%) 26.5 27.4 - - - - 26.7
Gross Revenue actual (JPY mn) 53 61 - - - - 115
year-on-year (%) 32.4 33.7 - - - - 33.1
    (Note 1) This property was acquired on July 31, 2024.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 55.1 74.8 - - - - 64.5
year-on-year (points) -7.4 2.6 - - - - -2.8
ADR actual (JPY) 7,751 8,425 - - - - 8,122
year-on-year (%) 4.8 9.5 - - - - 7.6
RevPAR actual (JPY) 4,270 6,304 - - - - 5,236
year-on-year (%) -7.7 13.4 - - - - 3.1
Gross Revenue actual (JPY mn) 44 55 - - - - 100
year-on-year (%) -7.0 8.4 - - - - 1.0
    (Note 1) This property was acquired on July 31, 2024.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 76.3 92.4 - - - - 83.9
year-on-year (points) -6.5 2.2 - - - - -2.4
ADR actual (JPY) 39,109 32,014 - - - - 35,403
year-on-year (%) 14.2 -2.6 - - - - 5.5
RevPAR actual (JPY) 29,842 29,582 - - - - 29,719
year-on-year (%) 5.3 -0.2 - - - - 2.6
Gross Revenue actual (JPY mn) 94 89 - - - - 183
year-on-year (%) 8.3 4.3 - - - - 6.3
    (Note 1) This property was acquired on July 31, 2024.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 86.6 88.4 - - - - 87.5
year-on-year (points) 5.6 3.5 - - - - 4.6
ADR actual (JPY) 7,445 9,063 - - - - 8,221
year-on-year (%) 2.3 -6.2 - - - - -2.8
RevPAR actual (JPY) 6,450 8,012 - - - - 7,192
year-on-year (%) 9.3 -2.3 - - - - 2.6
Gross Revenue actual (JPY mn) 74 75 - - - - 150
year-on-year (%) 6.3 -8.7 - - - - -1.8
    (Note 1) This property was acquired on July 31, 2024.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 91.8 93.1 - - - - 92.4
year-on-year (points) 4.8 1.7 - - - - 3.3
ADR actual (JPY) 10,506 13,429 - - - - 11,903
year-on-year (%) 1.7 14.4 - - - - 7.9
RevPAR actual (JPY) 9,646 12,500 - - - - 11,001
year-on-year (%) 7.4 16.5 - - - - 11.9
Gross Revenue actual (JPY mn) 93 111 - - - - 204
year-on-year (%) 6.7 4.9 - - - - 5.7
    (Note 1) This property was acquired on July 31, 2024.
    (Note 2) There is a building operating as "Suisui Garden Ryokan" on the property site. The building is not owned by INV, but INV has agreed with the owner of the building to include the revenue from the operation of the building in the GOP of the property and collect it as part of the property's rent, assuming that INV will bear repair costs, etc. of the building. Therefore, the number of guest rooms of the property is 93, including the three guest rooms of the "Suisui Garden Ryokan".
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 86.7 86.1 - - - - 86.5
year-on-year (points) 5.0 4.6 - - - - 4.8
ADR actual (JPY) 10,665 18,027 - - - - 14,146
year-on-year (%) 10.5 4.4 - - - - 6.1
RevPAR actual (JPY) 9,251 15,528 - - - - 12,230
year-on-year (%) 17.2 10.3 - - - - 12.4
Gross Revenue actual (JPY mn) 69 83 - - - - 152
year-on-year (%) 17.6 6.6 - - - - 11.3
    (Note 1) This property was acquired on July 31, 2024.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 76.3 82.2 - - - - 79.1
year-on-year (points) 16.9 4.4 - - - - 10.8
ADR actual (JPY) 8,993 9,744 - - - - 9,364
year-on-year (%) 8.6 -3.2 - - - - 1.1
RevPAR actual (JPY) 6,865 8,009 - - - - 7,408
year-on-year (%) 39.6 2.2 - - - - 17.1
Gross Revenue actual (JPY mn) 72 74 - - - - 147
year-on-year (%) 27.0 -1.9 - - - - 10.5
    (Note 1) This property was acquired on July 31, 2024.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 78.6 82.8 - - - - 80.6
year-on-year (points) 21.9 3.9 - - - - 13.1
ADR actual (JPY) 18,056 15,137 - - - - 16,633
year-on-year (%) 0.8 -3.9 - - - - -0.3
RevPAR actual (JPY) 14,197 12,535 - - - - 13,409
year-on-year (%) 39.7 0.8 - - - - 19.1
Gross Revenue actual (JPY mn) 50 43 - - - - 93
year-on-year (%) 23.9 -4.0 - - - - 9.2
    (Note 1) This property was acquired on July 31, 2024.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 80.5 89.3 - - - - 84.7
year-on-year (points) 11.6 15.1 - - - - 13.2
ADR actual (JPY) 19,136 15,534 - - - - 17,333
year-on-year (%) 11.7 -1.3 - - - - 5.5
RevPAR actual (JPY) 15,403 13,870 - - - - 14,675
year-on-year (%) 30.5 18.8 - - - - 25.0
Gross Revenue actual (JPY mn) 51 45 - - - - 97
year-on-year (%) 29.0 24.3 - - - - 26.8
    (Note 1) This property was acquired on July 31, 2024.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 84.1 87.4 - - - - 85.7
year-on-year (points) 3.6 5.9 - - - - 4.7
ADR actual (USD) 766 809 - - - - 674
year-on-year (%) 4.6 12.1 - - - - -7.3
RevPAR actual (USD) 644 707 - - - - 787
year-on-year (%) 9.3 20.2 - - - - 33.7
Gross Revenue actual (USD'000) 11,756 10,963 - - - - 22,719
year-on-year (%) 3.9 6.3 - - - - 5.1
    (Note 1) This property was acquired on Septemer 28, 2018.
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
Occupancy Rate actual (%) 37.8 45.6 - - - - 41.5
year-on-year (points) -43.8 -43.2 - - - - -33.4
ADR actual (USD) 377 355 - - - - 152
year-on-year (%) 12.8 13.1 - - - - -48.2
RevPAR actual (USD) 143 162 - - - - 365
year-on-year (%) -47.6 -42.0 - - - - 66.3
Gross Revenue actual (USD'000) 886 904 - - - - 1,791
year-on-year (%) -41.0 -37.9 - - - - -75.9
    (Note 1) This property was acquired on Septemer 28, 2018.
    (Note 2) Renovation Period: August 2024 - October 2025 (scheduled).

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