Hotel Performance

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Domestic Hotels Total
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
# of Properties (Note2) actual - 74 (83) 74 (83) 74 (83) 74 (83) 74 (83) 74 (83) 74 (83)
Occupancy Rate actual (%) 81.9 75.7 45.3 28.0 26.9 37.4 49.0
ADR actual (JPY) 7,835 8,087 6,462 6,186 5,027 5,199 6,930
RevPAR actual (JPY) 6,415 6,122 2,925 1,734 1,354 1,945 3,397
Gross Revenue actual (JPY mn) 3,659 3,307 1,790 1,118 1,035 1,291 12,202
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
# of Properties (Note2) actual - 74 (83) 73 (83) 73 (83) 73 (83) 73 (83) 73 (83) 73 (83)
Occupancy Rate actual (%) 41.3 41.6 46.4 55.7 53.6 45.1 47.2
ADR actual (JPY) 6,498 8,458 7,430 7,276 8,316 7,046 7,512
RevPAR actual (JPY) 2,682 3,519 3,445 4,051 4,457 3,178 3,546
Gross Revenue actual (JPY mn) 1,750 2,127 2,138 2,495 2,560 1,991 13,063
Overseas Hotels Total
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
# of Properties (Note2) actual - 2 2 2 2 2 2 2
Occupancy Rate actual (%) 88.1 93.8 44.6 0.0 0.0 0.0 37.5
ADR actual (USD) 473 504 482 0 0 0 487
RevPAR actual (USD) 417 473 215 0 -1 0 183
Gross Revenue actual (USD'000) 9,869 11,011 5,633 124 -21 50 26,666
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
# of Properties (Note2) actual - 2 2 2 2 2 2 2
Occupancy Rate actual (%) 0.0 0.0 0.0 7.4 10.8 8.7 4.5
ADR actual (USD) 0 0 0 184 175 164 173
RevPAR actual (USD) 0 0 0 14 19 14 8
Gross Revenue actual (USD'000) 212 158 177 454 504 1,589 3,096
  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. Gross Revenue from March to December 2020 includes the amounts of employment adjustment subsidies to be received by the hotel operators. The hotel operator confirmed the amounts of employment adjustment subsidies corresponding to the period of March to December 2020, and retroactively booked these allowances as part of each property's total revenue in each month.
  7. D21 APA Hotel Yokohama-Kannai has been accepting COVID-19 patients with mild or no symptoms since August 2020. KPI during the period are not disclosed as the consent from the parties concerned has not been obtained, it is also excluded from the performance calculation for each month from August to December and July-December 2020 total above.

Individual Hotels

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2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 81.0 74.8 57.5 37.9 28.6 31.9 51.9
year-on-year (points) -11.3 -22.9 -39.6 -59.4 -67.2 -65.5 -44.3
ADR actual (JPY) 7,327 6,877 4,648 4,547 3,952 3,977 5,727
year-on-year (%) -6.0 -18.2 -51.0 -58.9 -54.2 -49.1 -35.5
RevPAR actual (JPY) 5,935 5,142 2,673 1,721 1,131 1,267 2,971
year-on-year (%) -17.5 -37.4 -71.0 -84.0 -86.3 -83.3 -65.2
Gross Revenue actual (JPY mn) 23 19 10 7 4 5 70
year-on-year (%) -16.9 -34.3 -70.3 -82.5 -85.0 -81.7 -63.9
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 30.1 32.2 28.0 49.1 46.5 48.2 39.0
year-on-year (points) -67.2 -64.3 -64.7 -44.3 -50.2 -41.1 -55.3
ADR actual (JPY) 4,061 4,089 3,933 3,691 4,067 3,664 3,890
year-on-year (%) -48.7 -49.6 -48.5 -59.2 -57.0 -59.9 -54.5
RevPAR actual (JPY) 1,221 1,316 1,101 1,813 1,891 1,765 1,518
year-on-year (%) -84.1 -83.2 -84.5 -78.5 -79.3 -78.4 -81.2
Gross Revenue actual (JPY mn) 5 6 5 7 7 8 40
year-on-year (%) -83.0 -78.4 -81.1 -76.8 -77.2 -74.9 -78.4
    (Note 1) This property was acquired on May 23, 2014.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 90.7 79.6 34.1 17.8 8.2 5.5 39.2
year-on-year (points) -0.7 -14.4 -61.2 -78.5 -84.6 -88.8 -54.8
ADR actual (JPY) 5,295 4,976 4,255 5,783 4,410 4,363 5,021
year-on-year (%) -9.5 -24.3 -41.1 -32.5 -34.3 -26.3 -26.4
RevPAR actual (JPY) 4,805 3,962 1,449 1,028 361 242 1,967
year-on-year (%) -10.2 -35.9 -79.0 -87.5 -94.2 -95.7 -69.3
Gross Revenue actual (JPY mn) 25 19 8 6 3 2 66
year-on-year (%) -8.7 -30.4 -75.5 -84.3 -89.3 -90.2 -65.6
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 8.8 11.4 8.9 16.6 41.0 59.8 24.4
year-on-year (points) -88.6 -85.4 -86.3 -76.6 -55.3 -32.3 -70.8
ADR actual (JPY) 3,737 3,627 3,587 3,390 3,174 3,160 3,287
year-on-year (%) -40.5 -39.2 -38.8 -47.6 -51.2 -50.8 -47.4
RevPAR actual (JPY) 327 412 321 562 1,301 1,888 802
year-on-year (%) -94.7 -92.9 -94.3 -90.7 -79.2 -68.1 -86.5
Gross Revenue actual (JPY mn) 3 3 5 3 7 11 35
year-on-year (%) -89.2 -87.4 -81.5 -87.6 -74.4 -63.6 -80.6
    (Note 1) This property was acquired on May 23, 2014.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 80.3 55.2 29.1 8.7 - - 28.9
year-on-year (points) -10.9 -34.4 -65.7 -82.1 -90.7 -89.9 -62.3
ADR actual (JPY) 6,842 6,347 6,597 4,884 - - 6,526
year-on-year (%) -4.8 -16.8 -45.0 -71.9 -100.0 -100.0 -39.2
RevPAR actual (JPY) 5,497 3,502 1,920 424 -34 -10 1,884
year-on-year (%) -16.2 -48.7 -83.1 -97.3 - - -80.8
Gross Revenue actual (JPY mn) 44 27 17 6 4 1 100
year-on-year (%) -14.0 -43.8 -80.1 -94.2 -95.1 -97.9 -77.2
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 15.8 22.5 30.6 34.5 29.3 17.8 25.0
year-on-year (points) -70.2 -63.6 -56.7 -51.6 -56.5 -63.0 -60.3
ADR actual (JPY) 5,196 4,097 4,632 4,298 12,354 5,885 6,156
year-on-year (%) -44.7 -56.9 -41.7 -59.7 -11.1 -24.9 -37.7
RevPAR actual (JPY) 822 923 1,418 1,483 3,618 1,047 1,541
year-on-year (%) -89.8 -88.7 -79.5 -83.8 -69.6 -83.5 -81.7
Gross Revenue actual (JPY mn) 8 8 12 12 27 9 79
year-on-year (%) -86.9 -86.5 -77.0 -82.3 -68.1 -80.0 -79.5
    (Note 1) This property was acquired on July 17, 2014.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 86.0 71.9 19.0 26.0 23.1 24.5 41.6
year-on-year (points) 0.6 -20.4 -76.0 -64.6 -67.8 -62.1 -48.5
ADR actual (JPY) 9,060 8,758 5,811 5,450 5,149 4,753 7,564
year-on-year (%) -1.2 -3.0 -52.1 -52.7 -49.1 -44.0 -25.3
RevPAR actual (JPY) 7,795 6,299 1,105 1,418 1,190 1,164 3,148
year-on-year (%) -0.4 -24.4 -90.4 -86.4 -87.0 -84.2 -65.5
Gross Revenue actual (JPY mn) 53 42 12 15 16 14 154
year-on-year (%) 4.3 -18.4 -83.5 -79.0 -74.2 -73.4 -58.3
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 28.7 28.3 33.8 45.5 47.8 41.3 37.5
year-on-year (points) -61.4 -60.5 -57.3 -43.8 -46.4 -51.0 -53.4
ADR actual (JPY) 5,638 6,428 6,266 5,441 6,876 6,744 6,252
year-on-year (%) -40.5 -46.5 -34.9 -45.8 -40.7 -38.7 -41.2
RevPAR actual (JPY) 1,620 1,816 2,117 2,478 3,285 2,783 2,346
year-on-year (%) -81.0 -83.0 -75.9 -72.3 -69.9 -72.6 -75.7
Gross Revenue actual (JPY mn) 11 16 14 18 24 20 106
year-on-year (%) -80.5 -76.1 -75.0 -69.6 -65.4 -69.9 -72.6
    (Note 1) This property was acquired on July 17, 2014.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 94.8 78.6 4.4 3.0 1.0 5.4 31.0
year-on-year (points) -1.4 -18.8 -93.8 -94.2 -96.1 -92.2 -66.3
ADR actual (JPY) 14,615 13,855 12,974 9,579 6,548 7,564 13,942
year-on-year (%) 4.7 -6.4 -36.7 -47.7 -57.9 -39.7 -12.7
RevPAR actual (JPY) 13,855 10,893 577 291 63 406 4,320
year-on-year (%) 3.1 -24.4 -97.1 -98.4 -99.6 -96.7 -72.2
Gross Revenue actual (JPY mn) 42 31 3 2 2 2 85
year-on-year (%) 3.4 -21.4 -93.7 -94.8 -95.4 -92.2 -69.1
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 37.8 55.2 59.1 73.7 66.3 67.3 59.9
year-on-year (points) -59.8 -42.8 -39.0 -20.2 -31.5 -30.1 -37.2
ADR actual (JPY) 9,722 11,143 9,163 9,545 12,480 12,408 10,822
year-on-year (%) -36.9 -46.0 -39.9 -45.3 -31.8 -33.2 -38.6
RevPAR actual (JPY) 3,676 6,155 5,420 7,034 8,269 8,352 6,480
year-on-year (%) -75.6 -69.6 -63.8 -57.1 -53.8 -53.8 -62.1
Gross Revenue actual (JPY mn) 11 19 18 22 25 26 123
year-on-year (%) -74.7 -68.2 -59.1 -55.4 -52.6 -52.3 -60.3
    (Note 1) This property was acquired on July 17, 2014.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 90.1 80.5 47.6 24.7 50.7 67.9 60.2
year-on-year (points) -4.3 -17.9 -48.1 -68.7 -40.3 -24.1 -33.9
ADR actual (JPY) 8,690 7,984 6,879 5,859 5,238 6,524 7,206
year-on-year (%) -7.1 -24.1 -44.3 -58.3 -56.0 -41.7 -37.6
RevPAR actual (JPY) 7,831 6,428 3,272 1,449 2,654 4,430 4,337
year-on-year (%) -11.4 -37.8 -72.3 -89.0 -75.5 -57.0 -60.1
Gross Revenue actual (JPY mn) 42 34 22 14 19 26 161
year-on-year (%) -16.5 -35.0 -64.3 -78.4 -64.8 -50.4 -53.4
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 60.7 51.1 61.9 83.9 57.0 42.1 59.5
year-on-year (points) -34.0 -43.3 -33.5 -9.8 -35.2 -50.7 -34.4
ADR actual (JPY) 6,138 5,956 5,519 6,216 7,175 6,315 6,208
year-on-year (%) -45.2 -49.7 -45.1 -46.1 -37.8 -38.7 -44.0
RevPAR actual (JPY) 3,729 3,044 3,417 5,215 4,086 2,660 3,691
year-on-year (%) -64.8 -72.8 -64.3 -51.8 -61.5 -72.2 -64.5
Gross Revenue actual (JPY mn) 24 21 25 30 24 19 146
year-on-year (%) -55.9 -62.1 -48.2 -45.7 -54.0 -62.0 -54.7
    (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.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 87.8 84.5 51.7 31.1 27.4 46.6 54.7
year-on-year (points) 2.4 -6.8 -37.9 -62.0 -61.0 -43.6 -34.9
ADR actual (JPY) 5,996 6,856 4,932 4,478 4,141 4,101 5,469
year-on-year (%) -3.7 -1.1 -30.5 -47.0 -44.3 -38.5 -23.4
RevPAR actual (JPY) 5,263 5,792 2,552 1,394 1,136 1,909 2,992
year-on-year (%) -1.0 -8.4 -59.9 -82.3 -82.7 -68.2 -53.3
Gross Revenue actual (JPY mn) 51 51 27 15 13 20 180
year-on-year (%) -0.4 -6.8 -55.3 -77.9 -79.0 -64.0 -50.0
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 52.6 40.1 38.0 52.9 41.1 39.0 44.0
year-on-year (points) -35.8 -54.6 -54.2 -40.0 -54.4 -48.0 -47.8
ADR actual (JPY) 4,464 4,437 4,373 4,536 5,440 4,917 4,678
year-on-year (%) -37.3 -38.5 -36.8 -33.2 -35.7 -31.4 -35.7
RevPAR actual (JPY) 2,350 1,780 1,663 2,401 2,237 1,919 2,060
year-on-year (%) -62.6 -74.0 -73.9 -61.9 -72.3 -69.2 -69.2
Gross Revenue actual (JPY mn) 25 20 17 24 22 20 130
year-on-year (%) -59.3 -69.2 -71.1 -59.5 -69.6 -66.8 -66.0
    (Note 1) This property was acquired on July 17, 2014.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 71.1 54.0 24.5 22.4 26.1 32.4 38.4
year-on-year (points) -2.9 -35.5 -67.9 -70.5 -59.4 -49.8 -47.7
ADR actual (JPY) 4,998 4,730 4,042 3,934 3,530 3,485 4,351
year-on-year (%) -18.5 -28.3 -37.8 -51.5 -49.6 -47.1 -36.5
RevPAR actual (JPY) 3,555 2,555 990 883 922 1,130 1,670
year-on-year (%) -21.7 -56.7 -83.5 -88.3 -84.6 -79.1 -71.7
Gross Revenue actual (JPY mn) 22 15 6 6 6 7 66
year-on-year (%) -20.6 -54.8 -82.0 -85.6 -81.9 -77.1 -69.6
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 24.4 20.2 18.7 28.2 16.3 16.7 20.8
year-on-year (points) -58.6 -69.8 -55.7 -43.1 -61.4 -50.8 -56.5
ADR actual (JPY) 3,980 3,678 3,326 3,430 4,569 3,561 3,727
year-on-year (%) -36.9 -45.9 -44.8 -45.0 -33.8 -37.3 -41.3
RevPAR actual (JPY) 972 741 623 968 743 594 775
year-on-year (%) -81.4 -87.9 -86.1 -78.2 -86.1 -84.5 -84.2
Gross Revenue actual (JPY mn) 6 5 4 6 5 4 32
year-on-year (%) -80.2 -86.8 -83.6 -76.9 -85.1 -80.1 -82.4
    (Note 1) This property was acquired on July 17, 2014.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 92.2 89.6 69.6 33.9 62.6 59.2 67.9
year-on-year (points) 0.6 -5.4 -26.2 -60.1 -0.7 6.6 -14.1
ADR actual (JPY) 5,945 5,506 4,806 4,309 4,955 4,637 5,175
year-on-year (%) -2.8 -22.2 -40.5 -52.3 -46.3 -36.0 -33.4
RevPAR actual (JPY) 5,482 4,934 3,345 1,462 3,103 2,744 3,512
year-on-year (%) -2.1 -26.6 -56.8 -82.8 -46.9 -28.0 -44.8
Gross Revenue actual (JPY mn) 38 31 22 11 20 17 141
year-on-year (%) 0.4 -23.5 -57.8 -80.1 -47.3 -30.8 -43.9
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 58.2 68.2 71.7 75.6 66.7 81.7 70.4
year-on-year (points) -16.8 -27.8 -22.5 -17.6 -26.2 -9.9 -20.1
ADR actual (JPY) 4,787 4,520 4,683 5,191 5,803 4,984 4,995
year-on-year (%) -38.9 -49.6 -40.0 -35.9 -24.7 -32.9 -37.5
RevPAR actual (JPY) 2,787 3,081 3,356 3,926 3,869 4,074 3,515
year-on-year (%) -52.6 -64.2 -54.3 -48.1 -45.9 -40.2 -51.4
Gross Revenue actual (JPY mn) 18 21 21 24 23 25 134
year-on-year (%) -54.1 -63.8 -55.8 -52.2 -50.0 -45.1 -53.9
    (Note 1) This property was acquired on July 17, 2014.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 89.1 83.5 57.5 22.3 17.3 17.7 47.8
year-on-year (points) 2.4 -9.0 -36.5 -70.0 -73.0 -76.7 -43.9
ADR actual (JPY) 5,764 5,455 4,099 3,827 4,031 3,922 4,969
year-on-year (%) -10.1 -23.1 -47.1 -57.8 -41.9 -35.6 -31.3
RevPAR actual (JPY) 5,134 4,553 2,359 853 696 696 2,376
year-on-year (%) -7.7 -30.6 -67.6 -89.8 -88.9 -87.9 -64.2
Gross Revenue actual (JPY mn) 15 12 7 2 2 2 42
year-on-year (%) -7.5 -27.5 -67.0 -88.4 -87.3 -84.7 -62.8
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 17.0 19.2 20.2 31.8 55.8 46.4 31.7
year-on-year (points) -77.4 -73.7 -71.9 -60.7 -36.2 -44.1 -60.7
ADR actual (JPY) 3,919 3,474 3,501 3,416 3,711 3,608 3,608
year-on-year (%) -37.1 -44.0 -41.5 -49.4 -48.9 -48.6 -45.1
RevPAR actual (JPY) 666 666 707 1,088 2,069 1,674 1,142
year-on-year (%) -88.7 -88.4 -87.2 -82.6 -69.0 -73.6 -81.2
Gross Revenue actual (JPY mn) 2 2 2 3 6 5 22
year-on-year (%) -84.8 -86.3 -84.3 -80.7 -67.7 -71.4 -78.8
    (Note 1) This property was acquired on July 17, 2014.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 93.6 89.2 57.1 16.5 12.0 24.6 48.7
year-on-year (points) 3.5 -1.4 -38.2 -72.4 -81.9 -69.5 -43.5
ADR actual (JPY) 5,572 6,558 4,624 4,435 3,956 4,098 5,417
year-on-year (%) -26.5 -34.6 -46.1 -52.8 -57.8 -49.2 -38.6
RevPAR actual (JPY) 5,215 5,852 2,640 733 473 1,006 2,638
year-on-year (%) -23.7 -35.7 -67.7 -91.2 -94.6 -86.7 -67.6
Gross Revenue actual (JPY mn) 30 31 15 5 4 6 93
year-on-year (%) -22.7 -32.8 -65.9 -88.8 -91.4 -83.9 -65.4
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 37.6 22.8 32.0 39.3 45.8 36.9 35.7
year-on-year (points) -55.1 -70.0 -56.6 -55.8 -48.7 -55.3 -57.0
ADR actual (JPY) 4,204 4,037 4,022 4,120 5,891 4,584 4,562
year-on-year (%) -45.4 -48.8 -42.9 -42.9 -29.2 -36.0 -39.6
RevPAR actual (JPY) 1,582 922 1,288 1,619 2,696 1,693 1,629
year-on-year (%) -77.9 -87.4 -79.4 -76.4 -65.7 -74.4 -76.7
Gross Revenue actual (JPY mn) 10 6 8 10 15 10 62
year-on-year (%) -74.6 -84.1 -75.3 -73.8 -64.2 -73.3 -74.1
    (Note 1) This property was acquired on July 17, 2014.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 91.5 82.6 63.3 53.2 64.9 46.5 67.0
year-on-year (points) 4.5 -6.3 -28.0 -42.8 -25.6 -47.4 -24.3
ADR actual (JPY) 7,216 8,015 5,468 5,188 4,880 4,254 6,102
year-on-year (%) -11.9 -18.6 -47.5 -54.3 -45.7 -48.6 -35.9
RevPAR actual (JPY) 6,600 6,624 3,459 2,761 3,167 1,978 4,089
year-on-year (%) -7.3 -24.4 -63.6 -74.7 -61.1 -74.6 -53.0
Gross Revenue actual (JPY mn) 13 12 8 6 8 5 54
year-on-year (%) -7.0 -20.2 -57.8 -67.7 -51.3 -67.2 -47.1
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 52.7 59.8 42.2 57.6 54.9 47.0 52.4
year-on-year (points) -42.2 -35.7 -52.7 -39.3 -42.4 -45.1 -42.8
ADR actual (JPY) 4,536 4,484 4,200 4,590 5,221 5,197 4,709
year-on-year (%) -47.6 -48.0 -50.4 -45.3 -41.0 -42.9 -45.7
RevPAR actual (JPY) 2,388 2,680 1,773 2,645 2,864 2,441 2,467
year-on-year (%) -70.9 -67.4 -77.9 -67.5 -66.7 -70.9 -70.1
Gross Revenue actual (JPY mn) 6 8 3 6 6 6 37
year-on-year (%) -59.9 -51.2 -74.8 -61.8 -61.9 -62.8 -62.0
    (Note 1) This property was acquired on July 17, 2014.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 92.8 79.6 46.5 16.3 12.9 8.3 42.7
year-on-year (points) 5.0 -13.6 -45.3 -74.3 -76.0 -86.7 -48.5
ADR actual (JPY) 5,780 5,348 3,911 4,161 4,130 3,869 5,057
year-on-year (%) -13.4 -26.2 -54.2 -56.3 -42.7 -39.0 -33.3
RevPAR actual (JPY) 5,365 4,260 1,817 676 533 321 2,157
year-on-year (%) -8.4 -36.9 -76.8 -92.2 -91.7 -94.7 -68.8
Gross Revenue actual (JPY mn) 12 9 4 1 1 1 29
year-on-year (%) -8.4 -34.2 -76.6 -90.4 -88.4 -91.6 -67.2
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 10.2 8.6 8.9 18.8 66.4 74.9 31.2
year-on-year (points) -84.5 -85.1 -82.8 -73.1 -26.3 -13.8 -61.0
ADR actual (JPY) 3,667 3,630 3,512 3,517 3,346 3,030 3,274
year-on-year (%) -43.2 -40.0 -41.0 -50.9 -54.4 -57.4 -50.9
RevPAR actual (JPY) 373 312 314 660 2,221 2,268 1,022
year-on-year (%) -93.9 -94.5 -94.3 -90.0 -67.3 -64.0 -83.4
Gross Revenue actual (JPY mn) 1 1 1 1 5 5 16
year-on-year (%) -89.7 -91.3 -91.2 -88.1 -64.2 -60.1 -80.2
    (Note 1) This property was acquired on July 17, 2014.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 93.8 93.4 70.1 68.5 51.2 51.5 71.3
year-on-year (points) -1.3 -4.2 -28.9 -29.9 -46.0 -45.1 -26.0
ADR actual (JPY) 7,031 7,325 4,992 4,498 4,673 4,354 5,742
year-on-year (%) -6.8 -15.7 -45.6 -57.9 -45.1 -43.0 -34.1
RevPAR actual (JPY) 6,594 6,838 3,501 3,083 2,393 2,243 4,095
year-on-year (%) -8.0 -19.3 -61.5 -70.7 -71.1 -69.6 -51.7
Gross Revenue actual (JPY mn) 11 11 6 5 4 4 42
year-on-year (%) -8.1 -15.4 -60.8 -69.3 -68.4 -66.1 -49.9
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 56.4 52.6 59.6 80.4 73.5 69.6 65.3
year-on-year (points) -40.1 -45.1 -37.3 -18.4 -25.9 -27.0 -32.3
ADR actual (JPY) 4,461 4,363 4,329 4,273 4,309 4,469 4,363
year-on-year (%) -43.6 -44.3 -46.6 -53.1 -53.6 -46.2 -48.2
RevPAR actual (JPY) 2,514 2,293 2,581 3,433 3,165 3,111 2,850
year-on-year (%) -67.0 -70.0 -67.2 -61.9 -65.7 -61.2 -65.4
Gross Revenue actual (JPY mn) 4 4 4 6 5 5 32
year-on-year (%) -63.3 -66.7 -64.5 -58.0 -62.0 -57.3 -61.8
    (Note 1) This property was acquired on July 17, 2014.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 69.4 72.5 43.7 72.0 59.0 59.8 62.6
year-on-year (points) 3.7 -2.1 -34.7 -19.0 -26.1 -16.7 -16.0
ADR actual (JPY) 4,786 4,716 4,273 4,659 4,333 4,301 4,539
year-on-year (%) -10.1 -14.7 -25.9 -21.9 -15.8 -11.7 -16.7
RevPAR actual (JPY) 3,320 3,420 1,869 3,356 2,557 2,573 2,842
year-on-year (%) -5.1 -17.2 -58.7 -38.3 -41.7 -31.0 -33.6
Gross Revenue actual (JPY mn) 14 13 8 14 11 11 73
year-on-year (%) -3.9 -12.8 -56.2 -36.5 -39.4 -29.2 -31.4
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 42.8 27.6 23.0 23.3 24.0 29.3 28.4
year-on-year (points) -34.0 -41.4 -44.4 -59.3 -53.1 -41.6 -45.6
ADR actual (JPY) 4,239 4,370 4,360 4,386 4,461 4,069 4,298
year-on-year (%) -15.6 -17.8 -14.3 -12.7 -12.9 -22.4 -16.2
RevPAR actual (JPY) 1,813 1,205 1,005 1,021 1,072 1,192 1,220
year-on-year (%) -53.0 -67.1 -70.7 -75.4 -72.9 -67.9 -67.9
Gross Revenue actual (JPY mn) 8 5 4 4 4 5 33
year-on-year (%) -50.2 -62.5 -69.0 -73.1 -70.7 -65.6 -65.2
    (Note 1) This property was acquired on July 17, 2014.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 73.2 58.4 26.9 18.5 14.3 12.3 33.8
year-on-year (points) 5.6 -22.4 -58.6 -74.3 -71.8 -62.2 -47.3
ADR actual (JPY) 5,606 5,544 4,670 4,720 4,566 4,719 5,255
year-on-year (%) -0.6 -14.8 -25.0 -32.5 -26.9 -14.8 -15.7
RevPAR actual (JPY) 4,103 3,236 1,254 871 653 581 1,779
year-on-year (%) 7.6 -38.4 -76.4 -86.6 -87.9 -85.9 -64.8
Gross Revenue actual (JPY mn) 13 10 4 3 2 2 38
year-on-year (%) 7.6 -35.0 -74.2 -82.3 -84.7 -81.9 -62.1
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 17.0 18.2 14.7 20.1 29.5 37.0 22.7
year-on-year (points) -66.0 -55.2 -53.1 -59.3 -51.6 -29.1 -52.4
ADR actual (JPY) 4,442 4,324 4,322 4,189 3,843 3,717 4,051
year-on-year (%) -17.2 -24.5 -22.4 -26.2 -35.1 -35.0 -28.4
RevPAR actual (JPY) 754 787 636 841 1,133 1,374 921
year-on-year (%) -83.1 -81.3 -83.2 -81.3 -76.4 -63.6 -78.3
Gross Revenue actual (JPY mn) 3 3 2 3 4 5 22
year-on-year (%) -79.0 -76.1 -78.0 -76.8 -73.1 -60.2 -74.1
    (Note 1) This property was acquired on July 17, 2014.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 82.1 71.8 35.6 29.8 32.3 31.1 47.0
year-on-year (points) -1.2 -12.6 -50.6 -61.4 -51.5 -54.2 -38.7
ADR actual (JPY) 6,508 6,153 5,535 4,783 4,384 4,393 5,637
year-on-year (%) -19.2 -32.6 -41.7 -54.5 -53.1 -55.4 -40.1
RevPAR actual (JPY) 5,340 4,421 1,972 1,428 1,418 1,365 2,652
year-on-year (%) -20.4 -42.7 -75.9 -85.1 -81.9 -83.7 -67.1
Gross Revenue actual (JPY mn) 18 14 7 5 5 5 57
year-on-year (%) -19.5 -38.4 -72.1 -82.7 -79.1 -81.8 -64.5
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 27.4 29.3 40.8 46.4 43.2 26.1 35.4
year-on-year (points) -50.7 -56.4 -23.2 -28.2 -37.7 -54.4 -41.9
ADR actual (JPY) 5,110 5,125 4,446 4,354 4,781 5,699 4,829
year-on-year (%) -40.0 -45.4 -39.6 -41.6 -40.7 -27.9 -40.9
RevPAR actual (JPY) 1,401 1,500 1,812 2,020 2,065 1,487 1,712
year-on-year (%) -78.9 -81.3 -61.5 -63.7 -68.4 -76.6 -72.9
Gross Revenue actual (JPY mn) 5 5 6 7 7 5 38
year-on-year (%) -76.7 -79.5 -59.8 -61.3 -65.8 -73.5 -70.6
    (Note 1) This property was acquired on July 17, 2014.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 87.9 66.2 36.2 42.0 43.1 28.3 50.6
year-on-year (points) 0.0 -19.0 -50.8 -50.4 -49.2 -46.8 -36.1
ADR actual (JPY) 7,838 7,840 6,413 7,404 5,928 5,571 7,120
year-on-year (%) 24.4 13.4 -11.9 -12.9 -13.6 -11.6 0.9
RevPAR actual (JPY) 6,889 5,189 2,323 3,109 2,553 1,577 3,603
year-on-year (%) 24.4 -11.9 -63.3 -60.4 -59.7 -66.7 -41.1
Gross Revenue actual (JPY mn) 13 9 5 6 6 4 45
year-on-year (%) 25.1 -5.9 -56.1 -53.0 -50.1 -54.1 -34.0
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 31.5 34.8 35.2 38.0 38.8 41.8 36.7
year-on-year (points) 12.1 -1.8 -33.2 -46.6 -48.7 -45.7 -27.6
ADR actual (JPY) 5,445 5,048 4,691 5,756 6,290 6,190 5,607
year-on-year (%) -22.9 -42.2 -37.3 -36.7 -37.0 -36.2 -37.8
RevPAR actual (JPY) 1,713 1,757 1,651 2,189 2,442 2,585 2,057
year-on-year (%) 24.9 -45.0 -67.7 -71.6 -72.0 -69.5 -64.5
Gross Revenue actual (JPY mn) 4 4 4 5 5 5 30
year-on-year (%) 31.2 -26.5 -55.9 -65.2 -65.9 -63.5 -54.8
    (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.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 76.9 83.3 79.6 76.8 77.8 62.9 76.2
year-on-year (points) -10.5 -1.9 -13.8 -17.1 -2.6 -35.0 -13.5
ADR actual (JPY) 4,874 5,114 4,066 5,192 4,561 4,380 4,704
year-on-year (%) -15.3 -14.7 -32.7 -20.3 -23.1 -25.5 -21.9
RevPAR actual (JPY) 3,749 4,260 3,236 3,990 3,546 2,755 3,584
year-on-year (%) -25.5 -16.5 -42.7 -34.8 -25.6 -52.1 -33.7
Gross Revenue actual (JPY mn) 4 4 4 4 4 3 26
year-on-year (%) -26.2 -13.9 -43.7 -33.0 -21.7 -51.3 -32.7
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 58.6 52.2 57.6 46.0 45.8 56.1 52.7
year-on-year (points) -34.2 -36.9 -35.2 -43.2 -39.8 -29.6 -36.5
ADR actual (JPY) 4,449 4,278 4,145 3,604 3,488 3,427 3,923
year-on-year (%) -16.2 -19.9 -22.8 -33.3 -37.7 -37.7 -27.6
RevPAR actual (JPY) 2,609 2,233 2,388 1,657 1,598 1,922 2,069
year-on-year (%) -47.0 -53.1 -52.1 -65.6 -66.7 -59.2 -57.2
Gross Revenue actual (JPY mn) 3 2 3 2 2 2 16
year-on-year (%) -42.5 -52.3 -46.3 -61.3 -63.1 -56.1 -53.5
    (Note 1) This property was acquired on July 17, 2014.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 86.5 90.0 70.7 79.2 66.3 73.3 77.5
year-on-year (points) -1.2 2.3 -20.4 -16.5 -23.9 -22.6 -13.8
ADR actual (JPY) 4,527 4,811 3,981 4,100 3,014 2,977 3,961
year-on-year (%) -11.0 -12.0 -30.7 -35.4 -43.1 -49.0 -29.8
RevPAR actual (JPY) 3,916 4,328 2,814 3,249 1,998 2,183 3,072
year-on-year (%) -12.2 -9.7 -46.2 -46.5 -58.2 -61.0 -40.4
Gross Revenue actual (JPY mn) 2 2 2 2 1 1 12
year-on-year (%) -11.9 -5.8 -44.5 -44.3 -56.7 -60.5 -39.0
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 63.8 71.7 57.6 73.5 74.7 86.8 71.4
year-on-year (points) -28.4 -20.5 -37.4 -19.1 -19.8 -6.5 -21.9
ADR actual (JPY) 3,064 3,203 3,191 3,200 3,192 3,190 3,175
year-on-year (%) -44.7 -36.0 -36.4 -37.5 -39.9 -36.7 -38.6
RevPAR actual (JPY) 1,954 2,297 1,837 2,351 2,384 2,769 2,267
year-on-year (%) -61.8 -50.3 -61.5 -50.4 -52.5 -41.1 -53.0
Gross Revenue actual (JPY mn) 1 1 1 1 1 2 10
year-on-year (%) -60.1 -46.6 -56.7 -46.0 -48.1 -37.3 -49.3
    (Note 1) This property was acquired on July 17, 2014.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 82.3 81.7 55.7 46.2 66.0 92.3 70.6
year-on-year (points) -10.4 -12.0 -39.9 -47.8 -26.7 0.6 -22.8
ADR actual (JPY) 5,251 5,345 4,376 4,003 3,034 3,054 4,190
year-on-year (%) -8.7 -23.7 -42.5 -56.6 -62.5 -58.1 -44.1
RevPAR actual (JPY) 4,322 4,365 2,439 1,850 2,002 2,819 2,958
year-on-year (%) -19.0 -33.5 -66.5 -78.7 -73.3 -57.8 -57.8
Gross Revenue actual (JPY mn) 64 60 37 28 30 40 262
year-on-year (%) -18.4 -30.1 -64.5 -77.0 -71.6 -56.7 -56.1
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 56.0 - - - - - -
year-on-year (points) -40.4 - - - - - -
ADR actual (JPY) 4,524 - - - - - -
year-on-year (%) -35.3 - - - - - -
RevPAR actual (JPY) 2,533 - - - - - -
year-on-year (%) -62.4 - - - - - -
Gross Revenue actual (JPY mn) 38 - - - - - -
year-on-year (%) -60.9 - - - - - -
    (Note 1) This property was acquired on February 6, 2015.
    (Note 2) This property has been accepting COVID-19 patients with mild or no symptoms since August 2020. The figures for each month from August to December and July-December 2020 total are not disclosed as the consent from the parties concerned has not been obtained.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 58.7 55.4 30.3 19.7 14.7 37.5 35.9
year-on-year (points) 0.4 -16.7 -32.4 -52.0 -63.1 -46.7 -35.1
ADR actual (JPY) 6,499 6,430 6,188 6,119 5,864 5,909 6,257
year-on-year (%) -4.1 -8.3 -10.0 -37.1 -43.9 -30.5 -25.1
RevPAR actual (JPY) 3,817 3,563 1,872 1,208 859 2,218 2,248
year-on-year (%) -3.4 -29.5 -56.5 -82.7 -89.4 -69.1 -62.1
Gross Revenue actual (JPY mn) 30 27 16 10 9 19 113
year-on-year (%) -4.2 -23.7 -52.5 -78.5 -83.6 -63.2 -57.1
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 50.8 48.2 66.2 75.5 58.2 38.4 56.2
year-on-year (points) -40.7 -41.2 -17.1 -4.0 -10.6 -27.1 -23.6
ADR actual (JPY) 7,048 7,094 6,961 6,404 6,373 5,897 6,645
year-on-year (%) -29.4 -33.7 -26.5 -17.8 -13.2 -13.6 -24.9
RevPAR actual (JPY) 3,579 3,420 4,610 4,836 3,706 2,266 3,732
year-on-year (%) -60.8 -64.3 -41.5 -22.0 -26.6 -49.4 -47.1
Gross Revenue actual (JPY mn) 29 27 36 38 29 19 181
year-on-year (%) -56.4 -60.7 -37.4 -18.8 -22.5 -44.0 -42.7
    (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.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 68.4 62.6 32.1 43.4 39.5 44.0 48.2
year-on-year (points) -3.9 -19.8 -52.8 -48.3 -50.6 -41.6 -36.3
ADR actual (JPY) 5,866 6,252 5,479 6,884 6,749 5,863 6,175
year-on-year (%) -7.8 -11.1 -27.8 -16.1 -7.7 -12.3 -14.7
RevPAR actual (JPY) 4,010 3,914 1,759 2,986 2,664 2,583 2,978
year-on-year (%) -12.7 -32.5 -72.7 -60.3 -59.6 -54.9 -51.3
Gross Revenue actual (JPY mn) 11 9 4 8 7 7 49
year-on-year (%) -12.2 -29.4 -72.3 -58.1 -56.8 -52.0 -49.3
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 26.9 17.1 21.5 25.5 23.4 21.2 22.6
year-on-year (points) -48.5 -59.0 -64.7 -61.6 -63.8 -54.3 -58.6
ADR actual (JPY) 5,641 5,339 5,040 4,249 4,532 4,649 4,901
year-on-year (%) -12.2 -15.6 -21.6 -39.8 -37.9 -31.2 -27.2
RevPAR actual (JPY) 1,517 914 1,084 1,083 1,061 984 1,108
year-on-year (%) -68.7 -81.0 -80.4 -82.4 -83.3 -80.7 -79.7
Gross Revenue actual (JPY mn) 4 3 3 3 3 3 20
year-on-year (%) -63.7 -76.0 -79.3 -80.5 -81.0 -78.2 -76.9
    (Note 1) This property was acquired on February 6, 2015.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 91.0 91.6 82.4 62.4 65.2 75.9 78.0
year-on-year (points) -3.2 -3.3 -14.7 -35.4 -28.1 -20.0 -17.5
ADR actual (JPY) 9,947 9,863 8,580 11,599 8,251 8,134 9,371
year-on-year (%) 0.3 -11.7 -25.7 -10.6 -24.6 -21.5 -16.0
RevPAR actual (JPY) 9,052 9,036 7,072 7,237 5,383 6,173 7,314
year-on-year (%) -3.1 -14.8 -37.0 -43.0 -47.3 -37.9 -31.4
Gross Revenue actual (JPY mn) 55 52 44 43 33 36 266
year-on-year (%) -2.4 -9.7 -34.6 -41.0 -45.9 -37.3 -29.5
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 69.8 61.5 65.7 61.8 60.2 65.1 64.0
year-on-year (points) -26.4 -35.8 -32.5 -33.4 -38.3 -30.2 -32.7
ADR actual (JPY) 9,140 8,975 8,949 10,413 10,421 9,678 9,577
year-on-year (%) -17.3 -19.5 -11.9 -10.2 -4.9 -4.2 -11.6
RevPAR actual (JPY) 6,376 5,518 5,882 6,431 6,273 6,305 6,131
year-on-year (%) -40.0 -49.1 -41.1 -41.7 -41.9 -34.5 -41.5
Gross Revenue actual (JPY mn) 40 36 35 39 38 40 231
year-on-year (%) -36.7 -44.0 -39.3 -41.1 -38.4 -31.2 -38.6
    (Note 1) This property was acquired on July 16, 2015.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 76.7 61.0 41.0 36.2 28.5 25.5 44.8
year-on-year (points) -13.2 -28.1 -50.5 -59.2 -63.4 -66.1 -46.8
ADR actual (JPY) 5,410 5,289 4,829 5,288 4,772 4,391 5,112
year-on-year (%) -4.4 -10.9 -21.5 -24.6 -19.5 -21.1 -15.5
RevPAR actual (JPY) 4,148 3,227 1,978 1,912 1,358 1,118 2,288
year-on-year (%) -18.5 -39.0 -64.8 -71.4 -75.1 -78.0 -58.7
Gross Revenue actual (JPY mn) 37 27 18 17 13 11 126
year-on-year (%) -17.7 -35.1 -62.0 -68.3 -71.9 -74.3 -55.9
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 22.8 23.9 25.4 27.4 79.9 83.1 43.7
year-on-year (points) -68.2 -52.7 -57.4 -63.3 -14.7 -4.1 -43.5
ADR actual (JPY) 4,040 4,119 4,017 3,971 3,556 3,361 3,676
year-on-year (%) -27.8 -29.5 -30.5 -32.5 -42.7 -44.9 -37.7
RevPAR actual (JPY) 920 986 1,021 1,087 2,843 2,792 1,605
year-on-year (%) -81.9 -78.0 -78.7 -79.6 -51.6 -47.5 -68.8
Gross Revenue actual (JPY mn) 10 10 10 11 26 26 96
year-on-year (%) -76.6 -73.4 -74.4 -75.9 -48.0 -42.5 -64.5
    (Note 1) This property was acquired on July 16, 2015.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 94.7 87.4 42.3 8.8 10.2 9.3 42.0
year-on-year (points) 3.1 -8.4 -53.0 -86.2 -80.2 -87.3 -52.1
ADR actual (JPY) 7,486 6,522 4,712 4,104 4,060 4,121 6,309
year-on-year (%) -14.5 -31.4 -56.2 -67.5 -57.8 -51.2 -36.7
RevPAR actual (JPY) 7,093 5,701 1,995 362 413 382 2,649
year-on-year (%) -11.6 -37.5 -80.6 -97.0 -95.2 -95.3 -71.7
Gross Revenue actual (JPY mn) 21 16 6 2 2 1 50
year-on-year (%) -11.1 -34.8 -79.5 -94.1 -91.6 -93.0 -69.6
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 10.1 9.6 11.5 43.6 54.5 69.8 33.2
year-on-year (points) -86.3 -87.0 -85.2 -51.9 -41.7 -24.4 -62.8
ADR actual (JPY) 4,442 4,168 3,954 3,383 4,044 3,899 3,868
year-on-year (%) -49.3 -51.4 -48.7 -63.0 -57.6 -56.5 -56.0
RevPAR actual (JPY) 448 401 456 1,475 2,204 2,720 1,284
year-on-year (%) -94.7 -95.2 -93.9 -83.1 -76.0 -67.8 -84.8
Gross Revenue actual (JPY mn) 2 2 2 5 7 9 28
year-on-year (%) -91.2 -90.9 -90.7 -80.2 -73.1 -65.0 -81.5
    (Note 1) This property was acquired on July 16, 2015.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 86.0 80.2 47.7 36.0 21.4 25.2 49.3
year-on-year (points) -4.9 -14.0 -48.8 -60.4 -71.6 -68.9 -44.9
ADR actual (JPY) 5,378 5,229 4,610 4,827 4,227 3,785 4,927
year-on-year (%) -4.0 -13.5 -30.1 -34.4 -29.2 -31.0 -20.4
RevPAR actual (JPY) 4,626 4,193 2,199 1,738 903 953 2,428
year-on-year (%) -9.3 -26.4 -65.4 -75.5 -83.7 -81.5 -58.3
Gross Revenue actual (JPY mn) 26 22 13 11 6 6 86
year-on-year (%) -9.2 -23.2 -62.9 -71.9 -80.5 -78.6 -55.9
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 26.3 22.9 23.8 35.6 70.3 80.3 43.1
year-on-year (points) -70.1 -65.2 -66.7 -58.1 -25.2 -12.5 -49.7
ADR actual (JPY) 3,759 3,646 3,586 3,622 3,628 3,268 3,526
year-on-year (%) -31.8 -36.2 -36.2 -38.7 -41.5 -47.1 -39.8
RevPAR actual (JPY) 987 834 853 1,288 2,550 2,623 1,521
year-on-year (%) -81.4 -83.4 -83.2 -76.7 -57.0 -54.2 -72.0
Gross Revenue actual (JPY mn) 7 7 6 8 15 16 61
year-on-year (%) -76.0 -74.4 -77.1 -73.7 -52.8 -50.0 -66.8
    (Note 1) This property was acquired on July 16, 2015.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 86.0 84.8 78.2 49.2 46.4 65.0 68.2
year-on-year (points) 15.1 4.6 14.9 -31.7 -41.1 -11.5 -8.2
ADR actual (JPY) 5,407 5,707 5,051 4,500 4,243 4,440 5,002
year-on-year (%) -13.7 -15.7 -24.5 -35.1 -37.2 -22.7 -23.5
RevPAR actual (JPY) 4,652 4,839 3,949 2,214 1,969 2,887 3,412
year-on-year (%) 4.7 -10.9 -6.7 -60.5 -66.7 -34.3 -31.7
Gross Revenue actual (JPY mn) 24 23 20 12 11 15 108
year-on-year (%) 8.0 -4.3 -5.6 -55.7 -62.8 -34.1 -28.6
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 69.3 69.0 70.4 64.2 66.3 50.4 64.9
year-on-year (points) -15.3 -15.5 -9.3 -12.3 -23.0 -39.7 -19.2
ADR actual (JPY) 4,949 5,301 5,767 5,755 6,727 6,427 5,781
year-on-year (%) -29.7 -34.5 -8.8 -9.2 8.4 13.3 -12.5
RevPAR actual (JPY) 3,429 3,657 4,059 3,696 4,460 3,237 3,751
year-on-year (%) -42.5 -46.5 -19.4 -23.7 -19.6 -36.6 -32.5
Gross Revenue actual (JPY mn) 18 19 21 18 23 17 118
year-on-year (%) -41.6 -46.6 -17.3 -26.0 -17.9 -35.8 -31.9
    (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.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 85.7 81.9 41.9 43.3 20.9 14.5 47.8
year-on-year (points) 4.3 -0.4 -46.8 -51.6 -70.4 -72.0 -39.7
ADR actual (JPY) 4,833 4,805 4,282 4,408 3,897 3,747 4,556
year-on-year (%) -4.8 -11.7 -24.2 -29.2 -24.0 -22.4 -15.7
RevPAR actual (JPY) 4,142 3,933 1,792 1,907 813 544 2,180
year-on-year (%) 0.2 -12.1 -64.2 -67.7 -82.6 -87.0 -53.9
Gross Revenue actual (JPY mn) 11 10 5 5 2 2 38
year-on-year (%) 0.5 -8.8 -62.4 -64.4 -78.4 -81.7 -51.2
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 11.6 10.1 11.5 24.5 24.7 45.6 21.4
year-on-year (points) -77.1 -81.2 -79.3 -62.2 -61.2 -36.4 -66.2
ADR actual (JPY) 3,945 3,904 3,802 3,842 4,033 3,118 3,628
year-on-year (%) -23.4 -22.3 -21.6 -26.1 -24.1 -41.0 -29.3
RevPAR actual (JPY) 458 394 438 939 998 1,423 776
year-on-year (%) -90.0 -91.4 -90.1 -79.2 -78.1 -67.2 -82.7
Gross Revenue actual (JPY mn) 2 1 1 2 3 4 16
year-on-year (%) -84.4 -86.0 -84.8 -76.8 -75.4 -62.1 -78.4
    (Note 1) This property was acquired on July 16, 2015.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 88.0 90.8 48.7 30.0 35.7 46.5 56.4
year-on-year (points) -4.9 -4.2 -48.3 -67.9 -57.1 -44.4 -38.0
ADR actual (JPY) 7,088 7,235 6,693 6,058 5,385 5,187 6,536
year-on-year (%) 0.7 -2.3 -9.9 -31.9 -37.9 -29.1 -16.2
RevPAR actual (JPY) 6,241 6,566 3,261 1,816 1,924 2,412 3,689
year-on-year (%) -4.6 -6.6 -54.8 -79.2 -76.1 -63.7 -49.9
Gross Revenue actual (JPY mn) 51 46 22 16 15 18 170
year-on-year (%) 6.1 -6.5 -62.8 -69.5 -71.7 -60.0 -45.4
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 60.1 62.3 67.4 77.3 70.2 56.5 65.6
year-on-year (points) -38.6 -36.3 -28.8 -16.5 -26.6 -38.3 -30.9
ADR actual (JPY) 5,647 5,804 6,351 7,336 8,709 7,425 6,917
year-on-year (%) -25.0 -37.2 -27.7 -25.2 -9.1 0.0 -20.6
RevPAR actual (JPY) 3,395 3,616 4,283 5,669 6,111 4,191 4,537
year-on-year (%) -54.3 -60.3 -49.3 -38.3 -34.1 -40.4 -46.0
Gross Revenue actual (JPY mn) 23 25 27 35 34 29 173
year-on-year (%) -50.7 -52.4 -53.2 -45.4 -46.0 -48.6 -49.2
    (Note 1) This property was acquired on July 16, 2015.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 77.6 78.8 77.3 74.4 85.6 55.7 75.0
year-on-year (points) 5.5 -9.2 -11.2 -19.9 -2.7 -35.9 -12.1
ADR actual (JPY) 4,777 4,967 4,620 5,281 4,809 4,547 4,842
year-on-year (%) -9.0 -8.2 -15.2 -16.3 -13.7 -12.5 -12.7
RevPAR actual (JPY) 3,708 3,915 3,572 3,930 4,118 2,534 3,631
year-on-year (%) -2.0 -17.8 -25.9 -34.0 -16.3 -46.8 -24.8
Gross Revenue actual (JPY mn) 7 7 7 8 8 5 45
year-on-year (%) -2.6 -15.0 -25.6 -32.9 -14.7 -44.3 -23.5
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 55.1 50.4 47.3 54.4 62.0 73.9 57.2
year-on-year (points) -38.5 -41.6 -45.0 -41.5 -25.5 -7.7 -33.3
ADR actual (JPY) 4,258 4,126 3,752 3,562 3,249 3,183 3,646
year-on-year (%) -17.1 -22.3 -26.0 -29.0 -38.1 -37.1 -29.0
RevPAR actual (JPY) 2,348 2,079 1,774 1,937 2,015 2,353 2,087
year-on-year (%) -51.2 -57.4 -62.1 -59.7 -56.1 -43.0 -55.1
Gross Revenue actual (JPY mn) 5 4 3 4 4 5 27
year-on-year (%) -49.4 -55.9 -60.7 -58.0 -53.3 -39.8 -53.1
    (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.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 74.3 80.3 77.9 59.5 74.7 86.2 75.5
year-on-year (points) -5.9 -9.8 -13.9 -38.4 -18.7 -9.2 -16.0
ADR actual (JPY) 3,873 4,262 4,346 4,110 3,592 3,301 3,898
year-on-year (%) -6.5 -5.2 -4.3 -26.3 -24.9 -31.1 -17.8
RevPAR actual (JPY) 2,877 3,421 3,387 2,446 2,684 2,847 2,942
year-on-year (%) -13.4 -15.5 -18.7 -55.2 -39.9 -37.8 -32.2
Gross Revenue actual (JPY mn) 5 6 6 5 5 5 36
year-on-year (%) -12.2 -12.1 -18.9 -53.7 -38.1 -35.5 -30.6
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 75.3 62.7 58.5 50.9 64.8 56.8 61.5
year-on-year (points) -15.2 -23.3 -31.3 -40.9 -21.0 -29.4 -26.8
ADR actual (JPY) 3,216 3,295 3,110 3,286 3,236 3,331 3,244
year-on-year (%) -30.6 -23.0 -34.4 -36.0 -32.8 -20.7 -30.1
RevPAR actual (JPY) 2,421 2,066 1,819 1,672 2,098 1,891 1,995
year-on-year (%) -42.3 -43.8 -57.3 -64.5 -49.2 -47.7 -51.3
Gross Revenue actual (JPY mn) 5 4 3 3 4 3 25
year-on-year (%) -38.4 -38.8 -57.1 -64.4 -49.9 -47.9 -50.0
    (Note 1) This property was acquired on July 16, 2015.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 70.8 79.5 49.8 49.6 42.5 39.7 55.2
year-on-year (points) -0.1 -13.5 -32.5 -44.5 -50.7 -50.2 -31.9
ADR actual (JPY) 4,874 5,106 4,720 4,967 4,311 4,265 4,771
year-on-year (%) -2.5 0.8 -11.4 -16.5 -19.6 -15.0 -10.0
RevPAR actual (JPY) 3,449 4,061 2,353 2,462 1,834 1,691 2,632
year-on-year (%) -2.6 -13.8 -46.4 -56.0 -63.3 -62.5 -43.0
Gross Revenue actual (JPY mn) 24 26 16 17 13 12 109
year-on-year (%) -2.6 -11.6 -45.4 -54.8 -61.6 -60.3 -41.7
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 43.2 37.9 27.8 22.9 34.5 32.2 33.1
year-on-year (points) -51.2 -46.9 -52.9 -64.0 -52.0 -52.0 -53.2
ADR actual (JPY) 4,293 4,377 4,404 4,939 4,627 4,436 4,480
year-on-year (%) -14.2 -12.1 -11.9 -0.5 -12.0 -12.0 -11.1
RevPAR actual (JPY) 1,856 1,659 1,225 1,133 1,598 1,430 1,484
year-on-year (%) -60.8 -60.7 -69.6 -73.8 -64.8 -66.3 -65.9
Gross Revenue actual (JPY mn) 13 12 8 7 11 10 63
year-on-year (%) -59.0 -58.7 -67.9 -73.3 -63.6 -65.0 -64.5
    (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.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 90.2 62.6 18.0 14.4 42.9 52.7 46.8
year-on-year (points) -5.2 -33.1 -77.3 -83.1 -53.2 -40.9 -48.8
ADR actual (JPY) 8,482 7,320 5,652 3,885 3,514 3,907 6,190
year-on-year (%) -17.4 -35.4 -48.4 -70.9 -69.1 -63.6 -45.4
RevPAR actual (JPY) 7,651 4,581 1,016 561 1,507 2,057 2,895
year-on-year (%) -21.9 -57.7 -90.3 -95.7 -86.2 -79.5 -73.3
Gross Revenue actual (JPY mn) 14 8 2 2 4 4 36
year-on-year (%) -20.0 -52.1 -84.0 -88.5 -78.4 -75.4 -67.7
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 44.3 38.6 35.2 38.4 33.5 14.9 34.2
year-on-year (points) -46.9 -56.3 -56.4 -56.8 -61.4 -79.0 -59.5
ADR actual (JPY) 3,912 4,058 4,132 4,445 5,324 5,231 4,401
year-on-year (%) -62.0 -61.1 -51.8 -53.1 -48.5 -49.1 -55.6
RevPAR actual (JPY) 1,732 1,566 1,457 1,707 1,785 781 1,503
year-on-year (%) -81.6 -84.2 -81.5 -81.1 -81.8 -91.9 -83.8
Gross Revenue actual (JPY mn) 4 4 3 4 3 2 23
year-on-year (%) -74.7 -77.7 -73.1 -74.7 -77.3 -83.2 -76.9
    (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.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 96.6 95.6 83.2 38.0 31.5 49.3 65.6
year-on-year (points) 10.7 2.3 -11.1 -57.1 -59.4 -45.8 -26.8
ADR actual (JPY) 9,342 9,242 5,800 5,284 4,724 4,989 7,249
year-on-year (%) -7.1 -17.2 -48.8 -58.0 -54.6 -46.7 -33.0
RevPAR actual (JPY) 9,026 8,831 4,826 2,006 1,488 2,461 4,756
year-on-year (%) 4.5 -15.1 -54.8 -83.2 -84.3 -72.4 -52.4
Gross Revenue actual (JPY mn) 122 111 67 30 24 36 393
year-on-year (%) 4.3 -11.4 -53.0 -80.1 -80.6 -69.2 -50.1
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 50.3 43.9 47.5 62.0 57.4 54.1 52.5
year-on-year (points) -46.3 -51.6 -48.0 -32.4 -37.7 -42.8 -43.1
ADR actual (JPY) 5,137 5,345 4,979 5,615 6,145 5,874 5,546
year-on-year (%) -48.3 -45.6 -48.8 -47.4 -45.7 -44.7 -46.4
RevPAR actual (JPY) 2,582 2,348 2,363 3,482 3,525 3,179 2,913
year-on-year (%) -73.1 -75.0 -74.6 -65.4 -67.2 -69.1 -70.6
Gross Revenue actual (JPY mn) 40 37 36 51 49 46 262
year-on-year (%) -69.2 -70.1 -70.1 -61.5 -64.3 -66.5 -66.8
    (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
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 61.3 69.3 54.6 10.7 - 29.0 37.3
year-on-year (points) -2.8 -4.0 -39.5 -77.1 -82.2 -51.9 -43.1
ADR actual (JPY) 24,819 19,166 20,674 18,269 - 19,853 21,169
year-on-year (%) 10.4 10.4 -2.6 -18.9 -100.0 -0.3 -1.4
RevPAR actual (JPY) 15,222 13,278 11,294 1,955 - 5,764 7,904
year-on-year (%) 5.6 4.4 -43.5 -90.1 -100.0 -64.2 -54.3
Gross Revenue actual (JPY mn) 391 361 290 107 97 186 1,434
year-on-year (%) 3.1 4.7 -43.9 -78.9 -81.6 -61.4 -48.1
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 50.4 64.3 86.1 96.3 96.6 62.0 75.8
year-on-year (points) -41.7 -35.7 -13.1 5.1 2.6 -16.5 -16.7
ADR actual (JPY) 26,912 53,026 28,985 27,920 27,823 26,786 31,415
year-on-year (%) -8.4 4.6 19.0 29.5 26.8 12.3 8.1
RevPAR actual (JPY) 13,551 34,078 24,949 26,885 26,890 16,615 23,805
year-on-year (%) -49.9 -32.7 3.3 36.8 30.3 -11.3 -11.4
Gross Revenue actual (JPY mn) 298 550 479 568 568 362 2,828
year-on-year (%) -51.4 -38.3 -22.1 2.1 -4.3 -26.1 -24.8
    (Note 1) This property was acquired on March 31, 2016.
    (Note 2) Renovation Period : January 13, 2020 - February 21, 2020
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 81.1 73.9 49.6 17.2 17.7 33.1 45.4
year-on-year (points) -10.0 -17.2 -44.6 -74.5 -75.7 -61.0 -47.3
ADR actual (JPY) 6,286 7,183 5,240 4,487 3,987 4,129 5,799
year-on-year (%) -22.2 -35.7 -44.5 -54.2 -60.6 -51.7 -39.0
RevPAR actual (JPY) 5,100 5,311 2,599 771 707 1,366 2,630
year-on-year (%) -30.7 -47.9 -70.8 -91.4 -92.5 -83.0 -70.1
Gross Revenue actual (JPY mn) 38 37 20 6 6 10 119
year-on-year (%) -29.7 -44.3 -69.2 -89.7 -90.2 -82.3 -68.3
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 48.1 32.8 37.0 41.4 46.5 33.8 39.9
year-on-year (points) -44.9 -62.4 -55.6 -52.5 -46.1 -57.9 -53.3
ADR actual (JPY) 4,190 4,237 4,367 4,589 6,169 5,746 4,891
year-on-year (%) -50.2 -48.3 -43.0 -43.6 -32.8 -26.2 -40.6
RevPAR actual (JPY) 2,017 1,390 1,616 1,898 2,868 1,941 1,952
year-on-year (%) -74.2 -82.2 -77.2 -75.2 -66.2 -72.8 -74.5
Gross Revenue actual (JPY mn) 15 10 11 14 19 14 86
year-on-year (%) -73.1 -81.0 -76.8 -75.0 -67.0 -73.0 -74.2
    (Note 1) This property was acquired on March 31, 2016.
    (Note 2) Renovation Period : January 7, 2020 - May 30, 2020
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 70.8 64.1 66.6 56.2 50.8 81.9 65.0
year-on-year (points) -26.3 -33.3 -31.1 -40.5 -41.3 -16.9 -31.6
ADR actual (JPY) 9,024 8,522 5,248 4,602 4,613 4,783 6,190
year-on-year (%) -5.3 -19.8 -53.3 -64.0 -54.6 -47.8 -41.5
RevPAR actual (JPY) 6,390 5,466 3,496 2,584 2,344 3,916 4,025
year-on-year (%) -31.0 -47.2 -68.2 -79.1 -74.9 -56.7 -60.6
Gross Revenue actual (JPY mn) 20 16 11 9 8 12 80
year-on-year (%) -31.3 -45.0 -66.7 -76.9 -72.0 -55.7 -59.1
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 61.9 41.8 59.7 76.8 67.0 50.4 59.5
year-on-year (points) -36.4 -55.7 -37.7 -18.9 -30.6 -46.5 -37.7
ADR actual (JPY) 4,660 4,490 4,534 4,416 5,074 4,967 4,686
year-on-year (%) -51.5 -50.7 -50.6 -60.9 -55.2 -52.1 -53.8
RevPAR actual (JPY) 2,885 1,874 2,704 3,393 3,397 2,503 2,790
year-on-year (%) -69.5 -78.9 -69.7 -68.6 -69.2 -75.1 -71.7
Gross Revenue actual (JPY mn) 10 7 9 11 12 8 59
year-on-year (%) -66.3 -73.9 -67.8 -67.8 -65.7 -74.2 -69.2
    (Note 1) This property was acquired on March 31, 2016.
    (Note 2) Renovation Period : January 6, 2020 - March 19, 2020.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 79.1 76.5 65.0 18.2 16.9 32.3 48.0
year-on-year (points) -4.1 -13.3 -25.1 -69.2 -69.9 -49.4 -38.5
ADR actual (JPY) 8,034 8,476 7,576 5,898 5,784 5,879 7,533
year-on-year (%) -6.3 -14.7 -24.5 -61.0 -59.4 -36.2 -32.9
RevPAR actual (JPY) 6,355 6,487 4,928 1,076 976 1,900 3,612
year-on-year (%) -10.9 -27.3 -45.6 -91.9 -92.1 -74.7 -62.8
Gross Revenue actual (JPY mn) 66 62 53 20 19 25 248
year-on-year (%) -8.3 -21.4 -40.8 -82.7 -82.9 -65.0 -54.8
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 37.7 40.9 50.0 56.7 64.3 41.9 48.5
year-on-year (points) -51.9 -54.8 -41.8 -24.7 -20.1 -37.8 -38.6
ADR actual (JPY) 7,906 8,004 9,281 8,516 18,014 10,489 10,832
year-on-year (%) -14.6 -42.3 -19.7 -28.9 34.6 15.2 -6.3
RevPAR actual (JPY) 2,981 3,272 4,637 4,828 11,576 4,396 5,251
year-on-year (%) -64.0 -75.3 -56.3 -50.5 2.6 -39.4 -47.8
Gross Revenue actual (JPY mn) 38 38 49 52 105 48 333
year-on-year (%) -53.9 -69.2 -49.1 -44.7 0.9 -34.0 -42.5
    (Note 1) This property was acquired on June 15, 2016.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 96.5 91.3 69.7 47.1 51.4 57.0 68.8
year-on-year (points) 1.3 -5.1 -25.4 -48.0 -41.9 -39.8 -26.5
ADR actual (JPY) 15,295 11,935 8,580 7,354 6,863 7,096 10,335
year-on-year (%) -5.4 -30.4 -53.9 -68.7 -59.9 -53.6 -42.4
RevPAR actual (JPY) 14,757 10,900 5,979 3,464 3,529 4,045 7,107
year-on-year (%) -4.1 -34.1 -66.2 -84.5 -77.9 -72.7 -58.5
Gross Revenue actual (JPY mn) 61 44 29 19 19 20 194
year-on-year (%) -2.7 -27.9 -58.6 -78.1 -70.9 -65.0 -52.4
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 54.9 37.4 35.8 73.2 43.1 38.0 47.2
year-on-year (points) -41.4 -59.4 -59.9 -21.9 -52.3 -58.2 -48.8
ADR actual (JPY) 6,893 6,855 6,873 7,729 9,422 8,652 7,720
year-on-year (%) -60.9 -60.7 -52.7 -59.3 -47.7 -53.8 -56.1
RevPAR actual (JPY) 3,786 2,565 2,457 5,660 4,065 3,291 3,641
year-on-year (%) -77.7 -84.8 -82.3 -68.7 -76.4 -81.7 -78.4
Gross Revenue actual (JPY mn) 19 15 15 25 19 17 113
year-on-year (%) -72.2 -77.3 -73.3 -65.0 -70.8 -75.7 -72.3
    (Note 1) This property was acquired on May 29, 2017.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 70.8 67.6 39.2 15.7 15.1 27.2 39.2
year-on-year (points) -0.2 -19.5 -49.8 -76.9 -64.0 -54.9 -44.2
ADR actual (JPY) 5,885 5,631 4,484 4,469 4,024 3,956 5,139
year-on-year (%) -10.0 -22.7 -42.7 -50.5 -47.2 -41.2 -32.0
RevPAR actual (JPY) 4,165 3,809 1,758 700 609 1,077 2,013
year-on-year (%) -10.3 -40.0 -74.7 -91.6 -89.9 -80.5 -68.1
Gross Revenue actual (JPY mn) 94 77 35 17 16 25 266
year-on-year (%) 0.2 -31.3 -72.6 -88.5 -86.5 -77.4 -62.8
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 26.7 21.9 32.0 38.5 26.9 17.6 27.2
year-on-year (points) -59.9 -70.1 -49.3 -46.8 -61.1 -62.1 -58.3
ADR actual (JPY) 4,190 3,732 3,565 3,963 5,426 3,977 4,130
year-on-year (%) -39.4 -50.7 -46.6 -43.7 -28.8 -38.2 -41.5
RevPAR actual (JPY) 1,118 816 1,140 1,527 1,460 699 1,125
year-on-year (%) -81.3 -88.3 -79.0 -74.6 -78.2 -86.4 -81.4
Gross Revenue actual (JPY mn) 36 27 33 43 39 27 209
year-on-year (%) -69.3 -77.5 -68.8 -65.7 -69.4 -73.9 -70.7
    (Note 1) This property was acquired on October 13, 2017.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 90.3 78.8 45.9 43.7 31.2 33.2 53.8
year-on-year (points) -6.0 -17.0 -50.3 -51.0 -57.2 -61.3 -40.5
ADR actual (JPY) 10,245 8,945 6,977 6,966 6,226 6,071 8,204
year-on-year (%) -9.1 -24.2 -48.6 -57.7 -50.8 -41.7 -35.4
RevPAR actual (JPY) 9,250 7,050 3,204 3,045 1,943 2,017 4,410
year-on-year (%) -14.7 -37.6 -75.5 -80.5 -82.6 -79.5 -63.2
Gross Revenue actual (JPY mn) 75 56 33 31 24 23 244
year-on-year (%) -15.0 -32.2 -68.1 -74.1 -73.7 -70.2 -57.0
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 27.4 21.9 21.7 40.8 73.6 70.3 42.6
year-on-year (points) -69.7 -75.7 -71.0 -51.7 -19.8 -23.3 -52.0
ADR actual (JPY) 6,604 6,939 6,456 6,089 5,199 5,598 5,861
year-on-year (%) -46.4 -44.2 -37.7 -49.5 -58.0 -55.5 -51.3
RevPAR actual (JPY) 1,812 1,518 1,401 2,486 3,828 3,935 2,495
year-on-year (%) -84.9 -87.5 -85.4 -77.7 -66.9 -66.6 -78.1
Gross Revenue actual (JPY mn) 22 23 19 27 34 37 164
year-on-year (%) -76.7 -76.5 -74.6 -69.5 -61.4 -60.9 -69.9
    (Note 1) This property was acquired on October 13, 2017.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 87.6 84.6 58.9 23.1 26.8 44.3 54.1
year-on-year (points) -1.4 -4.8 -33.8 -65.8 -58.6 -42.6 -34.6
ADR actual (JPY) 11,555 9,492 7,811 4,971 4,808 5,404 8,485
year-on-year (%) -4.6 -22.7 -41.3 -64.2 -66.1 -40.9 -32.1
RevPAR actual (JPY) 10,122 8,027 4,604 1,148 1,287 2,392 4,590
year-on-year (%) -6.1 -26.9 -62.7 -90.7 -89.4 -69.9 -58.6
Gross Revenue actual (JPY mn) 166 122 69 29 33 46 468
year-on-year (%) -0.7 -18.4 -64.0 -83.6 -81.7 -64.5 -53.5
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 55.3 47.6 61.1 64.5 65.9 35.0 54.8
year-on-year (points) -36.2 -40.8 -23.4 -24.3 -23.2 -54.0 -33.8
ADR actual (JPY) 6,763 7,713 8,212 9,031 13,841 11,890 9,554
year-on-year (%) -36.3 -49.4 -17.8 -45.0 11.0 0.6 -25.3
RevPAR actual (JPY) 3,742 3,670 5,021 5,822 9,121 4,156 5,235
year-on-year (%) -61.5 -72.8 -40.5 -60.0 -17.9 -60.5 -53.7
Gross Revenue actual (JPY mn) 62 62 77 93 129 69 495
year-on-year (%) -58.0 -69.4 -40.7 -52.8 -25.3 -58.3 -51.6
    (Note 1) This property was acquired on October 13, 2017.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 87.8 60.1 5.7 - - - 25.5
year-on-year (points) -8.9 -36.2 -85.8 -79.2 -86.3 -92.5 -64.9
ADR actual (JPY) 8,486 13,272 6,130 - - - 10,194
year-on-year (%) 1.1 -9.6 -22.4 -100.0 -100.0 -100.0 -3.5
RevPAR actual (JPY) 7,450 7,973 351 2 - - 2,600
year-on-year (%) -8.2 -43.6 -95.1 -100.0 -100.0 -100.0 -72.8
Gross Revenue actual (JPY mn) 59 61 7 3 4 2 138
year-on-year (%) -7.6 -37.5 -87.1 -93.6 -94.7 -97.3 -68.5
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 12.0 35.0 31.8 40.9 24.8 13.7 26.3
year-on-year (points) -80.0 -59.0 -57.9 -45.0 -52.2 -69.8 -60.7
ADR actual (JPY) 6,788 6,749 5,762 5,130 5,601 5,820 5,877
year-on-year (%) -54.8 -53.9 -53.5 -46.4 -44.8 -35.9 -50.8
RevPAR actual (JPY) 813 2,363 1,831 2,096 1,386 799 1,548
year-on-year (%) -94.1 -82.8 -83.5 -74.5 -82.3 -89.5 -85.1
Gross Revenue actual (JPY mn) 8 20 17 18 12 8 86
year-on-year (%) -92.1 -80.8 -79.8 -71.4 -78.6 -86.1 -82.2
    (Note 1) This property was acquired on October 13, 2017.
    (Note 2) Renovation Period : March 2, 2020 - April 17, 2020 and May 11, 2020 - May 30, 2020
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 94.1 89.7 63.1 39.0 74.8 81.4 73.7
year-on-year (points) 0.4 -5.4 -33.9 -56.8 -17.6 -7.5 -20.2
ADR actual (JPY) 6,129 6,076 5,024 4,510 4,100 4,396 5,149
year-on-year (%) -11.4 -27.4 -48.3 -58.7 -59.5 -49.2 -43.6
RevPAR actual (JPY) 5,765 5,452 3,172 1,760 3,066 3,580 3,793
year-on-year (%) -11.0 -31.6 -66.4 -83.2 -67.2 -53.5 -55.7
Gross Revenue actual (JPY mn) 30 27 17 10 16 19 121
year-on-year (%) -10.5 -28.5 -64.8 -81.1 -65.5 -51.8 -54.0
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 80.5 76.1 74.9 74.5 68.1 80.5 75.8
year-on-year (points) -14.3 -22.6 -20.6 -21.2 -27.3 -10.7 -19.4
ADR actual (JPY) 4,857 5,077 5,355 5,912 6,669 5,922 5,605
year-on-year (%) -44.9 -50.6 -36.6 -42.4 -26.9 -30.8 -39.5
RevPAR actual (JPY) 3,908 3,862 4,012 4,406 4,539 4,765 4,249
year-on-year (%) -53.2 -61.9 -50.3 -55.1 -47.8 -38.9 -51.8
Gross Revenue actual (JPY mn) 21 21 21 23 23 25 137
year-on-year (%) -51.4 -59.1 -48.3 -54.1 -46.8 -37.6 -50.1
    (Note 1) This property was acquired on February 7, 2018.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 55.2 56.0 39.1 17.9 9.7 31.8 34.8
year-on-year (points) 4.7 -2.9 -26.4 -62.4 -59.8 -35.8 -30.6
ADR actual (JPY) 7,266 8,083 7,228 7,473 5,764 5,309 7,119
year-on-year (%) 2.1 12.1 1.2 -28.3 -29.7 -29.5 -11.9
RevPAR actual (JPY) 4,013 4,524 2,823 1,340 562 1,687 2,480
year-on-year (%) 11.5 6.5 -39.6 -84.0 -90.2 -66.9 -53.1
Gross Revenue actual (JPY mn) 48 60 43 19 14 18 204
year-on-year (%) 7.6 38.0 -45.2 -78.8 -82.4 -78.1 -52.0
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 49.5 45.6 61.6 72.8 62.0 42.4 55.6
year-on-year (points) -26.9 -32.7 -9.0 -1.9 -16.3 -25.3 -18.8
ADR actual (JPY) 5,601 6,247 5,905 6,518 7,075 6,640 6,349
year-on-year (%) -26.3 -35.6 -21.3 -20.4 -9.6 -9.3 -21.2
RevPAR actual (JPY) 2,775 2,847 3,635 4,746 4,388 2,812 3,529
year-on-year (%) -52.3 -62.5 -31.3 -22.5 -28.4 -43.2 -41.1
Gross Revenue actual (JPY mn) 38 28 47 53 52 35 256
year-on-year (%) -56.0 -71.7 -40.3 -36.5 -37.7 -55.9 -50.5
    (Note 1) This property was acquired on February 7, 2018.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 54.3 58.4 36.7 15.3 17.9 40.1 37.0
year-on-year (points) 2.6 -8.6 -29.2 -58.9 -71.9 -48.6 -35.9
ADR actual (JPY) 7,408 8,625 7,393 6,808 5,237 4,985 7,058
year-on-year (%) 9.1 2.0 2.4 -64.9 -58.8 -42.4 -34.9
RevPAR actual (JPY) 4,020 5,034 2,710 1,040 938 2,002 2,610
year-on-year (%) 14.5 -11.1 -42.9 -92.8 -91.8 -73.9 -67.0
Gross Revenue actual (JPY mn) 62 66 36 18 23 33 240
year-on-year (%) -8.9 -16.1 -54.4 -83.2 -80.2 -62.9 -56.1
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 50.7 61.9 78.2 80.5 60.6 51.7 63.9
year-on-year (points) -32.6 -23.4 0.3 -9.5 -19.8 -5.5 -15.1
ADR actual (JPY) 6,848 7,233 7,783 8,962 8,388 7,722 7,904
year-on-year (%) -27.9 -58.1 -22.8 -16.8 2.1 4.9 -26.7
RevPAR actual (JPY) 3,472 4,478 6,087 7,214 5,083 3,991 5,049
year-on-year (%) -56.1 -69.6 -22.5 -25.5 -23.0 -5.2 -40.7
Gross Revenue actual (JPY mn) 40 49 61 65 52 51 320
year-on-year (%) -53.1 -60.8 -34.5 -40.2 -44.1 -43.0 -46.6
    (Note 1) This property was acquired on February 7, 2018.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 92.8 94.3 63.0 34.2 35.3 57.4 62.7
year-on-year (points) 4.2 1.1 -31.6 -56.2 -52.2 -36.1 -28.6
ADR actual (JPY) 5,100 5,796 4,599 4,219 4,114 4,081 4,853
year-on-year (%) -3.1 -10.0 -17.5 -30.2 -39.2 -28.6 -18.5
RevPAR actual (JPY) 4,733 5,465 2,898 1,443 1,453 2,343 3,042
year-on-year (%) 1.5 -9.0 -45.1 -73.6 -75.5 -56.2 -44.1
Gross Revenue actual (JPY mn) 23 25 14 7 8 11 91
year-on-year (%) -0.4 -5.9 -45.3 -71.9 -71.9 -54.4 -42.7
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 66.7 57.9 63.5 72.1 75.7 67.0 67.1
year-on-year (points) -27.0 -33.6 -25.8 -19.2 -16.0 -27.0 -24.8
ADR actual (JPY) 4,363 4,530 4,539 5,139 6,436 5,436 5,116
year-on-year (%) -12.1 -22.2 -25.9 -55.4 -10.1 -7.2 -25.8
RevPAR actual (JPY) 2,909 2,623 2,883 3,704 4,870 3,643 3,434
year-on-year (%) -37.5 -50.8 -47.3 -64.8 -25.8 -33.8 -45.8
Gross Revenue actual (JPY mn) 15 13 14 18 23 18 103
year-on-year (%) -36.0 -49.6 -46.2 -63.0 -26.3 -34.2 -44.8
    (Note 1) This property was acquired on February 7, 2018.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 96.8 95.1 83.1 47.9 41.1 52.1 69.3
year-on-year (points) 9.6 -0.3 -14.4 -49.4 -55.2 -45.9 -26.0
ADR actual (JPY) 8,225 8,254 5,313 5,260 4,940 5,207 6,593
year-on-year (%) -9.4 -20.3 -50.7 -55.4 -46.9 -39.1 -34.0
RevPAR actual (JPY) 7,965 7,853 4,416 2,518 2,031 2,711 4,568
year-on-year (%) 0.6 -20.6 -58.0 -78.1 -77.3 -67.6 -52.0
Gross Revenue actual (JPY mn) 27 25 15 8 7 9 94
year-on-year (%) 0.5 -17.5 -57.1 -76.6 -75.9 -65.5 -50.7
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 52.3 62.5 64.2 86.0 72.0 60.9 66.3
year-on-year (points) -45.0 -35.0 -33.4 -11.6 -26.0 -35.5 -31.1
ADR actual (JPY) 4,873 4,626 4,532 5,014 5,821 5,465 5,070
year-on-year (%) -45.8 -47.7 -48.4 -50.5 -45.5 -43.4 -46.7
RevPAR actual (JPY) 2,550 2,892 2,910 4,313 4,189 3,330 3,362
year-on-year (%) -70.9 -66.5 -66.0 -56.4 -59.9 -64.2 -63.7
Gross Revenue actual (JPY mn) 9 10 10 15 14 11 72
year-on-year (%) -68.3 -63.5 -62.4 -54.3 -58.8 -63.0 -61.5
    (Note 1) This property was acquired on June 27, 2018.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 96.7 95.5 97.1 74.5 73.6 77.3 85.8
year-on-year (points) 3.7 2.1 0.5 -21.7 -21.7 -16.9 -9.0
ADR actual (JPY) 7,448 8,891 5,716 5,056 4,889 5,330 6,339
year-on-year (%) -2.1 -4.8 -38.9 -48.3 -45.9 -36.1 -28.9
RevPAR actual (JPY) 7,202 8,491 5,551 3,769 3,596 4,120 5,438
year-on-year (%) 1.9 -2.7 -38.6 -60.0 -58.2 -47.6 -35.6
Gross Revenue actual (JPY mn) 28 31 22 15 14 16 129
year-on-year (%) 1.6 0.9 -36.2 -57.3 -56.4 -45.7 -33.6
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 65.6 81.1 79.3 86.4 85.1 77.0 79.0
year-on-year (points) -29.8 -15.4 -16.4 -7.9 -11.2 -18.3 -16.5
ADR actual (JPY) 5,307 5,044 5,081 6,248 7,593 7,168 6,104
year-on-year (%) -40.8 -48.4 -39.5 -29.5 -19.5 -15.7 -32.1
RevPAR actual (JPY) 3,479 4,089 4,029 5,395 6,461 5,517 4,824
year-on-year (%) -59.3 -56.6 -49.9 -35.4 -28.9 -31.9 -43.9
Gross Revenue actual (JPY mn) 14 18 17 21 25 22 119
year-on-year (%) -57.6 -50.2 -42.4 -34.4 -28.3 -30.7 -40.7
    (Note 1) This property was acquired on June 27, 2018.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 92.4 83.9 51.5 35.7 37.2 48.4 58.1
year-on-year (points) 5.0 -12.0 -44.6 -60.3 -57.1 -46.9 -36.1
ADR actual (JPY) 9,711 8,860 6,517 5,383 4,944 4,893 7,413
year-on-year (%) -5.6 -22.8 -50.9 -67.0 -60.7 -53.9 -40.5
RevPAR actual (JPY) 8,976 7,436 3,359 1,920 1,837 2,368 4,306
year-on-year (%) -0.2 -32.5 -73.7 -87.7 -84.5 -76.6 -63.3
Gross Revenue actual (JPY mn) 97 76 40 24 24 28 292
year-on-year (%) 0.4 -28.1 -70.2 -84.7 -80.6 -72.8 -60.0
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 47.6 27.4 29.7 40.1 21.7 19.7 31.1
year-on-year (points) -49.0 -66.4 -65.8 -55.1 -75.4 -75.5 -64.5
ADR actual (JPY) 5,068 6,062 5,375 5,901 8,246 7,605 6,077
year-on-year (%) -54.6 -41.9 -50.5 -58.9 -38.0 -36.8 -49.5
RevPAR actual (JPY) 2,412 1,659 1,598 2,365 1,791 1,498 1,889
year-on-year (%) -77.6 -83.0 -84.6 -82.7 -86.1 -86.9 -83.6
Gross Revenue actual (JPY mn) 31 26 28 30 23 21 162
year-on-year (%) -72.8 -74.8 -73.4 -78.9 -82.2 -82.5 -77.7
    (Note 1) This property was acquired on August 2, 2018.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 75.2 73.0 18.8 7.4 9.6 18.4 33.5
year-on-year (points) -17.1 -20.1 -70.9 -57.5 -69.1 -67.6 -50.5
ADR actual (JPY) 8,406 12,292 6,235 5,839 5,460 5,842 9,077
year-on-year (%) -0.4 -20.3 -20.2 -39.6 -56.7 -59.1 -20.0
RevPAR actual (JPY) 6,324 8,969 1,171 431 525 1,076 3,044
year-on-year (%) -18.9 -37.5 -83.3 -93.1 -94.7 -91.3 -68.1
Gross Revenue actual (JPY mn) 136 151 31 18 22 32 393
year-on-year (%) -15.6 -30.9 -78.9 -85.5 -87.8 -84.3 -62.5
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 27.6 38.5 48.8 66.0 38.5 11.6 38.5
year-on-year (points) -63.8 -53.2 -34.9 -12.2 -35.6 -60.0 -43.4
ADR actual (JPY) 7,970 9,130 7,387 6,252 7,067 7,281 7,366
year-on-year (%) -51.8 -48.0 -47.1 -36.5 -25.5 -24.7 -44.1
RevPAR actual (JPY) 2,201 3,518 3,604 4,127 2,723 843 2,833
year-on-year (%) -85.4 -78.2 -69.2 -46.4 -61.3 -87.8 -73.7
Gross Revenue actual (JPY mn) 59 82 81 96 62 31 414
year-on-year (%) -77.3 -70.5 -59.6 -36.3 -54.6 -78.1 -64.8
    (Note 1) This property was acquired on August 2, 2018.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 92.8 85.6 42.5 7.2 13.9 6.8 41.4
year-on-year (points) 0.9 -11.5 -53.4 -87.8 -79.3 -89.8 -53.6
ADR actual (JPY) 7,649 7,313 6,570 4,692 7,675 4,445 7,179
year-on-year (%) -9.1 -23.8 -39.9 -62.4 -19.1 -48.8 -27.8
RevPAR actual (JPY) 7,098 6,259 2,793 338 1,068 303 2,970
year-on-year (%) -8.2 -32.8 -73.4 -97.2 -87.9 -96.4 -68.5
Gross Revenue actual (JPY mn) 33 28 13 2 6 2 86
year-on-year (%) -8.2 -28.9 -72.1 -94.5 -85.5 -93.7 -66.5
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 11.8 9.8 8.9 36.4 61.3 54.3 30.4
year-on-year (points) -84.4 -86.1 -86.0 -56.4 -34.6 -38.8 -64.4
ADR actual (JPY) 4,284 4,369 3,914 3,343 3,998 3,965 3,891
year-on-year (%) -53.5 -50.8 -53.4 -66.3 -59.7 -59.1 -58.3
RevPAR actual (JPY) 504 428 347 1,216 2,451 2,154 1,181
year-on-year (%) -94.3 -95.0 -95.6 -86.8 -74.2 -76.1 -86.6
Gross Revenue actual (JPY mn) 4 4 5 6 12 10 43
year-on-year (%) -89.5 -89.7 -85.8 -83.9 -71.4 -74.6 -82.3
    (Note 1) This property was acquired on August 2, 2018.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 90.5 53.2 24.2 21.1 25.7 32.3 41.2
year-on-year (points) -0.4 -34.8 -66.0 -71.4 -64.6 -51.1 -48.0
ADR actual (JPY) 6,696 6,761 5,112 3,723 3,691 3,966 5,628
year-on-year (%) -18.9 -29.1 -45.1 -66.3 -60.1 -53.4 -39.7
RevPAR actual (JPY) 6,060 3,594 1,237 785 950 1,279 2,318
year-on-year (%) -19.2 -57.2 -85.3 -92.3 -88.6 -82.0 -72.2
Gross Revenue actual (JPY mn) 21 12 5 3 4 5 51
year-on-year (%) -18.3 -54.1 -82.1 -89.2 -86.1 -77.3 -69.3
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 26.3 18.8 29.0 67.4 23.8 15.4 30.2
year-on-year (points) -59.1 -72.1 -48.0 -19.6 -67.2 -76.1 -57.0
ADR actual (JPY) 4,296 4,266 4,067 4,734 5,156 5,149 4,606
year-on-year (%) -50.5 -52.6 -45.5 -38.8 -35.6 -31.3 -43.0
RevPAR actual (JPY) 1,130 804 1,177 3,191 1,228 790 1,389
year-on-year (%) -84.7 -90.2 -79.5 -52.6 -83.1 -88.5 -80.3
Gross Revenue actual (JPY mn) 5 3 4 11 4 3 33
year-on-year (%) -80.3 -86.6 -75.7 -51.2 -81.1 -84.9 -77.1
    (Note 1) This property was acquired on August 2, 2018.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 87.1 63.0 20.6 10.3 7.7 17.6 34.3
year-on-year (points) -4.8 -31.2 -68.3 -66.8 -75.8 -74.0 -53.5
ADR actual (JPY) 10,604 15,005 7,008 6,233 5,431 6,022 10,722
year-on-year (%) -4.3 -21.7 -29.5 -41.4 -60.5 -60.2 -19.4
RevPAR actual (JPY) 9,235 9,454 1,445 642 420 1,058 3,677
year-on-year (%) -9.2 -47.6 -83.6 -92.2 -96.3 -92.4 -68.5
Gross Revenue actual (JPY mn) 110 101 24 18 17 23 295
year-on-year (%) -6.2 -42.7 -77.2 -80.5 -86.8 -85.0 -62.3
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 23.6 32.6 39.1 57.4 33.6 12.0 33.0
year-on-year (points) -71.5 -62.2 -52.5 -34.1 -47.2 -79.4 -57.9
ADR actual (JPY) 7,921 9,282 7,351 6,468 6,778 6,712 7,348
year-on-year (%) -56.6 -50.0 -47.7 -40.6 -38.4 -40.2 -48.0
RevPAR actual (JPY) 1,866 3,030 2,875 3,715 2,278 806 2,427
year-on-year (%) -89.2 -82.8 -77.7 -62.7 -74.4 -92.1 -81.1
Gross Revenue actual (JPY mn) 34 42 40 48 34 21 221
year-on-year (%) -81.8 -77.3 -70.6 -58.2 -66.3 -82.4 -74.0
    (Note 1) This property was acquired on July 19, 2019.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 65.4 80.9 58.2 8.9 - 15.9 38.0
year-on-year (points) -5.2 4.6 -27.4 -78.4 -84.8 -69.5 -43.7
ADR actual (JPY) 12,726 12,400 13,862 11,322 - 10,279 12,689
year-on-year (%) -5.7 -11.3 -15.1 -33.8 -100.0 -34.1 -18.5
RevPAR actual (JPY) 8,318 10,037 8,062 1,004 - 1,638 4,825
year-on-year (%) -12.7 -6.0 -42.3 -93.3 -100.0 -87.7 -62.1
Gross Revenue actual (JPY mn) 121 134 98 25 34 38 452
year-on-year (%) -8.0 4.4 -43.5 -85.8 -80.4 -75.6 -52.2
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 33.5 42.1 35.2 77.4 88.7 66.9 57.3
year-on-year (points) -54.7 -41.4 -40.2 -1.7 12.5 12.6 -18.9
ADR actual (JPY) 17,284 20,055 15,903 11,484 11,552 11,633 13,608
year-on-year (%) -24.3 -36.6 -12.7 -22.5 -5.7 -18.9 -30.4
RevPAR actual (JPY) 5,794 8,444 5,604 8,894 10,245 7,784 7,793
year-on-year (%) -71.2 -68.0 -59.3 -24.1 9.7 -0.1 -47.7
Gross Revenue actual (JPY mn) 69 89 67 110 123 105 565
year-on-year (%) -68.4 -67.0 -58.3 -30.3 -13.8 -8.6 -47.1
    (Note 1) This property was acquired on July 19, 2019.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 86.2 64.6 27.8 11.1 - 16.8 34.3
year-on-year (points) 3.3 -17.2 -62.2 -78.0 -91.3 -74.4 -53.5
ADR actual (JPY) 14,699 13,205 12,994 9,629 - 8,440 13,246
year-on-year (%) 0.0 -10.8 -24.4 -61.2 -100.0 -36.0 -23.8
RevPAR actual (JPY) 12,677 8,529 3,617 1,070 12 1,417 4,546
year-on-year (%) 4.0 -29.5 -76.6 -95.2 -99.9 -88.2 -70.2
Gross Revenue actual (JPY mn) 81 51 23 10 7 10 185
year-on-year (%) 9.8 -23.5 -74.9 -91.5 -92.8 -85.5 -65.6
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 27.1 55.1 50.6 57.2 61.4 38.3 48.2
year-on-year (points) -58.4 -39.6 -43.5 -30.9 -35.0 -54.4 -43.7
ADR actual (JPY) 13,705 17,436 16,028 14,889 19,459 17,261 16,729
year-on-year (%) -33.7 -36.3 -4.9 -1.6 7.5 4.9 -12.6
RevPAR actual (JPY) 3,712 9,601 8,118 8,518 11,945 6,605 8,062
year-on-year (%) -79.0 -63.0 -48.9 -36.1 -31.5 -56.7 -54.2
Gross Revenue actual (JPY mn) 22 57 47 52 68 43 290
year-on-year (%) -78.6 -61.2 -49.4 -37.7 -32.5 -53.7 -53.4
    (Note 1) This property was acquired on July 19, 2019.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 73.0 58.0 18.1 10.1 11.9 19.4 31.6
year-on-year (points) 11.8 -13.2 -39.9 -40.8 -61.8 -61.6 -34.3
ADR actual (JPY) 11,532 14,451 8,820 7,142 6,952 7,060 11,143
year-on-year (%) 7.0 -13.6 -2.8 -41.9 -51.5 -49.2 -14.4
RevPAR actual (JPY) 8,416 8,381 1,594 722 828 1,371 3,527
year-on-year (%) 27.7 -29.6 -69.7 -88.5 -92.2 -87.8 -58.9
Gross Revenue actual (JPY mn) 51 47 13 8 9 10 141
year-on-year (%) 64.9 -16.4 -58.9 -77.6 -85.1 -83.4 -50.6
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 32.2 55.7 66.0 76.5 61.1 36.8 54.6
year-on-year (points) -47.9 -27.7 -21.2 -5.4 -24.6 -44.8 -28.7
ADR actual (JPY) 10,180 11,788 10,918 10,438 9,813 10,859 10,673
year-on-year (%) -47.7 -44.8 -29.1 -10.1 -4.0 -12.5 -29.2
RevPAR actual (JPY) 3,277 6,564 7,201 7,986 5,991 3,997 5,828
year-on-year (%) -79.0 -63.1 -46.3 -16.0 -31.6 -60.5 -53.6
Gross Revenue actual (JPY mn) 23 41 49 54 41 29 241
year-on-year (%) -72.8 -58.1 -34.5 -6.2 -19.9 -52.1 -44.5
    (Note 1) This property was acquired on July 19, 2019.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 73.8 76.9 49.6 10.3 - - 35.0
year-on-year (points) -1.0 -8.2 -37.9 -75.3 -86.9 -75.7 -47.6
ADR actual (JPY) 6,436 7,431 6,531 5,411 - - 6,758
year-on-year (%) -5.5 -9.2 -20.9 -57.1 -100.0 -100.0 -27.6
RevPAR actual (JPY) 4,751 5,712 3,238 557 - - 2,363
year-on-year (%) -6.8 -17.9 -55.1 -94.8 -100.0 -100.0 -69.3
Gross Revenue actual (JPY mn) 32 36 23 6 2 1 102
year-on-year (%) -6.2 -13.2 -50.3 -91.1 -96.3 -96.2 -65.7
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 28.6 31.6 39.4 42.9 49.1 29.4 36.7
year-on-year (points) -56.2 -60.9 -54.1 -40.9 -42.4 -44.4 -49.8
ADR actual (JPY) 5,921 5,685 6,647 6,145 12,808 7,668 7,793
year-on-year (%) -23.4 -47.2 -31.2 -37.3 14.5 3.0 -18.1
RevPAR actual (JPY) 1,692 1,794 2,620 2,636 6,284 2,251 2,862
year-on-year (%) -74.2 -82.0 -71.0 -67.9 -38.6 -59.0 -65.2
Gross Revenue actual (JPY mn) 14 13 17 18 40 16 120
year-on-year (%) -67.2 -80.2 -69.3 -66.3 -39.1 -55.7 -63.1
    (Note 1) This property was acquired on July 19, 2019.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 76.8 83.6 49.2 17.6 13.5 30.7 45.1
year-on-year (points) 1.6 -3.2 -40.6 -72.8 -72.4 -55.7 -40.7
ADR actual (JPY) 5,887 6,434 5,672 5,296 4,701 4,423 5,746
year-on-year (%) 1.3 7.6 -16.4 -27.3 -39.0 -39.6 -16.1
RevPAR actual (JPY) 4,522 5,382 2,793 930 636 1,356 2,589
year-on-year (%) 3.4 3.6 -54.2 -85.9 -90.4 -78.6 -55.9
Gross Revenue actual (JPY mn) 85 85 39 16 16 25 268
year-on-year (%) 8.6 2.7 -62.1 -84.1 -83.9 -74.0 -52.9
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 51.8 45.3 62.0 68.3 55.8 51.4 55.7
year-on-year (points) -35.5 -46.6 -25.9 -20.0 -27.7 -29.0 -30.8
ADR actual (JPY) 4,859 5,439 5,806 6,367 7,854 6,172 6,114
year-on-year (%) -36.3 -48.4 -24.7 -14.9 9.1 3.5 -21.7
RevPAR actual (JPY) 2,518 2,462 3,600 4,347 4,381 3,173 3,407
year-on-year (%) -62.2 -74.6 -46.9 -34.2 -27.1 -33.8 -49.6
Gross Revenue actual (JPY mn) 43 42 55 62 60 51 314
year-on-year (%) -59.0 -67.4 -43.6 -37.3 -37.8 -45.2 -49.5
    (Note 1) This property was acquired on July 19, 2019.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 88.6 73.6 35.8 23.0 12.9 26.6 43.3
year-on-year (points) 1.8 -17.5 -54.6 -70.7 -75.8 -64.4 -47.0
ADR actual (JPY) 7,151 7,879 4,937 4,016 4,457 4,331 6,340
year-on-year (%) 3.4 1.6 -37.7 -60.6 -47.0 -41.7 -21.9
RevPAR actual (JPY) 6,337 5,802 1,768 922 574 1,151 2,745
year-on-year (%) 5.6 -17.9 -75.3 -90.3 -92.3 -83.0 -62.5
Gross Revenue actual (JPY mn) 36 31 12 7 5 7 100
year-on-year (%) 5.6 -14.0 -69.7 -85.6 -86.5 -80.0 -58.5
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 33.4 25.8 35.7 40.5 25.7 41.7 33.8
year-on-year (points) -56.7 -70.4 -57.0 -52.0 -69.1 -49.9 -59.1
ADR actual (JPY) 4,365 3,935 3,973 4,365 5,701 4,114 4,355
year-on-year (%) -48.2 -51.6 -50.0 -45.7 -40.8 -47.5 -47.8
RevPAR actual (JPY) 1,459 1,016 1,420 1,766 1,463 1,717 1,474
year-on-year (%) -80.8 -87.0 -80.7 -76.2 -84.0 -76.1 -81.0
Gross Revenue actual (JPY mn) 10 8 10 11 9 11 61
year-on-year (%) -75.3 -81.6 -74.9 -72.4 -79.8 -71.9 -76.2
    (Note 1) This property was acquired on July 19, 2019.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 86.5 73.3 9.6 - - - 28.1
year-on-year (points) 0.7 -10.8 -67.5 -65.4 -83.2 -90.2 -52.9
ADR actual (JPY) 11,517 15,111 7,640 - - - 12,784
year-on-year (%) -3.9 -16.2 -26.1 -100.0 -100.0 -100.0 -8.7
RevPAR actual (JPY) 9,959 11,076 737 -5 - - 3,586
year-on-year (%) -3.1 -26.9 -90.8 - -100.0 -100.0 -68.4
Gross Revenue actual (JPY mn) 44 41 8 8 9 3 115
year-on-year (%) -5.6 -20.4 -78.0 -76.7 -82.3 -93.7 -59.2
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 30.3 49.0 69.8 77.7 48.3 26.7 50.2
year-on-year (points) -59.3 -43.5 -22.8 -5.2 -34.9 -58.8 -37.5
ADR actual (JPY) 10,266 14,069 10,818 9,786 9,748 11,221 10,895
year-on-year (%) -54.4 -46.9 -37.8 -27.5 -5.2 -16.1 -37.8
RevPAR actual (JPY) 3,112 6,891 7,550 7,608 4,705 2,996 5,470
year-on-year (%) -84.6 -71.9 -53.1 -32.0 -45.0 -73.8 -64.4
Gross Revenue actual (JPY mn) 17 32 37 35 22 15 160
year-on-year (%) -78.0 -64.4 -41.5 -29.2 -36.5 -66.9 -56.1
    (Note 1) This property was acquired on July 19, 2019.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 89.2 83.5 75.3 32.7 36.3 53.4 61.7
year-on-year (points) 1.4 -3.8 -15.8 -57.6 -53.5 -37.7 -27.9
ADR actual (JPY) 5,455 6,385 4,707 4,235 4,240 4,139 5,084
year-on-year (%) -4.9 -6.1 -21.1 -40.4 -43.1 -25.7 -21.0
RevPAR actual (JPY) 4,863 5,332 3,545 1,387 1,539 2,212 3,137
year-on-year (%) -3.4 -10.2 -34.8 -78.4 -77.0 -56.4 -45.6
Gross Revenue actual (JPY mn) 48 45 28 12 15 20 171
year-on-year (%) 8.5 -0.7 -43.5 -77.5 -70.6 -52.3 -41.4
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 39.7 47.3 51.9 54.1 61.9 49.7 50.7
year-on-year (points) -52.7 -44.2 -37.4 -40.2 -31.4 -36.6 -40.5
ADR actual (JPY) 4,491 4,298 4,593 4,805 6,689 5,795 5,187
year-on-year (%) -33.5 -45.7 -22.3 -29.1 -15.8 1.6 -24.3
RevPAR actual (JPY) 1,781 2,034 2,385 2,600 4,143 2,882 2,631
year-on-year (%) -71.4 -71.9 -54.9 -59.4 -44.1 -41.4 -57.9
Gross Revenue actual (JPY mn) 17 18 21 24 34 27 144
year-on-year (%) -67.0 -69.0 -53.1 -55.2 -45.9 -43.6 -55.8
    (Note 1) This property was acquired on July 19, 2019.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 87.7 76.8 17.3 9.0 13.4 44.6 41.2
year-on-year (points) 7.8 -17.4 -63.2 -51.2 -67.8 -46.5 -39.8
ADR actual (JPY) 5,208 6,799 4,825 4,676 4,358 4,414 5,445
year-on-year (%) -4.9 -8.6 -2.9 -28.8 -44.0 -54.3 -22.8
RevPAR actual (JPY) 4,566 5,219 835 423 582 1,970 2,245
year-on-year (%) 4.3 -25.5 -79.1 -89.3 -90.8 -77.6 -60.7
Gross Revenue actual (JPY mn) 155 117 28 26 30 46 406
year-on-year (%) 3.3 -23.3 -81.0 -80.9 -78.9 -75.4 -56.4
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 66.3 71.9 77.0 84.4 39.4 37.5 62.8
year-on-year (points) -29.6 -23.5 -15.8 0.0 -21.5 -40.9 -21.9
ADR actual (JPY) 7,104 8,369 7,865 6,215 6,579 7,321 7,267
year-on-year (%) -57.8 -49.1 -13.2 -2.7 24.3 30.8 -30.9
RevPAR actual (JPY) 4,708 6,014 6,059 5,245 2,590 2,743 4,562
year-on-year (%) -70.9 -61.6 -27.9 -2.7 -19.6 -37.4 -48.8
Gross Revenue actual (JPY mn) 83 108 117 125 72 67 575
year-on-year (%) -68.4 -55.7 -26.6 -13.9 -40.5 -57.9 -47.6
    (Note 1) This property was acquired on July 19, 2019.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 75.2 73.9 47.5 22.9 13.8 27.7 43.4
year-on-year (points) -6.9 -15.9 -44.0 -60.6 -64.6 -49.0 -40.2
ADR actual (JPY) 8,255 8,524 7,472 5,658 5,567 5,348 7,504
year-on-year (%) 12.6 12.0 -8.5 -39.8 -46.9 -34.4 -11.8
RevPAR actual (JPY) 6,212 6,300 3,550 1,297 769 1,482 3,256
year-on-year (%) 3.1 -7.8 -52.5 -83.5 -90.6 -76.3 -54.2
Gross Revenue actual (JPY mn) 57 57 28 11 12 18 187
year-on-year (%) 5.8 -2.0 -61.2 -83.1 -82.2 -66.9 -51.3
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 39.8 47.8 53.4 61.2 65.1 33.0 50.0
year-on-year (points) -40.8 -38.6 -27.5 -24.0 -26.6 -38.7 -32.8
ADR actual (JPY) 6,885 7,348 7,697 7,490 9,793 8,226 7,994
year-on-year (%) -20.1 -29.2 -5.4 -14.5 1.1 4.7 -10.8
RevPAR actual (JPY) 2,738 3,515 4,110 4,583 6,377 2,716 3,993
year-on-year (%) -60.6 -60.8 -37.5 -38.6 -28.2 -51.8 -46.1
Gross Revenue actual (JPY mn) 27 30 35 39 49 29 212
year-on-year (%) -57.2 -60.3 -38.4 -37.6 -30.9 -53.9 -46.7
    (Note 1) This property was acquired on July 19, 2019.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 78.0 72.2 9.1 - - - 26.3
year-on-year (points) 2.9 -12.2 -52.8 -64.5 -57.0 -79.6 -43.8
ADR actual (JPY) 6,087 9,387 4,283 - - - 7,422
year-on-year (%) -16.2 -26.4 -29.8 -100.0 -100.0 -100.0 -18.9
RevPAR actual (JPY) 4,750 6,775 388 - - - 1,955
year-on-year (%) -12.9 -37.0 -89.7 -100.0 -100.0 -100.0 -69.6
Gross Revenue actual (JPY mn) 17 22 2 3 3 2 52
year-on-year (%) -7.5 -30.4 -80.8 -79.4 -83.1 -91.2 -59.9
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 15.1 36.2 31.6 36.2 12.0 2.3 22.2
year-on-year (points) -64.9 -41.0 -46.1 -34.5 -54.8 -68.7 -51.7
ADR actual (JPY) 5,315 5,338 4,290 3,956 4,798 3,897 4,641
year-on-year (%) -56.9 -53.2 -58.9 -46.7 -39.8 -42.7 -51.2
RevPAR actual (JPY) 801 1,931 1,354 1,431 577 89 1,031
year-on-year (%) -91.9 -78.1 -83.3 -72.7 -89.2 -98.1 -85.3
Gross Revenue actual (JPY mn) 4 7 6 6 3 3 33
year-on-year (%) -85.6 -73.7 -74.5 -67.3 -79.2 -81.0 -77.3
    (Note 1) This property was acquired on July 19, 2019.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 71.2 58.2 7.8 - - - 22.7
year-on-year (points) -11.6 -28.4 -70.5 -62.1 -75.1 -86.7 -55.8
ADR actual (JPY) 7,612 10,730 4,938 - - - 8,729
year-on-year (%) -15.7 -28.7 -33.5 -100.0 -100.0 -100.0 -19.5
RevPAR actual (JPY) 5,420 6,243 385 2 - - 1,984
year-on-year (%) -27.4 -52.1 -93.4 -100.0 -100.0 -100.0 -76.7
Gross Revenue actual (JPY mn) 15 16 1 1 1 - 37
year-on-year (%) -26.3 -48.9 -87.8 -93.0 -92.0 -97.3 -72.7
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 15.3 38.7 25.6 30.7 12.1 8.8 21.9
year-on-year (points) -78.1 -54.5 -58.3 -45.9 -57.9 -55.9 -58.4
ADR actual (JPY) 6,924 7,424 4,988 4,675 6,870 5,927 6,099
year-on-year (%) -51.7 -49.8 -56.1 -44.2 -30.5 -33.8 -47.4
RevPAR actual (JPY) 1,057 2,871 1,278 1,436 828 522 1,335
year-on-year (%) -92.1 -79.2 -86.6 -77.6 -88.0 -91.0 -85.7
Gross Revenue actual (JPY mn) 3 8 5 5 3 2 29
year-on-year (%) -89.4 -77.6 -80.2 -66.5 -82.9 -83.5 -80.8
    (Note 1) This property was acquired on July 19, 2019.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 62.3 53.3 1.0 - - - 19.3
year-on-year (points) -11.6 -31.1 -73.8 -58.9 -74.4 -87.3 -56.2
ADR actual (JPY) 4,760 8,258 3,707 - - - 6,292
year-on-year (%) -10.9 -23.5 -23.1 -100.0 -100.0 -100.0 -18.6
RevPAR actual (JPY) 2,963 4,400 37 - - - 1,212
year-on-year (%) -24.9 -51.7 -99.0 -100.0 -100.0 -100.0 -79.2
Gross Revenue actual (JPY mn) 7 10 - 1 1 1 23
year-on-year (%) -24.7 -49.4 -89.5 -85.5 -88.6 -94.5 -72.9
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 14.8 33.1 26.7 28.1 7.7 - 18.4
year-on-year (points) -75.9 -53.1 -57.8 -53.3 -55.9 -74.0 -61.7
ADR actual (JPY) 5,052 4,925 3,657 3,419 3,540 - 4,161
year-on-year (%) -53.1 -54.4 -60.4 -48.5 -55.8 -100.0 -51.7
RevPAR actual (JPY) 748 1,632 977 959 271 0 766
year-on-year (%) -92.3 -82.5 -87.5 -82.2 -94.7 -100.0 -88.9
Gross Revenue actual (JPY mn) 3 5 3 3 1 1 18
year-on-year (%) -87.4 -78.5 -80.0 -75.3 -88.3 -81.6 -82.0
    (Note 1) This property was acquired on July 19, 2019.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 87.1 90.4 65.3 64.4 65.7 64.6 72.8
year-on-year (points) -1.1 -3.6 -30.5 -32.5 -30.1 -27.1 -20.9
ADR actual (JPY) 4,888 5,004 4,356 4,829 4,683 4,488 4,731
year-on-year (%) -5.8 -14.9 -33.1 -28.9 -26.2 -24.8 -22.9
RevPAR actual (JPY) 4,255 4,523 2,842 3,111 3,075 2,898 3,444
year-on-year (%) -7.0 -18.1 -54.4 -52.7 -49.4 -47.0 -40.1
Gross Revenue actual (JPY mn) 9 9 6 7 7 6 47
year-on-year (%) -6.0 -13.2 -51.8 -50.6 -47.2 -44.3 -37.6
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 55.9 54.3 79.7 74.0 55.0 63.5 63.7
year-on-year (points) -37.1 -42.4 -13.8 -22.2 -40.9 -29.0 -30.9
ADR actual (JPY) 4,192 4,062 4,619 4,850 4,969 4,653 4,576
year-on-year (%) -30.8 -38.0 -19.9 -17.7 -14.9 -19.9 -23.6
RevPAR actual (JPY) 2,341 2,205 3,679 3,590 2,735 2,957 2,915
year-on-year (%) -58.4 -65.2 -31.8 -36.7 -51.2 -45.0 -48.6
Gross Revenue actual (JPY mn) 5 5 8 8 6 7 42
year-on-year (%) -55.5 -61.3 -27.4 -35.3 -48.3 -42.8 -45.6
    (Note 1) This property was acquired on July 19, 2019.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 78.2 62.3 5.5 - - - 24.2
year-on-year (points) -0.2 -29.0 -90.4 -96.7 -90.0 -93.4 -66.7
ADR actual (JPY) 2,894 2,955 2,820 - - - 2,916
year-on-year (%) -15.6 -13.9 -27.7 -100.0 -100.0 -100.0 -21.0
RevPAR actual (JPY) 2,264 1,841 154 -1 - - 705
year-on-year (%) -15.8 -41.2 -95.9 -100.0 -100.0 -100.0 -79.0
Gross Revenue actual (JPY mn) 11 8 1 1 2 1 28
year-on-year (%) -15.3 -38.2 -90.2 -90.7 -85.8 -86.9 -71.2
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) - - - - 7.5 6.7 2.4
year-on-year (points) -94.0 -93.7 -86.7 -88.8 -83.5 -81.5 -88.1
ADR actual (JPY) - - - - 2,111 2,269 2,187
year-on-year (%) -100.0 -100.0 -100.0 -100.0 -41.5 -37.1 -36.0
RevPAR actual (JPY) - - - - 159 152 52
year-on-year (%) -100.0 -100.0 -100.0 -100.0 -95.2 -95.2 -98.3
Gross Revenue actual (JPY mn) 1 2 2 1 1 1 10
year-on-year (%) -88.0 -86.9 -83.4 -92.2 -91.4 -90.8 -88.9
    (Note 1) This property was acquired on July 19, 2019.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 85.6 92.4 87.6 59.2 57.0 70.5 75.3
year-on-year (points) -5.0 1.7 -5.4 -35.6 -38.4 -24.7 -18.0
ADR actual (JPY) 5,340 5,836 4,543 3,792 3,764 4,051 4,677
year-on-year (%) -3.4 -11.0 -24.1 -42.5 -47.6 -23.9 -24.5
RevPAR actual (JPY) 4,573 5,392 3,978 2,244 2,146 2,854 3,522
year-on-year (%) -8.7 -9.3 -28.5 -64.1 -68.7 -43.7 -39.1
Gross Revenue actual (JPY mn) 11 12 10 6 6 7 54
year-on-year (%) -7.9 -4.9 -25.6 -58.3 -63.0 -39.4 -35.0
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 54.3 59.7 68.1 66.9 66.5 52.5 61.2
year-on-year (points) -42.3 -36.3 -26.7 -29.3 -30.6 -40.5 -34.3
ADR actual (JPY) 4,180 4,266 4,368 4,585 5,870 5,251 4,756
year-on-year (%) -35.7 -45.2 -25.8 -29.3 -19.0 -7.0 -27.9
RevPAR actual (JPY) 2,268 2,547 2,974 3,067 3,902 2,754 2,913
year-on-year (%) -63.8 -65.9 -46.7 -50.8 -44.5 -47.5 -53.8
Gross Revenue actual (JPY mn) 6 7 7 8 9 7 46
year-on-year (%) -58.6 -61.2 -42.1 -47.1 -41.1 -42.0 -49.3
    (Note 1) This property was acquired on July 19, 2019.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 72.4 80.2 30.1 26.6 41.4 62.7 52.0
year-on-year (points) -0.9 -4.8 -42.1 -38.0 -33.4 -12.2 -22.0
ADR actual (JPY) 7,716 8,311 7,793 7,075 6,029 6,180 7,282
year-on-year (%) 1.3 3.1 5.7 0.2 -15.6 -15.8 -2.2
RevPAR actual (JPY) 5,583 6,665 2,349 1,883 2,498 3,873 3,787
year-on-year (%) 0.1 -2.7 -55.9 -58.7 -53.3 -29.5 -31.3
Gross Revenue actual (JPY mn) 13 14 5 4 6 8 52
year-on-year (%) 0.4 0.2 -55.8 -56.9 -50.9 -29.8 -30.5
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 76.9 74.7 85.0 85.0 67.9 80.4 78.3
year-on-year (points) -13.2 -14.2 2.4 10.3 2.4 7.6 -0.8
ADR actual (JPY) 6,999 7,207 7,364 7,433 7,372 7,431 7,304
year-on-year (%) -13.3 -9.2 -7.1 1.5 5.8 5.8 -3.8
RevPAR actual (JPY) 5,380 5,384 6,256 6,316 5,002 5,976 5,720
year-on-year (%) -26.1 -23.7 -4.4 15.5 9.7 16.8 -4.8
Gross Revenue actual (JPY mn) 12 12 14 14 11 14 79
year-on-year (%) -27.5 -24.7 -4.1 14.7 8.0 18.1 -5.4
    (Note 1) This property was acquired on July 19, 2019.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 82.5 70.1 37.8 58.2 41.8 52.1 56.3
year-on-year (points) - -9.9 -45.1 -34.6 -46.9 -33.9 -
ADR actual (JPY) 8,084 7,624 7,557 11,665 8,572 6,476 8,367
year-on-year (%) - -3.5 -7.3 26.3 1.9 -18.6 -
RevPAR actual (JPY) 6,672 5,344 2,859 6,791 3,587 3,375 4,708
year-on-year (%) - -15.5 -57.7 -20.8 -52.0 -50.7 -
Gross Revenue actual (JPY mn) 171 149 83 173 104 111 794
year-on-year (%) - -12.5 -61.2 -33.1 -53.8 -44.9 -
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 52.3 57.9 60.2 65.0 92.8 84.2 68.7
year-on-year (points) -34.0 -30.7 -28.3 -21.8 9.0 6.4 -16.6
ADR actual (JPY) 6,649 7,272 7,003 6,837 6,674 7,072 6,911
year-on-year (%) -22.8 -20.9 -16.0 -23.6 -21.0 -17.1 -20.4
RevPAR actual (JPY) 3,478 4,213 4,214 4,447 6,197 5,953 4,745
year-on-year (%) -53.2 -48.3 -42.8 -42.8 -12.5 -10.3 -36.0
Gross Revenue actual (JPY mn) 120 148 143 140 166 182 902
year-on-year (%) -49.6 -42.5 -36.2 -40.6 -20.2 -15.1 -34.8
    (Note 1) This property was acquired on January 6, 2020. Therefore, the figures for January 2020 are the results of 26 days of operation from January 6, 2020 to January 31, 2020.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 88.9 86.3 54.6 26.2 42.0 74.0 61.1
year-on-year (points) - 30.5 9.9 -33.8 -38.0 -11.8 -
ADR actual (JPY) 5,982 6,448 5,998 4,950 3,954 4,206 5,408
year-on-year (%) - -0.2 -11.8 -51.3 -57.7 -40.1 -
RevPAR actual (JPY) 5,318 5,563 3,275 1,297 1,662 3,113 3,305
year-on-year (%) - 54.4 7.7 -78.8 -77.8 -48.3 -
Gross Revenue actual (JPY mn) 87 99 55 26 30 42 342
year-on-year (%) - 22.7 -44.5 -73.3 -74.0 -63.9 -
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) 78.4 80.9 86.7 88.3 70.5 63.9 78.1
year-on-year (points) -12.2 -14.6 -3.0 0.1 -16.7 -21.4 -11.3
ADR actual (JPY) 5,584 5,921 6,619 7,571 8,054 6,241 6,663
year-on-year (%) -27.9 -46.9 -14.6 -4.9 10.9 1.3 -17.4
RevPAR actual (JPY) 4,378 4,788 5,741 6,684 5,681 3,989 5,205
year-on-year (%) -37.6 -55.0 -17.4 -4.8 -10.3 -24.2 -27.8
Gross Revenue actual (JPY mn) 61 59 71 82 71 85 431
year-on-year (%) -50.3 -52.5 -34.7 -31.5 -43.3 -30.2 -40.7
    (Note 1) This property was acquired on January 6, 2020. Therefore, the figures for January 2020 are the results of 26 days of operation from January 6, 2020 to January 31, 2020.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 88.6 93.5 43.5 - - - 37.4
year-on-year (points) 0.8 1.4 -50.1 -91.9 -88.4 -88.7 -53.0
ADR actual (USD) 549 591 569 - - - 569
year-on-year (%) 7.5 -2.5 3.8 -100.0 -100.0 -100.0 -0.1
RevPAR actual (USD) 486 553 247 - -1 - 213
year-on-year (%) 8.4 -0.9 -51.8 -100.0 - -100.0 -50.2
Gross Revenue actual (USD'000) 8,468 9,575 4,840 114 -22 33 23,009
year-on-year (%) 5.9 5.4 -48.3 -98.6 - -99.5 -52.1
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) - - - - - - -
year-on-year (points) -88.2 -77.0 -38.2 -61.5 -84.0 -84.4 -72.3
ADR actual (USD) - - - - - - -
year-on-year (%) -100.0 -100.0 -100.0 -100.0 -100.0 -100.0 -100.0
RevPAR actual (USD) 0 0 0 -1 - 0 0
year-on-year (%) -100.0 - - - -100.0 - -
Gross Revenue actual (USD'000) 173 123 146 138 103 1,287 1,971
year-on-year (%) -97.2 -97.2 -93.0 -96.2 -98.2 -86.2 -93.7
    (Note 1) This property was acquired on Septemer 28, 2018.
    (Note 2) The hotel had been closed since late March 2020 but resumed operations on a limited basis from June 2021.
2020/01 2020/02 2020/03 2020/04 2020/05 2020/06 2020/01～06
Occupancy Rate actual (%) 86.9 94.4 47.5 - - - 37.9
year-on-year (points) -3.4 -0.5 -46.1 -85.7 -77.4 -77.3 -48.5
ADR actual (USD) 272 278 276 - - - 276
year-on-year (%) -4.9 -6.8 -6.3 -100.0 -100.0 -100.0 0.0
RevPAR actual (USD) 237 263 131 1 0 - 105
year-on-year (%) -8.5 -7.3 -52.4 -99.7 -100.0 -100.0 -53.3
Gross Revenue actual (USD'000) 1,400 1,435 793 9 - 16 3,656
year-on-year (%) -5.9 -4.9 -52.6 -99.3 -99.9 -98.3 -54.5
2020/07 2020/08 2020/09 2020/10 2020/11 2020/12 2020/07～12
Occupancy Rate actual (%) - - - 26.9 38.9 31.4 16.2
year-on-year (points) -83.3 -64.3 -52.3 -40.5 -40.0 -55.5 -56.1
ADR actual (USD) - - - 190 175 168 178
year-on-year (%) -100.0 -100.0 -100.0 37.1 1.8 -37.0 -1.6
RevPAR actual (USD) 1 0 - 51 68 53 29
year-on-year (%) -99.5 -99.8 -100.0 -45.3 -49.8 -77.2 -78.0
Gross Revenue actual (USD'000) 39 34 30 316 400 302 1,124
year-on-year (%) -96.3 -95.2 -93.0 -47.2 -53.4 -77.9 -77.7
    (Note 1) This property was acquired on Septemer 28, 2018.
    (Note 2) The hotel had been closed since late March but resumed operations on a limited basis from October 2020.

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