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)
Occupancy Rate actual (%) 80.0 - - - - - 80.0
ADR actual (JPY) 11,982 - - - - - 11,982
RevPAR actual (JPY) 9,581 - - - - - 9,581
Gross Revenue actual (JPY mn) 7,007 - - - - - 7,007
Overseas Hotels Total
2025/01 2025/02 2025/03 2025/04 2025/05 2025/06 2025/01～06
# of Properties (Note2) actual - 2 - - - - - 2
Occupancy Rate actual (%) 71.3 - - - - - 71.3
ADR actual (USD) 709 - - - - - 709
RevPAR actual (USD) 505 - - - - - 505
Gross Revenue actual (USD'000) 12,642 - - - - - 12,642
  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 - - - - - 90.2
year-on-year (points) 11.6 - - - - - 11.6
ADR actual (JPY) 11,760 - - - - - 11,760
year-on-year (%) 29.4 - - - - - 29.4
RevPAR actual (JPY) 10,613 - - - - - 10,613
year-on-year (%) 48.6 - - - - - 48.6
Gross Revenue actual (JPY mn) 41 - - - - - 41
year-on-year (%) 47.1 - - - - - 47.1
    (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 - - - - - 85.4
year-on-year (points) 7.9 - - - - - 7.9
ADR actual (JPY) 8,916 - - - - - 8,916
year-on-year (%) 30.5 - - - - - 30.5
RevPAR actual (JPY) 7,614 - - - - - 7,614
year-on-year (%) 43.9 - - - - - 43.9
Gross Revenue actual (JPY mn) 38 - - - - - 38
year-on-year (%) 42.6 - - - - - 42.6
    (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 - - - - - 62.7
year-on-year (points) 20.4 - - - - - 20.4
ADR actual (JPY) 9,768 - - - - - 9,768
year-on-year (%) 14.4 - - - - - 14.4
RevPAR actual (JPY) 6,125 - - - - - 6,125
year-on-year (%) 69.7 - - - - - 69.7
Gross Revenue actual (JPY mn) 47 - - - - - 47
year-on-year (%) 66.0 - - - - - 66.0
    (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 (%) 92.9 - - - - - 92.9
year-on-year (points) 2.7 - - - - - 2.7
ADR actual (JPY) 13,024 - - - - - 13,024
year-on-year (%) 16.1 - - - - - 16.1
RevPAR actual (JPY) 12,095 - - - - - 12,095
year-on-year (%) 19.5 - - - - - 19.5
Gross Revenue actual (JPY mn) 79 - - - - - 79
year-on-year (%) 21.8 - - - - - 21.8
    (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 - - - - - 96.9
year-on-year (points) 1.4 - - - - - 1.4
ADR actual (JPY) 25,782 - - - - - 25,782
year-on-year (%) 30.8 - - - - - 30.8
RevPAR actual (JPY) 24,978 - - - - - 24,978
year-on-year (%) 32.7 - - - - - 32.7
Gross Revenue actual (JPY mn) 75 - - - - - 75
year-on-year (%) 29.0 - - - - - 29.0
    (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 (%) 85.3 - - - - - 85.3
year-on-year (points) 22.1 - - - - - 22.1
ADR actual (JPY) 13,202 - - - - - 13,202
year-on-year (%) 15.1 - - - - - 15.1
RevPAR actual (JPY) 11,266 - - - - - 11,266
year-on-year (%) 55.4 - - - - - 55.4
Gross Revenue actual (JPY mn) 59 - - - - - 59
year-on-year (%) 41.9 - - - - - 41.9
    (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 - - - - - 85.2
year-on-year (points) -0.7 - - - - - -0.7
ADR actual (JPY) 7,309 - - - - - 7,309
year-on-year (%) 14.2 - - - - - 14.2
RevPAR actual (JPY) 6,227 - - - - - 6,227
year-on-year (%) 13.3 - - - - - 13.3
Gross Revenue actual (JPY mn) 57 - - - - - 57
year-on-year (%) 11.5 - - - - - 11.5
    (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 (%) 81.4 - - - - - 81.4
year-on-year (points) 24.1 - - - - - 24.1
ADR actual (JPY) 7,880 - - - - - 7,880
year-on-year (%) 29.4 - - - - - 29.4
RevPAR actual (JPY) 6,417 - - - - - 6,417
year-on-year (%) 83.9 - - - - - 83.9
Gross Revenue actual (JPY mn) 40 - - - - - 40
year-on-year (%) 75.0 - - - - - 75.0
    (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 - - - - - 86.8
year-on-year (points) 3.9 - - - - - 3.9
ADR actual (JPY) 8,471 - - - - - 8,471
year-on-year (%) 14.3 - - - - - 14.3
RevPAR actual (JPY) 7,354 - - - - - 7,354
year-on-year (%) 19.7 - - - - - 19.7
Gross Revenue actual (JPY mn) 48 - - - - - 48
year-on-year (%) 17.3 - - - - - 17.3
    (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 (%) 58.1 - - - - - 58.1
year-on-year (points) -21.3 - - - - - -21.3
ADR actual (JPY) 9,887 - - - - - 9,887
year-on-year (%) 32.8 - - - - - 32.8
RevPAR actual (JPY) 5,748 - - - - - 5,748
year-on-year (%) -2.8 - - - - - -2.8
Gross Revenue actual (JPY mn) 16 - - - - - 16
year-on-year (%) -3.7 - - - - - -3.7
    (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 - - - - - 90.5
year-on-year (points) 6.0 - - - - - 6.0
ADR actual (JPY) 9,957 - - - - - 9,957
year-on-year (%) 14.5 - - - - - 14.5
RevPAR actual (JPY) 9,012 - - - - - 9,012
year-on-year (%) 22.7 - - - - - 22.7
Gross Revenue actual (JPY mn) 53 - - - - - 53
year-on-year (%) 26.8 - - - - - 26.8
    (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 - - - - - 87.6
year-on-year (points) 2.2 - - - - - 2.2
ADR actual (JPY) 19,350 - - - - - 19,350
year-on-year (%) 90.9 - - - - - 90.9
RevPAR actual (JPY) 16,945 - - - - - 16,945
year-on-year (%) 95.9 - - - - - 95.9
Gross Revenue actual (JPY mn) 37 - - - - - 37
year-on-year (%) 112.5 - - - - - 112.5
    (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 (%) 93.1 - - - - - 93.1
year-on-year (points) 5.8 - - - - - 5.8
ADR actual (JPY) 9,286 - - - - - 9,286
year-on-year (%) 29.6 - - - - - 29.6
RevPAR actual (JPY) 8,641 - - - - - 8,641
year-on-year (%) 38.3 - - - - - 38.3
Gross Revenue actual (JPY mn) 19 - - - - - 19
year-on-year (%) 37.5 - - - - - 37.5
    (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 (%) 85.7 - - - - - 85.7
year-on-year (points) 3.3 - - - - - 3.3
ADR actual (JPY) 10,046 - - - - - 10,046
year-on-year (%) 18.2 - - - - - 18.2
RevPAR actual (JPY) 8,608 - - - - - 8,608
year-on-year (%) 23.0 - - - - - 23.0
Gross Revenue actual (JPY mn) 14 - - - - - 14
year-on-year (%) 21.8 - - - - - 21.8
    (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 - - - - - 80.7
year-on-year (points) 1.1 - - - - - 1.1
ADR actual (JPY) 5,764 - - - - - 5,764
year-on-year (%) 11.1 - - - - - 11.1
RevPAR actual (JPY) 4,653 - - - - - 4,653
year-on-year (%) 12.7 - - - - - 12.7
Gross Revenue actual (JPY mn) 18 - - - - - 18
year-on-year (%) 11.7 - - - - - 11.7
    (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 - - - - - 81.3
year-on-year (points) 7.4 - - - - - 7.4
ADR actual (JPY) 5,513 - - - - - 5,513
year-on-year (%) 6.1 - - - - - 6.1
RevPAR actual (JPY) 4,480 - - - - - 4,480
year-on-year (%) 16.7 - - - - - 16.7
Gross Revenue actual (JPY mn) 14 - - - - - 14
year-on-year (%) 16.3 - - - - - 16.3
    (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 (%) 73.0 - - - - - 73.0
year-on-year (points) 9.8 - - - - - 9.8
ADR actual (JPY) 10,666 - - - - - 10,666
year-on-year (%) 18.9 - - - - - 18.9
RevPAR actual (JPY) 7,792 - - - - - 7,792
year-on-year (%) 37.3 - - - - - 37.3
Gross Revenue actual (JPY mn) 27 - - - - - 27
year-on-year (%) 36.6 - - - - - 36.6
    (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 - - - - - 74.4
year-on-year (points) 5.0 - - - - - 5.0
ADR actual (JPY) 16,843 - - - - - 16,843
year-on-year (%) 27.2 - - - - - 27.2
RevPAR actual (JPY) 12,525 - - - - - 12,525
year-on-year (%) 36.4 - - - - - 36.4
Gross Revenue actual (JPY mn) 23 - - - - - 23
year-on-year (%) 37.0 - - - - - 37.0
    (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 - - - - - 72.5
year-on-year (points) 9.3 - - - - - 9.3
ADR actual (JPY) 6,541 - - - - - 6,541
year-on-year (%) 11.0 - - - - - 11.0
RevPAR actual (JPY) 4,745 - - - - - 4,745
year-on-year (%) 27.3 - - - - - 27.3
Gross Revenue actual (JPY mn) 5 - - - - - 5
year-on-year (%) 24.8 - - - - - 24.8
    (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 - - - - - 72.4
year-on-year (points) 4.4 - - - - - 4.4
ADR actual (JPY) 6,207 - - - - - 6,207
year-on-year (%) 13.2 - - - - - 13.2
RevPAR actual (JPY) 4,496 - - - - - 4,496
year-on-year (%) 20.5 - - - - - 20.5
Gross Revenue actual (JPY mn) 3 - - - - - 3
year-on-year (%) 21.3 - - - - - 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 (%) 98.2 - - - - - 98.2
year-on-year (points) 22.5 - - - - - 22.5
ADR actual (JPY) 7,176 - - - - - 7,176
year-on-year (%) 9.6 - - - - - 9.6
RevPAR actual (JPY) 7,049 - - - - - 7,049
year-on-year (%) 42.1 - - - - - 42.1
Gross Revenue actual (JPY mn) 101 - - - - - 101
year-on-year (%) 43.8 - - - - - 43.8
    (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 - - - - - 73.1
year-on-year (points) 22.4 - - - - - 22.4
ADR actual (JPY) 6,795 - - - - - 6,795
year-on-year (%) 9.0 - - - - - 9.0
RevPAR actual (JPY) 4,970 - - - - - 4,970
year-on-year (%) 57.1 - - - - - 57.1
Gross Revenue actual (JPY mn) 37 - - - - - 37
year-on-year (%) 46.5 - - - - - 46.5
    (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 - - - - - 70.1
year-on-year (points) -0.5 - - - - - -0.5
ADR actual (JPY) 7,881 - - - - - 7,881
year-on-year (%) 20.5 - - - - - 20.5
RevPAR actual (JPY) 5,523 - - - - - 5,523
year-on-year (%) 19.7 - - - - - 19.7
Gross Revenue actual (JPY mn) 14 - - - - - 14
year-on-year (%) 19.5 - - - - - 19.5
    (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 - - - - - 90.9
year-on-year (points) -1.9 - - - - - -1.9
ADR actual (JPY) 13,048 - - - - - 13,048
year-on-year (%) 18.7 - - - - - 18.7
RevPAR actual (JPY) 11,861 - - - - - 11,861
year-on-year (%) 16.3 - - - - - 16.3
Gross Revenue actual (JPY mn) 70 - - - - - 70
year-on-year (%) 13.8 - - - - - 13.8
    (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 (%) 90.4 - - - - - 90.4
year-on-year (points) 11.7 - - - - - 11.7
ADR actual (JPY) 7,327 - - - - - 7,327
year-on-year (%) 18.2 - - - - - 18.2
RevPAR actual (JPY) 6,625 - - - - - 6,625
year-on-year (%) 35.7 - - - - - 35.7
Gross Revenue actual (JPY mn) 56 - - - - - 56
year-on-year (%) 32.9 - - - - - 32.9
    (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 - - - - - 89.5
year-on-year (points) 2.4 - - - - - 2.4
ADR actual (JPY) 12,911 - - - - - 12,911
year-on-year (%) 22.1 - - - - - 22.1
RevPAR actual (JPY) 11,559 - - - - - 11,559
year-on-year (%) 25.5 - - - - - 25.5
Gross Revenue actual (JPY mn) 35 - - - - - 35
year-on-year (%) 25.3 - - - - - 25.3
    (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 (%) 86.4 - - - - - 86.4
year-on-year (points) 12.5 - - - - - 12.5
ADR actual (JPY) 7,617 - - - - - 7,617
year-on-year (%) 18.6 - - - - - 18.6
RevPAR actual (JPY) 6,581 - - - - - 6,581
year-on-year (%) 38.8 - - - - - 38.8
Gross Revenue actual (JPY mn) 36 - - - - - 36
year-on-year (%) 37.8 - - - - - 37.8
    (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 (%) 80.3 - - - - - 80.3
year-on-year (points) 2.9 - - - - - 2.9
ADR actual (JPY) 7,120 - - - - - 7,120
year-on-year (%) 6.5 - - - - - 6.5
RevPAR actual (JPY) 5,719 - - - - - 5,719
year-on-year (%) 10.5 - - - - - 10.5
Gross Revenue actual (JPY mn) 29 - - - - - 29
year-on-year (%) 7.8 - - - - - 7.8
    (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 - - - - - 80.4
year-on-year (points) -1.3 - - - - - -1.3
ADR actual (JPY) 5,401 - - - - - 5,401
year-on-year (%) 18.6 - - - - - 18.6
RevPAR actual (JPY) 4,342 - - - - - 4,342
year-on-year (%) 16.7 - - - - - 16.7
Gross Revenue actual (JPY mn) 12 - - - - - 12
year-on-year (%) 15.9 - - - - - 15.9
    (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 - - - - - 77.5
year-on-year (points) -7.9 - - - - - -7.9
ADR actual (JPY) 8,910 - - - - - 8,910
year-on-year (%) 18.6 - - - - - 18.6
RevPAR actual (JPY) 6,903 - - - - - 6,903
year-on-year (%) 7.6 - - - - - 7.6
Gross Revenue actual (JPY mn) 55 - - - - - 55
year-on-year (%) 15.0 - - - - - 15.0
    (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 (%) 80.4 - - - - - 80.4
year-on-year (points) 3.4 - - - - - 3.4
ADR actual (JPY) 5,595 - - - - - 5,595
year-on-year (%) 10.5 - - - - - 10.5
RevPAR actual (JPY) 4,498 - - - - - 4,498
year-on-year (%) 15.4 - - - - - 15.4
Gross Revenue actual (JPY mn) 9 - - - - - 9
year-on-year (%) 14.4 - - - - - 14.4
    (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 - - - - - 83.0
year-on-year (points) 0.8 - - - - - 0.8
ADR actual (JPY) 5,093 - - - - - 5,093
year-on-year (%) 12.8 - - - - - 12.8
RevPAR actual (JPY) 4,226 - - - - - 4,226
year-on-year (%) 13.9 - - - - - 13.9
Gross Revenue actual (JPY mn) 8 - - - - - 8
year-on-year (%) 12.9 - - - - - 12.9
    (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 - - - - - 76.7
year-on-year (points) -1.9 - - - - - -1.9
ADR actual (JPY) 6,739 - - - - - 6,739
year-on-year (%) 17.1 - - - - - 17.1
RevPAR actual (JPY) 5,172 - - - - - 5,172
year-on-year (%) 14.3 - - - - - 14.3
Gross Revenue actual (JPY mn) 34 - - - - - 34
year-on-year (%) 14.3 - - - - - 14.3
    (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 - - - - - 88.5
year-on-year (points) 19.9 - - - - - 19.9
ADR actual (JPY) 13,688 - - - - - 13,688
year-on-year (%) 16.3 - - - - - 16.3
RevPAR actual (JPY) 12,110 - - - - - 12,110
year-on-year (%) 50.0 - - - - - 50.0
Gross Revenue actual (JPY mn) 21 - - - - - 21
year-on-year (%) 47.0 - - - - - 47.0
    (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 - - - - - 90.3
year-on-year (points) 0.9 - - - - - 0.9
ADR actual (JPY) 13,502 - - - - - 13,502
year-on-year (%) 16.9 - - - - - 16.9
RevPAR actual (JPY) 12,190 - - - - - 12,190
year-on-year (%) 18.1 - - - - - 18.1
Gross Revenue actual (JPY mn) 159 - - - - - 159
year-on-year (%) 15.1 - - - - - 15.1
    (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 - - - - - 62.3
year-on-year (points) -2.0 - - - - - -2.0
ADR actual (JPY) 28,662 - - - - - 28,662
year-on-year (%) 4.6 - - - - - 4.6
RevPAR actual (JPY) 17,854 - - - - - 17,854
year-on-year (%) 1.5 - - - - - 1.5
Gross Revenue actual (JPY mn) 419 - - - - - 419
year-on-year (%) -1.8 - - - - - -1.8
    (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 - - - - - 89.8
year-on-year (points) 6.6 - - - - - 6.6
ADR actual (JPY) 12,338 - - - - - 12,338
year-on-year (%) 20.7 - - - - - 20.7
RevPAR actual (JPY) 11,081 - - - - - 11,081
year-on-year (%) 30.2 - - - - - 30.2
Gross Revenue actual (JPY mn) 77 - - - - - 77
year-on-year (%) 29.2 - - - - - 29.2
    (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 - - - - - 96.3
year-on-year (points) 3.8 - - - - - 3.8
ADR actual (JPY) 13,943 - - - - - 13,943
year-on-year (%) 16.9 - - - - - 16.9
RevPAR actual (JPY) 13,424 - - - - - 13,424
year-on-year (%) 21.7 - - - - - 21.7
Gross Revenue actual (JPY mn) 44 - - - - - 44
year-on-year (%) 22.4 - - - - - 22.4
    (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 - - - - - 61.5
year-on-year (points) -21.5 - - - - - -21.5
ADR actual (JPY) 9,804 - - - - - 9,804
year-on-year (%) 1.2 - - - - - 1.2
RevPAR actual (JPY) 6,032 - - - - - 6,032
year-on-year (%) -25.0 - - - - - -25.0
Gross Revenue actual (JPY mn) 62 - - - - - 62
year-on-year (%) -21.5 - - - - - -21.5
    (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 - - - - - 80.4
year-on-year (points) 8.8 - - - - - 8.8
ADR actual (JPY) 8,507 - - - - - 8,507
year-on-year (%) 19.5 - - - - - 19.5
RevPAR actual (JPY) 6,840 - - - - - 6,840
year-on-year (%) 34.2 - - - - - 34.2
Gross Revenue actual (JPY mn) 56 - - - - - 56
year-on-year (%) 30.8 - - - - - 30.8
    (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 - - - - - 95.1
year-on-year (points) 1.3 - - - - - 1.3
ADR actual (JPY) 26,436 - - - - - 26,436
year-on-year (%) 22.6 - - - - - 22.6
RevPAR actual (JPY) 25,142 - - - - - 25,142
year-on-year (%) 24.4 - - - - - 24.4
Gross Revenue actual (JPY mn) 100 - - - - - 100
year-on-year (%) 19.8 - - - - - 19.8
    (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 - - - - - 84.4
year-on-year (points) 20.5 - - - - - 20.5
ADR actual (JPY) 7,331 - - - - - 7,331
year-on-year (%) 6.8 - - - - - 6.8
RevPAR actual (JPY) 6,184 - - - - - 6,184
year-on-year (%) 41.0 - - - - - 41.0
Gross Revenue actual (JPY mn) 120 - - - - - 120
year-on-year (%) 26.5 - - - - - 26.5
    (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 - - - - - 81.7
year-on-year (points) -1.9 - - - - - -1.9
ADR actual (JPY) 16,639 - - - - - 16,639
year-on-year (%) 22.1 - - - - - 22.1
RevPAR actual (JPY) 13,599 - - - - - 13,599
year-on-year (%) 19.3 - - - - - 19.3
Gross Revenue actual (JPY mn) 110 - - - - - 110
year-on-year (%) 17.6 - - - - - 17.6
    (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 - - - - - 86.4
year-on-year (points) 2.3 - - - - - 2.3
ADR actual (JPY) 14,023 - - - - - 14,023
year-on-year (%) 1.3 - - - - - 1.3
RevPAR actual (JPY) 12,121 - - - - - 12,121
year-on-year (%) 4.2 - - - - - 4.2
Gross Revenue actual (JPY mn) 212 - - - - - 212
year-on-year (%) 6.9 - - - - - 6.9
    (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 (%) 95.7 - - - - - 95.7
year-on-year (points) 10.4 - - - - - 10.4
ADR actual (JPY) 11,103 - - - - - 11,103
year-on-year (%) 25.0 - - - - - 25.0
RevPAR actual (JPY) 10,622 - - - - - 10,622
year-on-year (%) 40.3 - - - - - 40.3
Gross Revenue actual (JPY mn) 82 - - - - - 82
year-on-year (%) 38.1 - - - - - 38.1
    (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 - - - - - 89.9
year-on-year (points) 7.9 - - - - - 7.9
ADR actual (JPY) 8,727 - - - - - 8,727
year-on-year (%) 10.7 - - - - - 10.7
RevPAR actual (JPY) 7,847 - - - - - 7,847
year-on-year (%) 21.4 - - - - - 21.4
Gross Revenue actual (JPY mn) 41 - - - - - 41
year-on-year (%) 21.0 - - - - - 21.0
    (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 (%) 53.5 - - - - - 53.5
year-on-year (points) 5.0 - - - - - 5.0
ADR actual (JPY) 8,095 - - - - - 8,095
year-on-year (%) 14.8 - - - - - 14.8
RevPAR actual (JPY) 4,328 - - - - - 4,328
year-on-year (%) 26.5 - - - - - 26.5
Gross Revenue actual (JPY mn) 46 - - - - - 46
year-on-year (%) 37.0 - - - - - 37.0
    (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 - - - - - 63.6
year-on-year (points) -0.9 - - - - - -0.9
ADR actual (JPY) 9,529 - - - - - 9,529
year-on-year (%) 11.6 - - - - - 11.6
RevPAR actual (JPY) 6,063 - - - - - 6,063
year-on-year (%) 10.0 - - - - - 10.0
Gross Revenue actual (JPY mn) 63 - - - - - 63
year-on-year (%) -9.9 - - - - - -9.9
    (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 - - - - - 91.4
year-on-year (points) 2.7 - - - - - 2.7
ADR actual (JPY) 6,897 - - - - - 6,897
year-on-year (%) 0.7 - - - - - 0.7
RevPAR actual (JPY) 6,302 - - - - - 6,302
year-on-year (%) 3.8 - - - - - 3.8
Gross Revenue actual (JPY mn) 30 - - - - - 30
year-on-year (%) 6.1 - - - - - 6.1
    (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 - - - - - 93.2
year-on-year (points) 1.8 - - - - - 1.8
ADR actual (JPY) 12,290 - - - - - 12,290
year-on-year (%) 19.2 - - - - - 19.2
RevPAR actual (JPY) 11,457 - - - - - 11,457
year-on-year (%) 21.6 - - - - - 21.6
Gross Revenue actual (JPY mn) 39 - - - - - 39
year-on-year (%) 20.9 - - - - - 20.9
    (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 - - - - - 81.7
year-on-year (points) -5.6 - - - - - -5.6
ADR actual (JPY) 10,777 - - - - - 10,777
year-on-year (%) 17.4 - - - - - 17.4
RevPAR actual (JPY) 8,809 - - - - - 8,809
year-on-year (%) 9.9 - - - - - 9.9
Gross Revenue actual (JPY mn) 35 - - - - - 35
year-on-year (%) 9.5 - - - - - 9.5
    (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 - - - - - 91.4
year-on-year (points) 7.4 - - - - - 7.4
ADR actual (JPY) 18,896 - - - - - 18,896
year-on-year (%) 44.5 - - - - - 44.5
RevPAR actual (JPY) 17,280 - - - - - 17,280
year-on-year (%) 57.3 - - - - - 57.3
Gross Revenue actual (JPY mn) 188 - - - - - 188
year-on-year (%) 53.6 - - - - - 53.6
    (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 - - - - - 86.7
year-on-year (points) 14.4 - - - - - 14.4
ADR actual (JPY) 13,799 - - - - - 13,799
year-on-year (%) 43.1 - - - - - 43.1
RevPAR actual (JPY) 11,957 - - - - - 11,957
year-on-year (%) 71.6 - - - - - 71.6
Gross Revenue actual (JPY mn) 215 - - - - - 215
year-on-year (%) 53.9 - - - - - 53.9
    (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 - - - - - 89.4
year-on-year (points) 2.4 - - - - - 2.4
ADR actual (JPY) 12,377 - - - - - 12,377
year-on-year (%) 35.2 - - - - - 35.2
RevPAR actual (JPY) 11,064 - - - - - 11,064
year-on-year (%) 38.9 - - - - - 38.9
Gross Revenue actual (JPY mn) 53 - - - - - 53
year-on-year (%) 36.8 - - - - - 36.8
    (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 - - - - - 79.9
year-on-year (points) 25.0 - - - - - 25.0
ADR actual (JPY) 11,960 - - - - - 11,960
year-on-year (%) 16.2 - - - - - 16.2
RevPAR actual (JPY) 9,552 - - - - - 9,552
year-on-year (%) 69.2 - - - - - 69.2
Gross Revenue actual (JPY mn) 33 - - - - - 33
year-on-year (%) 66.5 - - - - - 66.5
    (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 (%) 96.9 - - - - - 96.9
year-on-year (points) 15.5 - - - - - 15.5
ADR actual (JPY) 14,816 - - - - - 14,816
year-on-year (%) 29.3 - - - - - 29.3
RevPAR actual (JPY) 14,358 - - - - - 14,358
year-on-year (%) 54.0 - - - - - 54.0
Gross Revenue actual (JPY mn) 163 - - - - - 163
year-on-year (%) 48.5 - - - - - 48.5
    (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 - - - - - 64.9
year-on-year (points) 3.5 - - - - - 3.5
ADR actual (JPY) 14,342 - - - - - 14,342
year-on-year (%) 1.2 - - - - - 1.2
RevPAR actual (JPY) 9,313 - - - - - 9,313
year-on-year (%) 6.9 - - - - - 6.9
Gross Revenue actual (JPY mn) 130 - - - - - 130
year-on-year (%) 11.0 - - - - - 11.0
    (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 (%) 87.5 - - - - - 87.5
year-on-year (points) 7.5 - - - - - 7.5
ADR actual (JPY) 27,564 - - - - - 27,564
year-on-year (%) 19.3 - - - - - 19.3
RevPAR actual (JPY) 24,130 - - - - - 24,130
year-on-year (%) 30.4 - - - - - 30.4
Gross Revenue actual (JPY mn) 138 - - - - - 138
year-on-year (%) 25.1 - - - - - 25.1
    (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 (%) 95.4 - - - - - 95.4
year-on-year (points) 21.8 - - - - - 21.8
ADR actual (JPY) 17,303 - - - - - 17,303
year-on-year (%) 10.1 - - - - - 10.1
RevPAR actual (JPY) 16,509 - - - - - 16,509
year-on-year (%) 42.6 - - - - - 42.6
Gross Revenue actual (JPY mn) 95 - - - - - 95
year-on-year (%) 37.3 - - - - - 37.3
    (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 (%) 52.3 - - - - - 52.3
year-on-year (points) -31.3 - - - - - -31.3
ADR actual (JPY) 7,773 - - - - - 7,773
year-on-year (%) -12.3 - - - - - -12.3
RevPAR actual (JPY) 4,062 - - - - - 4,062
year-on-year (%) -45.1 - - - - - -45.1
Gross Revenue actual (JPY mn) 31 - - - - - 31
year-on-year (%) -36.9 - - - - - -36.9
    (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 (%) 53.4 - - - - - 53.4
year-on-year (points) 1.3 - - - - - 1.3
ADR actual (JPY) 7,211 - - - - - 7,211
year-on-year (%) 10.7 - - - - - 10.7
RevPAR actual (JPY) 3,854 - - - - - 3,854
year-on-year (%) 13.5 - - - - - 13.5
Gross Revenue actual (JPY mn) 76 - - - - - 76
year-on-year (%) 13.5 - - - - - 13.5
    (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 - - - - - 89.7
year-on-year (points) 7.2 - - - - - 7.2
ADR actual (JPY) 8,263 - - - - - 8,263
year-on-year (%) 0.9 - - - - - 0.9
RevPAR actual (JPY) 7,410 - - - - - 7,410
year-on-year (%) 9.7 - - - - - 9.7
Gross Revenue actual (JPY mn) 42 - - - - - 42
year-on-year (%) 8.4 - - - - - 8.4
    (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 (%) 95.3 - - - - - 95.3
year-on-year (points) 24.2 - - - - - 24.2
ADR actual (JPY) 17,771 - - - - - 17,771
year-on-year (%) 14.6 - - - - - 14.6
RevPAR actual (JPY) 16,934 - - - - - 16,934
year-on-year (%) 53.7 - - - - - 53.7
Gross Revenue actual (JPY mn) 67 - - - - - 67
year-on-year (%) 48.7 - - - - - 48.7
    (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 (%) 79.3 - - - - - 79.3
year-on-year (points) 3.1 - - - - - 3.1
ADR actual (JPY) 6,266 - - - - - 6,266
year-on-year (%) 6.6 - - - - - 6.6
RevPAR actual (JPY) 4,971 - - - - - 4,971
year-on-year (%) 11.0 - - - - - 11.0
Gross Revenue actual (JPY mn) 46 - - - - - 46
year-on-year (%) 14.9 - - - - - 14.9
    (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 (%) 88.3 - - - - - 88.3
year-on-year (points) 6.5 - - - - - 6.5
ADR actual (JPY) 10,996 - - - - - 10,996
year-on-year (%) 30.7 - - - - - 30.7
RevPAR actual (JPY) 9,711 - - - - - 9,711
year-on-year (%) 41.1 - - - - - 41.1
Gross Revenue actual (JPY mn) 211 - - - - - 211
year-on-year (%) 20.6 - - - - - 20.6
    (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 - - - - - 75.8
year-on-year (points) 11.2 - - - - - 11.2
ADR actual (JPY) 9,322 - - - - - 9,322
year-on-year (%) 21.2 - - - - - 21.2
RevPAR actual (JPY) 7,065 - - - - - 7,065
year-on-year (%) 42.2 - - - - - 42.2
Gross Revenue actual (JPY mn) 64 - - - - - 64
year-on-year (%) 17.9 - - - - - 17.9
    (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 (%) 93.7 - - - - - 93.7
year-on-year (points) 26.0 - - - - - 26.0
ADR actual (JPY) 9,560 - - - - - 9,560
year-on-year (%) 40.2 - - - - - 40.2
RevPAR actual (JPY) 8,961 - - - - - 8,961
year-on-year (%) 93.9 - - - - - 93.9
Gross Revenue actual (JPY mn) 32 - - - - - 32
year-on-year (%) 87.3 - - - - - 87.3
    (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 - - - - - 95.1
year-on-year (points) 38.2 - - - - - 38.2
ADR actual (JPY) 10,255 - - - - - 10,255
year-on-year (%) 10.0 - - - - - 10.0
RevPAR actual (JPY) 9,754 - - - - - 9,754
year-on-year (%) 83.7 - - - - - 83.7
Gross Revenue actual (JPY mn) 25 - - - - - 25
year-on-year (%) 73.6 - - - - - 73.6
    (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 - - - - - 91.1
year-on-year (points) 37.2 - - - - - 37.2
ADR actual (JPY) 7,899 - - - - - 7,899
year-on-year (%) 40.6 - - - - - 40.6
RevPAR actual (JPY) 7,195 - - - - - 7,195
year-on-year (%) 137.6 - - - - - 137.6
Gross Revenue actual (JPY mn) 17 - - - - - 17
year-on-year (%) 129.2 - - - - - 129.2
    (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 (%) 88.2 - - - - - 88.2
year-on-year (points) 5.9 - - - - - 5.9
ADR actual (JPY) 6,907 - - - - - 6,907
year-on-year (%) 12.5 - - - - - 12.5
RevPAR actual (JPY) 6,089 - - - - - 6,089
year-on-year (%) 20.5 - - - - - 20.5
Gross Revenue actual (JPY mn) 13 - - - - - 13
year-on-year (%) 19.2 - - - - - 19.2
    (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 (%) 68.8 - - - - - 68.8
year-on-year (points) 13.5 - - - - - 13.5
ADR actual (JPY) 5,309 - - - - - 5,309
year-on-year (%) 23.4 - - - - - 23.4
RevPAR actual (JPY) 3,650 - - - - - 3,650
year-on-year (%) 53.6 - - - - - 53.6
Gross Revenue actual (JPY mn) 18 - - - - - 18
year-on-year (%) 51.8 - - - - - 51.8
    (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 - - - - - 94.0
year-on-year (points) 3.5 - - - - - 3.5
ADR actual (JPY) 5,710 - - - - - 5,710
year-on-year (%) 5.9 - - - - - 5.9
RevPAR actual (JPY) 5,370 - - - - - 5,370
year-on-year (%) 10.0 - - - - - 10.0
Gross Revenue actual (JPY mn) 13 - - - - - 13
year-on-year (%) 13.2 - - - - - 13.2
    (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 (%) 81.5 - - - - - 81.5
year-on-year (points) 7.1 - - - - - 7.1
ADR actual (JPY) 9,220 - - - - - 9,220
year-on-year (%) 4.6 - - - - - 4.6
RevPAR actual (JPY) 7,512 - - - - - 7,512
year-on-year (%) 14.6 - - - - - 14.6
Gross Revenue actual (JPY mn) 17 - - - - - 17
year-on-year (%) 13.7 - - - - - 13.7
    (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 (%) 70.7 - - - - - 70.7
year-on-year (points) 5.1 - - - - - 5.1
ADR actual (JPY) 9,760 - - - - - 9,760
year-on-year (%) 4.9 - - - - - 4.9
RevPAR actual (JPY) 6,902 - - - - - 6,902
year-on-year (%) 13.0 - - - - - 13.0
Gross Revenue actual (JPY mn) 218 - - - - - 218
year-on-year (%) 8.4 - - - - - 8.4
    (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 - - - - - 77.9
year-on-year (points) -3.6 - - - - - -3.6
ADR actual (JPY) 7,917 - - - - - 7,917
year-on-year (%) 11.0 - - - - - 11.0
RevPAR actual (JPY) 6,167 - - - - - 6,167
year-on-year (%) 6.1 - - - - - 6.1
Gross Revenue actual (JPY mn) 92 - - - - - 92
year-on-year (%) 5.4 - - - - - 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 (%) 51.8 - - - - - 51.8
year-on-year (points) 8.3 - - - - - 8.3
ADR actual (JPY) 27,366 - - - - - 27,366
year-on-year (%) -8.0 - - - - - -8.0
RevPAR actual (JPY) 14,184 - - - - - 14,184
year-on-year (%) 9.4 - - - - - 9.4
Gross Revenue actual (JPY mn) 290 - - - - - 290
year-on-year (%) 12.0 - - - - - 12.0
    (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 - - - - - 70.3
year-on-year (points) 5.2 - - - - - 5.2
ADR actual (JPY) 26,390 - - - - - 26,390
year-on-year (%) 9.7 - - - - - 9.7
RevPAR actual (JPY) 18,553 - - - - - 18,553
year-on-year (%) 18.5 - - - - - 18.5
Gross Revenue actual (JPY mn) 178 - - - - - 178
year-on-year (%) 14.5 - - - - - 14.5
    (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 (%) 79.5 - - - - - 79.5
year-on-year (points) -5.5 - - - - - -5.5
ADR actual (JPY) 6,715 - - - - - 6,715
year-on-year (%) 12.1 - - - - - 12.1
RevPAR actual (JPY) 5,339 - - - - - 5,339
year-on-year (%) 4.9 - - - - - 4.9
Gross Revenue actual (JPY mn) 29 - - - - - 29
year-on-year (%) 6.0 - - - - - 6.0
    (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 - - - - - 77.9
year-on-year (points) 4.7 - - - - - 4.7
ADR actual (JPY) 7,760 - - - - - 7,760
year-on-year (%) 6.6 - - - - - 6.6
RevPAR actual (JPY) 6,047 - - - - - 6,047
year-on-year (%) 13.5 - - - - - 13.5
Gross Revenue actual (JPY mn) 28 - - - - - 28
year-on-year (%) 9.3 - - - - - 9.3
    (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 - - - - - 85.8
year-on-year (points) 0.9 - - - - - 0.9
ADR actual (JPY) 8,108 - - - - - 8,108
year-on-year (%) 15.6 - - - - - 15.6
RevPAR actual (JPY) 6,954 - - - - - 6,954
year-on-year (%) 16.9 - - - - - 16.9
Gross Revenue actual (JPY mn) 31 - - - - - 31
year-on-year (%) 15.4 - - - - - 15.4
    (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 (%) 73.8 - - - - - 73.8
year-on-year (points) 7.6 - - - - - 7.6
ADR actual (JPY) 12,486 - - - - - 12,486
year-on-year (%) -9.4 - - - - - -9.4
RevPAR actual (JPY) 9,219 - - - - - 9,219
year-on-year (%) 1.0 - - - - - 1.0
Gross Revenue actual (JPY mn) 54 - - - - - 54
year-on-year (%) 13.2 - - - - - 13.2
    (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 - - - - - 79.7
year-on-year (points) 6.3 - - - - - 6.3
ADR actual (JPY) 15,858 - - - - - 15,858
year-on-year (%) 13.3 - - - - - 13.3
RevPAR actual (JPY) 12,646 - - - - - 12,646
year-on-year (%) 23.0 - - - - - 23.0
Gross Revenue actual (JPY mn) 516 - - - - - 516
year-on-year (%) 9.4 - - - - - 9.4
    (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 - - - - - 75.8
year-on-year (points) 23.2 - - - - - 23.2
ADR actual (JPY) 13,066 - - - - - 13,066
year-on-year (%) 5.4 - - - - - 5.4
RevPAR actual (JPY) 9,904 - - - - - 9,904
year-on-year (%) 51.7 - - - - - 51.7
Gross Revenue actual (JPY mn) 255 - - - - - 255
year-on-year (%) 40.0 - - - - - 40.0
    (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 - - - - - 93.0
year-on-year (points) 1.3 - - - - - 1.3
ADR actual (JPY) 19,580 - - - - - 19,580
year-on-year (%) 29.6 - - - - - 29.6
RevPAR actual (JPY) 18,204 - - - - - 18,204
year-on-year (%) 31.5 - - - - - 31.5
Gross Revenue actual (JPY mn) 190 - - - - - 190
year-on-year (%) 21.2 - - - - - 21.2
    (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 (%) 86.8 - - - - - 86.8
year-on-year (points) 14.7 - - - - - 14.7
ADR actual (JPY) 8,873 - - - - - 8,873
year-on-year (%) 5.1 - - - - - 5.1
RevPAR actual (JPY) 7,706 - - - - - 7,706
year-on-year (%) 26.5 - - - - - 26.5
Gross Revenue actual (JPY mn) 53 - - - - - 53
year-on-year (%) 32.4 - - - - - 32.4
    (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 - - - - - 55.1
year-on-year (points) -7.4 - - - - - -7.4
ADR actual (JPY) 7,751 - - - - - 7,751
year-on-year (%) 4.8 - - - - - 4.8
RevPAR actual (JPY) 4,270 - - - - - 4,270
year-on-year (%) -7.7 - - - - - -7.7
Gross Revenue actual (JPY mn) 44 - - - - - 44
year-on-year (%) -7.0 - - - - - -7.0
    (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 - - - - - 76.3
year-on-year (points) -6.5 - - - - - -6.5
ADR actual (JPY) 39,109 - - - - - 39,109
year-on-year (%) 14.2 - - - - - 14.2
RevPAR actual (JPY) 29,842 - - - - - 29,842
year-on-year (%) 5.3 - - - - - 5.3
Gross Revenue actual (JPY mn) 94 - - - - - 94
year-on-year (%) 8.3 - - - - - 8.3
    (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 - - - - - 86.6
year-on-year (points) 5.6 - - - - - 5.6
ADR actual (JPY) 7,445 - - - - - 7,445
year-on-year (%) 2.3 - - - - - 2.3
RevPAR actual (JPY) 6,450 - - - - - 6,450
year-on-year (%) 9.3 - - - - - 9.3
Gross Revenue actual (JPY mn) 74 - - - - - 74
year-on-year (%) 6.3 - - - - - 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 (%) 91.8 - - - - - 91.8
year-on-year (points) 4.8 - - - - - 4.8
ADR actual (JPY) 10,506 - - - - - 10,506
year-on-year (%) 1.7 - - - - - 1.7
RevPAR actual (JPY) 9,646 - - - - - 9,646
year-on-year (%) 7.4 - - - - - 7.4
Gross Revenue actual (JPY mn) 93 - - - - - 93
year-on-year (%) 6.7 - - - - - 6.7
    (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 - - - - - 86.7
year-on-year (points) 5.0 - - - - - 5.0
ADR actual (JPY) 10,665 - - - - - 10,665
year-on-year (%) 10.5 - - - - - 10.5
RevPAR actual (JPY) 9,251 - - - - - 9,251
year-on-year (%) 17.2 - - - - - 17.2
Gross Revenue actual (JPY mn) 69 - - - - - 69
year-on-year (%) 17.6 - - - - - 17.6
    (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 - - - - - 76.3
year-on-year (points) 16.9 - - - - - 16.9
ADR actual (JPY) 8,993 - - - - - 8,993
year-on-year (%) 8.6 - - - - - 8.6
RevPAR actual (JPY) 6,865 - - - - - 6,865
year-on-year (%) 39.6 - - - - - 39.6
Gross Revenue actual (JPY mn) 72 - - - - - 72
year-on-year (%) 27.0 - - - - - 27.0
    (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 (%) 78.6 - - - - - 78.6
year-on-year (points) 21.9 - - - - - 21.9
ADR actual (JPY) 18,056 - - - - - 18,056
year-on-year (%) 0.8 - - - - - 0.8
RevPAR actual (JPY) 14,197 - - - - - 14,197
year-on-year (%) 39.7 - - - - - 39.7
Gross Revenue actual (JPY mn) 50 - - - - - 50
year-on-year (%) 23.9 - - - - - 23.9
    (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 - - - - - 80.5
year-on-year (points) 11.6 - - - - - 11.6
ADR actual (JPY) 19,136 - - - - - 19,136
year-on-year (%) 11.7 - - - - - 11.7
RevPAR actual (JPY) 15,403 - - - - - 15,403
year-on-year (%) 30.5 - - - - - 30.5
Gross Revenue actual (JPY mn) 51 - - - - - 51
year-on-year (%) 29.0 - - - - - 29.0
    (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 (%) 84.1 - - - - - 84.1
year-on-year (points) 3.6 - - - - - 3.6
ADR actual (USD) 766 - - - - - 766
year-on-year (%) 4.6 - - - - - 4.6
RevPAR actual (USD) 644 - - - - - 644
year-on-year (%) 9.3 - - - - - 9.3
Gross Revenue actual (USD'000) 11,756 - - - - - 11,756
year-on-year (%) 3.9 - - - - - 3.9
    (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 - - - - - 37.8
year-on-year (points) -43.8 - - - - - -43.8
ADR actual (USD) 377 - - - - - 377
year-on-year (%) 12.8 - - - - - 12.8
RevPAR actual (USD) 143 - - - - - 143
year-on-year (%) -47.6 - - - - - -47.6
Gross Revenue actual (USD'000) 886 - - - - - 886
year-on-year (%) -41.0 - - - - - -41.0
    (Note 1) This property was acquired on Septemer 28, 2018.
    (Note 2) Renovation Period: August 2024 - October 2025 (scheduled).

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