Make The World

More Sustainable

[Provisional Translation Only]

This English translation of the original Japanese document is provided solely for information purposes. Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

December 27, 2021

Issuer

Ichigo Hotel REIT Investment Corporation ("Ichigo Hotel," 3463)

1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo

Representative: Osamu Miyashita, Executive Director

www.ichigo-hotel.co.jp/en

Asset Management Company

Ichigo Investment Advisors Co., Ltd.

Representative: Hiroshi Iwai, President

Inquiries: Hidehito Iwasaka, Head of Ichigo Hotel

Tel: +81-3-3502-4892

Ichigo Hotel Operating Results - November 2021

Portfolio Revenue, RevPAR, Occupancy, and ADR

Total (21 Hotels)

(Previous)

Aug 2021 - Nov 2021

Nov

Difference

YOY

(Current Period-To-Date)

Nov 2019

Nov

2021 (A)

(A) - (B)

Change

YOY

YOY

(Reference)

2020 (B)

Cumulative

Difference

Change

Revenue

382.5

326.6

+55.9

+17.1%

1,305.3

+292.3

+28.9%

729.3

(JPY million)

RevPAR (JPY)

3,480

3,106

+374

+12.0%

2,967

+632

+27.1%

6,834

Occupancy (%)

70.5

58.9

+11.7

+19.8%

62.8

+15.4

+32.6%

86.8

ADR (JPY)

4,936

5,277

-342

-6.5%

4,727

-205

-4.1%

7,876

Variable Rent Hotels (15 Hotels)

(Previous)

Aug 2021 - Nov 2021

Nov

Difference

YOY

(Current Period-To-Date)

Nov 2019

Nov

2021 (A)

(A) - (B)

Change

YOY

YOY

(Reference)

2020 (B)

Cumulative

Difference

Change

Revenue

283.9

225.5

+58.4

+25.9%

942.8

+255.4

+37.1%

497.7

(JPY million)

RevPAR (JPY)

3,580

3,017

+562

+18.6%

2,984

+776

+35.1%

7,703

Occupancy (%)

74.9

61.8

+13.1

+21.1%

67.1

+18.5

+38.1%

94.2

ADR (JPY)

4,782

4,882

-100

-2.1%

4,449

-99

-2.2%

8,181

1

Fixed Rent Hotels (6 Hotels)

(Previous)

Aug 2021 - Nov 2021

Nov

Difference

YOY

(Current Period-To-Date)

Nov 2019

Nov

2021 (A)

(A) - (B)

Change

YOY

YOY

(Reference)

2020 (B)

Cumulative

Difference

Change

Revenue

98.6

101.1

-2.5

-2.5%

362.5

+36.9

+11.3%

231.6

(JPY million)

RevPAR (JPY)

3,245

3,306

-61

-1.8%

2,927

+309

+11.8%

6,255

Occupancy (%)

60.2

52.2

+7.9

+15.2%

52.7

+8.1

+18.2%

85.3

ADR (JPY)

5,390

6,327

-936

-14.8%

5,551

-318

-5.4%

7,333

Revenue, RevPAR, Occupancy, and ADR by Hotel

Variable Rent Hotels (15 Hotels)

Aug

2021 - Nov 2021

Nov

(Previous)

Nov

Difference

YOY

(Current Period-To-Date)

2021

Nov

(A) - (B)

Change

YOY

YOY

2019

(A)

2020 (B)

Cumulative

(Reference)

Difference

Change

Revenue

25.1

21.0

+4.1

+19.4%

96.3

-6.0

-5.9%

50.8

Nest Hotel

(JPY million)

RevPAR (JPY)

3,976

3,496

+479

+13.7%

3,898

-264

-6.3%

8,469

Sapporo

Occupancy (%)

92.1

87.2

+4.9

+5.6%

91.3

-3.5

-3.7%

96.5

Ekimae

ADR (JPY)

4,317

4,009

+307

+7.7%

4,270

-119

-2.7%

8,776

Revenue

16.4

11.8

+4.5

+38.2%

62.9

-1.6

-2.5%

35.6

Nest Hotel

(JPY million)

RevPAR (JPY)

3,669

2,773

+896

+32.3%

3,483

-302

-8.0%

8,907

Sapporo

Occupancy (%)

84.2

67.6

+16.6

+24.6%

80.9

-4.7

-5.5%

90.3

Odori

ADR (JPY)

4,356

4,101

+255

+6.2%

4,305

-118

-2.7%

9,860

Revenue

19.1

17.8

+1.4

+7.6%

69.6

+11.3

+19.3%

31.4

Smile Hotel

(JPY million)

RevPAR (JPY)

5,601

5,113

+488

+9.5%

5,003

+879

+21.3%

9,046

Tokyo

Occupancy (%)

99.6

90.8

+8.8

+9.6%

98.9

+16.8

+20.5%

97.7

Asagaya

ADR (JPY)

5,624

5,629

-5

-0.1%

5,061

+34

+0.7%

9,261

Revenue

12.7

11.2

+1.4

+12.7%

42.8

+4.2

+10.8%

HOTEL

(JPY million)

RevPAR (JPY)

5,867

5,187

+680

+13.1%

4,860

+483

+11.0%

EMIT

Occupancy (%)

99.5

98.8

+0.7

+0.7%

98.8

+0.1

+0.1%

SHIBUYA

ADR (JPY)

5,894

5,248

+646

+12.3%

4,917

+482

+10.9%

Revenue

14.0

17.0

-3.0

-17.6%

51.0

+8.1

+18.8%

46.0

Hotel Wing

(JPY million)

RevPAR (JPY)

1,908

2,280

-372

-16.3%

1,679

+265

+18.8%

6,245

International

Occupancy (%)

47.9

48.2

-0.3

-0.6%

41.6

+10.5

+33.9%

92.4

Nagoya

ADR (JPY)

3,980

4,728

-748

-15.8%

4,036

-516

-11.3%

6,759

2

Nov

(Previous)

Aug 2021 - Nov 2021

Nov

Difference

YOY

(Current Period-To-Date)

2021

Nov

(A) - (B)

Change

YOY

YOY

2019

(A)

2020 (B)

Cumulative

(Reference)

Difference

Change

Revenue

14.4

14.6

-0.3

-1.9%

29.7

+1.4

+5.0%

49.3

(JPY million)

Smile Hotel

RevPAR (JPY)

3,242

3,317

-74

-2.2%

1,640

+77

+4.9%

10,796

Kyoto Shijo

Occupancy (%)

67.6

56.2

+11.4

+20.3%

51.8

+13.9

+36.7%

99.6

ADR (JPY)

4,797

5,904

-1,107

-18.8%

3,165

-958

-23.2%

10,838

Revenue

8.2

-

-

-

18.9

-

-

18.8

The OneFive

(JPY million)

RevPAR (JPY)

2,103

-

-

-

1,590

-

-

4,830

Osaka

Sakaisuji

Occupancy (%)

91.3

-

-

-

72.0

-

-

74.3

ADR (JPY)

2,303

-

-

-

2,209

-

-

6,505

Revenue

13.0

5.6

+7.4

+133.0%

34.6

+23.1

+199.8%

61.3

Nest Hotel

(JPY million)

RevPAR (JPY)

1,209

405

+803

+198.3%

762

+662

+664.5%

6,334

Osaka

Occupancy (%)

36.8

9.4

+27.4

+291.4%

23.8

+21.5

+929.8%

84.8

Shinsaibashi

ADR (JPY)

3,284

4,309

-1,025

-23.8%

3,199

-1,110

-25.8%

7,471

Hotel Wing

Revenue

20.7

20.5

+0.2

+0.8%

64.3

+5.3

+9.0%

31.5

(JPY million)

International

RevPAR (JPY)

4,839

4,561

+278

+6.1%

3,553

+374

+11.8%

7,301

Kobe Shin

Nagata

Occupancy (%)

65.5

59.0

+6.6

+11.1%

50.4

+4.8

+10.5%

84.5

Ekimae

ADR (JPY)

7,383

7,734

-351

-4.5%

7,047

+82

+1.2%

8,641

Revenue

31.2

28.9

+2.3

+8.0%

86.4

-8.2

-8.7%

49.9

(JPY million)

Nest Hotel

RevPAR (JPY)

3,847

4,310

-464

-10.8%

2,929

-427

-12.7%

6,471

Matsuyama

Occupancy (%)

76.8

78.5

-1.7

-2.2%

64.5

-5.8

-8.3%

90.3

ADR (JPY)

5,011

5,493

-482

-8.8%

4,537

-231

-4.9%

7,163

Revenue

22.5

16.8

+5.7

+33.8%

80.5

+39.4

+96.0%

37.8

(JPY million)

The OneFive

RevPAR (JPY)

3,472

2,664

+808

+30.4%

3,041

+1,471

+93.7%

5,829

Okayama

Occupancy (%)

97.7

87.8

+10.0

+11.4%

97.4

+48.0

+97.2%

90.0

ADR (JPY)

3,552

3,035

+518

+17.1%

3,121

-57

-1.8%

6,479

Revenue

15.7

17.6

-1.8

-10.4%

37.9

-2.1

-5.2%

36.1

(JPY million)

Court Hotel

RevPAR (JPY)

3,785

4,295

-510

-11.9%

2,251

-208

-8.5%

9,597

Kurashiki

Occupancy (%)

50.4

49.5

+0.9

+1.8%

36.4

+4.6

+14.6%

89.3

ADR (JPY)

7,510

8,677

-1,167

-13.5%

6,189

-1,562

-20.1%

10,745

Revenue

38.9

12.8

+26.1

+204.5%

165.7

+141.1

+574.1%

23.7

(JPY million)

Valie Hotel

RevPAR (JPY)

7,500

2,423

+5,077

+209.5%

7,500

+6,353

+554.1%

4,565

Hiroshima

Occupancy (%)

100

45.3

+54.7

+120.6%

100

+74.6

+293.4%

68.2

ADR (JPY)

7,500

5,344

+2,156

+40.3%

7,500

+2,989

+66.3%

6,696

3

Nov

(Previous)

Aug 2021 - Nov 2021

Nov

Difference

YOY

(Current Period-To-Date)

2021

Nov

(A) - (B)

Change

YOY

YOY

2019

(A)

2020 (B)

Cumulative

(Reference)

Difference

Change

Revenue

9.3

8.9

+0.4

+4.9%

32.1

+11.9

+58.7%

23.7

The OneFive

(JPY million)

RevPAR (JPY)

3,626

3,384

+242

+7.2%

3,006

+1,270

+73.1%

9,561

Fukuoka

Occupancy (%)

98.3

95.0

+3.3

+3.5%

97.3

+47.8

+96.7%

96.1

Tenjin

ADR (JPY)

3,690

3,563

+127

+3.6%

3,089

-421

-12.0%

9,949

Revenue

22.6

20.9

+1.7

+8.3%

70.1

+8.6

+14.0%

39.6

(JPY million)

Nest Hotel

RevPAR (JPY)

3,447

3,172

+274

+8.6%

2,596

+360

+16.1%

5,802

Kumamoto

Occupancy (%)

77.8

73.4

+4.4

+6.0%

68.1

+10.5

+18.1%

84.1

ADR (JPY)

4,430

4,322

+108

+2.5%

3,813

-68

-1.7%

6,898

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

Nov

(Previous)

Aug 2021 - Nov 2021

Nov

Difference

YOY

(Current Period-To-Date)

2021

Nov

(A) - (B)

Change

YOY

YOY

2019

(A)

2020 (B)

Cumulative

(Reference)

Difference

Change

Revenue

15.4

11.4

+4.0

+35.4%

80.3

+8.5

+11.8%

13.1

Comfort

(JPY million)

RevPAR (JPY)

3,843

2,829

+1,015

+35.9%

4,969

+546

+12.3%

3,244

Hotel

Occupancy (%)

76.0

58.9

+17.1

+29.0%

82.0

+2.1

+2.6%

66.1

Kushiro

ADR (JPY)

5,060

4,804

+257

+5.3%

6,059

+526

+9.5%

4,910

Revenue

19.8

15.1

+4.7

+31.5%

68.9

+17.4

+33.8%

27.2

Comfort

(JPY million)

RevPAR (JPY)

3,374

2,566

+807

+31.5%

2,881

+728

+33.8%

4,625

Hotel

Occupancy (%)

69.4

48.8

+20.6

+42.2%

59.6

+16.0

+36.6%

77.6

Hamamatsu

ADR (JPY)

4,861

5,260

-399

-7.6%

4,831

-102

-2.1%

5,957

Comfort

Revenue

38.7

49.1

-10.3

-21.1%

143.2

+12.4

+9.5%

91.1

(JPY million)

Hotel

RevPAR (JPY)

3,638

4,540

-902

-19.9%

3,310

+316

+10.5%

8,396

Central

Occupancy (%)

53.2

51.3

+1.8

+3.6%

50.9

+13.1

+34.6%

90.4

International

Airport

ADR (JPY)

6,838

8,841

-2,003

-22.7%

6,500

-1,414

-17.9%

9,286

Revenue

10.1

9.4

+0.7

+7.0%

36.7

+2.0

+5.8%

14.6

Comfort

(JPY million)

RevPAR (JPY)

3,171

2,971

+200

+6.7%

2,834

+151

+5.6%

4,586

Hotel

Occupancy (%)

69.1

58.1

+11.0

+18.9%

59.0

+6.3

+12.1%

79.9

Suzuka

ADR (JPY)

4,590

5,114

-524

-10.2%

4,807

-293

-5.7%

5,739

Revenue

10.7

12.9

-2.3

-17.4%

21.0

-2.9

-12.0%

38.8

Urbain

(JPY million)

RevPAR (JPY)

2,079

2,518

-439

-17.4%

1,008

-138

-12.0%

7,560

Hiroshima

Occupancy (%)

40.8

45.0

-4.2

-9.4%

19.9

-0.6

-3.1%

94.3

Executive

ADR (JPY)

5,095

5,589

-495

-8.8%

5,058

-517

-9.3%

8,016

4

Notes:

  1. The above data are as provided by the hotel operators or as calculated by Ichigo Investment Advisors based on information provided by the hotel operators. The data have not been audited and thus their accuracy cannot be guaranteed and may not match data disclosed in future releases.
  2. Revenue is revenue from accommodations and related services only. Rent from retail tenants at The OneFive Osaka Sakaisuji, Hotel Wing International Kobe Shin Nagata Ekimae, and Smile Hotel Tokyo Asagaya, and rent from the banquet hall at the Nest Hotel Kumamoto are not included.
  3. RevPAR (Revenue Per Available Room) is calculated with the following formula:
    RevPAR = Total Revenue from accommodations (excluding restaurant charges and other service fees) / number of available guest rooms.
  4. Occupancy is calculated with the following formula:
    Occupancy = Total number of guest rooms occupied during the period /
    (total number of guest rooms * number of days hotel was in operation during the period)
    Occupancy may exceed 100% in the following cases: 1) a guest had pre-paid for a guest room but checked out early, allowing the guest room to be occupied by a different guest; or 2) a guest room is occupied for less than one day by different guests.
  5. ADR (Average Daily Rate) is calculated with the following formula:
    ADR = Total revenue from accommodations (excluding restaurant charges and other service fees) / number of guest rooms occupied during the period.
  6. The Capsule Plus Yokohama and the Washington Hotel Plaza Shimonoseki Eki Nishi are excluded from the above data because the hotel operators did not give consent to disclose hotel-specific data that would allow for year-on-year comparisons. Data for the Hotel Livemax Nihombashi-Hakozaki are included in the total and fixed rent hotels data above, but not separately disclosed because the hotel operator did not provide consent to disclose hotel-specific data.
  7. Hiroshima Prefecture has temporarily leased all rooms of the Valie Hotel Hiroshima starting on February 8, 2021.
  8. Pre-acquisitiondata for acquired hotels are based on data received from the previous owners.
  9. November 2019 Revenue, RevPAR, Occupancy, and ADR data provided as a reference is for the 20 hotels owned since November 2019, and is not available for HOTEL EMIT SHIBUYA. The OneFive Okayama was operating under the name Comfort Hotel Okayama in November 2019, and hotel data is included as a fixed rent hotel.

5

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Ichigo Hotel REIT Investment Corporation published this content on 27 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 December 2021 06:06:14 UTC.