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.

June 27, 2022

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 - May 2022

Portfolio Revenue, RevPAR, Occupancy, and ADR

Total (21 Hotels)

May

(Previous)

Feb 2022 - May 2022

Difference

YOY

(Current Period-To-Date)

May 2019

2022

May

(A) - (B)

Change

YOY

YOY

(Reference)

(A)

2021 (B)

Cumulative

Difference

Change

Revenue

481.1

236.9

+244.2

+103.1%

1,671.8

+642.1

+62.4%

722.5

(JPY million)

RevPAR (JPY)

4,350

2,374

+1,976

+83.3%

3,925

+1,260

+47.3%

6,887

Occupancy (%)

79.8

52.0

+27.8

+53.4%

76.4

+19.5

+34.2%

83.1

ADR (JPY)

5,453

4,566

+888

+19.4%

5,139

+455

+9.7%

8,284

Variable Rent Hotels (15 Hotels)

May

(Previous)

Feb 2022 - May 2022

Difference

YOY

(Current Period-To-Date)

May 2019

2022

May

(A) - (B)

Change

YOY

YOY

(Reference)

(A)

2021 (B)

Cumulative

Difference

Change

Revenue

354.5

172.9

+181.6

+105.0%

1,255.0

+522.9

+71.4%

479.2

(JPY million)

RevPAR (JPY)

4,490

2,548

+1,942

+76.2%

4,137

+1,363

+49.1%

7,812

Occupancy (%)

86.0

59.8

+26.2

+43.8%

84.0

+20.3

+32.0%

88.9

ADR (JPY)

5,223

4,261

+962

+22.6%

4,926

+567

+13.0%

8,783

1

Fixed Rent Hotels (6 Hotels)

May

(Previous)

Feb 2022 - May 2022

Difference

YOY

(Current Period-To-Date)

May 2019

2022

May

(A) - (B)

Change

YOY

YOY

(Reference)

(A)

2021 (B)

Cumulative

Difference

Change

Revenue

126.6

64.0

+62.6

+97.8%

416.8

+119.2

+40.1%

243.3

(JPY million)

RevPAR (JPY)

4,017

2,035

+1,982

+97.4%

3,422

+972

+39.7%

6,361

Occupancy (%)

65.0

36.8

+28.2

+76.5%

58.3

+14.8

+33.9%

84.6

ADR (JPY)

6,177

5,524

+653

+11.8%

5,868

+245

+4.4%

7,517

Revenue, RevPAR, Occupancy, and ADR by Hotel

Variable Rent Hotels (15 Hotels)

Feb 2022 - May 2022

May

(Previous)

May

Difference

YOY

(Current Period-To-Date)

2022

May

(A) - (B)

Change

YOY

YOY

2019

(A)

2021 (B)

Cumulative

(Reference)

Difference

Change

Revenue

29.6

18.3

+11.4

+62.3%

101.1

+24.4

+31.8%

67.1

Nest Hotel

(JPY million)

RevPAR (JPY)

4,748

3,049

+1,699

+55.7%

4,218

+1,007

+31.4%

10,950

Sapporo

Occupancy (%)

94.1

81.0

+13.1

+16.2%

94.1

+5.9

+6.6%

98.6

Ekimae

ADR (JPY)

5,047

3,764

+1,283

+34.1%

4,481

+844

+23.2%

11,103

Revenue

22.8

10.5

+12.3

+117.0%

76.5

+38.1

+99.2%

52.5

Nest Hotel

(JPY million)

RevPAR (JPY)

4,978

2,367

+2,611

+110.3%

4,364

+2,040

+87.8%

12,931

Sapporo

Occupancy (%)

95.1

58.2

+37.0

+63.6%

94.1

+30.9

+48.8%

97.7

Odori

ADR (JPY)

5,231

4,068

+1,163

+28.6%

4,637

+962

+26.2%

13,238

Revenue

18.7

13.4

+5.3

+39.5%

87.6

+21.4

+32.4%

30.4

Smile Hotel

(JPY million)

RevPAR (JPY)

5,319

3,767

+1,552

+41.2%

6,423

+1,660

+34.8%

8,550

Tokyo

Occupancy (%)

84.1

93.4

-9.3

-10.0%

95.4

-0.1

-0.1%

98.1

Asagaya

ADR (JPY)

6,325

4,034

+2,291

+56.8%

6,731

+1,743

+34.9%

8,713

Revenue

13.7

7.4

+6.3

+84.6%

51.7

+17.3

+50.5%

HOTEL

(JPY million)

RevPAR (JPY)

6,151

3,327

+2,824

+84.9%

5,974

+2,012

+50.8%

EMIT

Occupancy (%)

98.8

99.0

-0.1

-0.1%

98.9

+7.1

+7.7%

SHIBUYA

ADR (JPY)

6,223

3,362

+2,862

+85.1%

6,040

+1,726

+40.0%

Revenue

37.9

9.8

+28.0

+285.0%

146.6

+100.5

+217.6%

40.0

Hotel Wing

(JPY million)

RevPAR (JPY)

5,455

1,276

+4,179

+327.6%

5,455

+3,942

+260.5%

5,234

International

Occupancy (%)

100

34.4

+65.6

+190.4%

100

+60.8

+155.0%

83.5

Nagoya

ADR (JPY)

5,455

3,705

+1,750

+47.2%

5,455

+1,596

+41.4%

6,267

2

Feb 2022 - May 2022

May

(Previous)

May

Difference

YOY

(Current Period-To-Date)

2022

May

(A) - (B)

Change

YOY

YOY

2019

(A)

2021 (B)

(Reference)

Cumulative Difference

Change

Revenue

12.9

2.3

+10.6

+462.5%

41.6

+25.4

+156.8%

38.4

(JPY million)

Smile Hotel

RevPAR (JPY)

2,511

470

+2,041

+433.8%

2,184

+1,302

+147.6%

8,008

Kyoto Shijo

Occupancy (%)

64.3

15.9

+48.4

+305.4%

60.1

+34.0

+130.3%

98.1

ADR (JPY)

3,906

2,966

+940

+31.7%

3,637

+254

+7.5%

8,160

Revenue

11.1

-

-

-

40.2

-

-

21.3

The OneFive

(JPY million)

RevPAR (JPY)

2,750

-

-

-

2,555

-

-

5,284

Osaka

Occupancy (%)

96.5

-

-

-

95.7

-

-

75.9

Sakaisuji

ADR (JPY)

2,850

-

-

-

2,670

-

-

6,964

Revenue

23.9

1.8

+22.2

+1,248.8%

84.5

+75.7

+857.7%

71.2

Nest Hotel

(JPY million)

RevPAR (JPY)

2,341

-

-

-

2,103

+1,772

+535.9%

7,117

Osaka

Occupancy (%)

62.8

-

-

-

60.7

+50.9

+517.0%

87.5

Shinsaibashi

ADR (JPY)

3,725

-

-

-

3,465

+103

+3.1%

8,133

Hotel Wing

Revenue

24.2

9.0

+15.2

+169.8%

76.6

+26.5

+53.1%

(JPY million)

International

RevPAR (JPY)

5,471

1,985

+3,486

+175.6%

4,458

+1,695

+61.3%

Kobe Shin

Occupancy (%)

71.3

31.5

+39.8

+126.7%

60.5

+18.3

+43.4%

Nagata

Ekimae

ADR (JPY)

7,672

6,309

+1,363

+21.6%

7,374

+821

+12.5%

Revenue

32.1

10.8

+21.4

+198.9%

100.8

+40.8

+67.9%

55.2

(JPY million)

Nest Hotel

RevPAR (JPY)

4,163

1,446

+2,717

+187.9%

3,489

+1,312

+60.3%

6,876

Matsuyama

Occupancy (%)

79.8

32.1

+47.7

+148.7%

75.9

+25.2

+49.6%

85.7

ADR (JPY)

5,214

4,504

+710

+15.8%

4,594

+306

+7.1%

8,022

Revenue

26.7

15.3

+11.4

+74.9%

90.2

+31.4

+53.4%

37.5

(JPY million)

The OneFive

RevPAR (JPY)

3,991

2,244

+1,747

+77.8%

3,462

+1,182

+51.9%

5,549

Okayama

Occupancy (%)

98.3

88.6

+9.7

+11.0%

97.6

+10.0

+11.4%

87.5

ADR (JPY)

4,060

2,533

+1,527

+60.3%

3,546

+944

+36.3%

6,342

Revenue

18.4

6.5

+11.9

+182.9%

42.6

+11.5

+37.2%

43.8

The

(JPY million)

OneFive

RevPAR (JPY)

5,065

1,683

+3,381

+200.9%

2,994

+1,102

+58.3%

11,784

Garden

Occupancy (%)

57.0

29.0

+28.0

+96.6%

40.9

+9.3

+29.2%

97.9

Kurashiki

ADR (JPY)

8,884

5,805

+3,079

+53.1%

7,321

+1,343

+22.5%

12,038

Revenue

39.8

45.8

-6.0

-13.2%

155.1

+0.4

+0.2%

(JPY million)

Valie Hotel

RevPAR (JPY)

7,500

7,522

-22

-0.3%

7,500

+361

+5.1%

Hiroshima

Occupancy (%)

100

100

-

-

100

+5.2

+5.5%

ADR (JPY)

7,500

7,522

-22

-0.3%

7,500

-29

-0.4%

3

May

(Previous)

Feb 2022 - May 2022

May

Difference

YOY

(Current Period-To-Date)

2022

May

(A) - (B)

Change

YOY

YOY

2019

(A)

2021 (B)

Cumulative

(Reference)

Difference

Change

Revenue

11.4

6.2

+5.2

+84.2%

38.8

+12.6

+48.0%

26.1

The OneFive

(JPY million)

RevPAR (JPY)

4,343

2,188

+2,156

+98.5%

3,777

+1,360

+56.3%

10,278

Fukuoka

Occupancy (%)

97.9

83.3

+14.5

+17.4%

92.2

+3.0

+3.3%

96.7

Tenjin

ADR (JPY)

4,438

2,626

+1,813

+69.0%

4,096

+1,388

+51.3%

10,630

Revenue

31.2

15.9

+15.3

+96.1%

121.3

+56.7

+87.8%

33.2

(JPY million)

Nest Hotel

RevPAR (JPY)

5,000

2,302

+2,698

+117.2%

4,999

+2,593

+107.8%

4,662

Kumamoto

Occupancy (%)

100

59.1

+40.9

+69.1%

100

+35.9

+55.9%

71.4

ADR (JPY)

5,000

3,892

+1,108

+28.5%

4,999

+1,248

+33.3%

6,526

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

May

(Previous)

Feb 2022 - May 2022

May

Difference

YOY

(Current Period-To-Date)

2022

May

(A) - (B)

Change

YOY

YOY

2019

(A)

2021 (B)

Cumulative

(Reference)

Difference

Change

Revenue

18.1

10.6

+7.6

+71.4%

58.8

+14.8

+33.5%

15.7

Comfort

(JPY million)

RevPAR (JPY)

4,402

2,558

+1,844

+72.1%

3,644

+902

+32.9%

3,797

Hotel

Occupancy (%)

75.4

47.4

+28.1

+59.2%

71.3

+14.3

+25.0%

67.4

Kushiro

ADR (JPY)

5,835

5,398

+437

+8.1%

5,109

+303

+6.3%

5,630

Revenue

23.7

15.0

+8.7

+58.2%

81.3

+23.3

+40.1%

32.2

Comfort

(JPY million)

RevPAR (JPY)

3,897

2,464

+1,433

+58.2%

3,457

+990

+40.1%

5,295

Hotel

Occupancy (%)

72.2

48.8

+23.4

+48.0%

65.1

+15.2

+30.5%

79.5

Hamamatsu

ADR (JPY)

5,401

5,052

+348

+6.9%

5,312

+365

+7.4%

6,663

Comfort

Revenue

51.1

25.4

+25.7

+101.0%

168.7

+63.2

+59.9%

95.2

(JPY million)

Hotel

RevPAR (JPY)

4,583

2,303

+2,280

+99.0%

3,936

+1,463

+59.2%

8,515

Central

Occupancy (%)

62.7

33.2

+29.5

+89.0%

53.7

+18.8

+54.1%

92.0

International

Airport

ADR (JPY)

7,312

6,947

+365

+5.3%

7,332

+235

+3.3%

9,257

Revenue

14.2

6.0

+8.2

+136.7%

52.7

+22.6

+75.0%

15.4

Comfort

(JPY million)

RevPAR (JPY)

4,357

1,822

+2,535

+139.1%

4,167

+1,812

+77.0%

4,673

Hotel

Occupancy (%)

73.2

37.5

+35.6

+94.9%

74.1

+26.6

+55.9%

74.0

Suzuka

ADR (JPY)

5,956

4,854

+1,102

+22.7%

5,623

+670

+13.5%

6,314

Revenue

14.6

3.7

+10.9

+293.8%

37.1

-9.6

-20.5%

39.0

Urbain

(JPY million)

RevPAR (JPY)

2,747

698

+2,049

+293.8%

1,809

-467

-20.5%

7,350

Hiroshima

Occupancy (%)

45.3

11.6

+33.6

+288.8%

33.7

+1.7

+5.3%

91.8

Executive

ADR (JPY)

6,070

5,993

+77

+1.3%

5,375

-1,744

-24.5%

8,011

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.

  1. 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.

  1. 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.

  1. 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.
  2. Comfort Hotel Nagano is excluded from the above data because it was acquired on May 31, 2022.
  3. Hiroshima Prefecture has temporarily leased all rooms of the Valie Hotel Hiroshima starting on February 8, 2021.
  4. Aichi Prefecture has temporarily leased all rooms of the Hotel Wing International Nagoya starting on January 28, 2022.
  5. Kumamoto Prefecture has temporarily leased all rooms of the Nest Hotel Kumamoto starting on February 1, 2022.
  6. Pre-acquisitiondata for acquired hotels are based on data received from the previous owners.
  7. May 2019 Revenue, RevPAR, Occupancy, and ADR data provided as a reference is for the 18 hotels owned since May 2019, and is not available for Hotel Wing International Kobe Shin Nagata Ekimae, Valie Hotel Hiroshima, and HOTEL EMIT SHIBUYA. The OneFive Okayama was operating under the name Comfort Hotel Okayama in May 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 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 June 2022 11:03:11 UTC.