This English translation is provided for information purposes only. If any discrepancy is identified between
this translation and the Japanese original, the Japanese original shall prevail.
October 25, 2022
REIT Issuer:
Japan Hotel REIT Investment Corporation (TSE code: 8985)
Kaname Masuda, Executive Director
Asset Management Company:
Japan Hotel REIT Advisors Co., Ltd.
Hisashi Furukawa, President & CEO
Contact:
Makoto Hanamura
Director of the Board, Managing Director,
Head of Finance and Planning Division
TEL: +81-3-6422-0530
Announcement of Monthly Disclosure for September 2022
With respect to the business performance of the hotels owned by Japan Hotel REIT Investment Corporation(hereinafter called “JHR”) for September 2022, JHR informs you of the monthly sales, occupancy rates, ADR, and
RevPAR of rooms department of the 25 Hotels with Variable Rent, etc. (Note 1) as below. For each hotel’s trackrecord of hotel operations, please check JHR’s website (Note 2).
JHR continues to announce monthly disclosure of hotels from which JHR receives variable rent or income frommanagement contracts and whose lessees, etc. have agreed with the monthly disclosure.
【Reference】
Hotel / Indicators

Total of the 25 Hotels with
Variable Rent, etc.

The 16 HMJ Hotels

September

Change inFluctuation ofFluctuation
fluctuation
the cumulative
compared with
Cumulative totalcompared withtotal compared
the same month(Note 10)
the same monthwith 2021 (Noteof 2021 (Note 9)of 202111)

Change influctuation of
the cumularive
total comparedwith 2021

Change influctuationcompared withsame month of2019 (Note 12)

Change influctuation of thecumulative totalcompared with2019 (Note 12)

Occupancy rate

70.7%

31.2%

79.0%

60.5%

27.3%

82.5%

(17.1%)(29.9%)

ADR

（JPY）

12,908

2,973

29.9%

12,436465

3.9%(16.6%)(24.6%)

RevPAR

（JPY）

9,126

5,202

132.6%

7,520

3,553

89.6%

(30.9%)(47.1%)

Sales（JPY 1M）

3,326

1,558

88.1%

25,324

9,159

56.7%

(31.6%)(44.4%)

Occupancy rate

69.8%

31.5%

82.2%

59.4%

28.8%

94.2%

(18.7%)(31.6%)

ADR

（JPY）

14,509

3,376

30.3%

14,167(18)(0.1%)(14.5%)(22.2%)

RevPAR（JPY）

10,125

5,862

137.5%

8,419

4,077

93.9%

(30.4%)(46.8%)

Sales（JPY 1M）

2,925

1,344

85.0%

22,434

7,982

55.2%

(31.3%)(43.7%)*As the impact of COVID-19 has been significant since February 2020, the change in fluctuation compared with 2019 is alsostated.

<Special Items>
With regard to the hotels owned by JHR, RevPAR of the total of the 25 Hotels with Variable Rent, etc. forSeptember 2022 decreased by 30.9% compared to the same month of 2019 due to the recovery in leisure demand,
especially on weekends and holidays in the second half of the month.
RevPAR for October 2022 is expected to decrease in the mid 20% range compared to the same month of 2019 due
to a significant increase in domestic leisure demand as a result of the start of nationwide travel support. In addition,
the drastically eased entry restrictions on inbound visitors to Japan from October 11 have triggered an increase inbookings by inbound travelers, and a further recovery in leisure demand is expected both in Japan and overseas
from November onward.
Under such circumstances where the market has begun a full-fledged recovery, each hotel is striving to further
stimulate and capture domestic and international leisure demand by implementing strategic measures to capture
sales, such as developing attractive products to capture demand through nationwide travel support, creating products
targeting inbound demand and other measures, while continuing to thoroughly implement environmental sanitationand cost management.

1*As of today, the following hotel of the 25 Hotels with Variable Rent, etc. is temporarily closed.
Hotel Oriental Express Osaka Shinsaibashi : April 20, 2020 till for the time being* the b ikebukuro (since July 14, 2020), Holiday Inn Osaka Namba (since August 17, 2021) and one other hotel(Note 14) have been accepting COVID-19 patients with mild or no symptoms.

------------------------------------------------------------------------------------------------------------------------------------(Note 1)(Note 2)
(Note 3)(Note 4)(Note 5)(Note 6)(Note 7)(Note 8)(Note 9)(Note 10)(Note 11)
(Note 12)(Note 13)
(Note 14)The 25 Hotels with Variable Rent, etc. refers to 25 hotels, which are The 16 HMJ Hotels plus ibis Styles Kyoto
Station, ibis Styles Sapporo, Mercure Sapporo, Mercure Okinawa Naha, Mercure Yokosuka, the b ikebukuro, theb hachioji, the b hakata and the b suidobashi. The 16 HMJ Hotels refers to 16- hotels, which are Kobe Meriken
Park Oriental Hotel, Oriental Hotel tokyo bay, Namba Oriental Hotel, Hotel Nikko Alivila, Oriental HotelHiroshima, Oriental Hotel Okinawa Resort & Spa (former Okinawa Marriott Resort & Spa), ACTIVE-INTER
CITY HIROSHIMA (Sheraton Grand Hiroshima Hotel), Oriental Hotel Fukuoka Hakata Station, Holiday Inn
Osaka Namba, Hilton Tokyo Narita Airport, International Garden Hotel Narita, Hotel Nikko Nara, Hotel Oriental
Express Osaka Shinsaibashi, Hilton Tokyo Odaiba, Hotel Oriental Express Fukuoka Tenjin and Oriental Hotel
Universal City. Ibis Tokyo Shinjuku (transferred in December 2021) was excluded from 24 Hotels with Variable
Rent, etc. which was subject to our disclosure in FY2021 and Hotel Oriental Express Fukuoka Tenjin and Oriental
Hotel Universal City were added to our disclosure in FY2022.
Please check JHR’s website below for each hotel’s track record of hotel operations.
https://www.jhrth.co.jp/en/portfolio/review.html
The numbers and comments above have been prepared based on information the asset management company had
obtained from the lessees, etc. and are only provided as a reference of general trends.
Numbers for each month and numbers and information shown in the comments have not been audited nor been
the subject of the independent verification of the asset management company. Therefore, no guarantee is madeas to the accuracy or completeness of the numbers and information. Also, the sales for each month and sum totalof each month may be different from total sales for the six-month or full year stated in the annual securities report,
etc. to be submitted later.
Occupancy rate: The number of rooms sold during the period is divided by the number of rooms available during
the same period.
ADR (Average Daily Rate): Total rooms revenue for a certain period (excluding service charges) is divided by
the total number of rooms sold during the period.
RevPAR (Revenue Per Available Room): Total rooms revenue for a certain period (excluding service charges) is
divided by the total number of available rooms during the period.
Occupancy rate is rounded off to the first decimal place. ADR and RevPAR are rounded off to the nearest wholenumber. Sales are rounded off to the nearest million yen.
Fluctuation compared with the same month of 2021 means the fluctuation between the month subject todisclosure in this notice and the same month of 2021.
Cumulative total is the cumulative total from the beginning of the fiscal year (January) to the month subject todisclosure in this notice.
Fluctuation of cumulative total compared with 2021 means the fluctuation between the cumulative total from thebeginning of the fiscal year (January) to the month subject to disclosure in this notice and the cumulative total
from the beginning of 2021 (January) to the same month in 2021.
The change in fluctuation compared with 2019 means the fluctuation between the month subject to disclosure inthis notice and the same month in 2019. The change in fluctuation of the cumulative total compared with 2019means the fluctuation between the cumulative total from the beginning of the fiscal year (January) to the monthsubject to disclosure in this notice and the same period of 2019.
Sales are only from hotels and exclude rent from non-hotel tenants.
The hotel name is not disclosed because the approval of the related person has not been obtained.

* Website of Japan Hotel REIT Investment Corporation: https://www.jhrth.co.jp/en/2