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.
April 23, 2021
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
Executive Director,
Head of Planning Group, Operations Division
TEL: +81-3-6422-0530
Announcement of Monthly Disclosure for March 2021
With respect to the business performance of the hotels owned by Japan Hotel REIT Investment Corporation(hereinafter called “JHR”) for March 2021, JHR informs you of the monthly sales, occupancy rates, ADR, and
RevPAR of rooms department of the 24 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 24 Hotels
with Variable Rent, etc.

The 14 HMJ Hotels

MarchFluctuation
Change incompared with fluctuation
the samecompared withmonth
the samelast year
month(Note 9)last year

Cumulative
total(Note 10)

Fluctuation of
Change inthe cumulative fluctuation of
total
the cumulative
compared withtotal
last year
compared with(Note 11)
last year

Change inChange influctuation offluctuation
the cumulative
compared withtotal
the same monthcompared with
two years ago
two years ago(Note 12)(Note 12)

Occupancy rate

35.2%

7.1%

25.3%

29.4%

(28.2)%(49.0)%(58.7)%(64.4)%ADR(JPY)

11,320(2,030)(15.2)%

10,913(2,947)(21.3)%(29.7)%(28.1)%

RevPAR(JPY)

3,983

233

6.2%

3,205(4,772)(59.8)%(71.0)%(74.4)%

Sales(JPY 1M)

2,238

580

35.0%

4,444

(4,668)(51.2)%(54.8)%(66.5)%

Occupancy rate

31.0%

1.4%

4.6%

26.4%

(31.7)%(54.6)%(63.8)%(67.5)%ADR(JPY)

14,084(683)(4.6)%

13,220(2,141)(13.9)%(23.5)%(22.4)%

RevPAR(JPY)

4,360(10)(0.2)%

3,491(5,441)(60.9)%(72.3)%(74.8)%

Sales(JPY 1M)

2,001

518

34.9%

3,876(3,927)(50.3)%(52.9)%(65.3)%*As the impact of COVID-19 has been significant since February 2020, the change in fluctuation compared with
two years ago (2019) is also stated.
<Special Items>
With regard to the hotels owned by JHR, RevPAR of the total of the 24 Hotels with Variable Rent, etc. for March
2021 continued to be affected by the declaration of the state of emergency, which was an increase of 6.2% from thesame month last year, but a decrease of 71.0% from the same month two years ago (2019).
As for RevPAR of the total of the 24 Hotels with Variable Rent, etc. for April 2021, the situation of the infections
has not improved even after the state of emergency was lifted, and the stricter measures to prevent the spread of thevirus have been implemented in some prefectures. Moreover, the state of emergency is expected to be declared for
Osaka, Hyogo, Kyoto and Tokyo again. Therefore, as of today, RevPAR for April 2021 is expected to decrease bya little over 70% from the same month two years ago, the same as in March.
Under such circumstances, each hotel continues to strive to give consideration to health of guests and employees
and working to manage hygiene environment and conducting operations while thoroughly implementing costmanagement. Each hotel is working to secure sales by implementing sales measures that respond to new demand,1such as staycation or “workation,” etc. in addition to attractive value-added products and price-conscious products.
*As of today, the following hotels of the 24 Hotels with Variable Rent, etc. are temporarily closed.
Hotel Oriental Express Osaka Shinsaibashi : April 20, 2020 till for the time being
Holiday Inn Osaka Namba: December 6, 2020 till for the time being* the b ikebukuro has been accepting COVID-19 patients with mild or no symptoms since July 14, 2020.

------------------------------------------------------------------------------------------------------ ------------------------------(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)The 24 Hotels with Variable Rent, etc. refers to 24 hotels, which are The 14 HMJ Hotels plus ibis Tokyo Shinjuku,
ibis Styles Kyoto Station, ibis Styles Sapporo, Mercure Sapporo, Mercure Okinawa Naha, Mercure Yokosuka,
the b ikebukuro, the b hachioji, the b hakata and the b suidobashi. The 14 HMJ Hotels refers to 14 hotels, which
are Kobe Meriken Park Oriental Hotel, Oriental Hotel tokyo bay, Namba Oriental Hotel, Hotel Nikko Alivila,
Oriental Hotel Hiroshima, 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
and Hilton Tokyo Odaiba.
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 bythe 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 last year means the fluctuation between the concerned month (March)and the same month last year.
Cumulative total is the cumulative total from the beginning of the period (January) to the concerned month(March).
Fluctuation of cumulative total compared with last year means the fluctuation between the cumulative total fromthe beginning of the period (January) to the concerned month (March) and the cumulative total from thebeginning of the period last year (January) to the same concerned month (March) last year.
The change in fluctuation compared with two years ago means the fluctuation between the concerned month(March) and the same month two years ago (2019. The same shall apply hereinafter.). The change in fluctuationof the cumulative total compared with two years ago means the fluctuation between the cumulative total fromthe beginning of the period (January) to the concerned month (March) this year and the same period two years
ago.
Sales are only from hotels and exclude rent from non-hotel tenants.

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