January 25, 2024
For Immediate Release
Real Estate Investment Trust Securities Issuer
Star Asia Investment Corporation
Representative: Atsushi Kato, Executive Officer(Code: 3468)
Asset Management Company
Star Asia Investment Management Co., Ltd.
Representative:
Atsushi Kato
President and CEO
Contact:
Akiko Kanno
Director and CFO
TEL: +81-3-5425-1340

Notice Concerning Hotel Operation Performance (for December 2023)
Star Asia Investment Corporation (“SAR”) announces today the monthly performance results of hotels withvariable rent for the month of December 2023 and cumulative total to December 2023 for the current FP16(ending January 31, 2024) as described below.
Starting from September 2023, SAR has continued to disclose monthly performance data of the hotel assets
from which it receives variable rent or income, to the extent the lessees have agreed to such disclosures.
1.

Performance
FP16(Aug. 1, 2023 toNO.

Name of Property

Item

Jan. 31, 2024)

Dec. 2023

Total / Average(Aug. 1, 2023 to
Dec. 31, 2023)

HTL-02

HTL-03

Occupancy rate (%)

81.2

82.8

ADR (yen)

7,891

7,492

Rev PAR (yen)

6,404

6,203

GOR (mn yen)1785

Occupancy rate (%)

85.1

83.6

REMBRANDT STYLEADR (yen)

9,148

8,690

Tokyo Nishikasai

Rev PAR (yen)

7,785

7,263

GOR (mn yen)

Not disclosed (note 6)

Not disclosed (note 6)

Smile Hotel Namba

Occupancy rate (%)
HTL-07

HTL-0876.5

83.1

REMBRANDT STYLEADR (yen)

11,496

10,516

Tokyo Nishikasai Grande

Rev PAR (yen)

8,790

8,735

GOR (mn yen)

Not disclosed (note 6)

Not disclosed (note 6)

Occupancy rate (%)

82.8

87.2

KOKO HOTELADR (yen)

9,425

8,547

Osaka Namba

Rev PAR (yen)

7,804

7,453

GOR (mn yen)

24114

1

FP16
(Aug. 1, 2023 toNO.

Name of Property

ItemJan. 31, 2024)

Dec. 2023

Total / Average(Aug. 1, 2023 toDec. 31, 2023)

KOKO HOTELHTL-10Ginza 1-Chome(note 7)
KOKO HOTELHTL-11

Sapporo Ekimae(note 7)
KOKO HOTELHTL-12

Fukuoka Tenjin(note 7)
KOKO HOTELHTL-13Hiroshima Ekimae(note 7)
KOKO HOTELHTL-14

Kagoshima Tenmonkan(note 7)
Fino Hotel

HTL-15

Sapporo Odori(note 7)
Best Western Plus

HTL-16

Fukuoka Tenjin-minami(note 7)

Occupancy rate (%)

95.6

94.7

ADR (yen)

17,77916,430

Rev PAR (yen)16,991

15,559GOR (mn yen)

160

587

Occupancy rate (%)

91.1

90.8

ADR (yen)

7,704

8,871

Rev PAR (yen)

7,015

8,055

GOR (mn yen)

56

252

80.6

77.5

ADR (yen)

12,912

11,596

Rev PAR (yen)10,4058,981

GOR (mn yen)

51

180

Occupancy rate (%)

Occupancy rate (%)

75.3

81.9

ADR (yen)

7,104

8,298

Rev PAR (yen)

5,352

6,795

GOR (mn yen)

43218

Occupancy rate (%)

51.962.8

ADR (yen)

5,323

6,723

Rev PAR (yen)

2,762

4,219

GOR (mn yen)

26161

Occupancy rate (%)

82.8

84.4

ADR (yen)

7,942

9,041

Rev PAR (yen)

6,578

7,633

GOR (mn yen)

30

138

81.0

81.4

ADR (yen)

12,83011,722

Rev PAR (yen)10,3949,546

GOR (mn yen)

79290

79.7

82.4

ADR (yen)

10,596

10,274

Rev PAR (yen)

8,449

8,465

Occupancy rate (%)

Occupancy rate (%)
Total / Average(note 1) Each of the above figures are based on information provided by the tenants. As the figures are unaudited,their accuracy and completeness are not guaranteed, and the above figures may differ from the figures
presented in materials such as the annual securities reports.
(note 2) Occupancy rate: The number of guest rooms sold during the period is divided by the number of guest rooms
available during the same period. It is rounded down to the first decimal place.
(note 3) ADR (Average Daily Rate): Total revenues from guest room sales during a certain period (including servicecharges) is divided by the total number of guest rooms sold during the same period. It is rounded down tothe nearest whole yen.
(note 4) Rev PAR (Revenue Per Available Room): Total revenues from guest room sales during a certain period isdivided by the total number of available guest rooms during the same period. It is rounded down to the2nearest whole yen.
(note 5) GOR: Gross operating revenue earned by lessee from hotel operations and other ancillary businesses. It isrounded down to the nearest millions of yen.
(note 6) Not disclosed due to request from the tenant.
(note 7) Acquired on September 1, 2023.

2.

Special Items
According to public announcements by the Japan National Tourism Bureau (JNTB), the number of foreigners
visiting Japan in the month of December 2023 was 108.2% compared to the same month in 2019, hitting arecord high for a single month since the spreading of COVID-19, and also the highest figure recorded forDecember.
In this context, the actual performance of hotels held by SAR are as described above.
The hotels located in the Tokyo, Osaka, and Fukuoka areas have continued to perform well, by acquiring
both inbound visitors and domestic demand. On the other hand, with respect to hotels located in theHiroshima and Kagoshima areas, the inbound ratio is currently relatively low; however, overall businessperformance of the 11 hotels stated above for the month of December was generally strong.
For detailed explanations regarding the performance from September to November 2023, please refer tothe Official YouTube channel.
https://www.youtube.com/@user-wf8jo1ct6p
For the operating results forecast of SAR, please refer to “(REIT) Financial Report for Fiscal Period Ended July
31, 2023” announced on September 13, 2023.

*SAR HP URL: https://starasia-reit.com/en/3

<Reference>
Rent Structure and List of Hotels
NO.

HTL-01
HTL-02
HTL-03
HTL-04
HTL-05
HTL-06
HTL-07
HTL-08
HTL-09
HTL-10
HTL-11
HTL-12
HTL-13HTL-14HTL-15
HTL-16

Name of Property

R&B Hotel Umeda East
Smile Hotel Namba
REMBRANDT STYLE Tokyo Nishikasai

BEST WESTERN Yokohama
The BREAKFAST HOTEL FUKUOKA TENJIN
GLANSIT AKIHABARAREMBRANDT STYLE Tokyo Nishikasai Grande
KOKO HOTEL Osaka Namba

abeno nini (Hotel)
KOKO HOTEL Ginza 1-Chome
KOKO HOTEL Sapporo Ekimae
KOKO HOTEL Fukuoka Tenjin
KOKO HOTEL Hiroshima Ekimae
KOKO HOTEL Kagoshima Tenmonkan
Fino Hotel Sapporo OdoriBest Western Plus Fukuoka Tenjin-minami

Rent Structure
FixedVariable―〇
●
〇
●
〇
〇
〇
〇
〇
―
〇
●
〇
―
●
―
〇
●
〇
●
〇
●
〇
●
〇
●
〇
●
〇
●
〇

The hotels marked with ● are those whose tenants have consented to disclosure of parts of the operation
performance data.

This is an English translation of the announcement in Japanese dated January 25, 2024. However, no assurance
or warranties are given for the completeness or accuracy of this English translation.

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