February 26, 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 January 2024)
Star Asia Investment Corporation (“SAR”) announces today the monthly performance results of hotels withvariable rent for the month of January 2024 and cumulative total to January 2024 for the current FP16 (endedJanuary 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)

Jan. 2024

Total / Average(Aug. 1, 2023 toJan. 31, 2024)

HTL-02

HTL-03

HTL-07

HTL-08

Occupancy rate (%)

73.2

81.2

ADR (yen)

6,815

7,389

Rev PAR (yen)

4,992

5,999

GOR (mn yen)1499

Occupancy rate (%)

66.5

80.7

REMBRANDT STYLEADR (yen)

7,923

8,584

Tokyo Nishikasai

Rev PAR (yen)

5,273

6,928

GOR (mn yen)

Not disclosed (note 6)

Not disclosed (note 6)

Smile Hotel Namba

Occupancy rate (%)

63.5

79.8

REMBRANDT STYLEADR (yen)

9,688

10,405

Tokyo Nishikasai Grande

Rev PAR (yen)

6,149

8,299

GOR (mn yen)

Not disclosed (note 6)

Not disclosed (note 6)

Occupancy rate (%)

82.2

86.4

KOKO HOTELADR (yen)

6,880

8,280

Osaka Namba

Rev PAR (yen)

5,655

7,150

GOR (mn yen)171311

FP16(Aug. 1, 2023 toNO.

Name of Property

Item

Jan. 31, 2024)

Jan. 2024

Total / Average(Aug. 1, 2023 toJan. 31, 2024)

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)

Total / Average

Occupancy rate (%)

92.4

94.2

ADR (yen)

13,717

15,891

Rev PAR (yen)12,68014,976

GOR (mn yen)

124

711

Occupancy rate (%)

92.6

91.2

ADR (yen)

6,921

8,470

Rev PAR (yen)

6,409

7,721

GOR (mn yen)

52304

80.1

78.0

ADR (yen)

10,894

11,450

Rev PAR (yen)

8,726

8,929

GOR (mn yen)45225

Occupancy rate (%)

Occupancy rate (%)

67.1

78.9

ADR (yen)

6,028

7,907

Rev PAR (yen)

4,042

6,237

GOR (mn yen)33252

Occupancy rate (%)

59.1

62.0

ADR (yen)

4,727

6,338

Rev PAR (yen)

2,793

3,930

GOR (mn yen)27189

Occupancy rate (%)

86.4

84.8

ADR (yen)

6,752

8,569

Rev PAR (yen)

5,831

7,268

GOR (mn yen)

27

166

76.7

80.5

ADR (yen)

10,691

11,523

Rev PAR (yen)

8,196

9,272

GOR (mn yen)63353

Occupancy rate (%)

76.5

81.3

ADR (yen)

8,700

9,987

Rev PAR (yen)

6,660

8,115

Occupancy rate (%)(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 is
divided 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 statistical data on foreigners visiting Japan publicized by the Japan National Tourism Bureau(JNTB), the number of foreigners visiting Japan in the month of January 2024 was more or less the same as
the number recorded in the same month in 2019. Furthermore, according to the same data, 10 markets outof 23 markets (namely, South Korea, Taiwan, Singapore, Indonesia, Philippines, Australia, Canada, Mexico,and the Mid-Est region) recorded historical high figures for the month of January.
In this context, the actual performance of hotels held by SAR are as described above.
The hotels mainly located in the Tokyo, Osaka, and Fukuoka areas have continued to perform well, byacquiring both inbound visitors and domestic demand.
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/

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<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

Rent Structure
FixedVariable―〇●〇●〇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 February 26, 2024. However, no assurance
or warranties are given for the completeness or accuracy of this English translation.

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