May 24, 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 April 2024)
Star Asia Investment Corporation (“SAR”) announces today the monthly performance results of hotels withvariable rent for the month of April 2024 and cumulative total to April 2024 for the current FP17 (ending July 31,2024) as described below.
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
FP17(Feb. 1, 2024 toJul. 31, 2024)

NO.

Name of Property

Item

Apr. 2024

Actual Cumulative
Total / Average(Feb. 1, 2024 toApr. 31, 2024)

HTL-02

HTL-03

Occupancy rate (%)

88.6

85.0

ADR (yen)

7,645

7,581

Rev PAR (yen)

6,770

6,446

GOR (mn yen)1852

Occupancy rate (%)

88.4

87.1

REMBRANDT STYLEADR (yen)

8,813

8,973

Tokyo Nishikasai

Rev PAR (yen)

7,786

7,819

GOR (mn yen)

Not disclosed (note 6)

Not disclosed (note 6)

Smile Hotel Namba

Occupancy rate (%)
HTL-07

HTL-0885.0

85.4

REMBRANDT STYLEADR (yen)

11,711

11,649

Tokyo Nishikasai Grande

Rev PAR (yen)

9,952

9,952

GOR (mn yen)

Not disclosed (note 6)

Not disclosed (note 6)

Occupancy rate (%)

91.8

88.8

KOKO HOTELADR (yen)

9,228

9,084

Osaka Namba

Rev PAR (yen)

8,471

8,068

GOR (mn yen)

26731

FP17(Feb. 1, 2024 toJul. 31, 2024)

NO.

Name of Property

Item

Apr. 2024

Actual Cumulative
Total / Average(Feb. 1, 2024 toApr. 31, 2024)

Occupancy rate (%)
HTL-10

HTL-11

ADR (yen)

21,84019,218

Ginza 1-Chome

Rev PAR (yen)19,93017,611

GOR (mn yen)

184

490

Occupancy rate (%)

90.7

91.8

KOKO HOTELADR (yen)

5,648

8,634

Sapporo Ekimae

Rev PAR (yen)

5,123

7,927

GOR (mn yen)

42183

81.6

84.4

KOKO HOTELADR (yen)

12,12012,096

Fukuoka Tenjin

Rev PAR (yen)

9,894

10,210GOR (mn yen)

HTL-13HTL-14HTL-1549

152

Occupancy rate (%)

90.1

86.5

KOKO HOTELADR (yen)

8,284

7,952

Hiroshima Ekimae

Rev PAR (yen)

7,460

6,878

GOR (mn yen)

59

163

Occupancy rate (%)

78.5

79.7

KOKO HOTELADR (yen)

4,539

4,939

Kagoshima Tenmonkan

Rev PAR (yen)

3,561

3,935

GOR (mn yen)

33

110

KOKO HOTEL

Occupancy rate (%)

78.2

83.2

Sapporo Odori

ADR (yen)

5,684

8,787

(Former Name：Fino Hotel

Rev PAR (yen)

4,447

7,313

Sapporo Odori)

GOR (mn yen)2098

Occupancy rate (%)
HTL-16

91.6

KOKO HOTEL

Occupancy rate (%)
HTL-12

91.3

87.2

87.3

Best Western Plus

ADR (yen)

11,967

12,306

Fukuoka Tenjin-minami

Rev PAR (yen)10,431

10,748GOR (mn yen)79242

Occupancy rate (%)
Total / Average

86.5

86.6

ADR (yen)

10,363

10,549

Rev PAR (yen)

8,963

9,137

(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 service
charges) 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 is2

divided by the total number of available guest rooms during the same period. It is rounded down to thenearest 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.

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 April 2024 increased by 56.1% compared tothe same month in the preceding year, and by 4.0% compared to the same month in 2019, exceeding 3 million
visitors for 2 consecutive months due to increased demand for overseas travel, in addition to increased
demand for visits to Japan due to the spring cherry blossom season.
In this context, the operating results (actual) of the hotels held by SAR were as described above. KOKOHOTEL Ginza 1-chome, in particular, continued to perform well from last month, recording the highest ADR
and RevPAR for a single month since the start of operations at SAR.
Other details are planned to be explained in the 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
January 31, 2024” announced on March 15, 2024.

*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
KOKO 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 March 24, 2024. However, no assurance orwarranties are given for the completeness or accuracy of this English translation.

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