August 23, 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 July 2024)
Star Asia Investment Corporation (“SAR”) announces today the monthly performance results of hotels withvariable rent for the month of July 2024 and cumulative total to July 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

July 2024

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

HTL‐02

HTL‐03

Smile Hotel Namba

Occupancy rate (%)

76.3

81.8

ADR (yen)

7,159

7,345

Rev PAR (yen)

5,464

6,011

GOR (mn yen)

1598Occupancy rate (%)

79.3

84.0

REMBRANDT STYLEADR (yen)

9,113

8,926

Tokyo Nishikasai

Rev PAR (yen)

7,231

7,495

GOR (mn yen)

Not disclosed (note 6)

Not disclosed (note 6)

73.9

80.0

11,69011,617

Occupancy rate (%)
HTL‐07

HTL‐08REMBRANDT STYLEADR (yen)

Tokyo Nishikasai Grande

Rev PAR (yen)

8,644

9,294

GOR (mn yen)

Not disclosed (note 6)

Not disclosed (note 6)

Occupancy rate (%)

90.2

89.9

KOKO HOTELADR (yen)

7,754

8,346

Osaka Namba

Rev PAR (yen)

6,991

7,506

GOR (mn yen)

22138

1

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

NO.

Name of Property

ItemJuly 2024

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

Occupancy rate (%)
HTL‐10

HTL‐11

HTL‐12

HTL‐13

HTL‐14

HTL‐1588.2

91.8

KOKO HOTELADR (yen)

16,10518,093

Ginza 1‐Chome

Rev PAR (yen)14,206

16,602

GOR (mn yen)

137

938

Occupancy rate (%)

97.0

93.6

KOKO HOTELADR (yen)

13,424

9,602

Sapporo Ekimae

Rev PAR (yen)13,022

8,986

GOR (mn yen)100417

Occupancy rate (%)

86.5

85.0

KOKO HOTELADR (yen)

13,345

12,359Fukuoka Tenjin

Rev PAR (yen)11,55010,506

GOR (mn yen)

58315

Occupancy rate (%)

83.3

85.8

KOKO HOTELADR (yen)

8,057

8,066

Hiroshima Ekimae

Rev PAR (yen)

6,710

6,923

GOR (mn yen)55332

Occupancy rate (%)

65.6

76.9

KOKO HOTELADR (yen)

4,787

4,918

Kagoshima Tenmonkan

Rev PAR (yen)

3,142

3,781

GOR (mn yen)

30215

KOKO HOTEL

Occupancy rate (%)

95.8

87.2

Sapporo Odori

ADR (yen)

14,626

10,167(Former Name：Fino Hotel

Rev PAR (yen)14,005

8,868

Sapporo Odori)

GOR (mn yen)Occupancy rate (%)

HTL‐16240
86.7Best Western Plus

ADR (yen)

13,961

12,805

Fukuoka Tenjin‐minami

Rev PAR (yen)12,457

11,103

GOR (mn yen)

95505

84.0

86.0

ADR (yen)

11,434

10,644

Rev PAR (yen)

9,603

9,150

Occupancy rate (%)
Total / Average(note 1)6489.2Each 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 theannual securities reports.

(note 2)

Occupancy rate: The number of guest rooms sold during the period is divided by the number of guest rooms available(note 3)

ADR (Average Daily Rate): Total revenues from guest room sales during a certain period (including service charges) is(note 4)

Rev PAR (Revenue Per Available Room): Total revenues from guest room sales during a certain period is divided by the total

during the same period. It is rounded down to the first decimal place.

divided by the total number of guest rooms sold during the same period. It is rounded down to the nearest whole yen.

number of available guest rooms during the same period. It is rounded down to the nearest whole yen.

2(note 5)

GOR: Gross operating revenue earned by lessee from hotel operations and other ancillary businesses. It is rounded down to(note 6)

Not disclosed due to request from the tenant.

the nearest millions of yen.

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 July 2024 increased by 41.9% compared tothe same month in the preceding year, and by 10.1% compared to the same month in 2019, hitting a record
high for a single month for 2 consecutive months, and also cumulative total up to end of July reached 200
million foreign visitors which was the fastest pace ever recorded.
In this context, the operating results (actual) of the hotels held by SAR were as described above. KOKO
HOTEL Sapporo Ekimae and KOKO HOTEL Sapporo Odori, in particular, performed well by attracting travelers
in the summer high season.
For detailed explanations regarding the performance from February to May 2024, please refer to the Official
YouTube channel.
https://www.youtube.com/@user‐wf8jo1ct6p/videos (Japanese only)
Furthermore, for the operating results forecast of SAR, please refer to “Notice Concerning Revision toForecasts for Operating Results and Distribution for the 17th Fiscal Period Ended July 31, 2024 and Revision
to Forecasts for Operating Results for the 18th Fiscal Period Ending January 31, 2025 and Forecasts forOperating Results and Distribution for the 19th Fiscal Period Ending July 31, 2025” announced on August 19,2024.

*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‐13
HTL‐14
HTL‐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 Nambaabeno 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

Rent Structure
FixedVariable
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〇―
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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 August 23, 2024. However, no assurance orwarranties are given for the completeness or accuracy of this English translation.

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