December 25, 2023
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 November 2023)
Star Asia Investment Corporation (“SAR”) announces today the monthly performance results of hotels withvariable rent for the month of November 2023 and cumulative total to November 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)

Nov. 2023

Total / Average(Aug. 1, 2023 to
Nov. 30, 2023)

HTL-02

HTL-03

Occupancy rate (%)

82.7

83.2

ADR (yen)

7,886

7,393

Rev PAR (yen)

6,521

6,152

GOR (mn yen)

1767

Occupancy rate (%)

83.0

83.2

REMBRANDT STYLEADR (yen)

9,424

8,571

Tokyo Nishikasai

Rev PAR (yen)

7,821

7,131

GOR (mn yen)

Not disclosed (note 6)

Not disclosed (note 6)

Smile Hotel Namba

Occupancy rate (%)
HTL-07

HTL-0885.4

84.7

REMBRANDT STYLEADR (yen)

10,735

10,291

Tokyo Nishikasai Grande

Rev PAR (yen)

9,167

8,721

GOR (mn yen)

Not disclosed (note 6)

Not disclosed (note 6)

Occupancy rate (%)

88.6

88.3

KOKO HOTELADR (yen)

9,031

8,338

Osaka Namba

Rev PAR (yen)

7,999

7,364

GOR (mn yen)

24901

FP16
(Aug. 1, 2023 toNO.

Name of Property

ItemJan. 31, 2024)

Nov. 2023

Total / Average(Aug. 1, 2023 to
Nov. 30, 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 (%)

96.0

94.4

ADR (yen)

16,665

15,965

Rev PAR (yen)15,99815,072

GOR (mn yen)

147

426

Occupancy rate (%)

86.3

90.7

ADR (yen)

6,708

9,270

Rev PAR (yen)

5,791

8,409

GOR (mn yen)

47

195

81.4

76.4

ADR (yen)

11,982

11,123

Rev PAR (yen)

9,756

8,496

GOR (mn yen)

48

128

Occupancy rate (%)

Occupancy rate (%)

82.8

84.1

ADR (yen)

9,078

8,663

Rev PAR (yen)

7,514

7,286

GOR (mn yen)

59

175

Occupancy rate (%)

70.966.5

ADR (yen)

6,263

7,095

Rev PAR (yen)

4,443

4,715

GOR (mn yen)

41134

Occupancy rate (%)

81.7

85.0

ADR (yen)

6,630

9,406

Rev PAR (yen)

5,418

7,993

GOR (mn yen)

24

108

87.6

81.6

ADR (yen)

12,107

11,348

Rev PAR (yen)10,6099,257

GOR (mn yen)

79210

84.2

83.2

ADR (yen)

10,212

10,176

Rev PAR (yen)

8,600

8,470

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 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
The number of foreigners visiting Japan in the month of November 2023 was more or less at the same level
as in November 2019, and exceeded 2 million visitors for 6 consecutive months.
Within this environment, the actual performance of hotels held by SAR are as described above. thisenvironment.
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 theHokkaido area, the operator has conducted revenue management such as efforts to increase occupancy rates
as much as possible by adjusting ADR in response to seasonal variation factors. As a result, the operating
results for the month of November of the above mentioned 11 hotels have exceeded the performance of themonth of October for all of the performance factors (occupancy rates, ADR, and RevPAR), and the cumulative
performance to date for the 16th Fiscal Period is at a level exceeding SAR’s business forecast assumption.
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 July31, 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
Fixed
Variable―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 December 25, 2023. However, no assurance
or warranties are given for the completeness or accuracy of this English translation.

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