October 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 September 2023)
Star Asia Investment Corporation (“SAR”) announces today the monthly performance and total of FP16 (EndingJan 2024)of hotels with variable rent for the month of September 2023 as described below.
SAR intends to continue to disclose performance data of the hotel assets from which it receives variable rent orincome on a monthly basis starting from September 2023 to the extent the lessees have agreed to suchdisclosures.
1.

Performance
FP16(Aug 1, 2023 toNO.

Name of Property

ItemJan 31, 2024)

Sep 2023

Total / Average(Aug 1, 2023 toSep 30, 2023)

HTL-02

HTL-03

HTL-07

HTL-08

Occupancy rate (%)

81.3

81.2

ADR (yen)

7,585

7,394

Rev PAR (yen)

6,163

6,001

GOR (mn yen)1633

Occupancy rate (%)

82.584.5

REMBRANDT STYLEADR (yen)

8,021

8,151

Tokyo Nishikasai

Rev PAR (yen)

6,619

6,888

GOR (mn yen)

Not disclosed (note 6)

Not disclosed (note 6)

Smile Hotel Namba

Occupancy rate (%)

88.1

83.8

REMBRANDT STYLEADR (yen)

9,685

10,069

Tokyo Nishikasai Grande

Rev PAR (yen)

8,532

8,435

GOR (mn yen)

Not disclosed (note 6)

Not disclosed (note 6)

Occupancy rate (%)

86.1

87.9

KOKO HOTELADR (yen)

8,007

8,169

Osaka Namba

Rev PAR (yen)

6,891

7,182

GOR (mn yen)20431

FP16(Aug 1, 2023 toNO.

Name of Property

ItemJan 31, 2024)

Sep 2023

Total / Average(Aug 1, 2023 to
Sep 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 (%)

93.3

93.3

ADR (yen)14,607

14,607

Rev PAR (yen)13,63013,630GOR (mn yen)

127

127

Occupancy rate (%)

94.3

94.3

ADR (yen)

12,901

12,901

Rev PAR (yen)12,171

12,171

GOR (mn yen)

89

89

74.8

74.8

ADR (yen)

10,34010,340

Rev PAR (yen)

7,732

7,732

GOR (mn yen)38

38

Occupancy rate (%)

Occupancy rate (%)

83.3

83.3

ADR (yen)

8,252

8,252

Rev PAR (yen)

6,871

6,871

GOR (mn yen)

54

54

Occupancy rate (%)

58.2

58.2

ADR (yen)

6,687

6,687

Rev PAR (yen)

3,894

3,894GOR (mn yen)

3636

89.3

89.3

ADR (yen)

13,476

13,476

Rev PAR (yen)12,032

12,032

GOR (mn yen)

53

53

76.7

76.7

ADR (yen)

10,47010,470

Rev PAR (yen)

8,034

8,034

GOR (mn yen)

59

59

81.6

82.2

ADR (yen)

10,523

10,136

Rev PAR (yen)

8,592

8,333

Occupancy rate (%)

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
The number of foreigners visiting Japan in September 2023 showed strong recovery, as the number was 96.1%
compared to the same month of 2019. Within this context, the performance of the hotels held by SAR was asdescribed above.
In particular, the performance of KOKO HOTEL Ginza 1-Chome, KOKO HOTEL Sapporo Ekimae, Fino Hotel
Sapporo Odori were strong due to seasonal factors, a recovery in inbound demand, and revenue managementby the operator. 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/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

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 October 25, 2023. However, no assurance
or warranties are given for the completeness or accuracy of this English translation.

4