March 25, 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 February 2024)
Star Asia Investment Corporation (“SAR”) announces today the monthly performance results of hotels withvariable rent for the month of February 2024 and cumulative total to February 2024 for the current FP17 (endingJuly 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

Feb. 2024

Actual CumulativeTotal / Average(Feb. 1, 2024 toFeb. 29, 2024)

HTL-02

HTL-03

Occupancy rate (%)

79.9

79.9

ADR (yen)

7,666

7,666

Rev PAR (yen)

6,122

6,122

GOR (mn yen)

1515Occupancy rate (%)

83.3

83.3

REMBRANDT STYLEADR (yen)

8,848

8,848

Tokyo Nishikasai

Rev PAR (yen)

7,367

7,367

GOR (mn yen)

Not disclosed (note 6)

Not disclosed (note 6)

Smile Hotel Namba

Occupancy rate (%)
HTL-07

HTL-0883.4

83.4

REMBRANDT STYLEADR (yen)

11,098

11,098

Tokyo Nishikasai Grande

Rev PAR (yen)

9,258

9,258

GOR (mn yen)

Not disclosed (note 6)

Not disclosed (note 6)

Occupancy rate (%)

84.9

84.9

KOKO HOTELADR (yen)

8,243

8,243

Osaka NambaRev PAR (yen)

6,955

6,955

GOR (mn yen)

20

201

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

NO.

Name of Property

ItemFeb. 2024

Actual Cumulative
Total / Average(Feb. 1, 2024 toFeb. 29, 2024)

Occupancy rate (%)
HTL-10ADR (yen)

15,842

15,842

Ginza 1-Chome

Rev PAR (yen)14,643

14,643

GOR (mn yen)

131

131

93.4

93.4

KOKO HOTELADR (yen)

13,56813,568

Sapporo Ekimae

Rev PAR (yen)12,677

12,677

GOR (mn yen)90

90

Occupancy rate (%)
HTL-12

86.6

86.6

KOKO HOTELADR (yen)11,891

11,891

Fukuoka Tenjin

Rev PAR (yen)10,295

10,295

GOR (mn yen)

HTL-13HTL-144949

Occupancy rate (%)

82.2

82.2

KOKO HOTELADR (yen)

7,160

7,160

Hiroshima Ekimae

Rev PAR (yen)

5,888

5,888

GOR (mn yen)4444

Occupancy rate (%)

74.4

74.4

KOKO HOTELADR (yen)

5,430

5,430

Kagoshima Tenmonkan

Rev PAR (yen)

4,040

4,040

GOR (mn yen)

3636

87.6

87.6

Occupancy rate (%)
HTL-15

Fino HotelADR (yen)

13,81813,818

Sapporo Odori

Rev PAR (yen)12,106

12,106

GOR (mn yen)

51

51

Occupancy rate (%)
HTL-16

92.4

KOKO HOTEL

Occupancy rate (%)
HTL-11

92.4

84.7

84.7

Best Western Plus

ADR (yen)

12,52812,528

Fukuoka Tenjin-minami

Rev PAR (yen)10,606

10,606

GOR (mn yen)76

76

Occupancy rate (%)
Total / Average

85.0

85.0

ADR (yen)

10,936

10,936

Rev PAR (yen)

9,292

9,292

(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 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 February 2024 increased by 89.0% comparedto the same month in the preceding year, and by 7.1% compared to the same month in 2019, hitting a record
high since the coronavirus pandemic, as well as historical high for the month of February. Furthermore,according to the same data, 19 markets out of 23 markets (namely, South Korea, Taiwan, Hong Kong,Singapore, Malaysia, Indonesia, Philippines, Vietnam, India, Australia, the U.S., Canada, Mexico, the U.K.,
France, Germany, Italy, Spain and the Mid-East region) recorded historical high figures for the month ofFebruary, and also, Taiwan and Vietnam recorded historical highs for a single month.
In this context, the operating results (actual) of the hotels held by SAR were as described above.
Mainly, in the Hokkaido area opportunities from seasonal factors were grasped, and the hotels located in theTokyo, Osaka, and Fukuoka areas, continued to perform well by acquiring both inbound and domestic demand.
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/

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
Fixed
Variable―〇●〇●〇Name of Property

R&B Hotel Umeda East
Smile Hotel Namba
REMBRANDT STYLE Tokyo NishikasaiBEST 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 operationperformance data.

This is an English translation of the announcement in Japanese dated March 25, 2024. However, no assurance orwarranties are given for the completeness or accuracy of this English translation.

4