November 24, 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 October 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 October 2023 as described below.
SAR continues to disclose performance data of the hotel assets from which it receives variable rent or income
on a monthly basis starting from September 2023 to the extent the lessees have agreed to such disclosures.
1.

Performance
FP16(Aug 1, 2023 toNO.

Name of Property

ItemJan 31, 2024)

Oct 2023

Total / Average(Aug 1, 2023 toOct 31, 2023)

HTL-02

Smile Hotel Namba

Occupancy rate (%)

87.8

83.4

ADR (yen)

6,940

7,233

Rev PAR (yen)

6,091

6,031

GOR (mn yen)

HTL-031750

Occupancy rate (%)

80.8

83.3REMBRANDT STYLEADR (yen)

8,587

8,294

Tokyo Nishikasai

Rev PAR (yen)

6,941

6,906

GOR (mn yen)

Not disclosed (note 6)

Not disclosed (note 6)

86.0

84.5

Occupancy rate (%)
HTL-07

HTL-08REMBRANDT STYLEADR (yen)

10,292

10,145

Tokyo Nishikasai Grande

Rev PAR (yen)

8,850

8,575

GOR (mn yen)

Not disclosed (note 6)

Not disclosed (note 6)

Occupancy rate (%)

88.9

88.2

KOKO HOTELADR (yen)

7,999

8,111

Osaka Namba

Rev PAR (yen)

7,109

7,157

GOR (mn yen)

22651FP16(Aug 1, 2023 toNO.

Name of Property

ItemJan 31, 2024)

Oct 2023

Total / Average(Aug 1, 2023 toOct 31, 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 (%)

93.9

93.6

ADR (yen)

16,57915,612

Rev PAR (yen)15,57014,616

GOR (mn yen)

151

278

Occupancy rate (%)

91.4

92.9

ADR (yen)

7,985

10,441

Rev PAR (yen)

7,301

9,696

GOR (mn yen)

59

148

73.1

73.9

ADR (yen)

10,972

10,658

Rev PAR (yen)

8,016

7,876

GOR (mn yen)

4180

Occupancy rate (%)

Occupancy rate (%)

86.2

84.8

ADR (yen)

8,662

8,464

Rev PAR (yen)

7,467

7,174

GOR (mn yen)61115

Occupancy rate (%)

70.1

64.2

ADR (yen)

8,239

7,547

Rev PAR (yen)

5,772

4,849

GOR (mn yen)5692

Occupancy rate (%)

83.9

86.6

ADR (yen)

7,832

10,695

Rev PAR (yen)

6,574

9,259

GOR (mn yen)

30

83

80.4

78.6

ADR (yen)

11,357

10,931

Rev PAR (yen)

9,131

8,592

GOR (mn yen)

71

131

83.5

82.8

ADR (yen)

10,188

10,160

Rev PAR (yen)

8,508

8,413

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
Number of foreign visitors to Japan in October 2023 was 100.8% of the number in October 2019, and it was
the first time since the spreading of COVID-19 infection for the number to exceed that of the same m The
month in2019.
Under such circumstance, the actual performance of the hotels held by SAR are as described above. In
addition to the strong recovery of inbound visitors as well as acquisition of domestic demand, steady
performance is also maintained by the operator’s revenue management initiatives responding to seasonal
factors.
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
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 November 24, 2023. However, noassurance or warranties are given for the completeness or accuracy of this English translation.

4