Building a richer future together[Provisional Translation Only]
This English translation of the original Japanese document is provided solely for information purposes.
Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

May 25, 2016
REIT Issuer
Ichigo Hotel REIT Investment Corporation (3463)
1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Osamu Miyashita, Executive Director
www.ichigo-hotel.co.jp/english
Asset Management Company
Ichigo Real Estate Investment Advisors Co., Ltd.
Representative: Wataru Orii, President & Representative Statutory Executive Officer
Inquiries: Hiroto Tajitsu, Statutory Executive Officer, Head of Administration
Tel: +81-3-3502-4892

Ichigo Hotel REIT Operating Results – April 2016
Ichigo Hotel REIT hereby announces its April 2016 RevPAR, Occupancy, ADR, and Revenues:
Total RevPAR, Occupancy, and ADR of Ichigo Hotel REIT Portfolio Assets
April
2016
(A)

April
2015
(B)

Difference(A-B)

Current Fiscal Period
Feb 2016－Apr 2016
YOY
YOY
Cumulative
Difference
ChangeYOY
Change

RevPAR (yen)8,137

7,582+554+7.3%

7,792+679+9.5%Occupancy (%)

91.7

92.9-1.1-1.2%

92.8-0.6-0.6%

ADR (yen)

8,869

8,164+705+8.6%

8,400+780+10.2%

RevPAR, Occupancy, ADR, and Revenues for Individual Assets

Smile Hotel
Kyoto Shijo

April
2016
(A)

April
2015
(B)

RevPAR (yen)18,187

Occupancy (%)
ADR (yen)

YOY
Change18,198-11-0.1%

13,224+883

+7.2%

100.0

100.1-0.0-0.0%

100.2+0.0+0.0%

18,17818,181-3-0.0%13,204+877+7.1%

7879-1-1.0%

171+11+7.0%

RevPAR (yen)16,41015,472+938+6.1%

13,454+1,358+11.2%

Occupancy (%)

93.8

93.1+0.7+0.7%

92.3

-0.5

-0.6%

17,50016,619+881+5.3%

14,580+1,547+11.9%

4441+3+6.9%

108+12+12.6%

Revenues (mm yen)

Hotel Vista
Premio Kyoto

Current Fiscal Period
Feb 2016－Apr 2016
YOY
YOY
Cumulative
Difference Change

Difference(A-B)

ADR (yen)
Revenues (mm yen)

1April2016(A)
Hotel Wing
International
NagoyaCurrent Fiscal Period
Feb 2016－Apr 2016
YOYYOY
Cumulative
Difference Change
5,912

Occupancy (%)

98.2

98.7

ADR (yen)

6,069

5,99245134

RevPAR (yen)

5,086

4,138+948+22.9%

6,879+1,033+17.7%

Occupancy (%)

98.3

95.8+2.6+2.7%

98.3+0.9+0.9%

ADR (yen)

5,174

4,321+853+19.7%

6,999+997+16.6%

3735+3+7.5%

136+13+10.7%

RevPAR (yen)

9,633

7,258

+2,375+32.7%

9,414+2,789+42.1%

Occupancy (%)

89.3

88.9

+0.4

+0.5%

91.8

+1.9+2.2%

10,783

8,164+2,619+32.1%

10,260+2,884+39.1%

3828+9+32.7%

110+33+43.7%

ADR (yen)
Revenues (mm yen)

Comfort Hotel
Hamamatsu

YOYChange

5,962

Revenues (mm yen)

Chisun Inn
Osaka
HommachiDifference(A-B)

RevPAR (yen)

Revenues (mm yen)
Nest Hotel
SapporoEkimae

April
2015
(B)

RevPAR (yen)

5,156

5,215

Occupancy (%)

82.3

84.1

ADR (yen)

6,266

6,204

3092

Revenues (mm yen)
RevPAR (yen)

5,392

4,741

+650

+13.7%

7,841

+834

+11.9%

Occupancy (%)

88.5

93.5

-5.0-5.3%

94.1-1.5-1.6%

ADR (yen)6,093

5,072+1,021+20.1%

8,334+1,006+13.7%2321+2+12.0%

95+10+12.0%

RevPAR (yen)7,827

5,905+1,921+32.5%

8,583+2,247+35.5%

Valie HotelOccupancy (%)

85.2

86.8

-1.6

-1.9%

89.0

-0.8-0.9%

TenjinADR (yen)

9,191

6,799+2,393+35.2%

9,642+2,590+36.7%

2010+10+95.4%

64+24+59.2%

Nest Hotel
Sapporo Odori

Revenues (mm yen)

Revenues (mm yen)

Notes:
1. The above data is as provided by the hotel operators or as calculated by Ichigo Real Estate
Investment Advisors based on information provided by the hotel operators. The data has not been
audited and thus its accuracy cannot be guaranteed and may not match data disclosed in future
Financial Reports.
2.

RevPAR or Revenue Per Available Room is calculated as follows:
RevPAR = Total revenues from accommodations (excluding restaurant charges and other servicefees) / number of available guest rooms.

3.

Occupancy is calculated as follows:
Occupancy = Total number of guest rooms occupied during the period / (number of guest rooms x
number of days the hotel was in operation during the period)
Occupancy may exceed 100% in the following cases: 1) a guest had pre-paid for a guest room but
checked out early, allowing the guest room to be occupied by a different guest; or 2) a guest room is
occupied for less than one day by different guests.

4.

ADR or Average Daily Rate is calculated as follows:
ADR = Total revenues from accommodations (excluding restaurant charges and other service fees) /number of guest rooms occupied.
25.

Revenues are total revenues from accommodations and related services only. Rent from retailtenants at Hotel Vista Premio Kyoto and Chisun Inn Osaka Hommachi is not included.

6.

Past data for Hotel Wing International Nagoya and Comfort Hotel Hamamatsu and data for Hotel
Suave Kobe Asuta are not included above, as the hotel operators have not given consent to disclosethe data.

7.

Since the rent for Comfort Hotel Hamamatsu is fixed, operating results have no impact on the rent.

Value-Add Actions
At Valie Hotel Tenjin, Ichigo Hotel REIT upgraded two main air conditioning units in May
2016. This upgrade had been planned since the hotel’s acquisition, because the old units had lost
operating efficiency over time. Ichigo Hotel REIT chose a period of relatively low occupancy to
do the work. With this upgrade, Ichigo Hotel REIT has both increased guest comfort andreduced energy costs.
Ichigo Hotel REIT will continue to work closely with its hotel operator partners to carry out
strategic value-add capex to increase operating efficiency and improve guest satisfaction.

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