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

February 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, Head of Administration & Statutory Executive Officer
Tel: +81-3-3502-4892

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

ADR (yen)

RevPAR (yen)December 2015

88.8

7,806

6,932

January 2016

84.9

6,535

5,549

Jan 2016 Period Cumulative

86.9

7,184

6,240

Occupancy, ADR, RevPAR, and Revenues for Individual Assets

Smile Hotel
Kyoto Shijo

Jan 2015(B)

Difference(A-B)

YOY
ChangeOccupancy (%)

100.0

99.9+0.1+0.1%

100.1+0.1+0.1%

ADR (yen)

6,604

6,354+250+3.9%

8,254+705+9.3%

RevPAR (yen)

6,606

6,350+256+4.0%

8,261+712+9.4%

30

29+1+4.1%

75+7+9.5%

80.1

77.4+2.7+3.5%

82.7+0.6+0.7%

ADR (yen)

10,487

9,685+802+8.3%

11,535+1,105+10.6%

RevPAR (yen)8,405

7,495+910+12.1%9,540+973+11.4%

2321+3+12.5%

53+5+11.7%

Revenues (mm yen)Occupancy (%)
Hotel Vista
Premio Kyoto

Revenues (mm yen)
Hotel Wing
International
NagoyaCurrent Fiscal Period
Dec 2015－Jan 2016
YOYYOY
Cumulative
Difference Change

Jan 2016(A)

Occupancy (%)

87.1

90.4

ADR (yen)

5,222

5,542

RevPAR (yen)

4,549

5,012

3678

Revenues (mm yen)

Nest Hotel
SapporoEkimaeJan 2015(B)

Difference(A-B)

YOYChange

Occupancy (%)

86.3

97.8

‐ 11.5‐ 11.8%

89.4

‐ 8.2

‐ 8.4%ADR (yen)5,563

4,495+1,068+23.8%

6,178+1,046+20.4%

RevPAR (yen)

4,799

4,396+403+9.2%

5,521+511+10.2%

3432+2+5.4%

80+8+10.5%

Occupancy (%)

91.2

79.1+12.1+15.3%

89.6

+8.1

+9.9%

ADR (yen)

8,806

6,363+2,443+38.4%

9,020+2,709+42.9%

RevPAR (yen)

8,031

5,035+2,996+59.5%

8,079+2,938+57.1%

32

20+12+59.5%

65+24+57.1%

Revenues (mm yen)
Chisun Inn
OsakaHommachi

Revenues (mm yen)

Comfort HotelHamamatsu

Current Fiscal Period
Dec 2015－Jan 2016
YOYYOY
Cumulative
Difference Change

Jan 2016(A)Occupancy (%)

69.8

72.4

ADR (yen)

5,817

5,923

RevPAR (yen)

4,061

4,287

2552

Revenues (mm yen)Occupancy (%)

95.0

95.9

‐ 0.9

‐ 0.9%

93.9

‐ 2.4

‐ 2.5%

Nest HotelADR (yen)

6,704

5,189+1,515+29.2%

7,327+1,205+19.7%

Sapporo Odori

RevPAR (yen)

6,367

4,979

+1,388+27.9%

6,879+982+16.7%

2722+5+24.0%

58+8+16.9%

Occupancy (%)

85.082.8+2.2+2.7%

85.4

‐ 2.6

‐ 3.0%

Valie HotelADR (yen)

8,434

6,283+2,151+34.2%

8,998+2,450+37.4%

Tenjin

RevPAR (yen)7,173

5,201+1,972+37.9%

7,688+1,923+33.4%

18

14+5+35.0%

39+9+29.4%

Revenues (mm yen)

Revenues (mm yen)

Notes:
1. The above figures are as provided by the hotel operators except for those figures calculated by Ichigo
Real Estate Investment Advisors (“IRE”) based on the information provided by the hotel operators.
The monthly figures have not been audited nor have been examined thoroughly by IRE due to its
nature, thus the accuracy of each figure is not guaranteed. Also, the above figures may not match thefigures on Financial Reports to be submitted in the near future.
2. Occupancy is calculated using the following formula:
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 butchecked out early, allowing the guest room to be occupied by a different guest; or 2) a guest room isoccupied for less than one day by different guests.
3. ADR or Average Daily Rate is calculated using the following formula:
ADR = Total revenues from accommodations (excluding restaurant charges and other service
fees)/number of guest rooms occupied.
4.

RevPAR is Revenue Per Available Room, i.e., total revenues from accommodations (excluding
restaurant charges and other service fees)/number of available guest rooms.

5.

Revenues are total revenues from accommodations and related services only. Non-hotel rental
income at Hotel Vista Premio Kyoto and Chisun Inn Osaka Hommachi is not included.

6. Hotel Wing International Nagoya and Comfort Hotel Hamamatsu are not included above, as the hotel
operators have not consented to the data’s disclosure.
7. Since the rent for Comfort Hotel Hamamatsu is fixed, operating results has no impact on the rent.
2

8. Past data for Hotel Suave Kobe Asuta is not included above, as the hotel operator has not consented
to the data’s disclosure.

Value Enhancement Activities
At the Valie Hotel Tenjin, Ichigo Hotel REIT has newly opened a restaurant and a lounge andbegan serving breakfast to guests in February.
Renovation Objective and Details
Ichigo Hotel REIT renovated the space next to the reception area on the first floor, turning it
into a restaurant and lounge for hotel guests to spend time and relax.
Valie Hotel Tenjin is located in Tenjin, Fukuoka’s most vibrant business, shopping, andentertainment district. Having remodeled all of the guest rooms in 2015, the hotel achieved a30% YOY increase in the ADR to January 2016. To further improve the guest experience andadd value to the hotel, Ichigo Hotel REIT has added a restaurant that serves breakfast and awell-lit and spacious lounge. Guests can relax and enjoy free coffee and Wi-Fi and use theelectrical outlets in a cafe-like atmosphere.
Ichigo Hotel REIT will continue to work with its hotel operator partners to increase the value ofIchigo Hotel REIT assets.

After Renovation
Restaurant

Lounge3