Make The World
More Sustainable[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.

September 25, 2020
IssuerIchigo Hotel REIT Investment Corporation (“Ichigo Hotel,” 3463)
1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Osamu Miyashita, Executive Director
www.ichigo-hotel.co.jp/english
Asset Management Company
Ichigo Investment Advisors Co., Ltd.
Representative: Hiroshi Iwai, President
Inquiries: Hidehito Iwasaka, Head of Ichigo Hotel
Tel: +81-3-3502-4892

Ichigo Hotel Operating Results – August 2020
Portfolio Revenue, RevPAR, Occupancy, and ADR
Total (19 Hotels)
August2020 (A)Revenue(JPY million)
RevPAR (JPY)
Occupancy (%)
ADR (JPY)(Previous)
August2019 (B)

Difference(A) - (B)YOY
Change

198.1

775.9

-577.7-74.5%

2,319
48.9
4,739

7,417
89.0
8,334

-5,098-40.1-3,595-68.7%-45.0%-43.1%

Variable Rent Hotels (12 Hotels)
August2020 (A)Revenue(JPY million)
RevPAR (JPY)
Occupancy (%)
ADR (JPY)(Previous)
August2019 (B)

Difference(A) - (B)YOY
Change

114.1

505.7

-391.6-77.4%

2,295
53.0
4,333

7,630
88.3
8,638

-5,335-35.4-4,305-69.9%-40.0%-49.8%

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Fixed Rent Hotels (7 Hotels)(Previous)
August2019 (B)

August2020 (A)Revenue(JPY million)
RevPAR (JPY)
Occupancy (%)
ADR (JPY)

Difference(A) - (B)YOY
Change

84.1

270.2

-186.1-68.9%

2,347
44.0
5,335

7,079
90.0
7,862

-4,731-46.0-2,526-66.8%-51.1%-32.1%

Revenue, RevPAR, Occupancy, and ADR by Hotel
Variable Rent Hotels (14 Hotels)(Previous)
August2019 (B)

Difference(A) - (B)

26.0

72.1

-46.1

-63.9%

4,326
96.9
4,464

12,585
96.3
13,071-8,258+0.6-8,607-65.6%+0.7%-65.8%

18.1

55.7

-37.7

-67.6%

4,325
92.2
4,691

13,611
94.9
14,337-9,286-2.7-9,646-68.2%-2.9%-67.3%

12.5

31.5

-19.0

-60.3%

3,473
75.5
4,602

8,872
97.7
9,078

-5,399-22.3-4,476-60.9%-22.8%-49.3%

6.0

40.4

-34.3

-85.1%

781
18.3
4,265

5,248
84.4
6,220

-4,467-66.1-1,955-85.1%-78.3%-31.4%

4.8

32.5

-27.7

-85.2%

1,034
34.5
2,997

6,694
99.7
6,717

-5,661-65.2-3,720-84.6%-65.4%-55.4%

August2020 (A)Nest Hotel
SapporoEkimaeNest Hotel
Sapporo Odori

Smile HotelTokyo Asagaya

HOTEL EMITSHIBUYA

Hotel Wing
International
NagoyaSmile Hotel
Kyoto Shijo

Revenue(JPY million)
RevPAR (JPY)
Occupancy (%)
ADR (JPY)
Revenue(JPY million)
RevPAR (JPY)
Occupancy (%)
ADR (JPY)
Revenue(JPY million)
RevPAR (JPY)
Occupancy (%)
ADR (JPY)
Revenue(JPY million)
RevPAR (JPY)
Occupancy (%)
ADR (JPY)
Revenue(JPY million)
RevPAR (JPY)
Occupancy (%)
ADR (JPY)
Revenue(JPY million)
RevPAR (JPY)
Occupancy (%)
ADR (JPY)

YOY
Change

8.0
3,558
98.5
3,6112

(Previous)
August2019 (B)

Difference(A) - (B)

–

22.0

-22.0

-100%

––
–

5,459
79.0
6,908

-5,459-79.0-6,908-100%-100%-100%

2.3

63.7

-61.4

-96.4%

–
–
–

6,259
78.3
7,991

-6,259-78.3-7,991

-100%
-100%
-100%

9.8

33.3

-23.5

-70.6%

2,042
31.6
6,463

7,247
86.9
8,341

-5,204-55.3-1,879-71.8%-63.6%-22.5%

19.0

50.8

-31.8

-62.6%

2,660
62.3
4,273

6,172
91.4
6,751

-3,512-29.2-2,479-56.9%-31.9%-36.7%

0.1

36.7

-36.6

-99.7%

–
–
–

9,379
97.7
9,596

-9,379-97.7-9,596

-100%
-100%
-100%

3.4

23.6

-20.2

-85.5%

1,042
25.4
4,099

9,221
96.2
9,587-8,179-70.8-5,488-88.7%-73.6%-57.2%

12.1

43.3

-31.3

-72.2%

1,671
49.1
3,403

6,223
80.0
7,777

-4,552-30.9-4,374-73.1%-38.6%-56.2%

August2020 (A)Chisun Inn
Osaka
Hommachi

Nest Hotel
Osaka
Shinsaibashi

Hotel Wing
International
Kobe Shin
Nagata Ekimae

Nest Hotel
Matsuyama

Court Hotel
Kurashiki

Valie Hotel
Hiroshima

Valie Hotel
TenjinNest Hotel
Kumamoto

Revenue(JPY million)
RevPAR (JPY)
Occupancy (%)
ADR (JPY)
Revenue(JPY million)RevPAR (JPY)
Occupancy (%)
ADR (JPY)
Revenue(JPY million)
RevPAR (JPY)
Occupancy (%)
ADR (JPY)
Revenue(JPY million)
RevPAR (JPY)
Occupancy (%)
ADR (JPY)
Revenue(JPY million)
RevPAR (JPY)
Occupancy (%)
ADR (JPY)
Revenue(JPY million)
RevPAR (JPY)––––

Occupancy (%)
ADR (JPY)
Revenue(JPY million)
RevPAR (JPY)
Occupancy (%)
ADR (JPY)
Revenue(JPY million)
RevPAR (JPY)
Occupancy (%)
ADR (JPY)

YOYChange3Fixed Rent Hotels (6 Hotels – excludes Hotel Livemax Nihombashi-Hakozaki)(Previous)
August2019 (B)

Difference(A) - (B)

21.2

30.5

-9.3

-30.6%

5,148
87.0
5,918

7,547
92.0
8,203

-2,399-5.0-2,285-31.8%-5.5%-27.9%

11.2

35.6

-24.3

-68.4%

1,849
39.8
4,647

5,851
90.0
6,498

-4,003-50.3-1,851-68.4%-55.8%-28.5%

21.3

99.7

-78.4

-78.6%

1,927
26.2
7,356

8,896
92.1
9,658

-6,969-65.9-2,302-78.3%-71.6%-23.8%

8.4

18.8

-10.4

-55.4%

2,543
49.7
5,118

5,728
82.8
6,918

-3,185-33.1-1,800-55.6%-40.0%-26.0%

16.8

39.1

-22.3

-57.0%

2,453
55.5
4,421

5,836
88.8
6,572

-3,383-33.3-2,151-58.0%-37.5%-32.7%

2.4

39.7

-37.4

-94.0%

866
14.9
5,795

7,495
92.7
8,089

-6,629-77.7-2,294-88.4%-83.9%-28.4%

August2020 (A)

Comfort Hotel
KushiroComfort Hotel
Hamamatsu

Comfort Hotel
CentralInternational
Airport

Comfort Hotel
SuzukaComfort Hotel
OkayamaUrbainHiroshima
Executive

Revenue(JPY million)RevPAR (JPY)
Occupancy (%)
ADR (JPY)
Revenue(JPY million)
RevPAR (JPY)
Occupancy (%)
ADR (JPY)
Revenue(JPY million)
RevPAR (JPY)
Occupancy (%)
ADR (JPY)
Revenue(JPY million)
RevPAR (JPY)
Occupancy (%)
ADR (JPY)
Revenue(JPY million)
RevPAR (JPY)
Occupancy (%)
ADR (JPY)
Revenue(JPY million)
RevPAR (JPY)
Occupancy (%)
ADR (JPY)

YOY
ChangeNotes:
1. The above data are as provided by the hotel operators or as calculated by Ichigo
Investment Advisors based on information provided by the hotel operators. The data
have not been audited and thus their accuracy cannot be guaranteed and may not
match data disclosed in future releases.
2. Revenue is revenue from accommodations and related services only. Rent from retailtenants at the Chisun Inn Osaka Hommachi, Hotel Wing International Kobe Shin Nagata
Ekimae, and the Smile Hotel Tokyo Asagaya, and rent from the banquet hall at the Nest
Hotel Kumamoto are not included.

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3. RevPAR (Revenue Per Available Room) is calculated with the following formula:
RevPAR = Total Revenue from accommodations (excluding restaurant charges andother service fees) / number of available guest rooms.
4. Occupancy is calculated with the following formula:
Occupancy = Total number of guest rooms occupied during the period /(total number of guest rooms * number of days hotel was in operation during theperiod)
Occupancy may exceed 100% in the following cases: 1) a guest had pre-paid for aguest room but checked out early, allowing the guest room to be occupied by adifferent guest; or 2) a guest room is occupied for less than one day by different
guests.
5. ADR (Average Daily Rate) is calculated with the following formula:
ADR = Total revenue from accommodations (excluding restaurant charges and otherservice fees) / number of guest rooms occupied during the period.
6. The Grandpark-Inn Yokohama and the Washington Hotel Plaza Shimonoseki Eki
Nishi are excluded from the above data because the hotel operator did not giveconsent to disclose hotel-specific data that would allow for year-on-yearcomparisons. Data for the Hotel Livemax Nihombashi-Hakozaki are included in thetotal hotel and fixed rent hotel data above, but not separately disclosed because thehotel operator did not provide consent to disclose hotel-specific data.
7. August 2019 data for the HOTEL EMIT SHIBUYA and the Valie Hotel Hiroshima
are not separately disclosed and are excluded from the Total and Variable Rent
Hotels data on page 1, because the previous hotel operators did not give consent todisclose hotel-specific data that would allow for year-on-year comparisons.
8. The above data for Urbain Hiroshima Executive reflects data from August 1, 2020 toAugust 16, 2020, before the hotel closed on August 17, 2020.
9. Pre-acquisition data for acquired hotels are based on data received from the previousowners.

Status of Hotels that Closed Temporarily due to Covid-19
Hotel
Smile Hotel Kyoto Shijo
Chisun Inn Osaka Hommachi
Nest Hotel Osaka Shinsaibashi
Valie Hotel Tenjin
Court Hotel Kurashiki
Valie Hotel Hiroshima
Urbain Hiroshima Executive

Date Closed
April 13, 2020
April 17, 2020
April 17, 2020
May 1, 2020
May 1, 2020
May 10, 2020
August 17, 2020

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StatusReopened on July 1, 2020
TBD
TBD
Reopened on August 1, 2020Reopened on September 1, 2020
Reopened on September 15, 2020
Scheduled to reopen on October 1, 2020

Explanation of Changes
All hotels saw year-on-year decreases in Revenue, RevPAR, Occupancy, and ADR due
to ongoing Covid-19 impacts causing a drop in both domestic and inbound demand.
Value-Add Actions
The Comfort Hotel Okayama is rebranding and reopening as The OneFive Okayama onOctober 1, 2020 under a new hotel operator, as announced in the March 13, 2020
release “Change in Hotel Operator.”
As part of the rebranding, Ichigo Hotel and Hakata Hotels, the new hotel operator, areinstalling key cards for guest rooms, replacing TVs, and renovating guest rooms and thefirst-floor reception area.
Ichigo Hotel will also deploy PROPERA, an AI-based revenue management systemdeveloped by Ichigo, to maximize earnings and increase guest satisfaction.
Ichigo Hotel will continue to work closely with its hotel operators to carry out valueadd renovations to increase guest satisfaction and drive higher earnings.

The OneFive Okayama Logo

The OneFive Okayama Website (Japanese only)
www.hakatahotels.co.jp/theonefiveokayama

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