Ichigo Preserves and Improves Real Estate[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.

August 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
Inquiries: Hiroto Tajitsu, Head of Administration
Tel: +81-3-3502-4892

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

July2015(B)

RevPAR (yen)

8,308

8,364

Occupancy (%)

87.9

92.8

ADR (yen)

9,448

9,011

Difference(A-B)

Current Fiscal Period
Feb 2016－July 2016
YOY
YOY
Cumulative
Difference
ChangeYOYChange-57

-0.7%

7,693

+356

+4.8%

90.2+438

+4.9%

8,531

-2.5-2.7%

-4.9

-5.3%

+616

+7.8%

RevPAR, Occupancy, ADR, and Revenues for Individual Assets

Smile Hotel
Kyoto Shijo

July 2015(B)Difference(A-B)

YOY
Change

RevPAR (yen)

9,908

9,813

+95

+1.0%

Occupancy (%)

100.0

100.3

ADR (yen)

9,906

9,788

-0.2+118+1.2%

11,683

+814

+7.5%

45

45+19+6.5%

11,365

10,388+977

-0.8%

307

RevPAR (yen)-0-0.2%+9.4%

12,333+1,246+11.2%

Occupancy (%)

87.6

90.9-3.2-3.691.0-0.2-0.2%

12,96911,432+1,536 +13.4%

13,548+1,399+11.5%

3229202+22+12.3%

Revenues (mm yen)
Hotel Vista
PremioKyoto

Current Fiscal Period
Feb 2016－July 2016
YOYYOY
Cumulative
Difference Change
11,696+812+7.5%

July 2016(A)

ADR (yen)
Revenues (mm yen)

+31+9.8%

100.1-0.0-0.0%

July 2016
(A)

Hotel Wing
International
Nagoya78.1

90.1

ADR (yen)

5,817

5,911

35243

RevPAR (yen)12,336

11,439+897+7.8%

8,430+984+13.2%

Occupancy (%)

97.998.4-0.5-0.5%

98.3+0.4+0.4%

12,594

11,624+970+8.3%

8,578+968+12.7%

7470+4+5.8%

316+25+8.5%

RevPAR (yen)8,562

7,901+661

+8.4%

8,686

+1,809+26.3%

Occupancy (%)

90.9

89.9+1.0+1.2%

89.1+0.7+0.8%

ADR (yen)

9,420

8,793+627

+7.1%

9,749

+1,972+25.4%

3532+3+8.4%

206+44+27.0%

ADR (yen)

RevPAR (yen)

4,967

5,056

Occupancy (%)

78.5

81.3

ADR (yen)

6,325

6,22030180

Revenues (mm yen)
Nest Hotel
SapporoOdori

RevPAR (yen)15,387

14,172+1,215+8.6%

9,736+674+7.4%

Occupancy (%)

98.1

96.7+1.4+1.4%

95.6-0.8-0.9%

15,685

14,648+1,037+7.1%

10,188+787+8.4%

6056+4+6.9%

232+15+7.0%

RevPAR (yen)

8,596

7,665

+931 +12.1%

8,132+1,247+18.1%

Occupancy (%)

88.1

94.0

-5.9

-6.3%

84.1

-7.9

-8.6%

ADR (yen)

9,756

8,153+1,603 +19.7%

9,666+2,184+29.2%

2220+3 +13.1%

123+35+40.0%ADR (yen)
Revenues (mm yen)

Valie Hotel
TenjinCurrent Fiscal Period
Feb 2016－July 2016
YOYYOY
Cumulative
Difference Change
5,326

Occupancy (%)

Revenues (mm yen)
ComfortHotel
Hamamatsu

YOYChange

4,544

Revenues (mm yen)
Chisun Inn
Osaka
HommachiDifference(A-B)

RevPAR (yen)

Revenues (mm yen)
Nest Hotel
SapporoEkimaeJuly 2015(B)

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 andother service fees)/number of available guest rooms.
3. Occupancy is calculated as follows:
Occupancy = Total number of guest rooms occupied during the period/(number ofguest 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 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.

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4.

ADR or Average Daily Rate is calculated as follows:
ADR = Total revenues from accommodations (excluding restaurant charges andother service fees)/ number of guest rooms occupied.
5. Revenues are revenues from accommodations and related services only. Rent fromretail tenants at Hotel Vista Premio Kyoto and Chisun Inn Osaka Hommachi is notincluded.
6. Past data for Hotel Wing International Nagoya and Comfort Hotel Hamamatsu anddata for Hotel Suave Kobe Asuta are not included above, as the hotel operators
have not given consent to disclose the data.
7. Since the rent for Comfort Hotel Hamamatsu is fixed, operating results have noimpact on the rent.
Explanation of Changes
RevPAR decreased year-on-year for Hotel Wing International Nagoya, Comfort HotelHamamatsu, and Hotel Suave Kobe Asuta. Occupancy temporarily decreased at Hotel
Wing International Nagoya due to unavailability of guest rooms during renovations tobe completed this October.
Value-Add Actions
At Smile Hotel Kyoto Shijo, Ichigo Hotel REIT is renovating an open space of 99.5
square meters to create a guest relaxation facility. The space was originally open toguests for their use, but was rarely used. After negotiation with the hotel operator,
Ichigo Hotel REIT decided to convert the space, and successfully acquired a massage
therapeutic tenant for an opening at the end of August. This will convert
non-revenue-generating space into a revenue-generating space while increasing guest
satisfaction.
Ichigo Hotel REIT will continue to work closely with its hotel operator partners to carryout strategic value-add capex to increase guest satisfaction and drive higher earnings.

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