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.

April 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 – March 2016
Ichigo Hotel REIT hereby announces its March 2016 Occupancy, ADR, RevPAR, and Revenues:
Total Occupancy, ADR, and RevPAR of Ichigo Hotel REIT Portfolio Assets
March2016(A)

March2015(B)

Difference
(A-B)

YOY
ChangeCurrent Fiscal Period
Feb 2016－Mar 2016
YOY
YOY
Cumulative
Difference
ChangeOccupancy (%)

94.7

95.4

-0.8

-0.8%

93.3

-0.3

-0.3%

ADR (yen)

8,149

7,131+1,018+14.3%

8,169+819+11.1%

RevPAR (yen)

7,713

6,805

+908+13.3%

7,620+741+10.8%

Occupancy, ADR, RevPAR, and Revenues for Individual Assets

Smile Hotel
Kyoto Shijo

March
2015
(B)

Difference(A-B)

YOY
ChangeOccupancy (%)

100.2

100.2

0.0

0.0%

100.2+0.1+0.1%

ADR (yen)

13,381

11,087+2,294+20.7%

10,720+1,369+14.6%

RevPAR (yen)13,403

11,105+2,298+20.7%

10,742+1,380+14.7%

6050+9+18.5%

93+12+14.7%

94.4

94.1+0.3+0.4%

91.5-1.1-1.2%

ADR (yen)

15,092

12,898+2,194+17.0%

13,085+1,883+16.8%

RevPAR (yen)14,251

12,135+2,116+17.4%

11,976+1,597+15.4%

3933+6+17.0%

64+9+17.0%

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

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

March2016(A)

Revenues (mm yen)

1March2016(A)
Hotel Wing
InternationalNagoya

Current Fiscal Period
Feb 2016－Mar 2016
YOYYOY
Cumulative
Difference Change98.9

ADR (yen)

6,230

5,953

RevPAR (yen)

6,236

5,887

4889

Occupancy (%)

98.5

97.8+0.7+0.7%

98.3

0.00.0%ADR (yen)

5,834

4,960+874+17.6%

7,912+1,077+15.8%

RevPAR (yen)

5,748

4,853+896+18.5%

7,776+1,060+15.8%

4238+4+11.5%

99+11+12.0%

Occupancy (%)

94.8

93.8

+1.0+1.1%

93.0+2.7+3.0%

ADR (yen)

9,915

7,008+2,906+41.5%

10,009+3,028+43.4%

RevPAR (yen)

9,400

6,574+2,827+43.0%

9,305+3,001+47.6%

3826+11+43.0%

73+24+50.1%

Revenues (mm yen)

Comfort Hotel
Hamamatsu

YOYChange

100.1

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

Occupancy (%)

Revenues (mm yen)
Nest Hotel
SapporoEkimae

March
2015
(B)

Occupancy (%)

88.2

84.9

ADR (yen)

6,276

6,175

RevPAR (yen)

5,538

5,245

3462

Revenues (mm yen)Occupancy (%)

96.9

96.1+0.7+0.8%

96.9+0.2+0.2%

Nest HotelADR (yen)

6,672

5,909+763+12.9%

9,358+922+10.9%

Sapporo Odori

RevPAR (yen)6,462

5,680+783+13.8%

9,066+906+11.1%

2825+3+14.0%

72+8+12.0%

Occupancy (%)

91.1

87.5+3.6+4.1%

91.0+0.0+0.0%

Valie HotelADR (yen)

9,500

7,063+2,437+34.5%

9,853+2,714+38.0%

Tenjin

RevPAR (yen)8,652

6,184+2,468+39.9%

8,961+2,468+38.0%

2214+8+53.8%

44+14+47.1%

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.

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 isoccupied for less than one day by different guests.

3.

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.

4.

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.
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 Nest Hotel Sapporo Odori, Ichigo Hotel REIT converted 12 twin-bed rooms to a more
flexible format that allows for triple-bed layouts.
Nest Hotel Sapporo Odori is located in Sapporo’s city center, near Sapporo Municipal
Subway’s Odori Station. The area attracts many visitors, generating significant demand fromboth tourists and business travelers. This upgrade will enable the hotel to accommodate more
guests and increase its ADR.
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.

After Renovation(Triple-Bed Layout)(Twin-Bed Room)3