Creating peace of mind through honest and committed management.

[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.

March 28, 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 – February 2016
Ichigo Hotel REIT hereby announces its February 2016 Occupancy, ADR, RevPAR, and Revenues:
Total Occupancy, ADR, and RevPAR of Ichigo Hotel REIT Portfolio Assets
Feb 2016(A)

Feb 2015(B)

Difference(A-B)

YOY Change

Occupancy (%)

91.8

91.6

+0.2

+0.2%

ADR (yen)

8,192

7,601

+591

+7.8%

RevPAR (yen)7,520

6,960+560+8.0%

Occupancy, ADR, RevPAR, and Revenues for Individual Assets
Feb 2016(A)Smile Hotel
Kyoto Shijo

YOY Change

100.3

100.1+0.2+0.2%

ADR (yen)

7,879

7,427+452+6.1%

RevPAR (yen)7,898

7,433+465+6.3%

3431+3+8.5%

88.4

91.1

‐ 2.7

‐ 2.9%ADR (yen)

10,7939,262+1,531+16.5%

RevPAR (yen)9,544

8,435+1,109+13.1%

25

21+4+18.0%

Occupancy (%)

Revenues (mm yen)
Hotel Wing
InternationalNagoya

Difference(A-B)

Occupancy (%)

Revenues (mm yen)

Hotel Vista
Premio Kyoto

Feb 2015(B)

Occupancy (%)

97.6

ADR (yen)

5,650

RevPAR (yen)

5,514

Revenues (mm yen)

41

Feb 2016
(A)

‐ 0.7

‐ 0.7%ADR (yen)

10,144

8,892+1,252+14.1%

RevPAR (yen)

9,943

8,778+1,165+13.3%

5750+7+13.2%

91.0

86.4+4.6+5.3%

ADR (yen)

10,115

6,950+3,165+45.5%

RevPAR (yen)

9,203

6,005+3,198+53.3%

35

22+13+57.7%

96.9

97.4

‐ 0.5

‐ 0.5%

Occupancy (%)

Revenues (mm yen)

Comfort Hotel
Hamamatsu

YOY Change

98.7

Revenues (mm yen)
Chisun Inn
OsakaHommachi

Difference(A-B)

98.0

Occupancy (%)
Nest Hotel
SapporoEkimaeFeb 2015(B)Occupancy (%)

81.4

ADR (yen)

6,057

RevPAR (yen)

4,931

Revenues (mm yen)Occupancy (%)

28

Nest HotelADR (yen)

12,228

11,197+1,031+9.2%

Sapporo Odori

RevPAR (yen)11,84910,906

+943

+8.6%

4440+4+9.5%

90.8

94.4

‐ 3.6

‐ 3.8%

Revenues (mm yen)Occupancy (%)
Valie HotelADR (yen)

10,2317,211+3,020+41.9%

Tenjin

RevPAR (yen)

9,291

6,810

+2,481+36.4%

2216+6+38.3%

Revenues (mm yen)

Notes:
1. The above data is as provided by the hotel operators or as calculated by Ichigo Real Estate
Investment Advisors (“IRE”) based on information provided by the hotel operators. The data has notbeen 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 is
occupied 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.

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.
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Value-Add Actions
At the Nest Hotel Sapporo Ekimae and Nest Hotel Sapporo Odori, Ichigo Hotel REIT did amajor LED lighting upgrade in January. This 8 million yen investment is expected to reduce
annual energy costs at the two hotels by 1.4 million yen.
Ichigo’s hotels are benefiting from growing demand that is driving higher revenues. 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 reduce unnecessary costs, such as via theabove LED lighting upgrade, and improve guest satisfaction via guest room renovations and theintroduction of new guest services such as restaurants and lounges.

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