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.

March 25, 2021
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/en
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 – February 2021
Portfolio Revenue, RevPAR, Occupancy, and ADR
Total (20 Hotels)
February2021 (A)Revenue(JPY million)
RevPAR (JPY)
Occupancy (%)
ADR (JPY)(Previous)
February
2020 (B)

Difference(A) - (B)YOY
Change

233.6

507.6

-274.0-54.0%

2,742
54.8
5,001

4,895
73.8
6,632

-2,152-19.0-1,631-44.0%-25.7%-24.6%

Variable Rent Hotels (14 Hotels)
February2021 (A)Revenue(JPY million)RevPAR (JPY)
Occupancy (%)
ADR (JPY)(Previous)
February
2020 (B)

Difference(A) - (B)YOY
Change

142.3

370.2

-227.9-61.6%

2,685
60.8
4,417

5,332
79.9
6,678

-2,648-19.1-2,261-49.7%-23.9%-33.9%

1

Fixed Rent Hotels (6 Hotels)
February2021 (A)Revenue(JPY million)
RevPAR (JPY)
Occupancy (%)
ADR (JPY)(Previous)
February
2020 (B)

Difference(A) - (B)YOY
Change

91.3

137.4

-46.1

-33.6%

3,238
52.8
6,138

4,662
71.5
6,523

-1,424-18.7-385-30.5%-26.2%-5.9%

Revenue, RevPAR, Occupancy, and ADR by Hotel
Variable Rent Hotels (15 Hotels)(Previous)
February
2020 (B)

Difference(A) - (B)

18.1

46.9

-28.8

-61.5%

3,085
84.1
3,667

8,497
94.4
9,000

-5,411-10.3-5,334-63.7%-10.9%-59.3%

6.0

39.9

-33.9

-85.0%

1,740
47.3
3,681

10,405
93.4
11,142-8,665-46.1-7,461-83.3%-49.4%-67.0%

17.7

27.6

-9.9

-36.0%

5,447
93.8
5,806

8,199
97.2
8,435

-2,752-3.4-2,629-33.6%-3.5%-31.2%

6.8

34.9

-28.1

-80.6%

960
23.0
4,179

4,956
72.9
6,802

-3,996-49.9-2,622-80.6%-68.5%-38.6%

February2021 (A)Nest Hotel
SapporoEkimaeNest Hotel
Sapporo Odori

Smile HotelTokyo Asagaya

HOTEL EMITSHIBUYA

Hotel Wing
International
NagoyaRevenue(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

6.9
3,430
68.8
4,982

2

(Previous)
February
2020 (B)

Difference(A) - (B)

2.6

19.1

-16.5

-86.3%

619
23.3
2,656

4,272
96.1
4,445

-3,653-72.8-1,790-85.5%-75.7%-40.3%

–

11.3

-11.3

-100%

––
–

2,999
52.3
5,739

-2,999-52.3-5,739

-100%
-100%
-100%

1.8

26.6

-24.8

-93.3%

–
–
–

2,654
39.2
6,764-2,654-39.2-6,764

-100%
-100%
-100%

13.6

16.8

-3.2

-19.2%

3,262
52.3
6,236

3,981
54.9
7,249

-719
-2.6
-1,013-18.1%-4.7%-14.0%

13.3

38.8

-25.5

-65.7%

2,144
52.6
4,074

5,273
89.4
5,895

-3,128-36.8-1,821-59.3%-41.2%-30.9%

9.9

28.6

-18.8

-65.6%

1,678
68.0
2,470

4,522
82.9
5,458

-2,844-14.9-2,988-62.9%-18.0%-54.7%

6.4

16.5

-10.1

-61.2%

1,624
32.5
4,994

4,457
75.8
5,882

-2,833-43.3-888-63.6%-57.1%-15.1%

28.4

16.7+11.7+70.5%

5,923
77.8
7,614

3,280
70.5
4,655+2,643+7.3+2,958+80.6%+10.4%+63.5%

February2021 (A)Smile Hotel
Kyoto Shijo

Chisun Inn
Osaka
Hommachi

Nest Hotel
Osaka
Shinsaibashi
Hotel Wing
International
Kobe Shin
NagataEkimaeNest Hotel
Matsuyama

The OneFive
OkayamaCourt Hotel
Kurashiki

Valie Hotel
Hiroshima

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)

3

YOY
Change(Previous)
February
2020 (B)

Difference(A) - (B)

5.1

17.1

-12.0

-70.2%

1,89578.5
2,415

6,989
93.3
7,492

-5,094-14.8-5,077-72.9%-15.9%-67.8%

12.8

29.5

-16.7

-56.6%

2,010
54.7
3,671

4,391
77.5
5,665

-2,381-22.8-1,994-54.2%-29.4%-35.2%

February2021 (A)The OneFive
Fukuoka Tenjin

Nest Hotel
Kumamoto

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

YOY
ChangeFixed Rent Hotels (5 Hotels – excludes Hotel Livemax Nihombashi-Hakozaki)(Previous)February2020 (B)

Difference(A) - (B)

11.2

14.1

-2.9

-20.3%

2,998
63.8
4,701

3,634
70.2
5,177

-636
-6.4
-476

-17.5%
-9.1%
-9.2%

11.3

21.1

-9.9

-46.7%

2,055
40.7
5,051

3,721
66.4
5,604

-1,666-25.7-553-44.8%-38.7%
-9.9%

21.7

61.7

-40.0

-64.8%

2,180
28.5
7,646

5,918
68.2
8,673

-3,738-39.7-1,027-63.2%-58.2%-11.8%

6.9

9.8

-2.9

-29.9%

2,305
49.5
4,658

3,184
66.7
4,774

-879
-17.2-117-27.6%-25.8%
-2.4%

37.0

24.3

+12.7+52.1%

7,728
100
7,728

4,905
84.9
5,778+2,823+15.1+1,950+57.5%+17.8%+33.8%

February2021 (A)

Comfort Hotel
KushiroComfort Hotel
Hamamatsu

Comfort Hotel
CentralInternational
Airport

ComfortHotel Suzuka

UrbainHiroshima
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)

4YOYChangeNotes:
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 Smile Hotel Tokyo Asagaya, and rent from the banquet hall at the Nest
Hotel Kumamoto are not included.
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 differentguests.
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 operators 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 and fixed rent hotels data above, but not separately disclosed because the hotel
operator did not provide consent to disclose hotel-specific data.
7. February 2020 data for HOTEL EMIT SHIBUYA is not separately disclosed and isexcluded from the total and variable rent hotels data starting on page 1, because theprevious hotel operator did not give consent to disclose hotel-specific data that would
allow for year-on-year comparisons.
8. All rooms of the Urbain Hiroshima Executive were temporarily leased to Hiroshima
Prefecture between December 20, 2020 to February 28, 2021, and all rooms of theValie Hotel Hiroshima have been temporarily leased to Hiroshima Prefecture startingon February 8, 2021.
9. February 2021 data for the Nest Hotel Sapporo Odori is for the period from February
8, 2021 to February 28, 2021 because the hotel had been temporarily closed fromJanuary 17, 2021 to February 7, 2021.
10. Pre-acquisition data for acquired hotels are based on data received from the previousowners.

5Status of Temporarily Closed Hotels
HotelClose Start Date

Current Status
Selected Hakata Hotels to replace previous
operator whose lease contract ended on
December 31, 2020
Scheduled to rebrand and reopen inJuly 2021

Chisun Inn Osaka Hommachi

April 17, 2020

Grandpark-Inn Yokohama

November 1, 2020 Rebranded and reopened on March 1, 2021

Nest Hotel Osaka Shinsaibashi January 13, 2021

Temporarily closed due to the second stateof emergency declared by the Japanese
government
Scheduled to reopen on April 1, 2021

Nest Hotel Sapporo Odori

Temporarily closed due to the second stateof emergency declared by the Japanese
government
Reopened on February 8, 2021

January 17, 2021

Explanation of Changes
Although hotel demand had moderately recovered after the end of the nationwide stateof emergency declared in April 2020, hotel accommodation demand declined thismonth due to the second state of emergency declared earlier this year, thus resulting inyear-on-year decreases in Revenue, RevPAR, Occupancy, and ADR at all hotels, except
the Valie Hotel Hiroshima and Urbain Hiroshima Executive at which all rooms weretemporarily leased to Hiroshima Prefecture.
Value-Add Actions
As per the September 14, 2020 Ichigo Hotel release “Change in Hotel Operators,” theGrandpark-Inn Yokohama was rebranded and reopened as the Capsule Plus Yokohama
on March 1, 2021.
Renovations at the Capsule Plus Yokohama, including upgrades to bathing and sauna
facilities, have been well received by guests since reopening, and are expected to drive
both broader recognition and increased demand for the hotel.
Ichigo Hotel will continue to work to carry out value-add renovations to increase guest
satisfaction and drive higher earnings.

6Capsule Plus Yokohama

Building Façade

Building Façade

Sauna on 1F

Entrance on 1F

Lounge on 1F

Men’s Refreshing Room on 1F

Ladies’ Shower Room on 2F
7