September 25, 2024
For Immediate Release
Real Estate Investment Trust Securities Issuer
Star Asia Investment Corporation
Representative: Atsushi Kato, Executive Officer(Code: 3468)

Asset Management Company
Star Asia Investment Management Co., Ltd.
Representative:
Atsushi Kato
President and CEO
Contact:
Akiko Kanno
Director and CFO
TEL: +81-3-5425-1340

Notice Concerning Hotel Operation Performance (for August 2024)
Star Asia Investment Corporation (“SAR”) announces today the monthly performance results of hotels withvariable rent for the month of August 2024 and cumulative total to August 2024 for the current FP18 (ending
January 31, 2025) as described below.
SAR has continued to disclose monthly performance data of the hotel assets from which it receives variable
rent or income, to the extent the lessees have agreed to such disclosures.
1.

Performance
FP18(Aug. 1, 2024 toJan. 31, 2025)

NO.

Name of Property

Item

August 2024

Actual Cumulative
Total / Average(Aug. 1, 2024 toAug. 31, 2024)

HTL-03

Occupancy rate (%)

70.4

70.4

REMBRANDT STYLEADR (yen)

9,498

9,498

Tokyo Nishikasai

Rev PAR (yen)

6,685

6,685

GOR (mn yen)Not disclosed (note 6)

Not disclosed (note 6)

Occupancy rate (%)
HTL-07

HTL-0865.2

65.2

REMBRANDT STYLEADR (yen)

12,225

12,225

Tokyo Nishikasai Grande

Rev PAR (yen)

7,973

7,973

GOR (mn yen)

Not disclosed (note 6)

Not disclosed (note 6)

Occupancy rate (%)

85.1

85.1

KOKO HOTELADR (yen)

7,544

7,544

Osaka Namba

Rev PAR (yen)

6,420

6,420

GOR (mn yen)

20201

FP18
(Aug. 1, 2024 toJan. 31, 2025)

NO.

Name of Property

Item

August 2024

Actual Cumulative
Total / Average(Aug. 1, 2024 toAug. 31, 2024)

Occupancy rate (%)
HTL-10

HTL-1196.0

96.0

KOKO HOTELADR (yen)

15,055

15,055

Ginza 1-Chome

Rev PAR (yen)14,456

14,456

GOR (mn yen)

139

139

Occupancy rate (%)

96.2

96.2

KOKO HOTELADR (yen)

12,401

12,401

Sapporo Ekimae

Rev PAR (yen)11,924

11,924

GOR (mn yen)Occupancy rate (%)
HTL-12

HTL-13HTL-14

ADR (yen)

13,50013,500Fukuoka Tenjin

Rev PAR (yen)11,22911,229GOR (mn yen)5757

Occupancy rate (%)

77.7

77.7

KOKO HOTELADR (yen)

9,328

9,328

Hiroshima Ekimae

Rev PAR (yen)

7,243

7,243

GOR (mn yen)58

58

Occupancy rate (%)

71.0

71.0

KOKO HOTELADR (yen)

5,233

5,233

Kagoshima Tenmonkan

Rev PAR (yen)

3,716

3,716

GOR (mn yen)

3636

96.7

96.7

KOKO HOTELADR (yen)

13,312

13,312

Sapporo Odori

Rev PAR (yen)12,876

12,876

GOR (mn yen)Occupancy rate (%)
HTL-16

59

59

79.6

79.6

Best Western Plus

ADR (yen)

14,736

14,736

Fukuoka Tenjin-minami

Rev PAR (yen)11,734

11,734

GOR (mn yen)

91

91

82.6

82.6

ADR (yen)

11,54911,549

Rev PAR (yen)

9,545

9,545

Occupancy rate (%)
Total / Average(note 1)

91
83.2

KOKO HOTEL

Occupancy rate (%)
HTL-1591
83.2

Each of the above figures are based on information provided by the tenants. As the figures are unaudited, their accuracy
and completeness are not guaranteed, and the above figures may differ from the figures presented in materials such as theannual securities reports.

(note 2)

Occupancy rate: The number of guest rooms sold during the period is divided by the number of guest rooms available(note 3)

ADR (Average Daily Rate): Total revenues from guest room sales during a certain period (including service charges) is(note 4)

Rev PAR (Revenue Per Available Room): Total revenues from guest room sales during a certain period is divided by the total

during the same period. It is rounded down to the first decimal place.
divided by the total number of guest rooms sold during the same period. It is rounded down to the nearest whole yen.
number of available guest rooms during the same period. It is rounded down to the nearest whole yen.

2(note 5)

GOR: Gross operating revenue earned by lessee from hotel operations and other ancillary businesses. It is rounded down to(note 6)

Not disclosed due to request from the tenant.

(note 7)

“Smile Hotel Namba” is not included, as it was sold on August 19, 2024 Furthermore, regarding the four hotel properties

the nearest millions of yen.

acquired on August 30, 2024, we plan to announce their monthly performance from the report for September 2024.

2.

Special Items
According to statistical data on foreigners visiting Japan publicized by the Japan National Tourism Bureau(JNTB), the number of foreigners visiting Japan in the month of August 2024 increased by 36.0% comparedto the same month in the preceding year, and by 16.4% compared to the same month in 2019, hitting a record
high for a single month for 7 consecutive months.
In this context, the operating results (actual) of the hotels held by SAR were as described above. Although
there were some cancellations due to the slow-moving typhoon which arose in August, overall businessprogressed well.
Otherwise, for an explanation of a general overview of financial results for the 17th fiscal period (endedJuly 31, 2024), please refer t our official YouTube channel.
https://www.youtube.com/@user-wf8jo1ct6p/videos (Japanese only)
Furthermore, for the operating results forecast of SAR, please refer to “(REIT) Financial Report for Fiscal
Period Ended July 31, 2024” announced on September 13, 2024.
*SAR HP URL: https://starasia-reit.com/en/

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<Reference>
Rent Structure and List of Hotels
NO.

HTL-01
HTL-03
HTL-04
HTL-05
HTL-06
HTL-07
HTL-08
HTL-09
HTL-10
HTL-11
HTL-12
HTL-13HTL-14HTL-15
HTL-16

Name of Property

R&B Hotel Umeda East
REMBRANDT STYLE Tokyo Nishikasai
BEST WESTERN Yokohama
The BREAKFAST HOTEL FUKUOKA TENJIN
GLANSIT AKIHABARAREMBRANDT STYLE Tokyo Nishikasai Grande
KOKO HOTEL Osaka Namba
abeno nini (Hotel)
KOKO HOTEL Ginza 1-Chome
KOKO HOTEL Sapporo Ekimae
KOKO HOTEL Fukuoka Tenjin
KOKO HOTEL Hiroshima Ekimae
KOKO HOTEL Kagoshima Tenmonkan
KOKO HOTEL Sapporo OdoriBest Western Plus Fukuoka Tenjin-minami

Rent Structure
FixedVariable―〇●〇〇〇〇〇―〇●〇―●―〇
●
〇
●
〇
●
〇
●
〇
●
〇
●
〇
●
〇

The hotels marked with ● are those whose tenants have consented to disclosure of parts of the operationperformance data.

This is an English translation of the announcement in Japanese dated September 25, 2024. However, noassurance or warranties are given for the completeness or accuracy of this English translation.

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