Ichigo Hotel REIT Investment Reports 19% Revenue Growth in October

MT Newswires Live08:11

Ichigo Hotel REIT Investment (TYO:3463), which manages a portfolio of 28 hotels in Japan, reported revenue of 1.26 billion yen for October, a year-on-year increase of 18.8%, according to a Monday filing on the Tokyo Stock Exchange.

Revenue per available room (RevPAR) rose 20.4% to 8,736 yen from 7,258 yen a year earlier, while occupancy improved by 3.7 percentage points to 87.9%.

For its variable rent hotels, revenue was 995 million yen, up 18.6% from 838.9 million yen a year earlier, with RevPAR climbing 9,258 yen from 7,665 yen. Occupancy for these 21 hotels increased by 2.6 percentage points to 89.9%, though the average daily rate (ADR) decreased by 17.8% to 10,294 yen.

The group's seven fixed-rent hotels reported a significant revenue increase to 269.4 million yen, a 16.5% rise from 225.2 million yen. RevPAR surged 19% to 7,303 yen, and occupancy improved to 82.1%.

Ichigo Hotel cited a record number of inbound tourists to Japan, reaching 3.31 million in October, contributing to the improved performance across its portfolio.

Price (JPY): $143000.00, Change: $+300, Percent Change: +0.21%

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