Hotels & Hospitality Group | October 2016
Hotel Market Update
Japan
Hokkaido & Kyoto
北海道及び京都
Fukuoka & Okinawa
福岡及び沖縄
Tokyo & Osaka
東京及び大阪
Hotel Investment Market
ホテル投資マーケット
03
04
06
07
08
Market Update
マーケット概要Osaka
Tokyo
Kyoto
Hokkaido
Okinawa
Fukuoka
Contents
目次
Total Number of Accommodation Guests in Japan –
by Accommodation Type / 日本 宿泊施設タイプ別 延宿泊者数 Visitor Arrivals to Japan / 訪日外客数
2008 2009 2010 2011 2012 2013 2014 2015 YTD June 2015 YTD June 2016 0 50 100 150 200 250 300 450 350 400
Total Number of Guests (Million) / 延宿泊者数 (百万人)
Full-Service Hotel /
䝅䝔䜱䝩䝔䝹 Limited-Service Hotel /䝡䝆䝛䝇䝩䝔䝹 Others / 䛭䛾
Visitor Arrivals(Million) / 訪日外客数(百万人) Growth / 増減率
YTD Aug 2015 YTD Aug 2016 Visitor Arrival to Japan / 訪日外客数 Growth / 増減率
-50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 0 5 10 15 20 25 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 *従業員数10人以上の宿泊施設
*Exclusive guests staying in hotel accommodation with less than ten employees
Source: Japan Tourism Agency / 出典：観光庁 Source: Japan National Tourism Organization (JNTO) / 出典：日本政府観光局(JNTO)
Market
Update
マーケット概要
Fukuoka & Okinawa
福岡及び沖縄
北海道
東京
京都
福岡
大阪
沖縄
Okinawa
Fukuoka
Hokkaido
Osaka
Tokyo
Kyoto
Tokyo – Trading Performance (Mid-scale + Limited) Tokyo – Trading Performance (Luxury + Upscale) 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000
ADR RevPAR OCC / Sample numbers: 102 hotels (27,961 keys)
ADR/RevPAR(JPY) OCC
2009 2010 2011 2012 2013 2014 2015 2015YTDAug 2016YTDAug
ADR/RevPAR(JPY) OCC Sample numbers: 29 hotels (11,452keys) 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 YTD Aug 2016 YTD Aug 2015 ADR RevPAR OCC /
2009 2010 2011 2012 2013 2014 2015
Source: Categorized by JLLʼs proprietary criteria based on STR Globalʼs data
出典：STRグローバルのデータを基にJLL独自の基準で分類 Source: Categorized by JLLʼs proprietary criteria based on STR Globalʼs data出典：STRグローバルのデータを基にJLL独自の基準で分類
The number of inbound visitors in Japan showed a year-on-year increase of 24.7% for August 2016. Despite the recent appreciation of JPY, the number of inbound tourists steadily grew, and is anticipated to reach approximately 24 million by the end of 2016.
However, hotel performance in Tokyo has begun to slow down. RevPAR of luxury/upscale hotel segment from May to August this year underperformed that of last year, while RevPAR of midscale/limited-service hotel segment during the same period showed limited growth.
訪日外国人数は2016年8月までに対前年比で24.7％の増加とな った。円高傾向が続いているものの、訪日外国人数は堅調な増 加を続けており、2016年末には24百万人前後に達すると予想さ れる。 一方で、東京のホテルパフォーマンスについては低迷しはじめて いる。宿泊主体型ホテルの月次RevPARは依然として前年同月を 僅かながらも上回っているが、シティホテルのRevPARは2016年5 月～8月まで前年同月比で下落が続いている。
Tokyo
東京
Osaka – Trading Performance (Mid-scale + Limited) Osaka – Trading Performance (Luxury + Upscale) 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 Sample numbers: 12 hotels (2,855 keys) ADR/RevPAR(JPY) OCC 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2010 2011 2012 2013 2014 2015 YTDAug 2016 YTD Aug 2015 ADR RevPAR OCC /
ADR/RevPAR(JPY) OCC 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0 5,000 10,000 15,000 20,000 25,000 Sample numbers: 14 hotels (5,140 keys) 2009 2010 2011 2012 2013 2014 2015 YTDAug 2016 YTD Aug 2015 ADR RevPAR OCC /
Source:Categorized by JLLʼs proprietary criteria based on STR Globalʼs data
出典：STRグローバルのデータを基にJLL独自の基準で分類 Source: Categorized by JLLʼs proprietary criteria based on STR Globalʼs data出典：STRグローバルのデータを基にJLL独自の基準で分類
In the Osaka market, monthly RevPAR of luxury/upscale hotel segment and midscale/limited-service hotel segment in August declined by 10% and 4%, respectively. Hotel performance in Osaka, which significantly improved in recent years declined as compared to the same period last year.
Osaka’s hotel room supply is anticipated to increase by approximately 20% in the next few years. As accommodation demand continues to grow, new room supply will have a negative impact on existing hotels in Osaka.
大阪のマーケットにおいては、2016年8月単月ではあるが、シティ ホテルのRevPARが前年同月比で約10％、同じく宿泊主体型ホテ ルのRevPARが約4％下落した。ここ数年好調に推移してきた大 阪のホテルパフォーマンスもついに前年同月水準を割り込む結 果となった。 大阪においては、今後数年の間に、ホテルの客室供給が20％前 後増加する予定となっている。宿泊需要は引き続き増加してい るものの、客室の供給増加が大阪所在既存ホテルのパフォーマ ンスに影響を与える可能性が懸念される。
Osaka
大阪
Total Number of Accommodation Guests in Hokkaido Prefecture –
by Accommodation Type / 北海道 宿泊施設タイプ別 延宿泊者数 Total Number of Accommodation Guests in Kyoto Prefecture – by Accommodation Type / 京都府 宿泊施設タイプ別 延宿泊者数
Full-Service Hotel /
䝅䝔䜱䝩䝔䝹 Limited-Service Hotel /䝡䝆䝛䝇䝩䝔䝹 Others / 䛭䛾
2008 2009 2010 2011 2012 2013 2014 2015 5 10 15 20 25 30
Total Number of Guests (Million) / 延宿泊者数 (百万人)
YTD June 2015 YTD June 2016 Full-Service Hotel / 䝅䝔䜱䝩䝔䝹 Limited-Service Hotel / 䝡䝆䝛䝇䝩䝔䝹 Others / 䛭䛾 0 2 4 6 8 10 12 14 16 18 2008 2009 2010 2011 2012 2013 2014 2015
Total Number of Guests (Million) / 延宿泊者数 (百万人)
YTD June 2015 YTD June 2016 *従業員数10人以上の宿泊施設
*Exclusive guests staying in hotel accommodation with less than ten employees Source: Japan Tourism Agency / 出典：観光庁
*従業員数10人以上の宿泊施設
*Exclusive guests staying in hotel accommodation with less than ten employees Source: Japan Tourism Agency / 出典：観光庁
Hokkaido’s Profile: With its natural attractions, such as powder snow and hot springs, Hokkaido attracts domestic and inbound tourists from many Asia Pacific countries.
北海道：パウダースノー、温泉等、自然の観光資源が豊富で、
国内はもとより、アジア・パシフィック諸国の旅行者にも人気
Kyoto’s Profile: As the former capital city of Japan, Kyoto is one of the most popular destinations in Japan among domestic as well as international tourists.
京都：日本の古都として、日本人及び外国人旅行者からも人気 が高い、国内屈指の人気観光都市
Hokkaido
北海道
Kyoto
京都
Total Number of Accommodation Guests in Fukuoka Prefecture –
by Accommodation Type / 福岡県 宿泊施設タイプ別 延宿泊者数 Total Number of Accommodation Guests in Okinawa Prefecture – by Accommodation Type / 沖縄県 宿泊施設タイプ別 延宿泊者数
Full-Service Hotel /
䝅䝔䜱䝩䝔䝹 Limited-Service Hotel /䝡䝆䝛䝇䝩䝔䝹 Others / 䛭䛾
2008 2009 2010 2011 2012 2013 2014 2015
Total Number of Guests (Million) / 延宿泊者数 (百万人)
0 2 4 6 8 10 12 14 16 YTD June 2015 YTD June 2016 Full-Service Hotel /
䝅䝔䜱䝩䝔䝹 Limited-Service Hotel /䝡䝆䝛䝇䝩䝔䝹 Others / 䛭䛾 Total Number of Guests (Million) / 延宿泊者数 (百万人)
2008 2009 2010 2011 2012 2013 2014 2015 0 2 4 6 8 10 12 14 16 18 20 YTD June 2015 YTD June 2016 *従業員数10人以上の宿泊施設
* Exclusive guests staying in hotel accommodation with less than ten employees Source: Japan Tourism Agency / 出典：観光庁
*従業員数10人以上の宿泊施設
*Exclusive guests staying in hotel accommodation with less than ten employees Source: Japan Tourism Agency /出典：観光庁
Okinawa’s Profile: Located in south western Japan, Okinawa is Japan’s most popular beach resort destination. Okinawa’s unique culture attracts tourists throughout the year.
沖縄：日本の南西に位置し、日本において最も人気の高いビーチ
リゾートであり、また、沖縄固有の文化は年間を通して旅行者を 魅了
Fukuoka’s Profile: As the key city of the Kyushu region, Fukuoka enjoys both business and leisure tourism demand. Due to its proximity to East Asian countries, Fukuoka attracts many visitors from neighboring countries.
福岡：九州の中心都市として、ビジネス関連、レジャー関連の観 光需要に恵まれており、また東アジア諸国から近いこともあり、 海外からの訪問者も多い
Fukuoka
福岡
Okinawa
沖縄
Recent Major Hotel Transactions /
最近の主要ホテル取引 MonthYear Hotel Name Hotel Type
Location # of
Keys Seller Type Buyer Type (JPY)Price City Perfecture
Feb-16 Loisir Hotel Spa Tower Naha Full-service Naha-shi Okinawa 602 Investment Fund (US) J-REIT (Japan) 20.0B Mar-16 Asahikawa Grand Hotel Full-service Asahikawa-shi Hokkaido 237 Investment Fund (Japan) J-REIT (Japan) 4.6B
Mar-16
Hotel MyStays Gotanda Station Limited-service Shinagawa-ku Tokyo 333
Investment Fund (US) J-REIT (Japan)
24.7B
Hotel Epinard Nasu Full-service Nasu-gun Tochigi 310 21.0B
Hotel MyStays Fukuoka Tenjin Limited-service Fukuoka-shi Fukuoka 217 8.1B
Hotel MyStays Hamamatsucho Limited-service Minato-ku Tokyo 105 8.0B
Apr-16 Hotel Centraza Hakata Full-service Fukuoka-shi Fukuoka 194 NA J-REIT (Japan) 7.2B Apr-16 Urawa Royal Pines Hotel Full-service Saitama-shi Saitama 196 NA J-REIT (Japan) 17.5B Apr-16 Okura Act City Hotel Hamamatsu Full-service Hamamatsu-shi Shizuoka 322 Corporate (Japan) J-REIT (Japan) NA Apr-16 JAL Private Resort Okuma Full-service Kunigami-son Okinawa 184 Investment Fund (US) Real Estate Company
(Japan) NA
May-16 Kai Kaga Full-service Kaga-shi Ishikawa 48 Hotel Operator (Japan) J-REIT (Japan) 3.2B May-16 Grand Pacific LE DAIBA Full-service Minato-ku Tokyo 884 Corporate (Japan) Real Estate Company
(Japan) 66B
Jun-16 Hotel Sunroute Shinagawa Seaside Limited-service Shinagawa-ku Tokyo 300 NA J-REIT (Japan) NA Jun-16
Hotel MyStays Kanazawa Limited-service Kanazawa-shi Ishikawa 244
Investment Fund (US) J-REIT (Japan)
13.8B
Takamatsu Tokyu REI Hotel Limited-service Takamatsu-shi Kagawa 191 2.1B
Jun-16 Iwate Hotel & Resort (APPI Resort) Full-service Hachimantai-shi Iwate NA Real Estate Company
(Japan) / NA (Asia) Hotel Operator (Japan) NA Aug-16 Hotel Vista Grande Osaka Limited-service Osaka-shi Osaka 314 NA J-REIT (Japan) 27.0B
Hotel
Investment
Market
Source: JLL, based on publicly available information / 出典：公表情報に基づきJLL作成
Aug-16
Nest Hotel Osaka Shinsaibashi Limited-service Osaka-shi Osaka 302
Real Estate Company
(Japan) J-REIT (Japan)
7.6B Comfort Hotel Central International
Airport Limited-service Tokoname-shi Aichi 346 5.3B
Smile Hotel Tokyo Asagaya Limited-service Suginami-ku Tokyo 112 3.9B
Nest Hotel Naha Limited-service Naha-shi Okinawa 193 3.8B
Smile Hotel Asakusa Limited-service Taito-ku Tokyo 96 1.9B
Nest Hotel Matsuyama Limited-service Matsuyama-shi Ehime 190 1.6B
Hotel Livemax Nihombashi-Hakozaki Limited-service Chuo-ku Tokyo 48 1.4B
Comfort Hotel Okayama Limited-service Okayama-shi Okayama 208 1.3B
Comfort Hotel Kushiro Limited-service Kushiro-shi Hokkaido 126 0.3B
Comfort Hotel Suzuka Limited-service Suzuka Mie 105 0.3B
Aug-16 Hotel Ascent Fukuoka Limited-service Fukuoka-shi Fukuoka 260 NA J-REIT (Japan) 4.9B
Sep-16 Hilton Nagoya Full-service Nagoya-shi Aichi 460 NA J-REIT (Japan) 15.3B
Month
Year Hotel Name Hotel Type
Location # of
Keys Seller Type Buyer Type Price (JPY) City Perfecture
Number of Hotel Asset Transactions / ホテル資産取引件数
Q1/第1四半期 Q2/第2四半期 Q3/第3四半期 Q4/第4四半期 0 20 40 60 80 100 120 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Excluding transactions between related parties, such as those between a REIT and its sponsor / 関連会社間取引（REIT及びそのスポンサー間取引等）を除く
Source: Publicly available data, JLL / 出典：公表情報およびJLL
寺田 八十一
Yasokazu Terada
Executive Vice President
Hotels & Hospitality Group Japan
[email protected]
Contributor
寄稿者
The number of hotel transactions for 3Q 2016 dropped by half compared to the same period in 2015. Buyersʼ appetite for hotel assets still remains high, but there are only a limited number of hotels assets available for sale.
Japan Hotel REIT acquired Hotel Vista Grande Osaka (314 rooms) in May for JPY 27 billion and Hilton Nagoya (460 rooms) in September 2016 for JPY 15.25 billion. Per-room price of Hotel Vista Grande Osaka reached JPY 86 million, a historic record in the Osaka hotel market.This hotel will be rebranded to Holiday Inn Osaka Nanba from November 2016.
2016年第3四半期終了時におけるホテル資産取引件数は、昨年同期比でおお よそ半減している。投資家の購入意欲は引き続き高いが、売り物件が減少し ている。 ジャパン・ホテル・リート投資法人は、2016年8月にホテルビスタグランデ大阪 （314室）を270億円で取得し、9月にはヒルトン名古屋（460室）を152.5億円で 取得した。ホテルビスタグランデ大阪の1室あたりの取得価額は86百万円とな り、大阪市所在のホテルとしては最高額を記録した。なお、ホテルビスタグラ ンデ大阪は今年の11月より、ホリデイ・イン大阪難波にリブランドされる。
About JLL’s Hotels & Hospitality Group
JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor in the world, totaling US$51 billion over the last five years. Between negotiating some of the world’s biggest property deals, the group’s 340-strong global team also executed 4,600 advisory, valuation and asset management assignments. Numbers set the scene, the real story is in the relationships that the firm has forged with investors and owner/operators worldwide, who turn to JLL to shape their investment strategies and maximize the value of their assets. These assets sit at the heart of the industry. The firm is recognized as the global leader in real estate services across hospitality properties of all shapes and sizes: from luxury, upscale, select service and budget hotels to timeshare and fractional ownership properties; convention centers and mixed-use developments. We work with the most extraordinary, enticing, entertaining and, not to mention profitable, properties in the world.
www.jll.com/hospitality
Jones Lang LaSalle Property Consultants Pte Ltd | CEA Licence No. L3007326E
