Contents 目次 3 Market Update マーケット概要 Tokyo & Osaka 東京及び大阪 4 6 Hokkaido, Kyoto, Fukuoka & Okinawa 北海道京都福岡及び沖縄 Hotel Investment Market

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Hotels & Hospitality Group | April 2016

Hotel Market Update

Japan

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Market Update

マーケット概要

北海道

東京

京都

福岡

_大阪

沖縄

Okinawa

Fukuoka

Hokkaido

Osaka

Tokyo

Kyoto

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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: 99 hotels (28,026keys)

ADR/RevPAR(JPY) OCC

2009 2010 2011 2012 2013 2014 2015 ₂₀₁₅YTDFeb ₂₀₁₆YTDFeb

ADR/RevPAR(JPY) OCC Sample numbers: 29 hotels (11,461keys) 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 Feb 2016 YTD Feb 2015 2010 2011 2012 2013 2014 2009 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

Tokyo

東京

In 2015, the number of foreign visitors to Japan reached 19.7 million with an year-on-year increase of 47.1%. Despite the recent slowdown in the global economy, foreign visitation to Japan in the first two months of 2016 showed an increase of approximately 43.7% as compared to the same period in 2015.

Oakwood Premier Tokyo with 123 units opened in January 2016 in the newly developed Tekko Building adjacent Tokyo Station. This property is the first luxury serviced apartment with a hotel operating license in Tokyo and can accommodate guests of less than 30 days stay.

2015年の訪日外国人数は、19.7百万人に達し、対前年比で47.1％の増加となった。ここ最近の世界的な景気減速にもかかわらず、2016年 1月及び2月の訪日外国人数は、前年同期比で43.7％の伸びを示している。オークウッドプレミア東京（123ユニット）が、2016年1月、JR東京駅至近の鉄鋼ビル内に開業した。東京において、ホテル営業許可証を有する、初の高級サービスアパートメントであり、30日未満の宿泊者も滞在可能である。

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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: 14 hotels (3,242 keys) ADR/RevPAR(JPY) OCC 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

2009 2010 2011 2012 2013 2014 2015 ₂₀₁₅YTDFeb ₂₀₁₆YTDFeb 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: 11 hotels (4,503 keys) 2009 2010 2011 2012 2013 2014 2015 YTDFeb 2016 YTD Feb 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

Osaka

大阪

The hotel performance in Osaka continued to show an upward trend. In the first two months of 2016, RevPAR of luxury/upscale hotels and limited-service hotels recorded an year-on-year increase of 36.1% and 22.3%, respectively.

Universal Studio Japan (USJ), one of the largest accommodation demand generators in Osaka, started a series of its 15th Anniversary events in March 2016. The number of visitors to USJ, reaching approximately 13.9 million in FY 2015 (ending March 2016), is expected to show a further increase in FY2016.

大阪所在ホテルパフォーマンスは、引き続き上昇基調にある。2016年1 月～2月において、大阪所在高級ホテルのRevPARは前年同期比で36.1 ％の上昇、宿泊主体型ホテルは同じく22.3％の上昇となった。大阪の主要な宿泊需要創出源のひとつである、ユニバーサル・スタジオ・ジャパン(USJ)は、2016年3月より、開園15周年イベントを開催している。2015年度のUSJ入園者数は約13.9百万人に達し、2016年度は更なる増加が見込まれる。

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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

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 0 5 10 15 20 25 30

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)

*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 & Kyoto

北海道及び京都

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

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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

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 Full-Service Hotel /

2008 2009 2010 2011 2012 2013 2014 2015 0 2 4 6 8 10 12 14 16 18 20 *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

*Exclusive guests staying in hotel accommodation with less than ten employees Source: Japan Tourism Agency /出典：観光庁

Fukuoka & Okinawa

福岡及び沖縄

Okinawa’s Profile: Located in the south west of Japan, Okinawa is

the most popular beach resort destination in Japan. 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

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Recent Major Hotel Transactions / 最近の主要ホテル取引

Month

Year Hotel Name Hotel Type

Location _{# of}

Keys Seller Type Buyer Type Price (JPY) City Perfecture

Oct-15 Rihga Royal Gran Okinawa Limited-service Naha-shi Okinawa 157 Real Estate Company (Japan) Investment Fund (US) NA

Nov-15

ANA Crown Plaza Hiroshima

Full-service

Hiroshima-shi Hiroshima 409

Hotel Operator (Japan) J-REIT (Japan)

17.8B ANA Crown Plaza Hotel Fukuoka Fukuoka-shi Fukuoka 320 7.6B ANA Crown Plaza Kanazawa Kanazawa-shi Ishikawa 249 6.6B ANA Crown Plaza Toyama Toyama-shi Toyama 251 4.0B Nov-15 Risonare Atami Full-service Atami Shizuoka 76 Real Estate Company (Japan) J-REIT (Japan) 3.8B Nov-15 Dojima Hotel Full-service Osaka-shi Osaka 76 Others (Japan) Investment Fund _{(US & Japan)} NA

Nov-15

Smile Hotel Kyoto Shijo

Limited-service

Kyoto-shi Kyoto 138

Investment Fund (Japan) J-REIT (Japan)

4.5B Hotel Vista Premio Kyoto Kyoto-shi Kyoto 84 3.6B Hotel Wing International Nagoya Nagoya-shi Aichi 220 2.7B Nest Hotel Sapporo Ekimae Sapporo-shi Hokkaido 162 2.2B Chisun Inn Osaka Honmachi Osaka-shi Osaka 130 1.6B Comfort Hotel Hamamatsu Hamamatsu-shi Shizuoka 196 1.6B Hotel Suave Kobe Asuta Kobe-shi Hyogo 133 1.5B Nest Hotel Sapporo Odori Sapporo-shi Hokkaido 117 1.5B Valie Hotel Tenjin Fukuoka-shi Fukuoka 77 1.4B Dec-15 Hoshino Resorts Tomamu Full-service Yufutsu-gun Hokkaido 757 Investment Fund (USA) / Hotel _{Operator (Japan)} Corporate (China) 18.4B Dec-15 Hotel Nikko Yaeyama Full-service Ishigaki-shi Okinawa 236 Investment Fund (US) Real Estate Company _(Japan) NA Dec-15 Sheraton Hiroshima Hotel Full-service Hiroshima-shi Hiroshima 238 N/A J-REIT (Japan) NA Dec-15 Southern Beach Hotel & Resort Full-service Itoman-shi Okinawa 448 Hotel Operator (Japan) Real Estate Company _(Japan) NA Dec-15 The Peninsula Tokyo _{(Building Only)} Full-service Chiyoda-ku Tokyo 314 Real Estate Company (Japan) Hotel Operator _{(Hong Kong)} 10.3B 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

Hotel Investment Market

ホテル投資マーケット

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Number of Hotel Asset Transactions / ホテル資産取引件数

Source: JLL, based on publicly available information / 出典：公表情報に基づきJLL作成

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 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 N/A J-REIT (Japan) 7.2B Apr-16 Urawa Royal Pines Hotel Full-service Saitama-shi Saitama 196 N/A J-REIT (Japan) 17.5B

Month

Year Hotel Name Hotel Type

Location _{# of}

Keys Seller Type Buyer Type Price (JPY) City Perfecture

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

Two large-scale hotels in Okinawa were transacted recently. Southern Beach Hotel & Resort with 448 rooms was sold to Hulic in December 2015 and Loisir Hotel & Spa Tower Naha with 602 rooms was sold to United Urban REIT in February 2016. Due to lack of hotel investment opportunities in a large city like Tokyo or Osaka, investors’ interests extend to resort hotels.

Peninsula Tokyo, a subsidiary of the Hong Kong and Shanghai Hotels, purchased the Peninsula Tokyo building in Hibiya from Mitsubishi Estate at the price of JPY 10.3 billion. While Mitsubishi Estate will continue to own the underlying land, it executed a 70-year ground-leased agreement with Peninsula Tokyo.

直近で、沖縄所在の大型ホテル2軒が取引された。サザンビーチホテル＆リゾート（448室）が2015年12月にヒューリックに買収され、ロワジールホテル＆スパタワー那覇（602室）がユナイテッド・アーバン投資法人に2016年2月に買収された。東京や大阪といった大都市では投資機会が少ないこともあって、投資家の購入意欲がリゾートホテルにも広がっている。香港上海ホテルズ傘下のペニンシュラ東京は、日比谷に所在するザ・ペニンシュラ東京の建物を三菱地所から103億円で購入した。底地については、三菱地所が引き継続き所有し、ペニンシュラ東京と70年間の借地契約を締結している。

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.

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www.jll.com/hospitality

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Contents 目 次 3 Market Update マーケット 概 要 Tokyo & Osaka 東 京 及 び 大 阪 4 6 Hokkaido, Kyoto, Fukuoka & Okinawa 北 海 道 京 都 福 岡 及 び 沖 縄 Hotel Investment Market

Hotels & Hospitality Group | April 2016

Hotel Market Update

Japan

目次

Market Update

マーケット概要

北海道

東京

京都

福岡

大阪

沖縄

Okinawa

Fukuoka

Hokkaido

Osaka

Tokyo

Kyoto

Tokyo

東京

Osaka

大阪

Hokkaido & Kyoto

北海道及び京都

Fukuoka & Okinawa

福岡及び沖縄

Hotel Investment Market

ホテル投資マーケット

Contributor

Contents 目次 3 Market Update マーケット概要 Tokyo & Osaka 東京及び大阪 4 6 Hokkaido, Kyoto, Fukuoka & Okinawa 北海道京都福岡及び沖縄 Hotel Investment Market

_大阪