Contents 目次 Market Update マーケット概要 3 Tokyo & Osaka 東京及び大阪 4 Tokyo Osaka Hokkaido & Kyoto 北海道及び京都 6 Hokkaido Kyoto Fukuoka & Okinawa 福岡及び沖縄 7 Fukuoka Ok

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Hotels & Hospitality Group | January 2017

Hotel Market Update

Japan

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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

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

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Tokyo – Trading Performance (Mid-scale + Limited) Tokyo – Trading Performance (Luxury + Upscale) ADR/RevPAR(JPY) OCC Sample numbers: 105 hotels (28,729 keys) YTD Nov 2016 YTD Nov 2015

ADR RevPAR OCC /

2009 2010 2011 2012 2013 2014 2015 0% 20% 40% 60% 80% 100% 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000

ADR RevPAR OCC / Sample numbers: 29 hotels (11,454keys)

ADR/RevPAR(JPY) OCC

2009 2010 2011 2012 2013 2014 2015 ₂₀₁₅YTDNov ₂₀₁₆YTDNov

0% 20% 40% 60% 80% 100% 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000

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 reached 24 million in 2016, an increase of 21.8% from previous year. For 2017, the number of inbound visitors is expected to grow continuously, underpinned by the JPY depreciation. The Japanese government’s target of 40 million inbound visitors by 2020, can be achieved with a 14% CAGR from 2017 to 2020.

Meanwhile, hotel trading performance in Tokyo slowed during the second half of 2016. Due to the rise of ADR and JPY appreciation until October 2016, both domestic and inbound accommodation demand decreased/outflowed from Tokyo. If JPY depreciation trend from November 2016 continues in 2017, accommodation demand may recover in Tokyo.

訪日外国人数は2016年末で、24百万人に達し、昨年対比で21.8 ％増となった。ここ最近の円安傾向もあり、2017年も訪日外国人数は引き続き増加していくものと期待される。なお、日本政府は、2020年までに訪日外国人数40百万人を目標として掲げており、2017年から2020年まで、年平均14％の増加続けば、当該目標に達することになる。一方で、東京のホテル運営パフォーマンスについては昨年の後半から伸び悩みが続いている。ADRの上昇と昨年10月までの円高傾向とにより、東京においては、日本人需要、外国人需要とも宿泊需要が減少・分散したものと考えらえる。2017年については、昨年11月以降の円安傾向が継続すれば、需要が東京に回帰する可能性もある。

Tokyo

東京

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Osaka – Trading Performance (Mid-scale + Limited) Osaka – Trading Performance (Luxury + Upscale)

ADR/RevPAR(JPY) OCC

Sample numbers: 14 hotels (3,242 keys)

2010 2011 2012 2013 2014 2015 ₂₀₁₅YTDNov ₂₀₁₆YTDNov

ADR RevPAR OCC /

0% 20% 40% 60% 80% 100% 2,000 0 4,000 6,000 8,000 10,000 12,000 14,000 Sample numbers: 14 hotels (5,140 keys) ADR/RevPAR(JPY) OCC 2010

2009 2011 2012 2013 2014 2015 ₂₀₁₅YTDNov ₂₀₁₆YTDNov

ADR RevPAR OCC /

0% 20% 40% 60% 80% 100% 0 5,000 10,000 15,000 20,000 25,000

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

Similar to Tokyo, Osaka hotel trading performance did not show an improvement in the second half of 2016. Due to the ADR hike and JPY appreciation, accommodation demand decreased/ outflowed from Osaka.

At the Kansai International Airport, a new terminal designated for low cost carriers (LCC) will open on January 28, 2017. The new terminal is expected to enhance its competitiveness and make a positive impact on Osaka’s tourism and hotel market.

大阪のホテルパフォーマンスについても、2016年後半は上昇が見られなかった。東京マーケットと同様、大阪においても、円高傾向とADRの急伸により、宿泊需要が減少・分散したものと考えられる。関西国際空港において、LCC専用の第3ターミナルが2017年1月 28日より供用開始となる。新ターミナルは関西国際空港の競争力を向上させるとともに、大阪における観光・ホテルマーケット全般に好影響をもたらすものと期待される。

Osaka

大阪

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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௚ Total Number of Guests (Million) / 延宿泊者数 (百万人)

YTD Oct 2015 YTD Oct 2016 0 5 10 15 20 25 30 2009 2008 2010 2011 2012 2013 2014 2015 Full-Service Hotel /

2009

2008 2010 2011 2012 2013 2014 2015 ₂₀₁₅YTDOct ₂₀₁₆YTDOct

0 3 6 9 12 15 18 *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

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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

YTD Oct 2015 YTD Oct 2016 0 5 10 15 20 2009 2008 2010 2011 2012 2013 2014 2015 Full-Service Hotel /

YTD Oct 2015 YTD Oct 2016 5 0 10 15 20 2009 2008 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

*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

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

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 (JPY)Price City Perfecture

Jul-16 Hotel Sunroute Plaza Shinjuku Limited-service Shibuya-ku Tokyo 624 Real Estate Company _(Japan) J-REIT (Japan) 28.6B

Aug-16 Hotel Vista Grande Osaka Limited-service Osaka-shi Osaka 314 NA J-REIT (Japan) 27.0B

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 1.2B

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

Sep-16

Shangri-La Hotel Tokyo Full-service Chiyoda-ku Tokyo 200 Real Estate Company _(Japan) J-REIT (Japan) 42.0B Courtyard by Marriott Tokyo Station Limited-service Chuo-ku Tokyo 150 Real Estate Company _(Japan) J-REIT (Japan) 13.8B Courtyard by Marriott Shin-Osaka Station Limited-service Osaka-shi Osaka 332 Real Estate Company _(Japan) J-REIT (Japan) 17.6B Nov-16 Hyatt Regency Osaka Full-service Osaka-shi Osaka 480 Investment Fund (Asia) J-REIT (Japan) 16.0B Dec-16 Sheraton Okinawa Sunmarina Resort Full-service Kunigami-gun Okinawa 246 NA Real Estate Company _(Japan) 21.0B

Hotel

Investment

Market

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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 80 100 120 140 2009 2008 2007 2006 2005 2004 2010 2011 2012 2013 2014 2015 2016 寺田八十一

Yasokazu Terada

Executive Vice President

Hotels & Hospitality Group Japan

[email protected]

Contributor

寄稿者

JLL identified 57 hotel asset transactions in 2016, with an estimated transaction volume (amount) of JPY 340 billion. While the number of transactions in 2016 drastically decreased compared to 2015, transaction volume reached around the same level. In 2016, the number of hotel assets for sale decreased regardless of buyers’ strong interests in hotel assets. Hotel J-REITs still remained the most active buyer in 2016, accounting for approximately 40% of the total transaction volume in 2016.

Mori Trust Hotel REIT, the fifth largest hotel J-REIT, will be listed in the Tokyo Stock Exchange on February 7, 2017. The hotel asset portfolio has AUM of JPY 102 billion, which includes Shangri-La Hotel Tokyo, Hotel Sunroute Plaza Shinjuku and Courtyard by Marriott in both Tokyo and Shin-Osaka Station.

本レポート作成日時点においてJLLが認識している範囲では、2016年において、57ホテルが取引され、推定取引金額は3,400億円に達した。ホテルの取引数は2015年に比して大きく減少したが、取引金額については2015年とほぼ同水準と推定される。2016年については、投資家のホテル購入意欲は高かったものの、ホテルの売り物件が少なかったと言える。依然として、ホテルリートが積極的に資産購入を行っており、2016年の全ホテル取引金額のおおよそ40％を占めた。 5番目のホテル専用Jリートとなる、森トラスト・ホテルリート投資法人が2017年2 月7月に上場予定である。当該ホテルリートには、シャングリ・ラホテル東京、ホテルサンルートプラザ新宿、コートヤードバイマリオット東京ステーション及び新大阪ステーションが組み入れられる予定で、運用資産額は1,020億円となる。

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

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

Jones Lang LaSalle Property Consultants Pte Ltd | CEA Licence No. L3007326E

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