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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1 Hotel Market Update Japan Hotels & Hospitality Group January 217

2 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 Okinawa Hotel Investment Market ホテル投資マーケット 8 2 JLL Hotels & Hospitality Group

3 Market Update マーケット概要 北海道 Hokkaido 京都 Kyoto 東京 Tokyo 福岡 Fukuoka 大阪 Osaka 沖縄 Okinawa 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 Total Number of Guests (Million) / ) Full-Service Hotel / Limited-Service Hotel / 216 Others / Visitor Arrivals to Japan / 訪日外客数 Visitor Arrivals(Million) / Visitor Arrival to Japan / 214 Growth / 216 Growth / 5% 3% 1% -1% -3% -5% * 従業員数 1 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) Hotel Market Update Japan 3

4 Tokyo 東京 The number of inbound visitors in Japan reached 24 million in 216, an increase of 21.8% from previous year. For 217, the number of inbound visitors is expected to grow continuously, underpinned by the JPY depreciation. The Japanese government s target of 4 million inbound visitors by 22, can be achieved with a 14% CAGR from 217 to 22. Meanwhile, hotel trading performance in Tokyo slowed during the second half of 216. Due to the rise of ADR and JPY appreciation until ober 216, both domestic and inbound accommodation demand decreased/outflowed from Tokyo. If JPY depreciation trend from November 216 continues in 217, accommodation demand may recover in Tokyo. 訪日外国人数は216 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 217 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 22 年までに訪日外国人数 4 百万人を目標として掲げており 217 年から22 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 1 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 217 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 Trading Performance (Mid-scale + Limited) Tokyo Trading Performance (Luxury + Upscale) ADR/RevPAR(JPY) 14, 12, 1, 8, 6, 4, 2, ADR RevPAR OCC / Nov Nov 216 OCC 1% 8% 6% 4% 2% % Sample numbers: 15 hotels (28,729 keys) ADR/RevPAR(JPY) 4, 35, 3, 25, 2, 15, 1, 5, OCC 1% 8% 6% 4% 2% % Nov Nov 216 ADR RevPAR OCC / Sample numbers: 29 hotels (11,454keys) 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 4 JLL Hotels & Hospitality Group 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

5 Osaka 大阪 Similar to Tokyo, Osaka hotel trading performance did not show an improvement in the second half of 216. 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, 217. 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 216 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217 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 Trading Performance (Mid-scale + Limited) Osaka Trading Performance (Luxury + Upscale) ADR/RevPAR(JPY) 14, 12, 1, 8, 6, 4, 2, ADR RevPAR OCC / Nov Nov 216 OCC 1% 8% 6% 4% 2% % Sample numbers: 14 hotels (3,242 keys) ADR/RevPAR(JPY) 25, 2, 15, 1, 5, ADR RevPAR OCC / Nov Nov 216 OCC 1% 8% 6% 4% 2% % Sample numbers: 14 hotels (5,14 keys) 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 Hotel Market Update Japan 5

6 Hokkaido 北海道 Kyoto 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い 国内屈指の人気観光都市 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 Guests (Million) / ) Full-Service Hotel / 212 Limited-Service Hotel / Others / 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 Total Number of Guests (Million) / ) Full-Service Hotel / Limited-Service Hotel / 216 Others / * 従業員数 1 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 1 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 6 JLL Hotels & Hospitality Group

7 Fukuoka 福岡 Okinawa 沖縄 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 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 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 Guests (Million) / ( ) 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 Total Number of Guests (Million) / ( ) Full-Service Hotel / Limited-Service Hotel / Others / Full-Service Hotel / Limited-Service Hotel / Others / * 従業員数 1 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 1 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 Hotel Market Update Japan 7

8 Hotel Investment Market ホテル投資マーケット Recent Major Hotel Transactions / 最近の主要ホテル取引 Month Year Hotel Name Hotel Type City Location Perfecture Jul-16 Hotel Sunroute Plaza Shinjuku Limited-service Shibuya-ku Tokyo 624 # of Keys Seller Type Buyer Type Price (JPY) J-REIT 28.6B Aug-16 Hotel Vista Grande Osaka Limited-service Osaka-shi Osaka 314 NA J-REIT 27.B Nest Hotel Osaka Shinsaibashi Limited-service Osaka-shi Osaka B Comfort Hotel Central International Airport Limited-service Tokoname-shi Aichi B Smile Hotel Tokyo Asagaya Limited-service Suginami-ku Tokyo B Nest Hotel Naha Limited-service Naha-shi Okinawa B Aug-16 Smile Hotel Asakusa Limited-service Taito-ku Tokyo B J-REIT Nest Hotel Matsuyama Limited-service Matsuyama-shi Ehime B Hotel Livemax Nihombashi-Hakozaki Limited-service Chuo-ku Tokyo B Comfort Hotel Okayama Limited-service Okayama-shi Okayama B Comfort Hotel Kushiro Limited-service Kushiro-shi Hokkaido 126.3B Comfort Hotel Suzuka Limited-service Suzuka Mie 15.3B Aug-16 Hotel Ascent Fukuoka Limited-service Fukuoka-shi Fukuoka 26 NA J-REIT 4.9B Sep-16 Hilton Nagoya Full-service Nagoya-shi Aichi 46 NA J-REIT 15.3B Sep-16 Shangri-La Hotel Tokyo Full-service Chiyoda-ku Tokyo 2 Courtyard by Marriott Tokyo Station Limited-service Chuo-ku Tokyo 15 Courtyard by Marriott Shin-Osaka Station Limited-service Osaka-shi Osaka 332 Source: JLL, based on publicly available information / 出典 : 公表情報に基づき JLL 作成 J-REIT 42.B J-REIT 13.8B J-REIT 17.6B Nov-16 Hyatt Regency Osaka Full-service Osaka-shi Osaka 48 Investment Fund (Asia) J-REIT 16.B Dec-16 Sheraton Okinawa Sunmarina Resort Full-service Kunigami-gun Okinawa 246 NA 21.B 8 JLL Hotels & Hospitality Group

9 JLL identified 57 hotel asset transactions in 216, with an estimated transaction volume (amount) of JPY 34 billion. While the number of transactions in 216 drastically decreased compared to, transaction volume reached around the same level. In 216, 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 216, accounting for approximately 4% of the total transaction volume in 216. Mori Trust Hotel REIT, the fifth largest hotel J-REIT, will be listed in the Tokyo Stock Exchange on February 7, 217. The hotel asset portfolio has AUM of JPY 12 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 216 年において 57ホテルが取引され 推定取引金額は3,4 億円に達した ホテルの取引数は 年に比して大きく減少したが 取引金額については 年とほぼ同水準と推定される 216 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 216 年の全ホテル取引金額のおおよそ 4% 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 217 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1,2 億円となる Number of Hotel Asset Transactions / ホテル資産取引件数 Q1/ 1 Q2/ Q3/ 3 Q4/ Contributor 寄稿者 寺田八十一 Yasokazu Terada Executive Vice President Hotels & Hospitality Group Japan yasokazu.terada@ap.jll.com 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 34-strong global team also executed 4,6 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. Hotel Market Update Japan 9

10 JLL s Hotels & Hospitality Group offices Atlanta Tel Dublin Tel Los Angeles Tel New York Tel Auckland Tel Düsseldorf Tel Lyon Tel Paris Tel Bangkok Tel Edinburgh Tel Madrid Tel Rome Tel Barcelona Tel Exeter Tel Manchester Tel San Francisco Tel Beijing Tel Frankfurt Tel Marseille Tel Santiago Tel Bethesda Tel Glasgow Tel Melbourne Tel São Paulo Tel Brisbane Tel Hong Kong Tel Mexico City Tel Shanghai Tel Buenos Aires Tel Istanbul Tel Miami Tel Singapore Tel Charlotte Tel Johannesburg Tel Milan Tel Sydney Tel Chicago Tel Leeds Tel Moscow Tel Tampa Tel Dallas Tel Lisbon Munich Tel Toronto Tel Denver Tel London Tel New Delhi Tel Tokyo Tel Dubai Tel Jones Lang LaSalle Property Consultants Pte Ltd CEA Licence No. L37326E 217 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.

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

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 Hotel Market Update Japan Hotels & Hospitality Group October 216 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

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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 ホテル投資マーケット 8 9 C Hotel Market Update Japan Hotels & Hospitality Group April 215 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 ホテル投資マーケット

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