Invincible Investment (TYO:8963) domestic hotel portfolio gross revenue slipped 0.1% to 9.28 billion yen in April, according to a Tokyo bourse filing on Monday.

The REIT's February revenue Per Available Room (RevPAR) decreased 1.6% year-on-year to 12,579 yen, while the occupancy rate gained 0.8 points to 85.8% and the average daily rate (ADR) declined 2.5% to 14,666 yen.

The year-on-year change reflected the absence of Expo 2025 accommodation demand, fewer Chinese tourists due to strained bilateral ties, and Easter-driven demand shifting from April to March, though excluding the China impact, overall inbound demand stayed strong with no material effect from the Middle East situation.

The REIT forecasts May RevPAR to be approximately 4% higher than the same month last year.

For the Cayman Islands hotels, RevPAR jumped 18% to $514, with a higher occupancy of 71.6%, while ADR fell to $718.

Gross revenue for the Cayman properties increased 16% year on year to $12.4 million.