Invincible Investment (TYO:8963) domestic hotel portfolio gross revenue fell 1.8% year over year to 11.6 billion yen in August, according to a Tokyo bourse filing on Friday.

The REIT's revenue per available room (RevPAR) fell 3.8% to 15,608 yen, while the occupancy rate fell to 87.3%.

The average daily rate (ADR) declined 3.2% to 17,887 yen.

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The yearly performance reflected a decline in demand associated with the Osaka Expo, fewer Chinese tourists due to strained bilateral ties, an earthquake that occurred in Kumamoto in July, and typhoons in August.

Meanwhile, the overall inbound demand from other countries remained strong.

The REIT forecasts September RevPAR to be about 7.5% higher than a year ago.

For the Cayman Islands hotels, RevPAR fell 3.4% to $137, with occupancy rising to 43.4%, while ADR fell to $316.

Gross revenue for the Cayman properties fell 5% to $4.1 million.