Star Asia Investment (TYO:3468) posted strong October hotel operation results amid record high foreign tourist arrivals, according to a Monday filing on the Tokyo Stock Exchange.
The portfolio's average occupancy rate was 90.3%, with an average daily rate (ADR) of 14,390 yen and revenue per available room (RevPAR) of 13,002 yen.
KOKO HOTEL Tsukiji Ginza led with a 97.3% occupancy rate and a RevPAR of 27,700 yen, while KOKO HOTEL Sapporo Ekimae followed closely with a 97.2% occupancy rate and a RevPAR of 9,104 yen.
According to the Japan National Tourism Organization, the number of foreigners visiting Japan in October 2024 increased by 31.6% from the previous year, reaching a new record high, and the cumulative total through October hit nearly 30.2 million surpassing 30 million at the fastest pace ever.
As a result, the hotels in SAR's portfolio, including four properties acquired on August 30, performed well, with October's results exceeding those of the summer vacation months of August and September.
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