Hoshino Resorts REIT said revenue per available room (RevPAR) across its reporting portfolio fell 6.8% in August from a year earlier, to ¥20,355 from ¥21,846. The monthly operating update, dated October 7, 2026, also showed lower occupancy and room rates.
The numbers
Portfolio occupancy was 81.4%, down from 83.3%, a fall of 1.9 percentage points. The average daily rate (ADR) fell 4.6% to ¥25,004 from ¥26,220. Hotel revenue across the aggregated properties was ¥7.18bn, down 6.2%.
| Metric | August 2025 | August 2026 | Change |
|---|---|---|---|
| Occupancy | 83.3% | 81.4% | -1.9 points |
| ADR | ¥26,220 | ¥25,004 | -4.6% |
| RevPAR | ¥21,846 | ¥20,355 | -6.8% |
| Revenue | ¥7.66bn | ¥7.18bn | -6.2% |
The split matters. Occupancy at Hoshino-operated properties fell 4.8 percentage points to 80.6%, while ADR slipped only 1.4% to ¥62,561. At properties run by others, occupancy was down 1.0 percentage point, but ADR fell 5.5% to ¥14,094.
The manager's explanation
The REIT's asset manager, Hoshino Resorts Asset Management, attributed the decline to a pullback after the Osaka-Kansai Expo and to Chinese travel restraint in the Kansai area, plus the effects of the Kumamoto earthquake and typhoons in some regions. It said that excluding these external factors, performance at individual facilities remained solid, helped by domestic leisure demand around the Obon holiday, inbound visitors and marketing measures.
Among Hoshino-operated hotels, the manager cited repeated typhoons in Okinawa and transport disruption in Kyushu. OMO7 Kochi and Risonare Yatsugatake each set monthly sales records. Among hotels run by others, Grand Hyatt Fukuoka set August records for sales and RevPAR.
Outlook and limits
For September onward, the manager expects the portfolio excluding Kansai to be up on a year earlier, citing a favourable run of holidays and firm bookings as of the release date. That is an expectation, not a result. The manager also said the Middle East situation has had limited direct effect on lodging demand so far, while it keeps watching energy and price trends for operating costs.
The figures are not a national tourism gauge. The REIT owned 71 properties at month-end, but the tally covers only those with variable rent whose tenants agreed to disclose monthly results, and it excludes properties acquired within the past year. The data are preliminary figures from tenants, unaudited, may contain errors and may later be corrected.