Ichigo Hotel Reit Investment Corp. · TSE:3463
Ichigo Hotel Reit Investment — January 2024 Fiscal Period Earnings Presentation
64 slides from Ichigo Hotel Reit Investment's earnings presentation, Mar 15, 2024
Slide 1: Ichigo Hotel January 2024 Fiscal Period Corporate Presentation
Ichigo Hotel (3463) Ichigo Hotel January 2024 Fiscal Period Corporate Presentation March 15, 2024 Ichigo Hotel REIT Investment Corporation (3463) Ichigo Investment Advisors Co., Ltd. © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. www.ichigo-hotel
Slide 2: Condolences for Ishikawa earthquake
We would like to express our deepest condolences to all those impacted by the January 1, 2024 earthquake in Ishikawa Prefecture, and our wishes for the earliest and fullest possible recovery for all. © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved.
Slide 3: Make The World More Sustainable
Make The World More Sustainable © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved.
Slide 4: © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved.
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved.
Slide 5: © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved.
© Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved.
Slide 6: Agenda
January 2024 Results Earnings Forecasts January 2024 Highlights July 2024 Forecast January 2024 Earnings Breakdown January 2025 Forecast Hotel Operating Results: Continued Hotel Earnings Ichigo’s Commitment to ESG Growth Ichigo Sustainability Policy RevPAR, ADR, & Occupancy Growth On T
Slide 7: January 2024 Results
January 2024 Results © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 7
Slide 8: January 2024 Highlights
January 2024 Highlights Results Details • Continued profit growth driven by hotel demand recovery, JPY 974M Net Income +JPY 403M (+70.6%) YOY growth initiatives • +JPY 238M (+32.5%) vs. Sep 2023 forecast Growth • Acquired 5 hotels (JPY 15B) • Leveraging sponsor support to drive growth • New share is
Slide 9: January 2024 Earnings Breakdown
January 2024 Earnings Breakdown (JPY million) Previous Jan 2023 Jan 2024 vs. Forecast Forecast Major Variation Factors (vs. Initial Forecast) Actual Actual (A) (A) - (B) (Sep 2023) (B) Operating Revenue 1,537 2,282 2,094 +188 Increase in Operating Revenue +188 Increase in variable rent +281 Variable
Slide 10: Continued Hotel Earnings Growth
Hotel Operating Results Continued Hotel Earnings Growth Variable Rent Hotels (21 Hotels) Aug 1, 2022 Aug 1, 2023 Change YOY - Jan 31, 2023 - Jan 31, 2024 Room Revenue (JPY M) 3,614 4,640 +1,026 +28.4% Total Revenue (JPY M) 3,965 5,124 +1,159 +29.2% RevPAR (JPY) 6,259 7,937 +1,678 +26.8% Occupancy 87
Slide 11: RevPAR, ADR, & Occupancy Growth On Track
RevPAR, ADR, & Occupancy Growth On Track Exceeding Pre-Covid Levels & Re-entered Growth Trajectory Variable Rent Hotels: RevPAR, Occupancy, & ADR (Jan 2020 – Jan 2024) (JPY) ■ RevPAR ■ ADR Occupancy 87.1% 86.2% 82.6% 83.7% 84.1% 9,205 8,957 69.3% 7,937 7,664 61.4% 49.8% 7,498 48.3% 7,186 6,447 6,259
Slide 12: Limited Impact From End of Govt Leases & Travel Subsidy
Hotel Operating Results Limited Impact From End of Govt Leases & Travel Subsidy YOY by Region (Aug 2023 – Jan 2024) 26 Hotels (excludes Capsule Plus Yokohama and Washington RevPAR Occupancy ADR Hotel Plaza Shimonoseki Eki Nishi) Total Kanto/ Tokai/ Chugoku/ Portfolio Hokkaido Tokyo Kyoto Osaka Kobe
Slide 13: Driving Revenue via Rebranding & Rent Contract Changes
Growth Strategy Driving Revenue via Rebranding & Rent Contract Changes Realizing Impact of Rebranding & Rent Contract Renewals Conducted During Covid − Capsule Plus Yokohama (rebranded during Jul 2021 fiscal period) Rebranded & changed to variable rent contract from fixed rent contract Jan 2024
Slide 14: Acquisition-Driven Growth Leveraging Sponsor Support
Growth Strategy Acquisition-Driven Growth Leveraging Sponsor Support − New Share Issuance via Third Party Allotment (Incl. Sponsor) (Aug 2023) − Acquired 5 hotels (JPY 15B), Increased Portfolio Size (30 Hotels, JPY 69.8B) Driving portfolio stability via acquisitions of high-quality hotels, geograp
Slide 15: Sustainability Initiatives (1)
Environmental Initiatives Sustainability Initiatives (1) Achieved 100% renewable energy transition at all hotels − Completed renewable energy transition at 9 hotels − Purchased non-fossil certificates for 21 other hotels (Dec 2023) − Ongoing discussions with tenants of the 21 hotels that purchased n
Slide 16: Sustainability Initiatives (2)
Environmental Initiatives Sustainability Initiatives (2) Minimizing Environmental Impact of Ichigo Hotel-Owned Assets − Participated in GRESB Real Estate Assessment since 2021 Awarded 2 Star GRESB rating Awarded Green Star designation 3 years in a row Awarded GRESB Public Disclosure A Level, u
Slide 17: Shareholder Discount Program
Shareholder Program Shareholder Discount Program Program Established to Express Gratitude to Ichigo Hotel Shareholders and Accelerate Hotel Industry Growth Special Discount Rates (including hotels not owned by Ichigo Hotel) Minacia Co., Ltd. K.K. Hospitality Operations Greens Co., Ltd. Hotel Wing
Slide 18: Ichigo J.League Shareholder Program
Shareholder Program Ichigo J.League Shareholder Program Represents Two Firsts for a Shareholder Program in Japan − First Japanese company to include not just its own shareholders, but also the shareholders of the REITs and solar power producer that it manages, in its shareholder program (82,000 shar
Slide 19: Sustainability as a Key Management Priority
Sustainability as a Key Management Priority © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 19
Slide 20: Driving Revenue via Contract Renewals & Re-tenanting
Driving Revenue via Contract Renewals & Re-tenanting New Tenant at Comfort Hotel Osaka Shinsaibashi (Private Sauna) − Leased up vacant space (304m2, 92 tsubo) − Rent +19% vs. previous tenant, higher than surrounding area due to competitive location − NOI +15.9% p.a. due to retail income increase Ret
Slide 21: Portfolio Growth Opportunity via Ichigo Sponsor Support
Portfolio Growth Opportunity via Ichigo Sponsor Support Sponsor Owns 12 Hotels (JPY 46B) Across Japan Sponsor-Owned Hotels By Area Chugoku/ Kanto Koshinetsu Tokyo Shikoku Book Value at No. Of Area Acquisition Hotels (JPY M) Kanto 2 5,331 Koshienetsu Tokyo 1 7,349 Yokohama Utsunomiya, Tochigi Shinjuk
Slide 22: Earnings Forecasts
Earnings Forecasts © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 22
Slide 23: July 2024 Forecast
July 2024 Forecast ̶ Dividend +JPY 92, +3.4% vs. Previous Forecast ̶ Driving Financial Stability: Financing Cost to Increase due to Lengthening Loan Maturity, Fixing Interest Rates (JPY million) Jul 2024 Jul 2024 Jul 2023 Previous vs. Forecast Revised Major Factors for Variation Actual (A) Forecast
Slide 24: January 2025 Forecast
January 2025 Forecast ̶ Operating Revenue +JPY 147M (Incl. Variable Rent JPY 67M) ̶ Renewal Renovations & Downtime Upon Contract-End at Some Hotels (JPY million) Jan 2024 Jan 2025 vs. Forecast Major Factors for Variation Actual (A) Forecast (B) (B) - (A) Operating Revenue 2,282 2,429 +147 Increase i
Slide 25: Ichigo's Commitment to ESG
Ichigo’s Commitment to ESG © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 25
Slide 26: Ichigo Sustainability Policy
Ichigo Sustainability Policy Harmony With the Environment and Recycling Ichigo actively monitors and minimizes the environmental impact of its business operations via extending the useful life of its assets, reducing water and water consumption, and recycling. Addressing Climate Change and Shift to
Slide 27: Ichigo Climate Positive: CO2 Reduction > Emissions
Ichigo Climate Positive: CO2 Reduction > Emissions Ongoing Ichigo Clean Energy Production Growth & Renewable Energy Transition & Carbon Offsets CO2 Reduction vs. CO2 Emissions (tons) ■ Total Ichigo Power Plant CO2 Reduction1 ■ Total Ichigo CO2 Emissions (Scope 1+2) CO2 Emissions Reduction Measures I
Slide 28: On Track Toward Achieving 2025 RE100 Target
On Track Toward Achieving 2025 RE100 Target Ichigo Ranked No. 1 in Nikkei GX 500 Ranking for Information Disclosure & Emissions Management & Reduction Ichigo RE100 Progress 100% RE100 Target: 2025 FY24/2 Renewable Energy Transition Impact 85% FY24/2 Renewable Target Energy Switch CO2 Reduction 35,00
Slide 29: Ichigo ESG – Environmental
Ichigo ESG – Environmental Sustainability-Driven & Climate Positive Effective Use of Existing Real Estate Towards a Net Zero Carbon Society J-REIT Initiatives Preserve & Improve Real Estate Community-Based, Productive Use of Pro-Active Environmental to End Wasteful Demolition Idle Land for Clean Ene
Slide 30: Ichigo ESG – Social
Ichigo ESG – Social Contributing to a Sustainable Society Contributing to Regional Revitalization Ichigo University Sports Initiatives Ichigo works to revitalize local communities Ichigo established Ichigo University in May and promote regional economic 2013 to support employees’ continuing As a top
Slide 31: Ichigo ESG – Governance
Ichigo ESG – Governance Global Best Practice Governance No Fixed Fee, Best Practice Governance Performance Fee- Only Structure REIT Asset Management Company (AMC) Shifted to performance- Monitors Asset Management Company Best Practice linked fee structure to • All Ichigo Hotel Directors are In
Slide 32: Appendix: Portfolio Details
Appendix: Portfolio Details © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 32
Slide 33: Portfolio Lease Details
Portfolio Lease Details (as of January 31, 2024) Variable Lease Terms Fixed Rent Fixed + Variable Rent Total Rent Form of Contract Lease Lease Lease Lease – Fixed Rent Yes Yes Yes – – Excess Above Fixed Variable Rent – Fixed Portion of Revenue Upside Fixed Portion of Hotel GOP – Portion of Hotel GOP
Slide 34: Individual Hotel Summary
Individual Hotel Summary (as of January 31, 2024) Jan 2024 Appraisal Unrealized Acquisition Book Value Hotel Leasable Area Value Gains Hotel Name Lease Terms Location Price (JPY M) No. (m2) (JPY M) Cap Rate (%) (JPY M) (JPY M) (A) (B) (B) - (A) A-1 Nest Hotel Sapporo Ekimae Variable + Fixed Rent Sap
Slide 35: January 2024 Fiscal Period Individual Hotel Operating Results (1)
January 2024 Fiscal Period Individual Hotel Operating Results (1) (year-on-year) No. of January 2024 (August 2023 - January 2024) Hotel Hotel Name Lease Terms Location Guest No. RevPAR (JPY) Occupancy (%) ADR (JPY) Revenue (JPY M) Rooms A-1 Nest Hotel Sapporo Ekimae Variable + Fixed Rent Sapporo 162
Slide 36: January 2024 Fiscal Period Individual Hotel Operating Results (2)
January 2024 Fiscal Period Individual Hotel Operating Results (2) (year-on-year) No. of January 2024 (August 2023 - January 2024) Hotel Hotel Name Lease Terms Location Guest No. RevPAR (JPY) Occupancy (%) ADR (JPY) Revenue (JPY M) Rooms F-3 Urbain Hiroshima Executive Fixed Rent Hiroshima 171 5,117 (
Slide 37: Individual Hotel Financials (1)
Individual Hotel Financials (1) (JPY thousand) A-1 A-2 A-3 A-4 B-2 B-3 B-4 C-1 C-4 D-1 D-3 D-4 Comfort Hotel Total Nest Hotel Hotel HOTEL THE Smile Hotel The OneFive Nest Hotel Comfort Hotel THE KNOT Smile Hotel Comfort Hotel Central Comfort Hotel Sapporo Sunshine KNOT Tokyo Tokyo Sapporo Odori Kush
Slide 38: Individual Hotel Financials (2)
Individual Hotel Financials (2) (JPY thousand) D-5 D-6 E-1 E-3 E-5 E-6 F-1 F-2 F-4 F-5 G-1 G-3 Smile The Comfort Hotel Osaka The The Quintessa Nest Hotel The Quintessa Hotel OneFive Shinsaibashi Nest Hotel OneFive Valie Hotel OneFive Nest Hotel Hotel Ise Osaka OneFive Other Hotel Ogaki Kyoto Osaka (
Slide 39: Fixed/Variable Rent, RevPAR, ADR, & Occupancy Trends
Fixed/Variable Rent, RevPAR, ADR, & Occupancy Trends Fixed/Variable Rent (JPY thousand) Jan 2023 Jul 2023 Jan 2024 Rent Ratio Rent Ratio Rent Ratio Fixed 1,029,850 67.0% 1,021,552 56.9% 1,311,097 57.4% Fixed Rent from Operators 998,059 64.9% 992,218 55.2% 1,222,928 53.6% Rent Other (Rent from Retail
Slide 40: Variable Rent Hotel Details
Variable Rent Hotel Details A-1 Nest Hotel Sapporo Ekimae ADR RevPAR Occupancy Location Sapporo Operating Results (Feb 2023 – Jan 2024) (right) (right) (left) (JPY) 5-minute walk from 100% 25,000 Sapporo Station on Access Sapporo City Metro 80% 20,000 Namboku Line 60% 15,000 Nest Hotel Japan Operato
Slide 41: Variable Rent Hotel Details
Variable Rent Hotel Details A-3 THE KNOT SAPPORO Operating Results (Feb 2023 – Jan 2024) ADR RevPAR Occupancy Location Sapporo (right) (right) (left) (JPY) 2-minute walk from Susukino Station on 100% 30,000 Access Sapporo Municipal 80% 24,000 Subway Namboku Line 60% 18,000 Operator OneFive Hotels In
Slide 42: Variable Rent Hotel Details
Variable Rent Hotel Details B-2 Smile Hotel Nagano ADR RevPAR Occupancy Location Nagano Operating Results (Feb 2023 – Jan 2024) (right) (left) (right) 3-minute walk from (JPY) Nagano Station on JR 100% 10,000 Access Hokuriku Shinkansen 80% 8,000 Line 60% 6,000 K.K. Hospitality Operator Operations 40
Slide 43: Variable Rent Hotel Details
Variable Rent Hotel Details C-1 Smile Hotel Tokyo Asagaya ADR RevPAR Occupancy Location Suginami-ku, Tokyo Operating Results (Feb 2023 – Jan 2024) (right) (right) (left) (JPY) 100% 15,000 1-minute walk from Access Asagaya Station on JR 80% 12,000 Chuo and Sobu Lines 60% 9,000 K.K. Hospitality 40% 6,
Slide 44: Variable Rent Hotel Details
Variable Rent Hotel Details D-2 Hotel Wing International Nagoya ADR RevPAR Occupancy Location Nagoya Operating Results (Feb 2023 – Jan 2024) (right) (right) (left) (JPY) 2-minute walk from Marunouchi Station on 100% 10,000 both Nagoya Subway Access 80% 8,000 Network Sakuradori Line and Tsurumai 60%
Slide 45: Variable Rent Hotel Details
Variable Rent Hotel Details D-6 Quintessa Hotel Ogaki ADR RevPAR Occupancy Location Ogaki, Gifu Operating Results (Feb 2023 – Jan 2024) (right) (right) (left) (JPY) 5-minute walk from 100% 10,000 Ogaki Station on JR Access Tokaido Line, Yoro 80% 8,000 Railway Yoro Line 60% 6,000 Core Global 40% 4,00
Slide 46: Variable Rent Hotel Details
Variable Rent Hotel Details E-3 The OneFive Osaka Sakaisuji Location Osaka ADR RevPAR Occupancy Operating Results (Feb 2023 – Jan 2024) (right) (right) (left) 5-minute walk from (JPY) Sakaisuji-Hommachi 100% 10,000 Access Station on Osaka Municipal Subway 80% 8,000 Chuo Line 60% 6,000 Operator OneFi
Slide 47: Variable Rent Hotel Details
Variable Rent Hotel Details E-5 Nest Hotel Osaka Shinsaibashi Location Osaka Operating Results (Feb 2023 – Jan 2024) ADR RevPAR Occupancy (right) (right) (left) (JPY) 1-minute walk from 100% 10,000 Nagahoribashi Station Access on Osaka Municipal 80% 8,000 Subway Sakaisuji Line 60% 6,000 Nest Hotel J
Slide 48: Variable Rent Hotel Details
Variable Rent Hotel Details F-1 The OneFive Okayama Location Okayama Operating Results (Feb 2023 – Jan 2024) ADR RevPAR Occupancy (right) (right) (left) 15-minute walk from (JPY) Okayama Station on 100% 10,000 Access Sanyo Shinkansen, 80% 8,000 Sanyo Main Line, Uno Line 60% 6,000 Operator OneFive Ho
Slide 49: Variable Rent Hotel Details
Variable Rent Hotel Details F-4 The OneFive Garden Kurashiki Location Kurashiki, Okayama Operating Results (Feb 2023 – Jan 2024) ADR RevPAR Occupancy (right) (right) (left) (JPY) 8-minute walk from 100% 12,500 Access Kurashiki Station on 80% 10,000 JR Sanyo Main Line 60% 7,500 Operator OneFive Hotel
Slide 50: Variable Rent Hotel Details
Variable Rent Hotel Details G-1 The OneFive Fukuoka Tenjin Location Fukuoka Operating Results (Feb 2023 – Jan 2024) ADR RevPAR Occupancy (right) (right) (left) (JPY) 6-minute walk from 100% 15,000 Tenjin Station on Access Fukuoka City Subway 80% 12,000 Kuko Line 60% 9,000 Operator OneFive Hotels Inc
Slide 51: Fixed Rent Hotel Details
Fixed Rent Hotel Details A-3 Comfort Hotel Kushiro B-3 Hotel Sunshine Utsunomiya Location Kushiro, Hokkaido Location Utsunomiya, Tochigi 5-minute walk from 2-minute walk from Utsunomiya Station on Access Kushiro Station on JR Access JR Tohoku Main Line, Nemuro Main Line Tohoku Shinkansen Operator Gr
Slide 52: Fixed Rent Hotel Details
Fixed Rent Hotel Details D-3 Comfort Hotel Central International Airport D-4 Comfort Hotel Suzuka Location Tokoname, Aichi Location Suzuka, Mie 5-minute walk from Central International 3-minute walk from Airport, Access Shirako Station on Access 3-minute walk from Kintetsu Nagoya Line Central Intern
Slide 53: Appendix: Loan Details & Shareholder Composition
Appendix: Loan Details & Shareholder Composition © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 53
Slide 54: Stable Financial Base
Stable Financial Base Outstanding Loan Balance Jan 31, 2022 Jul 31, 2022 Jan 31, 2023 Jul 31, 2023 Jan 31, 2024 Amount JPY 25.47B JPY 25.47B JPY 25.47B JPY 25.47B JPY 32.47B Long-Term Loan Ratio 72.5% 70.7% 63.7% 46.0% 84.8% Fixed Rate Ratio 70.7% 70.7% 63.7% 46.0% 84.8% Average Interest Rate 0.77%
Slide 55: Loan Details
Loan Details Loan Lender Amount Floating/ Interest Rate Borrowing Date Maturity (as of January 31, 2024) (JPY M) Fixed (%) Term Loan 9 SMBC, Mizuho, SBI Shinsei, Resona 1,500 Fixed 0.92000% November 30, 2018 November 29, 2024 Lender Composition SMBC, Mizuho, SBI Shinsei, Resona, Nishi-Nippon Term Lo
Slide 56: Shareholder Composition
Shareholder Composition Major Shareholders (as of January 31, 2024) By Number of Shares Held Foreign Corporations & Individuals Domestic Financial Institutions No. Of Non-Financial Domestic Corporations Domestic Individuals Name Share Shares 38,686 32,214 1 Ichigo Trust 59,087 18.0% (15.2%) (12.6%)
Slide 57: Appendix: Sponsor, Portfolio Map, & Others
Appendix: Sponsor, Portfolio Map, & Others © Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 57
Slide 58: Capturing Demand Via Contract Renewals & Rebranding
Capturing Demand Via Contract Renewals & Rebranding Timing Hotel Name Lease Terms Changes Capsule Plus Yokohama Fixed Feb 2021 Rebranding • Added GOP-linked variable rent (formerly Grandpark-Inn Yokohama) Variable Rent Variable+Fixed • Decreased fixed rent Aug 2021 Hotel Wing International Nagoya
Slide 59: Hotel Map
Hotel Map Hotel No. Location Hotel Name Geographic Composition (Acquisition Price Basis) A-1 Hokkaido Nest Hotel Sapporo Ekimae A-2 Hokkaido Nest Hotel Sapporo Odori Nagoya Kobe 2.1% A-3 Hokkaido Comfort Hotel Kushiro Kyushu 3.8% 5.2% A-4 Hokkaido THE KNOT SAPPORO Sapporo Osaka Kushiro B-1 Kanto Kos
Slide 60: Ichigo Hotel's Sponsor: Ichigo (2337)
Ichigo Hotel’s Sponsor: Ichigo (2337) Core Businesses: Asset Management, Sustainable Real Estate, Clean Energy ‒ Manages Ichigo Hotel (3463), Ichigo Office (8975), and Ichigo Green (9282) ‒ Sustainable Real Estate business adds value to existing buildings by drawing upon its real estate technologies
Slide 61: Synergies Between Ichigo Hotel and Sponsor
Synergies Between Ichigo Hotel and Sponsor ‒ Strengthen acquisitions through leveraging Ichigo’s sourcing network ‒ Increase asset value through Ichigo’s real estate value-add capabilities ‒ Drive higher returns for Ichigo Hotel shareholders Ichigo Hotel (3463) Buy Sponsor: Ichigo (2337) Buy Buy Hot
Slide 62: Acquisitions Leveraging Sponsor Support (OneFive Hotels)
Acquisitions Leveraging Sponsor Support (OneFive Hotels) – Ichigo-Owned OneFive Hotels Operates 15 Hotels With Focus on the Hakata Area in Fukuoka Prefecture – OneFive Hotels Deploys PROPERA, an AI-Based Revenue Management System Developed by Ichigo, to Maximize Earnings and Increase Guest Satisfact
Slide 63: Ichigo Hotel Overview
Ichigo Hotel Overview Ichigo Hotel Name Ichigo Hotel REIT Investment Corporation Securities Code 3463 Address 2-6-1 Marunouchi, Chiyoda-ku, Tokyo Executive Director Eriko Ishii Fiscal Periods January (August 1 - January 31) and July (February 1 - July 31) Asset Management Company Name Ichigo Investm
Slide 64: Disclaimer
Disclaimer These materials are for informational purposes only, and do not constitute or form a part of, and should not be construed as, an offer to sell or buy securities of Ichigo Hotel REIT Investment Corporation (Ichigo Hotel). These materials may contain forward-looking statements regarding the
Ichigo Hotel REIT Investment — January 2024 Fiscal Period Earnings Presentation on 6ix