Tokyo

Hotel Market Update
Japan
Hotels & Hospitality Group | October 2016
Contents
目次
Market Update
マーケット概要
Tokyo & Osaka
東京及び大阪
Tokyo
北海道及び京都
福岡及び沖縄
ホテル投資マーケット
JLL | Hotels & Hospitality Group
07
Okinawa
Hotel Investment Market
2
06
Kyoto
Fukuoka & Okinawa
Fukuoka
04
Osaka
Hokkaido & Kyoto
Hokkaido
03
08
Market
Update
マーケット概要
北海道
Hokkaido
京都
Kyoto
東京
Tokyo
福岡
大阪
Fukuoka
Osaka
沖縄
Okinawa
Total Number of Accommodation Guests in Japan –
by Accommodation Type / 日本宿泊施設タイプ別延宿泊者数
Visitor Arrivals to Japan / 訪日外客数
Total Number of Guests (Million) / 延宿泊者数 (百万人)
Visitor Arrivals(Million) / 訪日外客数(百万人)
Growth / 増減率
25
20
15
10
Full-Service Hotel /
䝅䝔䜱䝩䝔䝹
*従業員数10人以上の宿泊施設
Limited-Service Hotel /
䝡䝆䝛䝇䝩䝔䝹
YTD
June
2015
YTD
June
2016
Others / 䛭䛾௚
*Exclusive guests staying in hotel accommodation with less than ten employees
Source: Japan Tourism Agency / 出典：観光庁
0
20
2008 2009 2010 2011 2012 2013 2014 2015
05
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
5
20
450
400
350
300
250
200
150
100
50
0
Visitor Arrival to Japan / 訪日外客数
YTD YTD
Aug Aug
2015 2016
50%
40%
30%
20%
10%
0%
-10%
-20%
-30%
-40%
-50%
Growth / 増減率
Source: Japan National Tourism Organization (JNTO) / 出典：日本政府観光局(JNTO)
Hotel Market Update Japan
3
Tokyo
東京
The number of inbound visitors in Japan showed a year-onyear increase of 24.7% for August 2016. Despite the recent
appreciation of JPY, the number of inbound tourists steadily
grew, and is anticipated to reach approximately 24 million by the
end of 2016.
However, hotel performance in Tokyo has begun to slow down.
RevPAR of luxury/upscale hotel segment from May to August
this year underperformed that of last year, while RevPAR of
midscale/limited-service hotel segment during the same period
showed limited growth.
Tokyo – Trading Performance (Luxury + Upscale)
ADR
OCC /
Sample numbers:
102 hotels (27,961 keys)
Source: Categorized by JLLʼs proprietary criteria based on STR Globalʼs data
出典：STRグローバルのデータを基にJLL独自の基準で分類
4
JLL | Hotels & Hospitality Group
ADR
RevPAR
15
14
20
YTD YTD
Aug Aug
2015 2016
13
15
14
20
13
RevPAR
20
12
20
11
20
20
10
20
20
09
0
20
2,000
12
4,000
20
6,000
11
8,000
20
10,000
20
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
OCC
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
10
14,000
ADR/RevPAR(JPY)
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
20
OCC
09
ADR/RevPAR(JPY)
12,000
一方で、東京のホテルパフォーマンスについては低迷しはじめて
いる。宿泊主体型ホテルの月次RevPARは依然として前年同月を
僅かながらも上回っているが、
シティホテルのRevPARは2016年5
月～8月まで前年同月比で下落が続いている。
20
Tokyo – Trading Performance (Mid-scale + Limited)
訪日外国人数は2016年8月までに対前年比で24.7％の増加とな
った。円高傾向が続いているものの、訪日外国人数は堅調な増
加を続けており、2016年末には24百万人前後に達すると予想さ
れる。
OCC /
YTD YTD
Aug Aug
2015 2016
Sample numbers:
29 hotels (11,452keys)
Source: Categorized by JLLʼs proprietary criteria based on STR Globalʼs data
出典：STRグローバルのデータを基にJLL独自の基準で分類
Osaka
大阪
In the Osaka market, monthly RevPAR of luxury/upscale hotel
segment and midscale/limited-service hotel segment in August
declined by 10% and 4%, respectively. Hotel performance in
Osaka, which significantly improved in recent years declined as
compared to the same period last year.
Osaka’s hotel room supply is anticipated to increase by
approximately 20% in the next few years. As accommodation
demand continues to grow, new room supply will have a negative
impact on existing hotels in Osaka.
大阪のマーケットにおいては、2016年8月単月ではあるが、
シティ
ホテルのRevPARが前年同月比で約10％、
同じく宿泊主体型ホテ
ルのRevPARが約4％下落した。
ここ数年好調に推移してきた大
阪のホテルパフォーマンスもついに前年同月水準を割り込む結
果となった。
大阪においては、今後数年の間に、
ホテルの客室供給が20％前
後増加する予定となっている。宿泊需要は引き続き増加してい
るものの、客室の供給増加が大阪所在既存ホテルのパフォーマ
ンスに影響を与える可能性が懸念される。
Osaka – Trading Performance (Luxury + Upscale)
Osaka – Trading Performance (Mid-scale + Limited)
ADR/RevPAR(JPY)
OCC
ADR/RevPAR(JPY)
OCC
14,000
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
25,000
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
ADR
OCC /
Source:Categorized by JLLʼs proprietary criteria based on STR Globalʼs data
出典：STRグローバルのデータを基にJLL独自の基準で分類
ADR
RevPAR
15
20
20
14
13
12
0
20
YTD YTD
Aug Aug
2015 2016
Sample numbers:
12 hotels (2,855 keys)
11
15
20
14
13
RevPAR
20
20
12
20
11
20
20
10
0
5,000
20
2,000
10,000
20
4,000
10
6,000
15,000
09
8,000
20,000
20
10,000
20
12,000
OCC /
YTD YTD
Aug Aug
2015 2016
Sample numbers:
14 hotels (5,140 keys)
Source: Categorized by JLLʼs proprietary criteria based on STR Globalʼs data
出典：STRグローバルのデータを基にJLL独自の基準で分類
Hotel Market Update Japan
5
Kyoto
Hokkaido
北海道
京都
Hokkaido’s Profile: With its natural attractions, such as powder
snow and hot springs, Hokkaido attracts domestic and inbound
tourists from many Asia Pacific countries.
Kyoto’s Profile: As the former capital city of Japan, Kyoto is one
of the most popular destinations in Japan among domestic as
well as international tourists.
北海道：パウダースノー、温泉等、自然の観光資源が豊富で、
国内はもとより、
アジア・パシフィック諸国の旅行者にも人気
京都：日本の古都として、
日本人及び外国人旅行者からも人気
が高い、国内屈指の人気観光都市
Total Number of Accommodation Guests in Hokkaido Prefecture –
by Accommodation Type / 北海道宿泊施設タイプ別延宿泊者数
Total Number of Guests (Million) / 延宿泊者数 (百万人)
Total Number of Guests (Million) / 延宿泊者数 (百万人)
30
25
20
15
10
5
2008 2009 2010 2011 2012 2013 2014 2015
Full-Service Hotel /
䝅䝔䜱䝩䝔䝹
*従業員数10人以上の宿泊施設
Limited-Service Hotel /
䝡䝆䝛䝇䝩䝔䝹
YTD
June
2015
YTD
June
2016
Others / 䛭䛾௚
*Exclusive guests staying in hotel accommodation with less than ten employees
Source: Japan Tourism Agency / 出典：観光庁
6
JLL | Hotels & Hospitality Group
Total Number of Accommodation Guests in Kyoto Prefecture –
by Accommodation Type / 京都府宿泊施設タイプ別延宿泊者数
18
16
14
12
10
8
6
4
2
0
2008 2009 2010 2011 2012 2013 2014 2015
Full-Service Hotel /
䝅䝔䜱䝩䝔䝹
*従業員数10人以上の宿泊施設
Limited-Service Hotel /
䝡䝆䝛䝇䝩䝔䝹
YTD
June
2015
YTD
June
2016
Others / 䛭䛾௚
*Exclusive guests staying in hotel accommodation with less than ten employees
Source: Japan Tourism Agency / 出典：観光庁
Fukuoka
Okinawa
福岡
沖縄
Fukuoka’s Profile: As the key city of the Kyushu region,
Fukuoka enjoys both business and leisure tourism demand. Due
to its proximity to East Asian countries, Fukuoka attracts many
visitors from neighboring countries.
Okinawa’s Profile: Located in south western Japan, Okinawa
is Japan’s most popular beach resort destination. Okinawa’s
unique culture attracts tourists throughout the year.
沖縄：日本の南西に位置し、
日本において最も人気の高いビーチ
リゾートであり、
また、沖縄固有の文化は年間を通して旅行者を
魅了
福岡：九州の中心都市として、
ビジネス関連、
レジャー関連の観
光需要に恵まれており、
また東アジア諸国から近いこともあり、
海外からの訪問者も多い
Total Number of Accommodation Guests in Fukuoka Prefecture –
by Accommodation Type / 福岡県宿泊施設タイプ別延宿泊者数
Total Number of Guests (Million) / 延宿泊者数 (百万人)
Total Number of Guests (Million) / 延宿泊者数 (百万人)
16
14
12
10
8
6
4
2
0
2008 2009 2010 2011 2012 2013 2014 2015
Full-Service Hotel /
䝅䝔䜱䝩䝔䝹
*従業員数10人以上の宿泊施設
Limited-Service Hotel /
䝡䝆䝛䝇䝩䝔䝹
Total Number of Accommodation Guests in Okinawa Prefecture –
by Accommodation Type / 沖縄県宿泊施設タイプ別延宿泊者数
YTD
June
2015
YTD
June
2016
Others / 䛭䛾௚
*Exclusive guests staying in hotel accommodation with less than ten employees
Source: Japan Tourism Agency / 出典：観光庁
20
18
16
14
12
10
8
6
4
2
0
2008 2009 2010 2011 2012 2013 2014 2015
Full-Service Hotel /
䝅䝔䜱䝩䝔䝹
Limited-Service Hotel /
䝡䝆䝛䝇䝩䝔䝹
YTD
June
2015
YTD
June
2016
Others / 䛭䛾௚
*従業員数10人以上の宿泊施設
* Exclusive guests staying in hotel accommodation with less than ten employees
Source: Japan Tourism Agency / 出典：観光庁
Hotel Market Update Japan
7
Hotel
Investment
Market
ホテル投資マーケット
Recent Major Hotel Transactions / 最近の主要ホテル取引
Month
Year
Hotel Name
Hotel Type
Feb-16
Loisir Hotel Spa Tower Naha
Mar-16
Location
City
Perfecture
# of
Keys
Seller Type
Buyer Type
Price
(JPY)
Full-service
Naha-shi
Okinawa
602
Investment Fund (US)
J-REIT (Japan)
20.0B
Asahikawa Grand Hotel
Full-service
Asahikawa-shi
Hokkaido
237
Investment Fund (Japan)
J-REIT (Japan)
4.6B
Hotel MyStays Gotanda Station
Limited-service
Shinagawa-ku
Tokyo
333
Hotel Epinard Nasu
Full-service
Nasu-gun
Tochigi
310
Mar-16
24.7B
21.0B
Investment Fund (US)
J-REIT (Japan)
Hotel MyStays Fukuoka Tenjin
Limited-service
Fukuoka-shi
Fukuoka
217
8.1B
Hotel MyStays Hamamatsucho
Limited-service
Minato-ku
Tokyo
105
8.0B
Apr-16
Hotel Centraza Hakata
Full-service
Fukuoka-shi
Fukuoka
194
NA
J-REIT (Japan)
7.2B
Apr-16
Urawa Royal Pines Hotel
Full-service
Saitama-shi
Saitama
196
NA
J-REIT (Japan)
17.5B
Apr-16
Okura Act City Hotel Hamamatsu
Full-service
Hamamatsu-shi
Shizuoka
322
Corporate (Japan)
J-REIT (Japan)
NA
Apr-16
JAL Private Resort Okuma
Full-service
Kunigami-son
Okinawa
184
Investment Fund (US)
Real Estate Company
(Japan)
NA
May-16
Kai Kaga
Full-service
Kaga-shi
Ishikawa
48
Hotel Operator (Japan)
J-REIT (Japan)
3.2B
May-16
Grand Pacific LE DAIBA
Full-service
Minato-ku
Tokyo
884
Corporate (Japan)
Real Estate Company
(Japan)
66B
Jun-16
Hotel Sunroute Shinagawa Seaside
Limited-service
Shinagawa-ku
Tokyo
300
NA
J-REIT (Japan)
NA
Hotel MyStays Kanazawa
Limited-service
Kanazawa-shi
Ishikawa
244
Investment Fund (US)
J-REIT (Japan)
Jun-16
13.8B
Takamatsu Tokyu REI Hotel
Limited-service
Takamatsu-shi
Kagawa
191
Jun-16
Iwate Hotel & Resort (APPI Resort)
Full-service
Hachimantai-shi
Iwate
NA
Real Estate Company
(Japan) / NA (Asia)
Hotel Operator (Japan)
NA
Aug-16
Hotel Vista Grande Osaka
Limited-service
Osaka-shi
Osaka
314
NA
J-REIT (Japan)
27.0B
8
JLL | Hotels & Hospitality Group
2.1B
Month
Year
Location
City
Perfecture
# of
Keys
Limited-service
Osaka-shi
Osaka
302
7.6B
Comfort Hotel Central International
Airport
Limited-service
Tokoname-shi
Aichi
346
5.3B
Smile Hotel Tokyo Asagaya
Limited-service
Suginami-ku
Tokyo
112
3.9B
Nest Hotel Naha
Limited-service
Naha-shi
Okinawa
193
3.8B
Smile Hotel Asakusa
Limited-service
Taito-ku
Tokyo
96
Hotel Name
Hotel Type
Nest Hotel Osaka Shinsaibashi
Aug-16
Seller Type
Real Estate Company
(Japan)
Buyer Type
Price
(JPY)
1.9B
J-REIT (Japan)
Nest Hotel Matsuyama
Limited-service
Matsuyama-shi
Ehime
190
1.6B
Hotel Livemax Nihombashi-Hakozaki
Limited-service
Chuo-ku
Tokyo
48
1.4B
Comfort Hotel Okayama
Limited-service
Okayama-shi
Okayama
208
1.3B
Comfort Hotel Kushiro
Limited-service
Kushiro-shi
Hokkaido
126
0.3B
Comfort Hotel Suzuka
Limited-service
Suzuka
Mie
105
0.3B
Aug-16
Hotel Ascent Fukuoka
Limited-service
Fukuoka-shi
Fukuoka
260
NA
J-REIT (Japan)
4.9B
Sep-16
Hilton Nagoya
Full-service
Nagoya-shi
Aichi
460
NA
J-REIT (Japan)
15.3B
Source: JLL, based on publicly available information / 出典：公表情報に基づきJLL作成
The number of hotel transactions for 3Q 2016 dropped by half compared to the same
period in 2015. Buyersʼ appetite for hotel assets still remains high, but there are only a
limited number of hotels assets available for sale.
2016年第3四半期終了時におけるホテル資産取引件数は、昨年同期比でおお
よそ半減している。投資家の購入意欲は引き続き高いが、売り物件が減少し
ている。
Japan Hotel REIT acquired Hotel Vista Grande Osaka (314 rooms) in May for JPY 27 billion
and Hilton Nagoya (460 rooms) in September 2016 for JPY 15.25 billion. Per-room price
of Hotel Vista Grande Osaka reached JPY 86 million, a historic record in the Osaka hotel
market.This hotel will be rebranded to Holiday Inn Osaka Nanba from November 2016.
ジャパン・ホテル・リート投資法人は、2016年8月にホテルビスタグランデ大阪
（314室）
を270億円で取得し、9月にはヒルトン名古屋（460室）
を152.5億円で
取得した。
ホテルビスタグランデ大阪の1室あたりの取得価額は86百万円とな
り、大阪市所在のホテルとしては最高額を記録した。
なお、
ホテルビスタグラ
ンデ大阪は今年の11月より、
ホリデイ・イン大阪難波にリブランドされる。
Number of Hotel Asset Transactions / ホテル資産取引件数
120
Contributor 寄稿者
寺田八十一
100
Yasokazu Terada
Executive Vice President
Hotels & Hospitality Group Japan
[email protected]
80
60
40
20
0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Q1/第1四半期
Q3/第3四半期
Q2/第2四半期
Q4/第4四半期
Excluding transactions between related parties, such as those between a REIT and its
sponsor / 関連会社間取引（REIT及びそのスポンサー間取引等）を除く
Source: Publicly available data, JLL / 出典：公表情報およびJLL
About JLL’s Hotels & Hospitality Group
JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor in the world, totaling US$51 billion over
the last five years. Between negotiating some of the world’s biggest property deals, the group’s 340-strong global team also executed 4,600 advisory, valuation
and asset management assignments. Numbers set the scene, the real story is in the relationships that the firm has forged with investors and owner/operators
worldwide, who turn to JLL to shape their investment strategies and maximize the value of their assets. These assets sit at the heart of the industry. The firm is
recognized as the global leader in real estate services across hospitality properties of all shapes and sizes: from luxury, upscale, select service and budget hotels
to timeshare and fractional ownership properties; convention centers and mixed-use developments. We work with the most extraordinary, enticing, entertaining
and, not to mention profitable, properties in the world.
Hotel Market Update Japan
9
JLL’s Hotels & Hospitality Group offices
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www.jll.com/hospitality
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© 2016 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.

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