Invincible Investment (TYO:8963) reported a 13.1% year-over-year increase in overall portfolio net operating income for December 2024 to 2.8 billion yen, according to a Friday filing on the Tokyo Stock Exchange.
The rise reflects steady demand, while overseas hotel RevPAR fell due to room closures for renovations at Sunshine Suites Resort, said the filing.
For its domestic hotel segment, occupancy rose by 4.4 percentage points in December, with an average daily rate (ADR) increase of 10.6% leading to a 16.8% jump in revenues per available room (RevPAR). Hotels in the Kansai area recorded a RevPAR boost of 47.7% year over year.
Conversely, the Cayman Hotels segment, which includes the Westin Grand Cayman and Sunshine Suites Resort, experienced a decline in performance due to room closures for renovations and competition from new hotel openings. The occupancy rate was 68.3%, with a RevPAR drop of 2.6%.
The residential portfolio recorded an in-place occupancy rate decreasing by 1 point to 96.9%. The average rent per tsubo increased by 0.8% year over year, resulting in a flattish NOI for the segment.