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Invincible Investment's July Hotel Gross Revenue Rises 2.8%

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Invincible Investment (TYO:8963) domestic hotel portfolio gross revenue rose 2.8% year over year to 10.03 billion yen in July, according to a Tokyo bourse filing on Tuesday.

The REIT's revenue per available room (RevPAR) rose 1.2% to 13,039 yen, while the occupancy rate rose to 86.3%.

The average daily rate (ADR) declined 1% to 15,100 yen.

The yearly performance reflected a decline in demand associated with the Osaka Expo, fewer Chinese tourists due to strained bilateral ties, and tensions in the Middle East.

Meanwhile, the overall inbound demand from other countries remained solid.

The REIT forecasts August RevPAR to be about 2.9% lower from a year ago.

For the Cayman Islands hotels, RevPAR jumped 16.2% to $272, with occupancy rising to 66%, while ADR fell to $411.

Gross revenue for the Cayman properties increased 8.4% to $7.5 million.

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