NOMURA: Japan REIT sector - Conditions at two hotel REITs
Differing views on RevPAR growth, based on differences in exposure to Tokyo, pricing, formats
Invincible Investment [8963] (Buy) announced 16/6 results and 16/12 guidance on 23 August, followed on 24 August by Japan Hotel REIT Investment [8985] (Buy), which announced 16/12 H1 results and 16/12 full year guidance. Below, we summarize conditions at these two major hotel REITs, and the differences between them.