
é«ãå¶é31mã¯ããã«äœéåã â 京éœ2023幎緩åãã3幎ã100宀ã®å¿ èŠæ·å°ã¯672â448ã¡

ãã«ãã³ã»ãã€ã¢ããã®ãœãããã©ã³ãã¯åœå 5è» â 京éœãã©ã€ãã³çŽ160宀ãã¥ãªãªå çã®æçåå²

éå»ã®ããã«æéã®æ€èšŒæé ïœæ±äº¬ããžãã¹ããã«2025幎9æã¯å幎æ¯+9.4%ã4ã€ã®å ¬è¡šå€ã§çªãåãã

æ±æ±5åºã®ããã«å®¢å®€79%ãæŽªæ°Žæµžæ°Žæ³å®åºå â å°äŸ¡ã¯ADRæ¯ã§å°æ±åºã®çŽååïœ147æœèšã®ç«å°è©äŸ¡

é岡ã®äžé£äŒç¿é±æ«ãè°·ãæ·±ãã®ã¯ããžãã¹ããã« â 10/17ïŒåïŒã¯åæ¥æ¯â20.4ptã»æ 通ã¯â6.3ptïœæ®ã2é±éã®åããæ¹ãš11æé£äŒã®éç®ã«ã¬ã³ããŒ

æ²çžã®10æäžé£äŒãæçµæ¥ã¯ãªãŸãŒã82.8%ã»ããžãã¹75.9% â 忥ãšã®èœå·®15.7ptãæ®ã12æ¥ã§ã©ã売ãã

ç§åREITã®ããã«æ¯ç5.9%ã»4,732åå â å°éã»å¹ŽéãããŒãçµã¿å ¥ãã宿ã®3æ¡ä»¶

åºå³¶10/17ïŒåïŒã¢ãªãŒãå ¬æŒåæ¥ã¯45æ¥åã§æšå®OCC85.1%ã»å®å£²æœèšç47.6% â éèŠã¯ååŸæ¥ã«æã¿åºããïœåºå³¶çãããã³ã°ã«ãŒãåæ

芳å åºæŠç®èŠæ±2027ã¯1,900ååïœäžè¬è²¡æºã¯èŠæ±ã®4ã8å²ã«çå°ã宿ã®è£å©ã¯è£æ£ã§èªã

äºçŽãµã€ãã«åºã客宀ã¯ç·å®¢å®€ã®çŽ5å² â æ 通ã»ããã«1.1äžæœèšã®æ²èŒåšåº«æ¯çãšã人æäžè¶³æ38.5%ã§æ»ãã売äž

ãåæããæ±æ¥ã¹ãã€æ°å®¿ããå šé€šãªãã¥ãŒã¢ã« æ°å®¿äžäžç®ã®æåãšã€ãªããããã«ãž

ããã«é·ææ»åšã»é£æ³ã®æã¡ç©ãªã¹ãïœå¿ éåãšã貞åºåã»çŸå°èª¿éã§æžãããç©ã®åãæ¹
M&Aãéçºæ¡ä»¶ãæè³å䟡ãIRRãREITåå â æ©é¢æè³å®¶åãå®éåæ

ããã«ãå€è³ç³»ãã©ã³ãã®äŒå¡çµç¹ãšäºçŽç¶²ã«å ¥ãæ¹æ³ã¯ãçæ¿ãå è£ ãå ¥ãæ¿ãããã«ãã©ã³ã転æã ãã§ã¯ãªããå±å·ãšå»ºç©ã®åæ§ãæ®ãããŸãŸãã³ã¬ã¯ã·ã§ã³ãã®äžå¡ãšããŠå ãããœãããã©ã³ããšãã圢ãããããã«ãã³ã2026幎8âŠ

æ±äº¬ã®æ±éšäœå°åž¯ã«äžŠã¶å¢šç°åºã»æ±æ±åºã»è¶³ç«åºã»è食åºã»æ±æžå·åºããããããæ±æ±5åºãã¯ãæ±äº¬ã¹ã«ã€ããªãŒãäž¡åœãè±æŽ²ã»ææã®èšæµ·éšãæ±ããéœå¿ã«è¿ãå²ã«çšå°ã確ä¿ãããã宿æ³ç«å°ãšããŠèŠãããŠãããäžæ¹ã§5åºã¯2018幎âŠ



äŸ¡æ ŒæŠç¥ã»ãããã³ã°ã«ãŒãã»åšåº«ã³ã³ãããŒã« â ããŒã¿ã§èªãRMå®å

æ²çžçã®10æäžé£äŒïŒ10/10åã10/12æã»ç¥ïŒã«ã€ããŠãå®¿æ³æ¥ã®12æ¥åæç¹ã®äºçŽé²æãæ¥æ å¥ã«éèšãããšãããé£äŒæçµæ¥10/12ã®æšå®OCCïŒOTAæ²èŒåšåº«ããŒã¹ïŒã¯ãªãŸãŒãããã«ã82.8%ïŒN=196æœèšâŠ

åºå³¶çã§2026幎10æ17æ¥ïŒåïŒã»18æ¥ïŒæ¥ïŒã«éå¬ãããã¢ãªãŒãå ¬æŒ2Daysã«å¯Ÿããçå å®¿æ³æœèšã®äºçŽé²æã¯å ¬æŒåæ¥ã®10æ17æ¥ïŒåïŒã ããçªåºããŠãããå®¿æ³æ¥45æ¥åã®æç¹ã§æšå®OCCïŒOTAæ²èŒåšåº«ããŒã¹ïŒâŠ



å¶åºŠå€æŽã人件費ã»ãšãã«ã®ãŒã³ã¹ãããã¯ãããžãŒ â æ§é å€åã远ã

åžåœããŒã¿ãã³ã¯ã®ã人æäžè¶³ã«å¯ŸããäŒæ¥ã®åå調æ»ïŒ2026幎4æïŒãã§ãæ 通ã»ããã«ã®éæ£ç€Ÿå¡ã®äººæäžè¶³å²åã¯38.5%ãšãªã£ãã2024幎4æã®63.8%ã2025幎4æã®51.8%ãã2幎ç¶ããŠ10ptè¶ äžãããéâŠ

æ¥æ¬ã®é·ææ»åšåïŒãšã¯ã¹ãã³ãããã¹ãã€ïŒããã«ã«ã¯ãå€è³ç³»ã®ãµãŒãã¹ã¬ãžãã³ã¹ããåœå çºã®ã¢ããŒãã¡ã³ãããã«ãæŽæ¿¯ä¹Ÿç¥æ©ä»ãå®¢å®€ãæ žã«ããããžãã¹æ»åšåãŸã§ãæ§æ Œã®ç°ãªããã©ã³ãã䞊ã¶ãæ¬çš¿ã§ã¯äž»èŠ9ãã©ã³ããéå¶äŒâŠ



ADR / OCC / RevPAR ææ¬¡ãã¬ã³ãããšãªã¢å¥ãã³ãããŒã¯ãé絊ãã©ã³ã¹åæ

ãžã£ãã³ã»ããã«ã»ãªãŒãæè³æ³äººïŒ8985ïŒã9æäžæ¬ã«å ¬è¡šãã2026幎8æã®ææ¬¡éå¶å®çžŸãå°åå¥ã«èŠããšã倧éªã®ããã«çŸ€ã¯å®¢å®€çšŒåç93.5%ïŒå幎差â0.5ptïŒãä¿ã¡ãªãããADRãå幎æ¯â29.8%ã®Â¥19,1âŠ

éå»ã®ããã«æéã調ã¹ãæ¹æ³ã¯ãç®çã«ãã£ãŠäœ¿ãè³æãåããããå šåœã®å®¿æ³æéããã©ãã ãäžãã£ããããé·æã§ç¥ããããªãç·åçã®æ¶è²»è ç©äŸ¡ææ°ïŒCPIïŒãå®¿æ³æãã1970幎1æããææ¬¡ã§ãã©ãããäžæ¹ãéœéåºçå¥ã«ãâŠ



JNTOææ¬¡ãåžå Žå¥æ¥æ¥ååãè±æã¬ãã¥ãŒæºè¶³åºŠãå°æ¹åæ£ã®æ€èšŒ

芳å åºã¯2026幎8æ31æ¥ãå®¿æ³æ è¡çµ±èšèª¿æ»ã®ã2026幎7æã»ç¬¬1次éå ±ããšã2026幎6æã»ç¬¬2次éå ±ããå ¬è¡šããã7æã®å»¶ã¹å®¿æ³è æ°ã¯5,467äžäººæ³ã§åå¹Žåææ¯â3.5%ããã¡å€åœäººã¯1,358äžäººæ³ã§åâ4.âŠ

éåœã®ç§å€ïŒãã¥ãœã¯ïŒé£äŒã¯ã2026幎ã¯9æ24æ¥ïŒæšïŒã27æ¥ïŒæ¥ïŒãæ¥æ¬ã§ã¯5é£äŒã®ã·ã«ããŒãŠã£ãŒã¯ïŒ9/19ã23ïŒãæããçŽåŸã«ããããéåœããã®èªç©ºäŸ¿ã»èªè·¯ãåãä¹å·ã»å±±å£ã»å±±é°ã®ããã«ã§ã¯ãSWæãã®åšåº«ãâŠ



ãšãªã¢å¥é絊ãã©ã³ã¹ãADRãã³ãããŒã¯ãæœèšãªãã©ã³ãåæ

ãžã£ãã³ã»ããã«ã»ãªãŒãæè³æ³äººïŒ8985ïŒã9æäžæ¬ã«å ¬è¡šãã2026幎8æã®ææ¬¡éå¶å®çžŸãå°åå¥ã«èŠããšã倧éªã®ããã«çŸ€ã¯å®¢å®€çšŒåç93.5%ïŒå幎差â0.5ptïŒãä¿ã¡ãªãããADRãå幎æ¯â29.8%ã®Â¥19,1âŠ

çŠå³¶çã®ããžãã¹ããã«ã®2026幎6ã7æã®æšå®OCCïŒOTAæ²èŒåšåº«ããŒã¹ïŒãææ¥ããšã«å¹³åãããšãæšæ89.3%ã«å¯ŸããŠéæã¯83.3%ãš6.0ptäžãããåæã§91.4%ã«æ»ããå¹³æ¥ãšé±æ«ã®ããã ã®éæã ããäžæ®µãâŠ



ãªãªãžãã« data ã«åºã¥ãå®é調æ»ãã¬ãã¥ãŒåæããµãã©ã€ãçµ±èšæ€èšŒ

宿æ³è ã客宀ã«ã€ããŠèªããšããæãå€ãå£ã«ããã®ã¯ãæž æœæãã§ãããããã«ãã³ã¯ç·šééšãå šåœ12,733æœèšã»1,537,404ä»¶ã®å®¿æ³è å£ã³ããNLPïŒèªç¶èšèªåŠçïŒã§è§£æãããšãããæž æœæã¯ç«å°ã«æ¬¡ãã§èšåé »åºŠã®é«ãâŠ

宿æ³è ãå£ã³ãã§æãå€ãèªãã®ã¯ã客宀ã§ãäŸ¡æ Œã§ããªãã人ããšãé£äºãã§ãããããã«ãã³ã¯ç·šééšãäž»èŠ8éœéåºçã®109æœèšã»200,345ä»¶ã®å®¿æ³è å£ã³ãïŒçŽè¿24ã¶æïŒãã¿ã°è§£æãããšãããã¹ã¿ããã«é¢ããèšåçã¯ãâŠ



ã¡ãããšã³ãžã³ç·šééšã«ããçŸå°åæã¬ããŒã â 鿥çŸå Žã宿æ³äœéšãéå¶è ã€ã³ã¿ãã¥ãŒ

å µåº«çäž¹æ³¢ç¯ å±±åžã§400幎以äžã®æŽå²ãéããŠããèèæçæ 通ãè¿åããã2026幎10æ1æ¥ã«ãªãã¥ãŒã¢ã«ãªãŒãã³ããã 1609å¹Žåµæ¥ã®è¿åã¯ãåäžçºã®æŽå²ãšãšãã«æ©ã¿ãããŒããéãçºç¥¥ã®å®¿ã®ã²ãšã€ãšããŠäž¹æ³¢ç¯ å±±âŠ

åèçæšæŽæŽ¥åžã«ãç¯50幎ã®å€æ°å®¶ããªãããŒã·ã§ã³ããäžæ£è²žå宿ãKOMA HOUSEïŒã³ãããŠã¹ïŒããèªçããã2026幎9æ16æ¥ã«äºçŽåä»ãéå§ãã9æ19æ¥ãã宿æ³ãåãå ¥ããŠããã ãæéãç¶ãã§ããããâŠ



2026-2028 鿥ãã€ãã©ã€ã³ããšãªã¢å¥äŸçµŠã€ã³ãã¯ããç«¶åããã

ã¡ãããšã³ãžã³ãªãµãŒãã2026å¹Žéæ¥ãšããŠææ¡ããå®¿æ³æœèšã¯1,592æœèšã»39,454宀ã1æœèšãããã®å®¢å®€æ°ã¯å¹³å24.8宀ã ããäžå€®å€ã¯ããã2宀ã§ãä»¶æ°ã®49.9%ã¯å®¢å®€ã1宀ãããªã宿ïŒ1æ£è²žãïŒã ã£ããããâŠ

æ°ãã鿥ããããã«ã¯ããã°ããå®ã売ã£ãŠèªç¥ã皌ãããã®ããšåžå Žæ°ŽæºãŸã§å䟡ãäžããŠããââããã«éçºã®çŸå Žã§ãæè³ã®çŸå Žã§ãããã®ãç«ã¡äžããæéãã¯åœç¶ã®åæãšããŠèªãããŠããããããããã®åæã宿ž¬ããæ°åãèŠãâŠ



ããã«æ®ããã»é·ææ»åšã»åºåŒµã®å®è²»ãšéžã³æ¹ â æ³ãŸã人ã®èŠç¹ã§èªã

ãé·ææ»åšãããªãæ 通ãšããã«ãã©ã¡ããéžã¹ã°ããã®ãããçµè«ããèšãã°ãæ 通ã§ãé·ææ»åšã¯ååã«ã§ããã飿³ãã©ã³ã»æ¹¯æ²»ãã©ã³ã»çŽ æ³ãŸããšãã3ã€ã®ã«ãŒãããããäŒé€ã湯治ãã¯ãŒã±ãŒã·ã§ã³ãå®¶æã§ã®æ»åšãªãæ 通ã匷ããâŠ

ããã«æ®ãããéžã°ããçç±ã¯ãçªãè©°ãããšãå®¶äºãšåºå®è²»ãã³ãã³ãããåæè²»çšãŒãã§å§ãããããããã€ã§ãäœã¿æ¿ãããããã®3ç¹ã«éçŽããããæž æã»ãªãã³äº€æã»å ç±è²»ã»Wi-Fiãå®¿æ³æéã«å«ãŸããæ·é瀌éãå®¶å ·å®¶é»ã®è³ŒâŠ


