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JP Hotel Spotlight 09-2015.Indd Savills World Research Japan Spotlight Japan hospitality September 2015 savills.com.jp/research Spotlight | Japan hospitality September 2015 Savills World Research Japan Spotlight Japan hospitality September 2015 Spotlight Japan hospitality savills.com.jp/research “The number of inbound tourists to Japan has been skyrocketing, giving a robust momentum SUMMARY to the hospitality sector. The burgeoning tourist numbers have driven the strong performance of The growth of international tourists has been robust over the last few years and international the hotel market, particularly in Osaka, which has arrivals have more than doubled between 2011 shown phenomenal growth.” and 2014. The soft yen and various government initiatives have supported this trend. International visitors are than a year before. This July saw Thanks to rising international tourist numbers rapidly growing 1.9 million inbound tourists, up by and strong domestic business sentiment, the hotel The Japan National Tourism 51% from the same month last year, market in Japan has fared well. The occupancy rate Organization (JNTO) has announced a record on a per-month basis. This in Japan has hovered at around 80% since 2013. that the total number of international signifi es a shift of the economic However, compared with other large international tourists totalled 11.1 million to July drivers in Japan. For the 12 months cities, there is still signifi cant potential to boost 2015, a 47% increase from the same to March 2015 (Fiscal year March revenues. period last year. The increase in 2015 or FY Mar 2015), Japan's travel inbound visitors has been fuelled by balance swung into the black for the The Tokyo hotel market has recovered but the soft yen and various government fi rst time in 55 years, with foreign there is still further room before the market hits visitors spending more in Japan than initiatives such as airport capacity 2007/2008 highs. The Osaka market has shown Japanese tourists spent on overseas expansion, the growth of low cost remarkable growth and has hit record highs across travel. The balance changed from carriers (LCCs), the relaxation of many indicators. This phenomenal performance JPY530 billion in defi cit for FY Mar visa requirements and new openings has been given a boost by Universal Studios 2014 to a JPY210 billion surplus for of duty free shops. During 2014, Japan. the number of international tourists FY Mar 2015. exceeded 10 million in October and The hotel investment market has been active totalled 13.4 million at the year-end. The Ministry of Land, Infrastructure, and we have seen cap rates compress. J-REITs In 2015, the number was over 10 Transport and Tourism (MLIT) and and their sponsors have been strong buyers. The million by July, three months earlier JNTO are targeting 20 million arrivals variable rent structures give J-REITs a signifi cant upside in revenue from hotel portfolios under GRAPH 1 current market conditions. International arrivals to Japan by region, 2003– Q2/2015 Many well-known hotel brands are planning Asia (ex-China) China Europe North America Others Total new openings in Japan, in order to capture the 25 hotel growth story, but it is likely to take some time before the market suffi ciently supplied. We are Government's target 20 currently seeing some companies convert existing offi ce buildings into budget hotels. 15 The hotel sector in Japan is likely to perform well towards 2020 when the Tokyo Olympics will be millions 10 held. The government is expected to achieve its target of 20 million visitors this year or next year, if current trends continue. 5 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Jan-Jul 2020 2015 Source: JNTO, Savills Research & Consultancy savills.com.jp/research 02 Spotlight | Japan hospitality September 2015 GRAPH 2 in 2020 – the year when the Olympic Breakdown of inbound tourists by nationality, 2015 Games will be held in Tokyo. This to July target is likely to be achieved much earlier, possibly this or next year. The number of international arrivals has more than doubled between 2011 Other 18.6% and 2014, at a compounded annual China 24.9% growth rate (CAGR) of 29%. The majority of tourists come from Asia, Thailand 4.3% particularly China, Korea and Taiwan. The numbers of visitors from these US 5.5% three countries totalled 2.8 million, 2.2 million, and 2.2 million for 2015 Hong Kong Korea (to July), respectively with the three 7.7% 19.6% countries together accounting for 64% of the total inbound tourists to Taiwan Japan. The number of tourists from 19.5% China is growing especially rapidly, by 2.3 times between 2011 and 2014. Source: JNTO, Savills Research & Consultancy They also have a greater retail spend than other nationalities, contributing GRAPH 3 to higher revenues for the retail Japan hotel performance, 2007-Q2/2015 sector. Japan hotel market ADR (LHS) RevPAR (LHS) Occupancy rate (RHS) The hotel market in Japan has fared 20,000 100 well, due to rising international tourist numbers and buoyant business 16,000 80 sentiment at home. The occupancy rate stood at 82.3% during 1H/2015, and has hovered above 80% since 12,000 60 2013. Average daily rates (ADR) and % JPY revenue per available room (RevPAR) 8,000 40 have recovered as well. The ADR for 1H/2015 was JPY13,664, 4.6% higher than the 2014 fi gure but still 4,000 20 6.6% lower than 2007. RevPAR during 1H/2015 was JPY11,257, 0 0 5.0% higher than the 2014 fi gure, 2007 2008 2009 2010 2011 2012 2013 2014 1H/2015 and almost in line with its 2007 level. Source: STR Global, Savills Research & Consultancy The positive market conditions are likely to further spur the improvement GRAPH 4 of both ADR and RevPAR in the ADR, Occupancy rate, RevPAR of large cities in the foreseeable future. world, 1H/2015 In particular, this has positive 300 implications for the international Paris, 217 travel sector. Room rates in Tokyo (ADR: US$146, 1H/2015) and Osaka 260 (US$123, 1H/2015) are attractive, New York, 196 especially in US dollar terms, partly 220 thanks to a softer yen. During the London, 167 Hong Kong, 172 same period, other large international 180 cities such as Paris, New York, Hong ADR (US$) Kong and London, have had ADRs Tokyo, 127 of US$283, US$236, US$210 and 140 US$208, respectively. This implies Osaka, 110 that Japanese cities have signifi cant 100 potential to boost their ADR. In 74% 76% 78% 80% 82% 84% 86% 88% 90% 92% addition, the occupancy rate in Occupancy rate Tokyo (86.5%, 1H/2015) and Osaka Source: STR Global, Savills Research & Consultancy * Numbers in the charts show RevPAR (89.9%, the same period) are the savills.com.jp/research 03 Spotlight | Japan hospitality September 2015 highest among the cities’ peers: Paris GRAPH 5 (75.4%), New York (82.1%), Hong Tokyo hotel performance, 2007-Q2/2015 Kong (81.6%) and London (79.7%). Given the very high occupancy rates, ADR (LHS) RevPAR (LHS) Occupancy (RHS) hotel operators in Japan seem to be 25,000 100 making every effort to increase ADR and RevPAR. 20,000 80 Tokyo hotel market The Tokyo hotel market is also strong. The occupancy rate has 15,000 60 % hovered at over 86% since 2013. JPY ADR and RevPAR have recovered 10,000 40 but there is still further room for improvement in order to hit 2007/2008 highs. ADR during 5,000 20 1H/2015 was JPY17,640, 5.8% up from the 2014 fi gure, but still 0 0 17.3% lower than its 2008 level. 2007 2008 2009 2010 2011 2012 2013 2014 1H/2015 RevPAR during the same period was JPY15,275 yen, only 5.4% lower Source: STR Global, Savills Research & Consultancy than its 2008 level because of a higher occupancy rate (86.5% during GRAPH 6 1H/2015 against 75.6% during 2008). Osaka hotel performance, 2007-Q2/2015 It is said that domestic business travellers to Tokyo sometimes ADR (LHS) RevPAR (LHS) Occupancy (RHS) 25,000 100 fi nd it very diffi cult to secure accommodation because of this high occupancy rate and high price 20,000 80 tag. Many business travellers have a budget limit on accommodation of around JPY10,000 to JPY12,000 per 15,000 60 night in Tokyo. As ADR has increased % JPY almost by 30% since the 2011 10,000 40 trough, on occasion there are few suitable accommodation options for some business travellers. 5,000 20 Considering the robust conditions in 0 0 the Tokyo hotel market, and ADRs 2007 2008 2009 2010 2011 2012 2013 2014 1H/2015 which are lagging internationally, the Tokyo hotel market is expected Source: STR Global, Savills Research & Consultancy TABLE 1 Selected investment transactions, 2015 to August Property name Price (JPY bil) Cap rate (%) Buyer Four ANA Hotels 40.0 - Hoshino Resort Okinawa Marriott Resort & Spa 15.0 6.2 Japan Hotel REIT Rihga Royal Hotel Kyoto 10.4 - Fortress Sotetsu Fresa Inn Ginza 7-Chome 10.0 - Hulic APA Hotel Yokohama-Kannai 8.4 5.3 Invincible Investment Source: RCA, Savills Research & Consultancy savills.com.jp/research 04 Spotlight | Japan hospitality September 2015 to see further increases in ADR and TABLE 2 RevPAR. Tokyo, Osaka, Nagoya hotel pipeline, as of June 2015 Osaka hotel market Tokyo Greater Osaka Greater Nagoya The Osaka hotel market has recently seen remarkable growth. The 2015 3,189 1,462 148 occupancy rate during 1H/2015 was 89.9% and has stayed very 2016 3,209 1,066 1,192 high (at over 80%) since 2012.
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