Ichigo acquired a 23 year-old hotel in a great location on Kyoto Shijo-dori, conveniently accessible to major tourist spots. Ichigo rebranded and renovated all rooms and the exterior, and changed the operator.
There was no downtime during renovation, which was completed in June 2014. 100% occupancy was achieved for 3 consecutive months. Customer satisfaction was improved by enhancing both the hotel itself and the services offered, and executing effective operations based on a detailed understanding of the market. These efforts have increased both occupancy and average daily rate (ADR).
Revenues doubled versus the initial forecast, and GOP (Gross Operating Profit) was three times higher than the initial forecast.