Dynamic Pricing
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The Impact of Expo 2025 Osaka on Hotel ADR: An Analysis Using REIT and OTA Data
Expo 2025 Osaka, Kansai, Japan, held from April 13 to October 13, 2025, attracted approximately 28.2 million visitors. As a result, the hotel market across the Kansai region experienced a sharp increase in accommodation demand. However, as of April 2026, six months after the Expo closed, year-on-year declines in ADR, or average daily rate, have become increasingly visible across Kansai. Does this decline indicate a deterioration in the market? Or is it simply a normalization from the unusually high levels created by the special event effect of the Expo? This article examines that question using monthly operating data from seven listed hotel REITs and publicly available OTA rate data covering approximately 2,600 hotels in the Kansai region. It also considers how hotel operators and investors should interpret year-on-year performance heading into the second half of 2026. Data Used in the Analysis This analysis combines two different types of data to examine the market from multiple perspectives. Data Source Content Coverage Characteristics Hotel REIT monthly operating data Property-level ADR, occupancy, and RevPAR disclosed monthly by seven hotel REITs: Ichigo Hotel REIT, Invincible Investment Corporation, Japan Hotel & Residential Investment Corporation, Japan Hotel REIT, Hoshino Resorts REIT, Mori Trust REIT, and Kasumigaseki...