Since opening the first Toyoko Inn at Kamata, Tokyo in 1986, Toyoko Inn has consistently set the standard for business hotels in Japan. In FY2023 the company posted revenue of 120 billion yen and served a total of 23.36 million guests at domestic and overseas locations. We are grateful to have over seven million Toyoko Inn Club Card members, which is testimony to the loyalty of our customers. The nature of business hotels has changed considerably during our 38 years of operation. Today, business hotels are popular with a wide range of demographics not limited to business clients. As such, our services have evolved to serve a diverse range of needs and requirements. To this end, the underlying brand concept of Toyoko Inn is to serve as a nationwide network of activity bases for our customers. Last year we introduced automated check-in desks and breakfast packages as part of our drive to provide an enhanced experience for our guests. And as of June this year, all domestic facilities are certified at Blue Standard of the OMOTENASHI Japan service quality★★, the hospitality certification scheme established by the Ministry of Economy, Trade and Industry. We have also introduced a number of new initiatives for our dedicated Toyoko Inn employees, such as ES workplace improvement surveys and career advancement opportunities.

Thanks to our loyal customers, Toyoko Inn has grown to be Japan's leading hotel chain with respect to guest rooms. And when our first hotel in Kochi prefecture opens in 2026, Toyoko Inn will boast a truly nationwide network covering all 47 prefectures in Japan. This stunning growth trajectory has been made possible by our collaborative approach of working closely with regional businesses and communities. Under the Toyoko Inn business model, a local entity builds and owns the hotel, which is then leased in its entirety by Toyoko Inn and operated under our brand. Toyoko Inn hotels do not have in-house restaurants, and guests are encouraged to seek out local venues instead. Hotel managers and their staff are always hired from the local community. In this way, the Toyoko Inn business model is predicated on collaboration with local building owners, local businesses and local communities. We see this as a win-win outcome for both Toyoko Inn and regional economies. The Toyoko Inn DNA is all about serving our guests, our business partners and the local communities where we operate. We are committed to being here for the long term, driven by a sense of gratitude, the venture spirit of always seeking new challenges, and a strong dedication to ongoing innovation.