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External Sustainability Evaluation

  1. Hoshino Resorts REIT, Inc.
  2. Sustainability
  3. External Sustainability Evaluation

External Sustainability Evaluation

In the 2024 GRESB Real Estate Assessment, HRR received a “3 Stars” for the fourth year in a row in GRESB Rating, which is based on GRESB Overall Score and its quintile position relative to global participants. It also won a “Green Star” designation for the 5th consecutive year by achieving high performance both in “Management Component” that evaluates policies and organizational structure for ESG promotion, and “Performance Component” that assesses environmental performance and tenant engagement of properties owned.
Moreover, HRR also received the highest “A Level” for the GRESB Public Disclosure, which assesses the width of ESG disclosure as well as 2023.
GRESB (https://gresb.com/nl-en/) is an annual benchmarking assessment to measure ESG (Environmental, Social and Governance) integration of real estate companies and funds, as well as the name of organization which runs the assessment. It was founded by a group of major European pension funds who played leading roles in launching Principles for Responsible Investment (PRI). It is utilized by major institutional investors in Japan and overseas when selecting targets for investment.
As many companies disclose environmental information through CDP, which has the world's largest environmental database, HRR has also submitted its response on climate change in 2024 and obtained a C rating in order to improve transparency and address climate change. In 2025, we will add water security to our activities and integrate environmental and financial information.
In July 2025, HRR obtained “BBB ” in the MSCI ESG rating.
*MSCI ESG rating
MSCI ESG ratings are designed to help institutional investors identify ESG (environmental, social and governance) risks and opportunities. Companies are rated on a scale of “AAA ” to“ CCC ” based on their exposure to industry-specific ESG risks and their ability to manage those risks relative to their sector peers.
MSCI (https://www.msci.com/) is a financial service company based in New York, the United States. It is listed on the New York Stock Exchange and provides a variety of tools to support investment decisions for institutional investors around the world, including large public pensions, asset managers, and hedge funds.

Acquisition status of green building certification

Of the properties we hold, the following is the status on the acquisition of green building certification.
Number of certified properties : 35
Percentage of certification acquired : 36.3%

  • The above data are based on acquisition status as of April 30, 2025.
  • "Percentage of certification acquired " is calculated by multiplying the leasable floor area of properties that received CASBEE/BELS certification by percentage of certified area to total area of the properties, and then dividing by the leasable floor area of the overall portfolio.
  • The percentage of acquisition is rounded to one decimal place.

ANA Crowne Plaza Hotel Hiroshima (S Rank ★★★★★) (Acquired in 2025)
◆Especially Highly Rated Items
Energy/Greenhouse gases & Biodiversity/Premises

◆Environmental Performance Features
The building is equipped with features making full use of daylight, and plans are in place to actively bring natural light indoors. The greenery ratio of the premises is more than 20%, and facilities and management policies for appropriate maintenance of plantings have been established and are in operation. We also implement energy-saving measures that are undertaken jointly with our employees.

HOSHINOYA Karuizawa (HARUNIRE Terrace)(S-rank. 5 stars) (Acquired in 2021)
◆Matters assessed particularly high
Energy/GHG indoor environment Biodiversity/Sustainable site
◆Characteristics of environmental performance
When making this beautiful forest, where large Japanese elm trees formerly lined the Yukawa River, into a commercial facility, our concept was to enable the trees to coexist amongst human activity. By extensively using wood terracing, it was designed to utilize the original vegetation in order to maintain the softness of the soil without harming trees’ roots, and so that people will draw closer to trees and the river while on the promenade, which is highly evaluated by CASBEE. We held the design philosophy of purposely making as few changes as possible in order to protect the natural beauty of the Yukawa River, and currently, it has become a place for shoppers and relaxation.

CASBEE is a system that assesses the comprehensive environmental performance of buildings which have been developed and spread throughout Japan under the leadership of the Ministry of Land, Infrastructure, Transport and Tourism. CASBEE for Real Estate Certification presents assessments using four levels (from S rank: 5 stars to C rank: 1 star) using a system where third-party institutions certify whether the details of assessments of buildings assessed by CASBEE for Real Estate are accurate through examination of these details. Please refer to the website below for details concerning CASBEE for Real Estate Certification.
CASBEE Certification website: https://ibec.or.jp/CASBEE/english/certificationE.htm

Certified on after April 1, 2024

Evaluation Name of property
★★★☆☆☆
★★☆☆☆☆
★☆☆☆☆☆

Certified before March 31, 2024

Evaluation Name of property (evaluated building(s)) 　
★★★★★
★★★★☆
★★★☆☆
★★☆☆☆
★☆☆☆☆