Risk of delays in hotel development and higher investment costs

「However, if development plans are delayed or investment costs increase due to soaring construction costs, circumstances affecting construction contractors, delays in permits and approvals, or other factors, this may affect the Group's business and operating performance. In addition, fixed costs such as depreciation expenses will arise after hotels and ryokans open. If occupancy rates or average room rates fall below expectations due to a decline in inbound tourism demand, an increase in competing facilities, natural disasters or other factors, this may affect the Group's operating performance.」