The Yokkaichi hotel was closed for renovation for the majority of the first six months of the current financial year.

Some other hotels were experiencing reduced occupancy due to competitors aggressively reducing prices and some hotels nearing their scheduled refurbishment.

The firm said: "The asset manager is taking immediate steps to address these short term issues, where possible, and is confident that it they will be quickly resolved."

The firm said the board's long term confidence in the company's business model, based on the unique features of Japanese culture and demographics, remains unchanged.

The company will announce its half year results for the six months to the end of June on 28 September.

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