Investor Presentaiton

一期一会| ICHIGO Variable Rent Hotel Details F-2 Nest Hotel Matsuyama Location Matsuyama, Ehime 25-minute drive from Matsuyama Airport, 3-minute walk from Operating Results (Aug 2022 - Jul 2023) ADR (right) RevPAR Occupancy (right) (left) (JPY) 7,500 " 100% 6,000 • 80% Access Katsuyamacho Station on lyo Railway Jonan Line nest HOTEL 4,500 60% 3,000 Nest Hotel Japan 40% Operator 1,500 Guest Rooms Acquisition Price Corporation 190 20% 0 0% JPY 1.61B Aug 2022 Nov 2022 Feb 2023 May 2023 F-4 The OneFive Garden Kurashiki Location Kurashiki, Okayama 8-minute walk from Access Kurashiki Station on JR Sanyo Main Line Operator OneFive Hotels Inc. Guest Rooms 107 Acquisition JPY 1.73B Price Closed for renovations during January and February 2023. Reopened in March 2023. Operating Results (Aug 2022 - Jul 2023) ADR (right) RevPAR (right) Occupancy (left) (JPY) 100% 12,500 80% 10,000 60% 7,500 40% 5,000 20% 2,500 0% 0 Aug 2022 Nov 2022 Feb 2023 May 2023 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 51

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