Investor Presentaiton

RevPAR, ADR, & Occupancy Recovery On Track Hotel Earnings Recovering, RevPAR Exceeding Pre-Covid Levels Variable Rent Hotels (Jan 2020 - Jul 2023) RevPAR 84.8% ADR Occupancy 88.7% 84.9% 83.1% 69.4% 7,455 65.8% 51.2% 49.1% 6,325 6,948 6,674 5,917 5,183 5,080 4,447 4,435 4,579 4,401 2,919 3,178 2,602 2,184 8,359 Jan 2020 Jul 2020 Jan 2021 Jul 2021 Jan 2022 Jul 2022 Jan 2023 Jul 2023 (JPY) RevPAR 6,325 2,602 2,184 2,919 3,178 4,401 5,917 6,948 Occupancy 84.8% 51.2% 49.1% 65.8% 69.4% 84.9% 88.7% 83.1% ADR 7,455 5,080 4,447 4,435 4,579 5,183 6,674 8,359 一期一会| ICHIGO Data comparisons for all periods use data of hotels currently owned by Ichigo Hotel. Hotel Wing International Nagoya, Nest Hotel Kumamoto, & Hotel Sunshine Utsunomiya impacted from April 2023 by end of leasing all guest rooms to local governments. Pre-acquisition data for acquired hotels are based on data received from the previous owners. Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 43

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