Investor Presentaiton

Variable Rent Hotel Details G-3 Nest Hotel Kumamoto Location Access Operator Kumamoto 2-minute walk from Nishikarashimacho Station on Kumamoto City Tram Line Nest Hotel Japan Corporation Guest Rooms 201 Acquisition Price JPY 2.22B DEEEE Operating Results (Aug 2022 - Jul 2023) ADR RevPAR Occupancy (right) (right) (left) (JPY) 100% 80% 10,000 8,000 60% 40% 6,000 4,000 nest HOTEL 20% 0% Aug 2022 2,000 0 Nov 2022 Feb 2023 May 2023 * Kumamoto Prefecture temporarily leased all rooms of the Nest Hotel Kumamoto until March 31, 2023. 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 53 33

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