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Investor Presentaiton

Variable Rent Hotel Details E-5 Nest Hotel Osaka Shinsaibashi Location Access Osaka 1-minute walk from Nagahoribashi Station on Osaka Municipal Subway Sakaisuji Line Nest Hotel Japan Corporation Operator Guest Rooms 302 Acquisition JPY 7.60B Price hestHOTEL Operating Results (Feb 2020 - Jan 2021) 100% ADR (right) RevPAR Occupancy (right) (left) (JPY) 7,500 80% 6,000 60% 4,500 40% 3,000 20% 1,500 0% 0 Feb 2020 May 2020 Aug 2020 Nov 2020 F-1 The OneFive Okayama Location Okayama 15-minute walk from Okayama Station on Access Sanyo Shinkansen, Sanyo Main Line, Uno Line Operating Results (Feb 2020 - Jan 2021) ADR (right) RevPAR (right) Occupancy (left) (JPY) 100% 12,500 80% 10,000 60% 7,500 Operator Greens Co., Ltd. 40% 5,000 Guest Rooms 208 20% 2,500 Acquisition 0% JPY 1.20B 0 Price Feb 2020 May 2020 Aug 2020 Nov 2020 * Changed operator and changed hotel name to The OneFive Okayama. Rebranded and reopened in October 2020. 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 44
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