Investor Presentaiton

一期一会| ICHIGO Variable Rent Hotel Details 224 D-2 Hotel Wing International Nagoya Location Access Operator Guest Rooms Nagoya 2-minute walk from Marunouchi Station on both Nagoya Subway Network Sakuradori Line and Tsurumai Line Operating Results (Aug 2022 - Jul 2023) ADR (right) RevPAR (right) Occupancy (ieft) (JPY) 100% 10,000 80% 60% 8,000 6,000 Minacia Co., Ltd. 40% 4,000 20% 2,000 Acquisition Price JPY 2.67B 0% 0 Aug 2022 Nov 2022 Feb 2023 May 2023 * Aichi Prefecture has temporarily leased all rooms of Hotel Wing International until March 31, 2023. E-1 Smile Hotel Kyoto Shijo Location Access Kyoto 5-minute walk from Shijo Station on Kyoto City Subway Karasuma Line and Karasuma Station on Hankyu Kyoto Main Line K.K. Hospitality Operations Operator Guest Rooms 144 Acquisition JPY 4.48B Price Operating Results (Aug 2022 - Jul 2023) ADR (right) RevPAR (right) Occupancy (left) (JPY) 100% 80% 12,500 10,000 60% 7,500 40% 5,000 20% 2,500 0% 0 Aug 2022 Nov 2022 Feb 2023 May 2023 Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 48

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