Investor Presentaiton

Hotel Operating Results Significant YOY Increases in Revenue, RevPAR, Occupancy, ADR Variable Rent Hotels (16 Hotels) Feb 1, 2022 - Jul 31, 2022 Feb 1, 2023 - Jul 31, 2023 Feb 1, 2019 Change YOY - Jul 31, 2019 Room Revenue (JPY M) 1,936 3,020 +1,084 +56.0% 2,903 Total Revenue (JPY M) 2,018 3,223 +1,205 +59.7% 3,062 RevPAR (JPY) 4,401 6,948 +2,547 +57.9% 7,111 Occupancy 84.9% 83.1% -1.8% -2.1% 86.6% ADR (JPY) 5,183 8,359 +3,176 +61.3% 8,214 Total Portfolio (23 Hotels) Feb 1, 2022 Feb 1, 2023 Feb 1, 2019 Change YOY - Jul 31, 2022 - Jul 31, 2023 - Jul 31, 2019 Room Revenue (JPY M) 2,820 4,201 +1,381 +49.0% 4,194 Total Revenue (JPY M) 2,919 4,467 +1,548 +53.0% 4,408 RevPAR (JPY) 4,350 6,532 +2,182 +50.2% 6,799 Occupancy 78.8% 80.1% +1.3% +1.7% 85.8% ADR (JPY) 5,523 8,153 +2,630 +47.6% 7,922 一期一会| ICHIGO Data comparisons for all periods use data of 16 hotels currently owned by Ichigo Hotel except the July 2019 fiscal period, which uses data of 15 hotels excluding Valie Hotel Hiroshima, for which data could not be obtained. Data excludes Capsule Plus Yokohama and Washington Hotel Plaza Shimonoseki Eki Nishi. Operating results before acquisition are based on data provided by previous owner. O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 9

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