Investor Presentaiton

Variable Rent Hotel Details F-4 The OneFive Garden Kurashiki Location Kurashiki, Okayama 8-minute walk from Access Kurashiki Station on JR Sanyo Main Line 80% 60% Operator Hakata Hotels Inc. 40% Guest Rooms 107 20% Operating Results (Aug 2021 - Jul 2022) ADR (right) RevPAR (right) 100% 10,000 8,000 6,000 4,000 2,000 Acquisition Price 0% JPY 1.73B 0 Aug 2021 Nov 2021 Feb 2022 May 2022 * Closed in December 2021. Changed operator and rebranded and reopened as The OneFive Garden Kurashiki in February 2022. F-5 Valie Hotel Hiroshima Occupancy (left) (JPY) Location Hiroshima Operating Results (Aug 2021 - Jul 2022) ADR (right) RevPAR (right) Occupancy (left) (JPY) 100% 10,000 Access 3-minute walk from Jogakuin-mae Station on Hiroden Tram Line 80% 8,000 60% 6,000 Operator The Court Co., Ltd. 40% 4,000 Guest Rooms 171 20% 2,000 Acquisition Price JPY 1.50B 0% 0 Aug 2021 Nov 2021 Feb 2022 May 2022 * Hiroshima Prefecture has temporarily leased all rooms of the Valie Hotel Hiroshima starting on February 8, 2021. 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 46

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