Investor Presentaiton

Variable Rent Hotel Details 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 Operator Operations Guest Rooms 144 Acquisition Price JPY 4.48B E-3 The OneFive Osaka Sakaisuji Location Osaka 5-minute walk from Sakaisuji-Hommachi Station on Osaka Access Municipal Subway Chuo Line Operator Hakata Hotels Inc. Guest Rooms 130 Acquisition Price JPY 1.63B Operating Results (Aug 2021 - Jul 2022) ADR (right) RevPAR Occupancy (right) (left) (JPY) 100% 7,500 80% 6,000 60% 4,500 40% 3,000 20% 1,500 0% 0 Aug 2021 Nov 2021 Feb 2022 May 2022 Operating Results (Aug 2021 - Jul 2022) ADR (right) RevPAR (right) Occupancy (left) (JPY) 100% 80% 60% 40% 20% 0% Aug 2021 7,500 6,000 4,500 3,000 1,500 Nov 2021 0 Feb 2022 May 2022 * Closed in December 2020. Changed operator and rebranded and reopened as The OneFive Osaka Sakaisuji in September 2021. 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 43

View entire presentation