Investor Presentaiton

Variable Rent Hotel Details G-1 The OneFive Fukuoka Tenjin Location Fukuoka Operating Results (Aug 2021 - Jul 2022) ADR (right) RevPAR Occupancy (right) (left) 100% 7,500 (JPY) 6-minute walk from Tenjin Station on Access 80% 6,000 Fukuoka City Subway Kuko Line 60% 4,500 Operator Hakata Hotels Inc. 40% 3,000 Guest Rooms 77 20% 1,500 Acquisition JPY 1.38B 0% 0 Price Aug 2021 Nov 2021 Feb 2022 May 2022 G-3 Nest Hotel Kumamoto Location Kumamoto 2-minute walk from Nishikarashimacho 一期一会| ICHIGO Access Station on Kumamoto City Tram Line Nest Hotel Japan Operator Corporation Guest Rooms 201 Acquisition JPY 2.22B Price BEEEEE Operating Results (Aug 2021 - Jul 2022) ADR (right) RevPAR (right) Occupancy (left) (JPY) 100% 7,500 80% 6,000 60% 4,500 40% 3,000 nestнOTEL 20% 1,500 0% 0 Aug 2021 Nov 2021 Feb 2022 May 2022 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 47

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