Investor Presentaiton

Variable Rent Hotel Details C-1 Smile Hotel Tokyo Asagaya Location Suginami-ku, Tokyo Operating Results (Aug 2022 - Jul 2023) ADR (right) RevPAR (right) Occupancy (left) (JPY) 20,000 16,000 0% muallim 12,000 8,000 4,000 0 Aug 2022 Nov 2022 Feb 2023 May 2023 1-minute walk from 100% Access Asagaya Station on JR 80% Chuo and Sobu Lines 60% K.K. Hospitality Operator Operations 40% 20% Guest Rooms 112 Acquisition Price JPY 3.9B C-4 The OneFive Tokyo Shibuya Location Access Shibuya-ku, Tokyo 6-minute walk from Shibuya Station on JR, Tokyu, Keio, and Tokyo Metro Lines Operator OneFive Hotels Inc. Guest Rooms 72 Acquisition JPY 3.7B Price Operating Results (Aug 2022 - Jul 2023) 100% 80% 60% 40% 20% ADR (right) RevPAR (right) Occupancy (left) (JPY) 25,000 20,000 15,000 10,000 5,000 0% 0 Aug 2022 Nov 2022 Feb 2023 May 2023 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 47

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