Investor Presentaiton

Hotel Operating Results RevPAR Growth in All Regions via ADR Increase YOY by Region (Feb 2023 - Jul 2023) Total Portfolio RevPAR Hokkaido Occupancy Kanto/ Koshinetsu 23 Hotels (excludes Capsule Plus Yokohama and Washington Hotel Plaza Shimonoseki Eki Nishi) ADR Tokyo Tokai/ Chubu Kyoto Osaka +171% +135% +137% +120%+120% +110% Kobe Chugoku/ Shikoku Kyushu +50% +48% +85% +81% +35% +35% +29% +24% +57% +19% +22% +14% +14% +12% +13% +2% +2% 0% +9% -3% -7% -18%-12% -14% (JPY) RevPAR 9,281 5,751 12,565 5,227 5,327 6,399 6,065 5,490 6,337 Occupancy 90.9% 94.0% 81.6% 70.3% 67.2% 82.4% 71.6% 81.7% 84.6% No. Hotels % of Total Portfolio Rental 3 2 3 4 1 2 1 5 2 13% 5% 17% 15% 3% 12% 3% 19% 8% Income 一期一会| ICHIGO Hotel Wing International Nagoya, Nest Hotel Kumamoto, Valie Hotel Hiroshima, and Hotel Sunshine Utsunomiya were negatively impacted from April 2023 by the end of leasing all rooms to local governments. O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 10

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