Investor Presentaiton

Variable Rent Hotel Details E-4 Hotel Wing International Kobe Shin Nagata Ekimae Location Access Kobe 2-minute walk from Shin Nagata Station on JR Kobe Line and JR Sanyo Honsen Line Operator Minacia Co., Ltd. Guest Rooms 133 Acquisition JPY 1.49B Price E-5 Nest Hotel Osaka Shinsaibashi Location Osaka 一期一会| ICHIGO Access Operator 1-minute walk from Nagahoribashi Station on Osaka Municipal Subway Sakaisuji Line Nest Hotel Japan Corporation Guest Rooms 302 Acquisition JPY 7.60B Price ESCHOTEL Operating Results (Aug 2020 - Jul 2021) ADR (right) RevPAR Occupancy (right) (left) (JPY) 100% 10,000 80% 8,000 60% 6,000 40% 4,000 20% H 2,000 0% 0 Aug 2020 Nov 2020 Feb 2021 May 2021 Operating Results (Aug 2020 - Jul 2021) ADR (right) RevPAR (right) Occupancy (left) (JPY) 100% 7,500 80% 6,000 60% 4,500 40% 3,000 20% 1,500 0% 0 Aug 2020 Nov 2020 Feb 2021 May 2021 O Ichigo Investment Advisors Co., Ltd. Ichigo Hotel REIT Investment Corporation All rights reserved. 41

View entire presentation