Make The World
More Sustainable[Provisional Translation Only]
This English translation of the original Japanese document is provided solely for information purposes.
Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

March 5, 2021
IssuerIchigo Hotel REIT Investment Corporation (“Ichigo Hotel,” 3463)
1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Osamu Miyashita, Executive Director
www.ichigo-hotel.co.jp/en
Asset Management Company
Ichigo Investment Advisors Co., Ltd.
Representative: Hiroshi Iwai, President
Inquiries: Hidehito Iwasaka, Head of Ichigo Hotel
Tel: +81-3-3502-4892

Addition of Operator to Shareholder Hotel Discount Program
Ichigo Hotel today decided to add an operator to its Shareholder Hotel Discount Program(“Shareholder Program”), which offers its shareholders special discounted rates whenstaying at hotels operated by specific operators.
1. Overview
Eligible Shareholders
All Ichigo Hotel shareholders on the shareholder registry as of January 31, 2021 areeligible for the Shareholder Program. Details of the program will be included with theJanuary 2021 Fiscal Period Shisan Unyo Hokoku (Semi-Annual Report), scheduled tobe sent to shareholders in late April.
Program Details
In addition to the applicable hotels listed in the January 25, 2021 release “Shareholder
Hotel Discount Program,” special discounted rates will be offered to eligible
shareholders when staying at the below applicable hotels during the applicable period.
Applicable Hotels:
Choice Hotels1 franchise hotels (Hotel Operator: Greens Co., Ltd.), including
hotels not owned by Ichigo Hotel
1
Choice Hotels International is a US company and one of the largest lodging
franchisors in the world
Special Discounted Rate:
Premium rates set at each hotel
Hotel Locations:
There are 66 Comfort brand hotels (including Comfort Hotel, Comfort Inn, andComfort Suites) located across Japan, from Hokkaido in the north to Okinawa inthe south.
Applicable Period:
From late April 2021 (starting on dividend payment date) until March 31, 2022

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Comfort Hotel Hamamatsu(Ichigo Hotel-Owned)

Comfort Hotel Kobe
Sannomiya

Comfort Hotel Central
International Airport(Ichigo Hotel-Owned)

Comfort Hotel Narita

Applicable Hotels:
Green Hotels chain hotels (Hotel Operator: Greens Co., Ltd.)Special Discounted Rate:Member-only fixed rates set at each hotel
Hotel Locations:
From stay-only hotels to city hotels with banquet halls and restaurants, GreenHotels offers a diverse brand of 32 hotels mainly in the Mie and Aichi prefectures
and the Hokuriku region. With more than 60 years of hotel operation experience,
Green Hotels provides various services closely tied to local communities.
Applicable Period:
From late April 2021 (starting on dividend payment date) until March 31, 2022

Notes

Hotel Econo Kanazawa Ekimae

Ise City Hotel

HOTEL Meriken Port
Kobe Motomachi(1) Program details, including how to use the discount, will be enclosed together withthe January 2021 Fiscal Period Shisan Unyo Hokoku (Semi-Annual Report) to be sent inlate April 2021.
(2) As hotels may be temporarily closed due to Covid, please check each hotel’s website
for latest information.
(3) Some hotels may offer promotions with greater discounts depending on the timing
and conditions of the stay.
(4) Please check the cancellation policy of each hotel for details on cancellation charges.
(5) Please confirm the availability of the shareholder program discount with each hotel
prior to making reservations as there may be situations in which a hotel decides that thediscount is not available.
2. Program Operation Costs
Ichigo Hotel will bear the operational costs of the Shareholder Program (such as costs toprint and mail information to shareholders), but will not bear any costs associated withthe discounted rates.
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3. Handling of Personal Information
Neither Ichigo Hotel nor its Asset Management Company, Ichigo Investment Advisors,
will obtain personal information via the Shareholder Program.
4. OtherIchigo Hotel plans to continue the Shareholder Program for all shareholders on theshareholder registry as of July 31, 2021. However, program details such as applicable
hotels may change based on discussions with hotel operators. Ichigo Hotel willpromptly disclose details should any change to the program be decided.
5. Earnings Outlook
Operational costs of the Shareholder Program are minimal and have no impact on
Ichigo Hotel’s January 2021 and July 2021 fiscal period earnings forecasts announced
in the September 14, 2020 release, “July 2020 Fiscal Period Earnings.”

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