This English translation is provided for information purposes only. If any discrepancy is identified between
this translation and the Japanese original, the Japanese original shall prevail.
September 24, 2021
REIT Issuer:
Japan Hotel REIT Investment Corporation (TSE code: 8985)
Kaname Masuda, Executive Director
Asset Management Company:
Japan Hotel REIT Advisors Co., Ltd.
Hisashi Furukawa, President & CEO
Contact:
Makoto Hanamura
Director of the Board, Managing Director,
Head of Planning Division
TEL: +81-3-6422-0530
Announcement of Monthly Disclosure for August 2021
With respect to the business performance of the hotels owned by Japan Hotel REIT Investment Corporation(hereinafter called “JHR”) for August 2021, JHR informs you of the monthly sales, occupancy rates, ADR, and
RevPAR of rooms department of the 24 Hotels with Variable Rent, etc. (Note 1) as below. For each hotel’s trackrecord of hotel operations, please check JHR’s website (Note 2).
JHR continues to announce monthly disclosure of hotels from which JHR receives variable rent or income frommanagement contracts and whose lessees, etc. have agreed with the monthly disclosure.
【Reference】

Hotel / IndicatorsTotal of the 24 Hotels
with Variable Rent, etc.

The 14 HMJ Hotels

AugustFluctuation
Change incompared with fluctuation
the samecompared withmonth
the samelast year
month(Note 9)last year

Cumulative
total(Note 10)

Fluctuation of
Change inthe cumulative fluctuation of
total
the cumulative
compared withtotal
last year
compared with(Note 11)
last year

Change inChange influctuation offluctuation
the cumulative
compared withtotal
the same monthcompared with
two years ago
two years ago(Note 12)(Note 12)

Occupancy rate

43.5%

11.3%

34.9%

33.7%

1.0%

3.1%

(51.2)%(60.7)%ADR(JPY)

14,798328

2.3%

12,362(1,126)(8.3)%(30.2)%(26.1)%

RevPAR(JPY)

6,440

1,771

37.9%

4,172(245)(5.5)%(65.9)%(71.0)%

Sales(JPY 1M)

2,288

397

21.0%

14,349198

1.4%(61.4)%(63.6)%

Occupancy rate

42.5%

15.3%

56.5%

31.2%

0.2%

0.7%

(53.3)%(63.9)%ADR(JPY)

18,285(1,449)(7.3)%

15,229(738)(4.6)%(25.8)%(19.5)%

RevPAR

(JPY)

7,769

2,411

45.0%

4,751(195)(3.9)%(65.4)%(71.0)%

Sales(JPY 1M)

2,045

393

23.8%

12,692515

4.2%(60.2)%(62.4)%*As the impact of COVID-19 has been significant since February 2020, the change in fluctuation compared with
two years ago (2019) is also stated.
<Special Items>
With regard to the hotels owned by JHR, RevPAR of the total of the 24 Hotels with Variable Rent, etc. for August2021 decreased by 65.9% from the same month of 2019, affected by the extension of the state of emergency andexpansion of the areas subject to the state of emergency, despite some hotels capturing the demand related to theTokyo Olympics.
In September 2021, although leisure demand from areas located in a short distance away from hotels in the weekend
and the Silver Week (a period of consecutive national holidays in September) is relatively strong, RevPAR in
September is currently expected to decline by around 70% compared to the same month of 2019, affected by thefurther extension of the state of emergency and other factors.
Under such circumstances, each hotel continues to strive to give consideration to health of guests and employees
and working to manage hygiene environment and conducting operations while thoroughly implementing costmanagement. In addition, each hotel is working to secure sales by taking measures aimed at capturing demand for1

the near term, such as developing value-added products and price-conscious products that meet market conditions.
Each hotel also looks ahead to the lift of the state of emergency and relaxation of movement restrictions in October,and working to secure sales in the near term and respond to the period of recovery in demand through developmentof attractive products.
*As of today, the following hotel of the 24 Hotels with Variable Rent, etc. is temporarily closed.
Hotel Oriental Express Osaka Shinsaibashi : April 20, 2020 till for the time being* the b ikebukuro (since July 14, 2020), Holiday Inn Osaka Namba (since August 17, 2021) and one other hotel(Note 14) have been accepting COVID-19 patients with mild or no symptoms.

------------------------------------------------------------------------------------------------------ ------------------------------(Note 1)(Note 2)
(Note 3)(Note 4)(Note 5)(Note 6)(Note 7)(Note 8)(Note 9)(Note 10)(Note 11)
(Note 12)(Note 13)
(Note 14)The 24 Hotels with Variable Rent, etc. refers to 24 hotels, which are The 14 HMJ Hotels plus ibis Tokyo Shinjuku,ibis Styles Kyoto Station, ibis Styles Sapporo, Mercure Sapporo, Mercure Okinawa Naha, Mercure Yokosuka,
the b ikebukuro, the b hachioji, the b hakata and the b suidobashi. The 14 HMJ Hotels refers to 14 hotels, which
are Kobe Meriken Park Oriental Hotel, Oriental Hotel tokyo bay, Namba Oriental Hotel, Hotel Nikko Alivila,Oriental Hotel Hiroshima, Okinawa Marriott Resort & Spa, ACTIVE-INTER CITY HIROSHIMA (Sheraton
Grand Hiroshima Hotel), Oriental Hotel Fukuoka Hakata Station, Holiday Inn Osaka Namba, Hilton TokyoNarita Airport, International Garden Hotel Narita, Hotel Nikko Nara, Hotel Oriental Express Osaka Shinsaibashi
and Hilton Tokyo Odaiba.
Please check JHR’s website below for each hotel’s track record of hotel operations.
https://www.jhrth.co.jp/en/portfolio/review.html
The numbers and comments above have been prepared based on information the asset management company had
obtained from the lessees, etc. and are only provided as a reference of general trends.
Numbers for each month and numbers and information shown in the comments have not been audited nor been
the subject of the independent verification of the asset management company. Therefore, no guarantee is madeas to the accuracy or completeness of the numbers and information. Also, the sales for each month and sum totalof each month may be different from total sales for the six-month or full year stated in the annual securities report,etc. to be submitted later.
Occupancy rate: The number of rooms sold during the period is divided by the number of rooms available duringthe same period.
ADR (Average Daily Rate): Total rooms revenue for a certain period (excluding service charges) is divided by
the total number of rooms sold during the period.
RevPAR (Revenue Per Available Room): Total rooms revenue for a certain period (excluding service charges) is
divided by the total number of available rooms during the period.
Occupancy rate is rounded off to the first decimal place. ADR and RevPAR are rounded off to the nearest wholenumber. Sales are rounded off to the nearest million yen.
Fluctuation compared with the same month last year means the fluctuation between the concerned month(August) and the same month last year.
Cumulative total is the cumulative total from the beginning of the period (January) to the concerned month(August).
Fluctuation of cumulative total compared with last year means the fluctuation between the cumulative total fromthe beginning of the period (January) to the concerned month (August) and the cumulative total from thebeginning of the period last year (January) to the same concerned month (August) last year.
The change in fluctuation compared with two years ago means the fluctuation between the concerned month(August) and the same month two years ago (2019. The same shall apply hereinafter.). The change in fluctuationof the cumulative total compared with two years ago means the fluctuation between the cumulative total fromthe beginning of the period (January) to the concerned month (August) this year and the same period two yearsago.
Sales are only from hotels and exclude rent from non-hotel tenants.
The hotel name is not disclosed because the approval of the related person has not been obtained.

* Website of Japan Hotel REIT Investment Corporation: https://www.jhrth.co.jp/en/2