Ichigo Preserves and Improves Real Estate[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.

August 3, 2018
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/english
Asset Management Company
Ichigo Investment Advisors Co., Ltd.
Representative: Wataru Orii, President
Inquiries: Hiroto Tajitsu, Head of Administration
Tel: +81-3-3502-4892

Change in Hotel Operator
Ichigo Investment Advisors (“IIA”), the asset management company of Ichigo Hotel,
decided today to appoint a new hotel operator for Hotel Suave Kobe Asuta.
1. Change Overview
a. Summary
As part of the hotel operator change, Hotel Suave Kobe Asuta will be rebranded asHotel Wing International Kobe Nagata (provisional name).
b. Details of Change
New Operator

Former Operator

OperatorForbes Co., Ltd.

Hotel Tetora Group

Lease Contract

Variable rent

Fixed rent1

Rent

Fixed rent, plus variable rent
under certain preconditions2

The hotel operator did notconsent to disclosure.

Tenant Leasehold andSecurity Deposits

The hotel operator did notconsent to disclosure.

The hotel operator did notconsent to disclosure.

1

The hotel’s lease contract includes a variable rent clause, but it has never been triggered.
Because Ichigo Hotel does not anticipate receiving variable rent at this hotel, it has beenclassified as a fixed rent hotel.

2

The hotel operator did not consent to disclosure of the details of the fixed and variablerent.

12. Reason for Change
IIA is changing the hotel operator due to the upcoming expiration of its fixed-term lease
contract with the Hotel Tetora Group. The new hotel operator, Forbes, currently operates
27 hotels across Japan of which four are in the Kansai area, and was chosen among
several candidate operators based on its successful track record in servicing Ichigo
Hotel’s Hotel Wing International Nagoya and its competitive price offering.
3. New Hotel Operator Profile
NameForbes Co., Ltd.

Address

1-2 Kanda-Ogawamachi, Chiyoda-ku, Tokyo

Representative

Mitsuhiro Matsuzaki, Representative Director

CapitalJPY 50 million

Date of Incorporation June 1, 2001

Principal Business

1. Management, planning, operation, and administration ofhotels and restaurants
2. Hotel and restaurant consulting services
3. Sales and brokerage of real estate
4. Consulting, sales, and brokerage services related to ownershiprights and use rights of condominiums and hotels (domesticand overseas), and club membership rights

Relationship with
Ichigo Hotel or its
Asset Management
Company

The hotel operator does not have any capital, personnel, orbusiness relationship of note with Ichigo Hotel or its asset
management company. In addition, the hotel operator is not a
related party of Ichigo Hotel or its asset management company.

4. Date of Change
March 1, 2019 (expected)
5. Earnings Outlook
Because the operator change will not occur until March 1, 2019, it will have no impact
on the July 2018 earnings forecast announced in the March 15, 2018 release “January
2018 Fiscal Period Earnings” or the January 2019 earnings forecast announced in theApril 20, 2018 release “Earnings Forecast Revision for the January 2019 Fiscal Period.”2