Aug 21, 2024

Asset Management Agreement between TC Hotels & Resorts Beppu and Salter Brothers Services
Relating to ANA InterContinental Beppu Resort & Spa

TC Hotels & Resorts Beppu Co., Ltd (TCH&R-B), a wholly-owned subsidiary of Tokyo Century Corporation (TokyoCentury), has concluded the asset management agreement (Agreement) relating to ANA InterContinental Beppu
Resort & Spa with Salter Brothers Services Pty Ltd (Salter Brothers Services), an entity which forms part of theSalter Brothers group of companies (Salter Brothers).
１． Background of the Agreement
ANA InterContinental Beppu Resort & Spa, which was developed by Tokyo Century and marked its 5th anniversary
on Aug 1, 2024, has been managed by TCH&R-B with the cooperation of IHG ANA Hotels Group Japan LLC. Thanks
to customersʼ continued support and patronage throughout these years, the hotel has received a great number ofhonors and awards since its opening, including the outstanding recognition from Travel + Leisure Luxury Awards
Asia Pacific 2024 in four categories (ranked 1st in Hotel Pools, 1st in Hotel Spas, 4th in Hotel General Managers(General Manager: Davide Zanardi), and 5th in Beach, Island + Upcountry Hotels).

Aiming to catch the changing tide in the hospitality market in Japan and improve the asset value of the hotel further,
TCH&R-B has entered into the Agreement with Salter Brothers Services regarding ANA InterContinental Beppu
Resort & Spa.
Salter Brothers, an Australian-owned global fund manager, has an established track record of acquiring, developingand managing high quality hotel assets, with 41 assets under management across Australia, Asia and the USA. As
one of the largest owner of international branded hotels in Australia, Salter Brothers is well positioned to leverage
its deep hospitality capability and strong senior relationships with key global hospitality operators in the Japanese-1-market.
TCH&R-B is the first Japanese partner for Salter Brothers to conclude an asset management agreement. TokyoCentury and Salter Brothers will seek a strategic partnership to seize hotel and hospitality business opportunities inJapan.
Yoichiro Nakai, Deputy President, Executive Officer, Tokyo Century, commented, “The hospitality market is shiftingin Japan, and particularly with very strong growth forecast for inbound tourism, it is creating a number ofopportunities. Partnering with Salter Brothers will bring together exceptional capital strength, reach and operational
capability, providing our partnership with a competitive advantage in this market.”Paul Salter, Managing Director, Salter Brothers, added, “Salter Brothers is proud to be working with Tokyo Century
in this new and exciting venture, partnering on hospitality opportunities in the Japanese market. In Japan, we arestrongly focused on working with best-in-class ownership and management to unlock operational value-add,
leveraging our pan-Asia hospitality investment experience and relationships with operating partners.”
Tokyo Century Group has already been managing Hotel Indigo Karuizawa (opened in February 17, 2022) with theoperation of IHG Japan Management LLC. The Group is also co-developing a luxury hotel within Torch Tower, askyscraper that is under construction near Tokyo station and set to be the tallest building in Japan, with Mitsubishi
Estate Co., Ltd. Located on the upper floors of Torch Tower, the hotel will open in 2028 as the first hotel in Asia
operated by legendary-luxury brand Dorchester Collection.
Tokyo Century Group seeks to improve the corporate value and continues to contribute to the hospitality andtourism industry through the hotel business.
2．Overview of TC Hotels & Resorts Beppu Co., Ltd(1)Company NameTC Hotels & Resorts Beppu Co., Ltd(2)

Address499-18 Oaza, Kannawa, Beppu-shi, Ōita-Prefecture 874-0000, Japan(3)

President

Reishi Nakamura(4)

Business

Management of ANA InterContinental Beppu Resort & Spa

3．Hotel Outline(1)

Hotel NameANA InterContinental Beppu Resort & Spa(2)Opening Date

Aug 1, 2019(3)

Address499-18 Oaza, Kannawa, Beppu-shi, Ōita-Prefecture 874-0000, Japan(4)

Access(5)

Facilities(6)

Contact（7） Hotel Website

Approx. 50-minute drive from/to Oita International Airport
Approx. 20-minue drive from/to Beppu Station
Number of guest rooms: 89
Number of restaurants & bars: 5
Number of function rooms: 3
Spa: HARNN Heritage Spa
Others：Public and private onsen (hot springs), outdoor swimming pool,
fitness center, boutique, etc.
Tel: +81-97-766-1000 / Fax: +81-97-766-1002
https://anaicbeppu.com/-2-

4．Overview of Salter Brothers Services Pty Ltd(1)Company Name

Salter Brothers Services Pty Ltd(2)

Address

C/- Salter Brothers of Level 9, 477 Collins Street Melbourne, Victoria
3000 Australia(3)Representative

Paul Salter (Director)(4)

Business

Hotel management（5） Company Website

https://salterbrothers.com.au-3-