August 7th, 2020

Announcement Regarding the Completion and Opening of a Hotel Development Project inMatsuyama City
Hankyu Hanshin Real Estate Investment Advisors
Hankyu Hanshin Real Estate Investment Advisors (HHREIA) here announces the completion and opening of ahotel development project in which REIA has taken the role of Asset Manager. The hotel building was completedApril 30th of this year, and the SPC of the project has acquired the TBI (trust beneficiary interest) of the building. The
hotel opening of “Hotel Vista Matsuyama” was July 3rd.
Hotel Vista Matsuyama (hereinafter “the hotel”) is located in the Ōkaidō area, which is the center of Matsuyama
City, and has great access to popular sightseeing spots such as Saka no Ue no Kumo Museum, Bansuisou,Matsuyama Castle and the Dōgo *Onsen. Furthermore, this area has one of the largest entertainment district inShikoku and is one of the best location for sightseeing. Since the hotel is also in a walking distance from thebusiness district, where many sales offices of private sector businesses in the Shikoku region as well as
governmental offices (such as Ehime prefectural office and Matsuyama City Hall), the location is very convenient
for business purpose customers as well. The hotel is an accommodation type hotel and the interior design of thebuilding and guestrooms are in blue, the color of the sky and sea of Matsuyama, and orange, the image of **Iyokan
orange which creates a warm yet stylish atmosphere.

*Onsen: hot spring**Iyokan: type of citrus

This is HHREIA’s 6th hotel development SPC project and is the second project together with Vista HotelManagement CO., Ltd (Kanda Mitoshirocho 9-1, Chiyoda-ku, Tokyo), who is the operator of the hotel, after workingtogether on “Hotel Vista Premio Kyoto Nagomitei” (located in Rokkaku-cho, Nakagyo-ku, Kyoto City/ OpenedAugust 2018). Together we have strived to develop a high quality hotel by integrating the hotel operating know-howof Vista Hotel Management and HHREIA’s past achievement and experiences.
HHREIA is considering various types of income producing property development projects for fund structuring, while
continuously managing the hotel. HHREIA will continue to utilize Hankyu Hanshin Holdings Group’s wide range
information network and credibility to offer high quality asset management service that will be able to answer to ourinstitutional investors’ expectation.

Hotel Vista Matsuyama Overview
Location
Ichibancho 3-3-5, Matsuyama City, Ehime
Transportation
2 minutes’ walk from IYOTESU Ōkaido Tram Stop
Site Area
637.59 ㎡
Total Floor Area
3,987.95 ㎡
Structure/Scale
Steel Construction/ 12 Stories
Design/Construction
DAIWA HOUSE INDUSTRY CO., LTD
Number of Guestrooms
Total number of rooms: 140 (Single: 66, Semi-Double: 41, Twin: 33)
Other Facility/Equipment Café, Non-smoking (all rooms), Wi-fi (free), Air Purifier©2021 Hankyu Hanshin Real Estate Investment Advisors, Inc.

[Exterior and Interior of the Hotel][Contact Info Regarding This Release]
Hankyu Hanshin Real Estate Investment Advisors, Inc.
Business Management and Planning Division
TEL：06-6374-8950
FAX：06-6374-8956■This announcement is not material disclosed under the Financial Instrument and Exchange Act and is not anadvertisement or the similar which is defined in the Act.
■The purpose of this announcement is not for our company to give investment advice or solicit specific financial
products under the Financial Instrument and Exchange Law in or outside of Japan. Furthermore, this announcement
is not for the purpose to solicit the TBI mentioned here.

©2021 Hankyu Hanshin Real Estate Investment Advisors, Inc.