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.

September 14, 2023
IssuerIchigo Hotel REIT Investment Corporation (“Ichigo Hotel,” 3463)
1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Eriko Ishii, 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

Shareholder Hotel Discount Program Update
Ichigo Hotel decided today to continue its Shareholder Hotel Discount Program(“Shareholder Program”) which offers its shareholders special discounted rates whenstaying at hotels operated by specific operators.
1. Purpose
Ichigo Hotel launched the Shareholder Program to express its gratitude towards its
shareholders and to support the hotel industry.
2. Overview
Eligible Shareholders
All Ichigo Hotel shareholders on the shareholder registry as of July 31, 2023 are eligiblefor the Shareholder Program. Details of the program will be included with the July 2023
Fiscal Period Shisan Unyo Hokoku (Semi-Annual Report), scheduled to be sent toshareholders in late October 2023.
Program Details
Special discounted rates will be offered to eligible shareholders when staying at thebelow hotels (including hotels not owned by Ichigo Hotel) during the applicable period.
Hotel Wing International Hotels (Hotel Operator: Minacia Co., Ltd.) Special Discounted Rate: 12% discount on prices shown on the official hotel
website Hotel Locations: There are 41 Hotel Wing International Hotels located acrossJapan, from Hokkaido in the north to Kagoshima in the south, catering to bothbusiness and leisure travelers.
 Applicable Period: From late October 2023 (starting on the July 2023 dividendpayment date) until September 30, 20241

Hotel Wing
International Nagoya(Ichigo Hotel-Owned)

Hotel Wing International Kobe
Shin Nagata Ekimae(Ichigo Hotel-Owned)

Hotel Wing International
Premium Tokyo Yotsuya

Hotel Wing International
Takamatsu

Hotels Including Smile Hotels (Hotel Operator: K.K. Hospitality Operations) 1
 Special Discounted Rate: 10% discount on prices shown on the official hotelwebsite (Note: Limited use by shareholders only) Hotel Locations: From the Smile Hotels chain of stay-only hotels and the Hotel
Emisia chain of city hotels with restaurants and banquet halls to ski resort
hotels with hot springs, Hospitality Operations offers 75 hotels located acrossJapan, from Hokkaido in the north to Okinawa in the south.
 Applicable Period: From late October 2023 (starting on the July 2023 dividend
payment date) until September 30, 2024
1Some hotels are operated by related parties and franchisees of HospitalityOperations.

Smile HotelTokyo Asagaya(Ichigo Hotel-Owned)

Smile Hotel Nagano(Ichigo Hotel-Owned)

HOTELTHE KNOTYOKOHAMA(Ichigo HotelOwned)

Smile HotelShinagawa
Sengakuji Ekimae

Choice Hotels1 Franchise Hotels (Hotel Operator: Greens Co., Ltd.) Special Discounted Rate: 10% or 13% discount on prices shown on the official
hotel website (10% discount for one-night stays, 13% discount for multi-nightstays)
 Hotel Locations: There are 73 Comfort brand hotels (including Comfort Hotel,Comfort Inn, and Comfort Suites) located across Japan, from Hokkaido in thenorth to Okinawa in the south.
 Applicable Period: From late October 2023 (starting on the July 2023 dividendpayment date) until September 30, 20241
Choice Hotels International is a US company and one of the largest lodging
franchisors in the world.

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Comfort Hotel Hamamatsu(Ichigo Hotel-Owned)

Comfort Hotel Osaka
Shinsaibashi(Ichigo Hotel-Owned)

Comfort Hotel Central
International Airport(Ichigo Hotel-Owned)

Comfort Hotel
Nagoya KanayamaNotes(1) Program details, including how to use the discount, will be enclosed together withthe July 2023 Fiscal Period Shisan Unyo Hokoku (Semi-Annual Report) to be sent inlate October 2023.
(2) As hotels may be temporarily closed due to unforeseen circumstances, please checkeach hotel’s website for the 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.
3. 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.
4. Handling of Personal Information
Neither Ichigo Hotel nor its Asset Management Company, Ichigo Investment Advisors,plans to obtain personal information via the Shareholder Program.
5. OtherIchigo Hotel plans to continue the Shareholder Program for the January 2024 fiscal
period and subsequent fiscal periods. 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.
6. Earnings Impact
Operational costs of the Shareholder Program are minimal and have already beenreflected in the January 2024 fiscal period earnings forecast announced in today’s
release, “July 2023 Fiscal Period Earnings.”

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