This English translation is provided for information purposes only. If any discrepancy is identified between thistranslation and the Japanese original, the Japanese original shall prevail.
August 22, 2024
REIT Issuer:
Japan Hotel REIT Investment Corporation (TSE code: 8985)
Kaname Masuda, Executive Director
Asset Management Company:
Japan Hotel REIT Advisors Co., Ltd.
Hiroyuki Aoki, President and CEO
Contact:
Makoto Hanamura
Director of the Board, Managing Director
Head of Finance and Planning Division
TEL: +81-3-6422-0530
Announcement of Monthly Disclosure for July 2024
With respect to the business performance of the hotels owned by Japan Hotel REIT Investment Corporation (hereinaftercalled “JHR”) for July 2024, JHR informs you of the operating results of the 28 Hotels with Variable Rent, etc. (Note 1)
including the monthly sales (Note 2), occupancy rates, ADR, and RevPAR of the rooms department as below.
For each hotel’s track record of hotel operations, please check JHR’s website (Note 3).
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.
*The hotels subject to disclosure have been changed from this fiscal year. For details, please refer to (Note 1) below.

July

Hotel/Item
Occupancy rate
ADR
Total ofthe 28 Hotels with
Variable Rent, etc.

(JPY)

RevPAR

(JPY)

Sales

(JPY MM)

Rooms Dept.
F&B Dept.
Other Dept.
Occupancy rate
ADR

The 19 HMJ
Hotels(JPY)

RevPAR

(JPY)

Sales

(JPY MM)

Rooms Dept.
F&B Dept.
Other Dept.

84.0%
20,853
17,515
6,075
4,193
1,651
231
83.8%
23,072
19,325
5,302
3,523
1,562217

Fluctuation vssame month in2023(Note 10)Percentagechangevs same monthin 2023

6.1%
744
1,856
552
444
135(27)
6.1%
814
2,034
459
371
117
(28)

7.9%
3.7%
11.8%
10.0%
11.8%
8.9%
(10.5%)
7.8%
3.7%
11.8%
9.5%
11.8%
8.1%
(11.4%)

Cumulative
total(Note 11)81.5%
18,44015,02537,46324,716
11,315
1,432
82.0%
20,292
16,64032,907
20,841
10,726
1,339

Fluctuation of
cumulative
total vs 2023
(Note 12)Percentagechange ofcumulative total
vs 2023

5.3%
1,632
2,224
4,895
3,758
1,454(317)
5.9%
1,609
2,429
4,117
3,125
1,309(317)

7.0%
9.7%
17.4%
15.0%
17.9%
14.7%
(18.1%)
7.8%
8.6%
17.1%
14.3%
17.6%
13.9%
(19.1%)<Special Items>
The July 2024 results for the 28 Hotels with Variable Rent, etc. owned by JHR:
The rooms department experienced an 11.8% increase in RevPAR compared to the previous year, driven by the highunit-price sales strategy through the effective marketing initiatives and precise revenue management.
The overall sales of the food and beverage department increased by 8.9% compared to the previous year. Thisgrowth was led by sales of general banquets and restaurants.

1-----------------------------------------------------------------------------------------------------------------------------------------------(Note 1)(Note 2)
(Note 3)(Note 4)(Note 5)(Note 6)(Note 7)(Note 8)(Note 9)(Note 10)(Note 11)
(Note 12)The 28 Hotels with Variable Rent, etc., refer to the following 28 hotels: The 19 HMJ Hotels in addition to ibis Styles
Kyoto Station, ibis Styles Sapporo, Mercure Sapporo, Mercure Okinawa Naha, Mercure Yokosuka, the b suidobashi,
the b ikebukuro, the b hachioji and the b hakata. The 19 HMJ Hotels refers to 19 hotels, which are Kobe Meriken
Park Oriental Hotel, Oriental Hotel Tokyo Bay, Namba Oriental Hotel, Hotel Nikko Alivila, Oriental Hotel
Hiroshima, Oriental Hotel Okinawa Resort & Spa, ACTIVE-INTER CITY HIROSHIMA (Sheraton GrandHiroshima Hotel), Oriental Hotel Fukuoka Hakata Station, Holiday Inn Osaka Namba, Hilton Tokyo Narita Airport,
International Garden Hotel Narita, Hotel Nikko Nara, Hotel Oriental Express Osaka Shinsaibashi, Hilton Tokyo
Odaiba, Hotel Oriental Express Fukuoka Tenjin and Oriental Hotel Universal City plus three hotels acquired in 2023,
which are Oriental Hotel Kyoto Rokujo, Hotel Oriental Express Fukuoka Nakasukawabata and Hotel JAL City
Kannai Yokohama, all of which are leased to subsidiaries of Hotel Management Japan Co., Ltd.
From 2024, JHR will disclose the breakdown of sales (Rooms department, Food and Beverage department and Otherdepartments) of the total of the 28 Hotels with Variable Rent, etc., and the 19 HMJ Hotels. The category “Otherdepartments” includes tenant sales, merchandise sales, etc. The sales figures reported are exclusive to hotel sales.
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 figures 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.
The figures for each month and information shown in the comments have not been audited, nor have they been subject
to the independent verification of the asset management company. Therefore, no guarantee is made as to the accuracy
or completeness of the numbers and information. Also, the sales for each month and the total of each month may bedifferent from the total sales for the six-month or full-year periods stated in the annual securities report, etc., to besubmitted later.
The occupancy rate refers to the number of rooms sold during the period divided by the number of rooms available
during the same period.
ADR refers to the average guest room unit sales price (Average Daily Rate), which is calculated by dividing totalroom sales (including service charges) for a given period by the total number of guest rooms sold for the same period.
RevPAR represents Revenue Per Available Room, which is calculated by dividing total room sales (including servicecharges) for a given period by the total number of guest rooms available for sale during the same period.
The 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 to the same month in 2023 means the fluctuation between the month subject to disclosure inthis notice and the same month of 2023.
The cumulative total is the aggregate total from the beginning of the fiscal year (January) to the month subject todisclosure in this notice.
The percentage change of cumulative total compared to 2023 means the fluctuation between the cumulative total
from the beginning of the fiscal year (January) to the month subject to disclosure in this notice and the cumulative
total from the beginning of 2023 (January) to the same month in 2023.

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