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.

August 16, 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

New Loans and Repayment of Existing Loan
Ichigo Hotel today decided to borrow funds via new loans.
1. Loan Rationale
The new loans will be used to repay an existing loan (JPY 4,500 million). Details of theloan to be repaid are in Section 3 below.
2. Loan Details (Total JPY 4,500 million)
Term Loan 24
Loan Date

Lenders

SMBC
Mizuho BankSBI Shinsei
BankAug 31, 2023
Resona Bank
Fukuoka Bank
Nishi-Nippon
City BankLoanAmount(JPY million)

InterestRate

RepaymentDate(Loan Term)

Repayment
Terms

Collateralized

1,200

3M JPY
TIBOR+0.55%(p.a.)1, 2

Aug 25, 2026
(3.0 years)

Lump-sum
repayment

NoLoanAmount(JPY million)

InterestRate

RepaymentDate(Loan Term)

Repayment
Terms

Collateralized

3,300

3M JPY
TIBOR+0.65%(p.a.)1, 2

Aug 31, 2028
(5.0 years)

Lump-sum
repayment

NoTerm Loan 25
Loan Date

Lenders

Aug 31, 2023

SMBC
Mizuho BankSBI Shinsei
BankResona Bank1

1

The interest payment date is the final day of every third month following the firstinterest payment date (the first payment date will be November 30, 2023 and the last
payment date will be the same as the principal repayment date). In the event theinterest payment date is not a business day, payment shall be made on the following
business day. If the following business day falls into the following month, payment
shall be made on the previous business day.

2Ichigo Hotel will also execute interest rate swaps on the loans, and will announce theswap interest rates after they are determined.

Note: The base rate for the loans will be JPY TIBOR as published by the Japanese
Bankers Association (JBA) two business days before each interest payment date. For
current JPY TIBOR rates, please visit the JBA’s website:www.jbatibor.or.jp/english/rate
3. Existing Loan Being Repaid
Term Loan 5
Loan Date

Lenders

SMBC
Mizuho BankSBI Shinsei
BankAug 17, 2016 Resona Bank
Fukuoka Bank
Nishi-Nippon
City Bank

LoanAmount(JPY million)

InterestRate

RepaymentDate(Loan Term)

Repayment
Terms

Collateralized

4,500

1M JPY
TIBOR+0.80%(p.a.)

Aug 31, 2023
(7.0 years)

Lump-sum
repaymentNo

4. Earnings Impact
The impact of the new loans has already been reflected in the forecasts presented intoday’s release “Earnings Forecast Revision for the January 2024 Fiscal Period.”
5. OtherRisks related to the loans have no material impact on the investment risks described in“Section 2: Reference Information, Part 2: Supplementary Information of Documents
for Reference, 3: Investment Risks” of the Securities Registration Statement submittedtoday.

2Reference: Loan and Bond Composition after New Loans
Outstanding Loan and Bond Balance(JPY million)
BeforeNew Loans(A)AfterNew Loans(B)Change(B) - (A)Short-term bank loans

13,75013,750–

Long-term bank loans

18,72018,720–Total bank loans

32,47032,470––––32,47032,470–

Bonds
Total bank loans and bonds

Note: The outstanding balance above assumes a new loan of JPY 7 billion for theacquisition of hotel assets on August 25, 2023. Please refer to today’s release “NewLoan for Acquisition of Hotel Assets” for details.
Distribution of Loan Maturities per Fiscal Period
Before New Loans■ Long-term Loans (fixed rate)(JPY million)■ Short-term Loans

13,300

8,800

7,170
4,950

4,500
January2024

7,000
2,2203,000

July
2024

January
2025

2,000
July
2025

January
2026

July
2026

January
2027

July
2027

January
2028

July
2028

January2029

After New Loans(JPY million)■ Long-term Loans (fixed rate) ■ Short-term Loans ■ New Loans

8,200
7,170
8,800

January
2024

1,200

4,950
7,000
2,220

3,000

July
2024

January
2025

3,300

2,000
July
2025

January
2026

July
2026

3January
2027

July
2027

January
2028

July
2028

January2029