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.

March 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 LoanIchigo Hotel today decided to borrow funds via a new loan.
1. Loan Rationale
The new loan will be used to acquire the Comfort Hotel Osaka Shinsaibashi (Ichigo
Shinsaibashi Building), HOTEL THE KNOT YOKOHAMA, Quintessa Hotel Ise Shima,
Quintessa Hotel Ogaki, and THE KNOT SAPPORO, as announced in today’s release“Acquisition of Five Hotel Assets.”
2. Loan Details
Term Loan 221

Loan DateLenders

Apr 3, 2023

SMBC
Mizuho BankSBI ShinseiBankResona BankAozora BankLoanAmount(JPY million)

Interest
Rate

RepaymentDate(Loan Term)

Repayment
Terms

Collateralized

4,500

3M JPY
TIBOR+0.60%(p.a.)1

Apr 1, 2026
(3.0 years)

Lump-sum
repayment

NoThe interest payment date is the final day of every third month following the firstinterest payment date (the first payment date will be June 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

Disclaimer: This press release has been prepared for the purpose of announcing to the public certain matters relating to the new loan, and is not an offer to sell or a solicitation of
any offer to buy Ichigo Hotel shares in the United States or elsewhere. Any investment decision should be made based upon your own judgment. Ichigo Hotelshares may not be offered or sold in the United States without registration or an exemption from registration under the United States Securities Act of 1933, asamended (the “Securities Act”). Ichigo Hotel will not undertake a public offering and sale of shares in the United States, and the shares have not been and will not
be registered under the Securities Act.

1business day. If the following business day falls into the following month, payment
shall be made on the previous business day. Ichigo Hotel will announce the interest
rate for the first period (April 3, 2023 to June 30, 2023) after it is determined.
2Ichigo Hotel will also execute an interest rate swap on the loan, and will announce theswap interest rate after it is 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. Earnings Impact
The impact of the new loan on Ichigo Hotel’s July 2023 and January 2024 fiscal period
earnings has already been reflected in the forecasts presented in today’s release“January 2023 Fiscal Period Earnings.”
4. OtherRisks related to the loan 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 submittedon March 16, 2023.

Disclaimer: This press release has been prepared for the purpose of announcing to the public certain matters relating to the new loan, and is not an offer to sell or a solicitation of
any offer to buy Ichigo Hotel shares in the United States or elsewhere. Any investment decision should be made based upon your own judgment. Ichigo Hotelshares may not be offered or sold in the United States without registration or an exemption from registration under the United States Securities Act of 1933, asamended (the “Securities Act”). Ichigo Hotel will not undertake a public offering and sale of shares in the United States, and the shares have not been and will not
be registered under the Securities Act.

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

13,75013,750–Long-term bank loans

11,72016,220+4,500Total bank loans

25,47029,970+4,500

870

870

–

26,34030,840+4,500

Bonds
Total bank loans and bonds

Disclaimer: This press release has been prepared for the purpose of announcing to the public certain matters relating to the new loan, and is not an offer to sell or a solicitation of
any offer to buy Ichigo Hotel shares in the United States or elsewhere. Any investment decision should be made based upon your own judgment. Ichigo Hotelshares may not be offered or sold in the United States without registration or an exemption from registration under the United States Securities Act of 1933, asamended (the “Securities Act”). Ichigo Hotel will not undertake a public offering and sale of shares in the United States, and the shares have not been and will notbe registered under the Securities Act.

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Distribution of Loan and Bond Maturities per Fiscal Period
Before New Loan
■ Long-term Loans (fixed rate) ■ Short-term Loans(JPY million)■ Bonds

13,300

8,800

7,170
4,950

4,500
0
July
2023

January
2024

2,220
July
2024

2,500
500

3,000
January
2025

370

2,000
July
2025

January
2026

July
2026

January
2027

July
2027

After New Loan
(JPY million)■ Long-term Loans (fixed rate) ■ Short-term Loans ■ Bonds■ New Loan
13,3008,800

7,170

7,000
4,500

4,950
4,5000
July
2023

January
2024

500
2,220

3,000

July
2024

January2025

370

2,0000July
2025

0January
2026

July
2026

0
January
2027

0
July
2027

Disclaimer: This press release has been prepared for the purpose of announcing to the public certain matters relating to the new loan, and is not an offer to sell or a solicitation of
any offer to buy Ichigo Hotel shares in the United States or elsewhere. Any investment decision should be made based upon your own judgment. Ichigo Hotelshares may not be offered or sold in the United States without registration or an exemption from registration under the United States Securities Act of 1933, asamended (the “Securities Act”). Ichigo Hotel will not undertake a public offering and sale of shares in the United States, and the shares have not been and will notbe registered under the Securities Act.

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