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 27, 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

Pricing for Issuance of New Shares
Ichigo Hotel’s Board of Directors has determined today the pricing for the issuance ofnew shares for its public offering and over-allotment secondary share offering(“Greenshoe”) resolved at its board meeting on March 16, 2023.
1. Issuance of New Shares via Public Offering(1) Number of shares to be offered

107,620 shares
32,263 shares of the above shares will besold to overseas investors mainly inEurope and Asia (excluding the UnitedStates and Canada).

(2) Issue price

JPY 99,547 per share(3) Total issue amountJPY 10,713,248,140(4) Paid-in amount

JPY 95,973 per share(5) Total paid-in amountJPY 10,328,614,260(6) Subscription period

March 28, 2023

(7) Subscription deposit payment period

March 28, 2023 to March 29, 2023

(8) Payment date

March 31, 2023

(9) Delivery date

April 3, 2023

The underwriters will pay Ichigo Hotel the total paid-in amount shown above, and offer
new shares at the issue price shown above.
Disclaimer: This press release has been prepared for the purpose of announcing to the public certain matters relating to the determination of pricing and issuance of new sharesand secondary offering of shares via over-allotment, and is not an offer to sell or a solicitation of any offer to buy the securities of Ichigo Hotel in the United States orelsewhere. Any investment decision should be made based upon your own judgment. The shares of Ichigo Hotel 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, as amended (the “Securities Act”). Ichigo Hotel will not undertake any
offering or sale in the United States, public or otherwise, of shares, which have not been and will not be registered under the Securities Act.

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2. Over-Allotment Secondary Share Offering (“Greenshoe”)(1) Number of shares to be offered

5,380 shares(2) Distribution price

JPY 99,547 per share(3) Total distribution amount

JPY 535,562,860(4) Subscription period

March 28, 2023

(5) Subscription deposit payment period

March 28, 2023 to March 29, 2023

(6) Delivery date

April 3, 2023

3. Issuance of New Shares to be Offered via Third-Party Allotment(1) Paid-in amount

JPY 95,973 per share(2) Total paid-in amount

JPY 516,334,740 (maximum)(3) Subscription period

April 25, 2023

(4) Payment date

April 26, 2023

If there are no subscriptions for all or a part of the shares on or before the subscription
date described in (3) above, the issuance of such shares will be cancelled.
Reference Information
1. Issue Price Calculation(1) Calculation date(2) Calculation date closing share price(3) DiscountMarch 27, 2023
JPY 102,100 per share
2.50 %

2. Syndicate Covering Transaction Period
March 29, 2023 to April 24, 2023
3. Use of Proceeds
Ichigo Hotel plans to allocate the net proceeds from the public offering(JPY 10,328,614,260) to acquire the hotel assets specified in the March 16, 2023 release“Acquisition of Five Hotel Assets.” The net proceeds from the third-party allotment ofshares (maximum JPY 516,334,740) will be used to repay the loans taken out to financepart of the aforementioned hotel acquisitions or to fund future asset acquisitions.
(Note) The procured funds will be kept at financial institutions until disbursement.
4. Designated Allocation
The underwriters will allocate 10,000 shares of the new shares through public offering
to Ichigo Inc.

Disclaimer: This press release has been prepared for the purpose of announcing to the public certain matters relating to the determination of pricing and issuance of new sharesand secondary offering of shares via over-allotment, and is not an offer to sell or a solicitation of any offer to buy the securities of Ichigo Hotel in the United States orelsewhere. Any investment decision should be made based upon your own judgment. The shares of Ichigo Hotel 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, as amended (the “Securities Act”). Ichigo Hotel will not undertake any
offering or sale in the United States, public or otherwise, of shares, which have not been and will not be registered under the Securities Act.

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