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 17, 2022
IssuerIchigo Hotel REIT Investment Corporation (“Ichigo Hotel,” 3463)
1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Osamu Miyashita, 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

Addition of Hotel Operator to Shareholder Hotel Discount Program
Ichigo Hotel today decided to add a hotel operator to its Shareholder Hotel DiscountProgram (“Shareholder Program”) announced in the January 25, 2022 release“Shareholder Hotel Discount Program Update.”
1. Overview
Eligible Shareholders
All Ichigo Hotel shareholders on the shareholder registry as of January 31, 2022 areeligible for the Shareholder Program. Details of the program will be included with theJanuary 2022 Fiscal Period Shisan Unyo Hokoku (Semi-Annual Report), scheduled tobe sent to shareholders in late April.
Program Details
Special discounted rates will be offered to eligible shareholders when staying at thebelow hotels (including hotels not owned by Ichigo Hotel) in addition to the hotels
listed in the January 25, 2022 release “Shareholder Hotel Discount Program Update”
during the applicable period.
Hotels Including Smile Hotels (Hotel Operator: K.K. Hospitality Operations) 1
 Special Discounted Rate: 10% discount on prices shown on the official hotel
website Hotel Locations: From the Smile Hotels chain of stay-only hotels and theHotel Emisia chain of city hotels with restaurants and banquet halls to ski
resort hotels with hot springs, Hospitality Operations offers 66 hotels locatedacross Japan, from Hokkaido in the north to Okinawa in the south. (Newlyopened Smile Hotel Kanazawa Nishiguchi Ekimae in November 2021)
 Applicable Period: From late April 2022 (starting on dividend payment date)until March 31, 2023
1
Some hotels are operated by related parties and franchisees of HospitalityOperations.

1

Smile HotelKanazawa NishiguchiEkimae

Smile HotelTokyo Asagaya(Ichigo Hotel-Owned)

Smile Hotel Kyoto Shijo(Ichigo Hotel-Owned)

Hotel Emisia
SapporoNotes(1) Program details, including how to use the discount, will be enclosed together withthe January 2022 Fiscal Period Shisan Unyo Hokoku (Semi-Annual Report) to be sent inlate April 2022.
(2) As hotels may be temporarily closed due to Covid, please check each hotel’s website
for latest information.
(3) Some hotels may offer promotions with greater discounts depending on the timingand 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.
2. 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.
3. Handling of Personal Information
Neither Ichigo Hotel nor its Asset Management Company, Ichigo Investment Advisors,plans to obtain personal information via the Shareholder Program.
4. Other
Ichigo Hotel plans to continue the Shareholder Program for the July 2022 fiscal period
and subsequent fiscal periods. However, program details, such as applicable hotels, maychange based on discussions with hotel operators. Ichigo Hotel will promptly disclosedetails should any change to the program be decided.
5. Earnings Impact
The addition of the hotel operator has no impact on Ichigo Hotel’s January 2022 fiscal
period earnings. Operational costs of the Shareholder Program are minimal and havealready been reflected in the July 2022 fiscal period earnings forecast announced intoday’s release, “January 2022 Fiscal Period Earnings.”2