Creating peace of mind through honest and committed management.

November 30, 2015
REIT Issuer
Ichigo Hotel REIT Investment Corporation (3463)
1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Osamu Miyashita, Executive Director
Asset Management Company
Ichigo Real Estate Investment Advisors Co., Ltd.
Representative: Wataru Orii, President & Representative Statutory Executive Officer
Inquiries: Hiroto Tajitsu, Head of Administration & Statutory Executive Officer
Tel: +81-3-3502-4892

Tokyo Stock Exchange Listing
Ichigo Hotel REIT listed its shares today on the Tokyo Stock Exchange.
Ichigo Hotel REIT is a J-REIT that invests in Japanese hotel assets, making maximum use of
Ichigo’s value-add capabilities.1,2 Ichigo Hotel REIT is working to grow shareholder value
through focused investment in hotels, an asset class which is both critical social infrastructureand high value-add, and will seek stability of returns as well as growth potential by managing
for the long term.
In pursuit of stable growth for its shareholders, Ichigo Hotel REIT is initially targeting stay-only
hotels, a hotel type that offers return stability and defensive characteristics in economic
downturns.3 Over time, Ichigo Hotel REIT expects to grow its hotel portfolio by deploying
Ichigo’s robust sourcing and support capabilities, thereby diversifying locations, types, andcontractual terms and creating a hotel portfolio that offers both return stability and growthpotential. 4 After building a robust operating platform in stay-only hotels, in the future Ichigo
Hotel REIT expects to seek further growth and solidify its J-REIT market position as a pure
hotel REIT via potential acquisitions of resort and full-service hotels. 5, 6

Disclaimer: This translation is for informational purposes only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding the listing of shares by Ichigo Hotel REIT, and has not been
prepared for the purpose of solicitation of investment. We caution investors to refer to Ichigo Hotel REIT’s prospectus and notice of amendments thereto, if any,without fail and to undertake investment at their own decision and responsibility.

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1Ichigo here refers to Ichigo Inc. (2337) and its consolidated subsidiaries (including the asset
management company, Ichigo Real Estate Investment Advisors).

2

Hotel assets are defined as:i) real estate mainly used as lodging facilities and related facilities for running a hotel businessprescribed in the Hotel Business Law;ii) residential or lodging facilities equipped with furniture and well-maintained to serve theirpurposes, or residential or lodging facilities and related facilities where reception service isavailable to tenants or users;iii) a group of real estate assets acquired by Ichigo Hotel REIT on the condition that it shallacquire or hold relevant real estate set forth in i) or ii) above and the asset group operated as a
totality fulfills this standard.

3

Stay-only hotels are hotels specialized in lodging with a limited or minimum amount of related
facilities. Stay-only hotels are located near train stations, airports, tourist sites, business andcommercial districts, and other key transport infrastructure such as major train stations andhighway interchanges.

4Sourcing capabilities are comprehensive capabilities, including the ability to collectinformation on assets that are possible targets of investment and the ability to negotiate for theacquisition of target investment assets.

5

Resort hotels are relatively spacious lodging facilities with a variety of related facilities
including restaurants, banquet halls, conference and meeting areas, and sports facilities that arelocated near tourist sites, scenic points, and leisure facilities.

6

Full-service hotels are hotels offering a full line of services comprised of related facilities suchas restaurants, banquet halls, conference and meeting areas in addition to lodging facilities thatare located near train stations, airports, tourist sites, business and commercial districts, majorcities, government designated cities, and major cities and suburbs of prefectural capitals.

* Distribution of this material: the Kabuto Club, the press club of the Ministry of Land,Infrastructure, Transport, and Tourism, and the press club for construction industry
newspapers at the Ministry of Land, Infrastructure, Transport, and Tourism.

Ichigo Hotel REIT Website: www.ichigo-hotel.co.jp/english

Disclaimer: This translation is for informational purposes only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding the listing of shares by Ichigo Hotel REIT, and has not been
prepared for the purpose of solicitation of investment. We caution investors to refer to Ichigo Hotel REIT’s prospectus and notice of amendments thereto, if any,
without fail and to undertake investment at their own decision and responsibility.

2