This English translation is provided for information purposes only. If any discrepancy is identified between
this translation and the Japanese original, the Japanese original shall prevail.
March 25, 2022
REIT Issuer:
Japan Hotel REIT Investment Corporation (TSE code: 8985)
Kaname Masuda, Executive Director
Asset Management Company:
Japan Hotel REIT Advisors Co., Ltd.
Hisashi Furukawa, President & CEO
Contact:
Makoto Hanamura
Director of the Board, Managing Director,
Head of Finance and Planning Division
TEL: +81-3-6422-0530
Announcement of Monthly Disclosure for February 2022
With respect to the business performance of the hotels owned by Japan Hotel REIT Investment Corporation(hereinafter called “JHR”) for February 2022, JHR informs you of the monthly sales, occupancy rates, ADR, andRevPAR of rooms department of the 25 Hotels with Variable Rent, etc. (Note 1) (*Hotels subject to disclosure havebeen changed from FY2022) as below. For each hotel’s track record of hotel operations, please check JHR’s website(Note 2).
JHR continues to announce monthly disclosure of hotels from which JHR receives variable rent or income frommanagement contracts and whose lessees, etc. have agreed with the monthly disclosure.
【Reference】

Hotel/Indicators

Total of the 25 Hotels
with Variable Rent, etc.

The 16 HMJ Hotels

February

Fluctuation ofFluctuation
Change inChange inthe cumulative fluctuation ofcompared with fluctuation
Cumulative
total compared the cumulative
the samecompared withtotal (Note 10)
with 2021
the samemonth of 2021
total compared(Note 11)month of 2021
(Note 9)with 2021

Change inChange influctuation
fluctuation of thecompared with cumulative total
the same month compared withof 2019 (Note 12) 2019 (Note 12)

Occupancy rate44.1%

18.2%

70.3%

44.9%

19.4%

75.8%

(47.8%)(44.9%)

ADR

(JPY)

9,341

(1,025)(9.9%)

10,117(336)(3.2%)(37.9%)(30.1%)

RevPAR

(JPY)

4,122

1,436

53.5%

4,541

1,872

70.1%

(67.5%)(61.5%)

Sales(JPY 1M)

1,579

484

44.3%

3,499

1,283

57.9%

(62.7%)(59.1%)

Occupancy rate

43.0%

19.0%

79.5%

44.1%

20.9%

90.4%

(48.3%)(45.0%)

ADR

(JPY)

10,127(1,522)(13.1%)

11,191(907)(7.5%)(36.1%)(28.7%)

RevPAR

(JPY)

4,355

1,564

56.0%

4,934

2,132

76.1%

(67.0%)(60.8%)

Sales(JPY 1M)

1,369

427

45.3%

3,056

1,146

60.0%

(61.5%)(58.1%)*As the impact of COVID-19 has been significant since February 2020, the change in fluctuation compared with2019 is also stated.
<Special Items>
With regard to the hotels owned by JHR, RevPAR of the total of the 25 Hotels with Variable Rent, etc. for February
2022 decreased by 67.5% compared to the same month of 2019 due to continuance of stricter measures to preventthe spread of the virus in certain areas.
In March 2022, we forecast a decrease of RevPAR in the latter half of 50% compared to the same month of 2019.
While the number of new cases of infection are in somewhat downward trend, the stricter measures to prevent thespread of the virus was lifted nationally on March 22. And such circumstance has led to gradual recovery in leisuredemand from the latter half of March in line with the improvement of the infection status and the relaxation ofbehavior restrictions.
Under such circumstances, each hotel continues to strive giving consideration to health of guests and employees
and working to manage hygiene environment and conducting operations while thoroughly implementing costmanagement. Moreover, each hotel is working to create and capture leisure demand by implementing measures1

ahead of the market with operators, such as highly competitive products and creation of original charm in
anticipation of the recovery phase, in addition to developing value-added products and price-conscious productsthat meet the current market conditions.
*As of today, the following hotel of the 25 Hotels with Variable Rent, etc. is temporarily closed.
Hotel Oriental Express Osaka Shinsaibashi : April 20, 2020 till for the time being* the b ikebukuro (since July 14, 2020), Holiday Inn Osaka Namba (since August 17, 2021) and one other hotel(Note 14) have been accepting COVID-19 patients with mild or no symptoms.
------------------------------------------------------------------------------------------------------------------------------------(Note 1)(Note 2)
(Note 3)(Note 4)(Note 5)(Note 6)(Note 7)(Note 8)(Note 9)(Note 10)(Note 11)
(Note 12)(Note 13)
(Note 14)The 25 Hotels with Variable Rent, etc. refers to 25 hotels, which are The 16 HMJ Hotels plus ibis Styles Kyoto
Station, ibis Styles Sapporo, Mercure Sapporo, Mercure Okinawa Naha, Mercure Yokosuka, the b ikebukuro, theb hachioji, the b hakata and the b suidobashi. The 16 HMJ Hotels refers to 16- hotels, which are Kobe Meriken
Park Oriental Hotel, Oriental Hotel tokyo bay, Namba Oriental Hotel, Hotel Nikko Alivila, Oriental HotelHiroshima, Oriental Hotel Okinawa Resort & Spa (former Okinawa Marriott Resort & Spa), ACTIVE-INTER
CITY HIROSHIMA (Sheraton Grand Hiroshima Hotel), Oriental Hotel Fukuoka Hakata Station, Holiday InnOsaka Namba, Hilton Tokyo Narita Airport, International Garden Hotel Narita, Hotel Nikko Nara, Hotel OrientalExpress Osaka Shinsaibashi, Hilton Tokyo Odaiba, Hotel Oriental Express Fukuoka Tenjin and Oriental Hotel
Universal City. Ibis Tokyo Shinjuku (transferred in December 2021) was excluded from 24 Hotels with Variable
Rent, etc. which was subject to our disclosure in FY2021 and Hotel Oriental Express Fukuoka Tenjin and Oriental
Hotel Universal City were added to our disclosure in FY2022.
Please check JHR’s website below for each hotel’s track record of hotel operations.
https://www.jhrth.co.jp/en/portfolio/review.html
The numbers and comments above have been prepared based on information the asset management company had
obtained from the lessees, etc. and are only provided as a reference of general trends.
Numbers for each month and numbers and information shown in the comments have not been audited nor been
the subject of the independent verification of the asset management company. Therefore, no guarantee is madeas to the accuracy or completeness of the numbers and information. Also, the sales for each month and sum totalof each month may be different from total sales for the six-month or full year stated in the annual securities report,etc. to be submitted later.
Occupancy rate: The number of rooms sold during the period is divided by the number of rooms available during
the same period.
ADR (Average Daily Rate): Total rooms revenue for a certain period (excluding service charges) is divided by
the total number of rooms sold during the period.
RevPAR (Revenue Per Available Room): Total rooms revenue for a certain period (excluding service charges) is
divided by the total number of available rooms during the period.
Occupancy rate is rounded off to the first decimal place. ADR and RevPAR are rounded off to the nearest wholenumber. Sales are rounded off to the nearest million yen.
Fluctuation compared with the same month of 2021 means the fluctuation between the month subject todisclosure in this notice and the same month of 2021.
Cumulative total is the cumulative total from the beginning of the fiscal year (January) to the month subject todisclosure in this notice.
Fluctuation of cumulative total compared with 2021 means the fluctuation between the cumulative total from thebeginning of the fiscal year (January) to the month subject to disclosure in this notice and the cumulative totalfrom the beginning of 2021 (January) to the same month in 2021.
The change in fluctuation compared with 2019 means the fluctuation between the month subject to disclosure inthis notice and the same month in 2019. The change in fluctuation of the cumulative total compared with 2019means the fluctuation between the cumulative total from the beginning of the fiscal year (January) to the monthsubject to disclosure in this notice and the same period of 2019.
Sales are only from hotels and exclude rent from non-hotel tenants.
The hotel name is not disclosed because the approval of the related person has not been obtained.

* Website of Japan Hotel REIT Investment Corporation: https://www.jhrth.co.jp/en/2