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, 2020
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
Executive Director,
Head of Planning Group, Operations Division
TEL: +81-3-6422-0530
Announcement of Monthly Disclosure for February 2020
With respect to the business performance of the hotels owned by Japan Hotel REIT Investment Corporation(hereinafter called “JHR”) for February 2020, JHR informs you of the monthly sales, occupancy rates, ADR, and
RevPAR of rooms department of the 20 Hotels with Variable Rent, etc.(Note 1) as below. For each hotel’s track recordof 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.

Hotel / Indicators

Occupancy rateTotal of the 20 Hotels
ADR(JPY)
with Variable Rent,RevPAR(JPY)etc.
Sales (JPY 1M)

The 10 HMJ Hotels

Fluctuation
Change inof thefluctuation of
cumulative
thetotal
cumulative
compared
totalwithcompared
last year
with(Note 11)
last year(10.2)%(12.2)%

February

Fluctuationcomparedwiththe samemonthlast year(Note 9)Change influctuationcomparedwith
the samemonthlast year

Cumulative
total(Note 10)66.7%

(19.1)%(22.2)%

72.9%

13,095(1,076)(7.6)%

13,030(472)(3.5)%

8,733(3,418)(28.1)%

9,492(1,714)(15.3)%

2,616(567)(17.8)%

5,688(719)(11.2)%

Occupancy rate

67.2%

(17.3)%(20.5)%

73.0%(8.7)%(10.6)%ADR(JPY)

14,127(819)(5.5)%

14,472(302)(2.0)%

RevPAR(JPY)9,494(3,143)(24.9)%

10,571(1,499)(12.4)%

Sales(JPY 1M)

2,087(339)(14.0)%

4,553(459)(9.2)%<Special Items>
Due to the impact of the pandemic of the coronavirus (COVID-19), the number of inbound visitors to Japan forFebruary 2020 declined by 58.3% from the same month last year, which was the second largest decline since April
2011, immediately after the Great East Japan Earthquake.
With regard to the hotels owned by JHR, RevPAR of the total of the 20 Hotels with Variable Rent, etc. for February
declined 28.1% from the same month last year, as a result of voluntary restraint on various events in response tothe requests by the government to suspend or postpone, etc. large-scale events, and the suspension of the operationsof large-scale theme parks, in addition to the significant decrease in the number of inbound visitors to Japan.
As of today, it is expected that RevPAR of the total of the 20 Hotels with Variable Rent, etc. for March is likely todecline by a little under 70% from the same month last year, due to a number of factors including voluntary restraints
on nationwide events, suspension of the operations of large-scale theme parks, travel restrictions to Japan by foreign1countries, and the expansion of countries subject to restrictions on entry to Japan from foreign countries, etc.
Under these circumstances, each hotel owned by JHR is striving to consider health and to manage hygiene
environment for hotel guests and employees, as well as thoroughly managing costs by reviewing appropriate sales
structure in accordance with conditions of local market and each hotel.
------------------------------------------------------------------------------------------------------------------------------------(Note 1)(Note 2)
(Note 3)(Note 4)(Note 5)(Note 6)(Note 7)(Note 8)(Note 9)(Note 10)(Note 11)
(Note 12)The 20 Hotels with Variable Rent, etc. are The 10 HMJ Hotels plus ibis Tokyo Shinjuku, 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 Ten HMJ Hotels are Kobe Meriken Park Oriental Hotel,Oriental Hotel tokyo bay, Hotel Nikko Alivila, Oriental Hotel Hiroshima, Okinawa Marriott Resort & Spa,
ACTIVE-INTER CITY HIROSHIMA (Sheraton Grand Hiroshima Hotel), Holiday Inn Osaka Namba, Hilton
Tokyo Narita Airport, International Garden Hotel Narita and Hotel Nikko Nara (With regard to Oriental Hotel
Fukuoka Hakata Station (formerly Hotel Centraza Hakata), large-scale renovation works accompanied bysuspension of entire hotel operation was carried out from October 1, 2018 to April 8, 2019. Namba Oriental Hotelis scheduled to implement large-scale renovation works accompanied by suspension of entire hotel operationfrom November 2020 through March 2021. Therefore, numbers for these hotels are not included in HMJ GroupHotels.)
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. It is the same as multiplying ADR by occupancy
rate.
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 last year means the fluctuation between the concerned month(February) and the same month last year.
Cumulative total is the cumulative total from the beginning of the period (January) to the concerned month(February).
Fluctuation of cumulative total compared with last year means the fluctuation between the cumulative total fromthe beginning of the period (January) to the concerned month (February) and the cumulative total from thebeginning of the period last year (January) to the same concerned month (February) last year.
Sales are only from hotels and exclude rent from non-hotel tenants.

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