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.
October 23, 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 September 2020
With respect to the business performance of the hotels owned by Japan Hotel REIT Investment Corporation(hereinafter called “JHR”) for September 2020, JHR informs you of the monthly sales, occupancy rates, ADR, andRevPAR of rooms department of the 24 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 24 Hotels
ADR(JPY)
with Variable Rent,RevPAR
(JPY)
etc.
Sales (JPY 1M)

The 14 HMJ Hotels

September

Fluctuationcomparedwiththe samemonthlast year(Note 9)Change influctuationcomparedwiththe samemonthlast year

Cumulative
total(Note 10)

Fluctuationof thecumulative
total
comparedwithlast year(Note 11)

Change influctuation ofthecumulative
total
comparedwithlast year

38.7%(45.6)%(54.1)%

33.4%(52.3)%(61.0)%

12,553(3,202)(20.3)%

13,369(3,256)(19.6)%

4,862(8,431)(63.4)%

4,465(9,785)(68.7)%

2,039(2,694)(56.9)%

16,190(28,011)(63.4)%

Occupancy rate

34.8%

(49.9)%(58.9)%

31.4%(54.9)%(63.6)%ADR(JPY)

16,089(1,473)(8.4)%

15,982(2,780)(14.8)%

RevPAR(JPY)

5,600(9,273)(62.3)%

5,018(11,176)(69.0)%

Sales(JPY 1M)

1,803(2,240)(55.4)%

13,980(23,775)(63.0)%<Special Items>
With regard to the hotels owned by JHR, RevPAR of the total of the 24 Hotels with Variable Rent, etc. forSeptember declined by 63.4% from the same month last year, which was improved from the 75.3% decrease inAugust.
As of today, RevPAR of the total of the 24 Hotels with Variable Rent, etc. for October is expected to decline byaround 60% compared to the same month last year. However, we expect the level of RevPAR to recover going
forward as the number of the bookings in October onward has been increasing since Tokyo was added to the “Goto Travel” campaign.
In addition, some hotels owned by JHR are showing signs of recovery in academic travel and group travel, whichwere particularly affected by COVID-19, and the pace of recovery in leisure accommodation demand is expectedto accelerate.

1Under such circumstances, each hotel is implementing proactive sales measures including productions of attractive
special plans and high-value-added products that take advantage of the characteristic of the hotel as well as responseto the new demand, such as staycation or “workation,”etc. Furthermore, each hotel continues to strive to giveconsideration to health of guests and employees, working to manage hygiene environment and conducting
operations while thoroughly implementing cost management.
*As of today, the following hotels of the 24 Hotels with Variable Rent, etc. are temporarily closed.
Namba Oriental Hotel: July 6, 2020 till for the time being
Hotel Oriental Express Osaka Shinsaibashi : April 20, 2020 till for the time being* the b ikebukuro has been accepting COVID-19 patients with mild or no symptoms since July 14, 2020.
------------------------------------------------------------------------------------------------------------------------------------(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 24 Hotels with Variable Rent, etc. refers to 24 hotels, which are The 14 HMJ Hotels plus ibis Tokyo Shinjuku,
ibis Styles Kyoto Station, ibis Styles Sapporo, Mercure Sapporo, Mercure Okinawa Naha, Mercure Yokosuka,
the b ikebukuro, the b hachioji, the b hakata and the b suidobashi. The 14 HMJ Hotels refers to 14 hotels, which
are Kobe Meriken Park Oriental Hotel, Oriental Hotel tokyo bay, Namba Oriental Hotel, Hotel Nikko Alivila,
Oriental Hotel Hiroshima, Okinawa Marriott Resort & Spa, ACTIVE-INTER CITY HIROSHIMA (Sheraton
Grand Hiroshima Hotel), Oriental Hotel Fukuoka Hakata Station, Holiday Inn Osaka Namba, Hilton Tokyo
Narita Airport, International Garden Hotel Narita, Hotel Nikko Nara, Hotel Oriental Express Osaka Shinsaibashi
and Hilton Tokyo Odaiba. From July 2020, the total of The 14 HMJ Hotels, including all hotels operated by HMJ
and its subsidiaries, and The 24 Hotels with Variable Rent, etc. is disclosed.
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 last year means the fluctuation between the concerned month(September) and the same month last year.
Cumulative total is the cumulative total from the beginning of the period (January) to the concerned month(September).
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 (September) and the cumulative total from thebeginning of the period last year (January) to the same concerned month (September) 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