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.

August 16, 2023
IssuerIchigo Hotel REIT Investment Corporation (“Ichigo Hotel,” 3463)
1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Eriko Ishii, 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

New Loan for Acquisition of Hotel Assets
Ichigo Hotel today decided to borrow funds via a new loan.
1. Loan Rationale
The new loan will be used to acquire the Comfort Hotel Osaka Shinsaibashi (IchigoShinsaibashi Building), HOTEL THE KNOT YOKOHAMA, Quintessa Hotel Ise Shima,Quintessa Hotel Ogaki, and THE KNOT SAPPORO, as announced in today’s release“Acquisition of Five Hotel Assets.”
2. Loan Details
Term Loan 23
Loan DateLenders

Aug 25, 2023

SMBCMizuho BankSBI ShinseiBankResona BankAozora Bank1

LoanAmount(JPY million)

Interest
Rate

RepaymentDate(Loan Term)

Repayment
Terms

Collateralized

7,000

3M JPY
TIBOR+0.60%(p.a.)1, 2

Aug 25, 2026
(3.0 years)

Lump-sum
repayment

NoThe interest payment date is the final day of every third month following the firstinterest payment date (the first payment date will be November 30, 2023 and the last
payment date will be the same as the principal repayment date). In the event theinterest payment date is not a business day, payment shall be made on the following

Disclaimer: This press release has been prepared for the purpose of announcing to the public certain matters relating to a new loan, and has not been prepared for thepurpose of solicitation of investment.

1business day. If the following business day falls into the following month, payment
shall be made on the previous business day. Ichigo Hotel will announce the interest
rate for the first period (August 25, 2023 to November 30, 2023) after it is determined.
2Ichigo Hotel will also execute an interest rate swap on the loan, and will announce theswap interest rate after it is determined.

Note: The base rate for the loans will be JPY TIBOR as published by the Japanese
Bankers Association (JBA) two business days before each interest payment date. For
current JPY TIBOR rates, please visit the JBA’s website:www.jbatibor.or.jp/english/rate
3. Earnings Impact
The impact of the new loan has already been reflected in the forecasts presented intoday’s release “Earnings Forecast Revision for the January 2024 Fiscal Period.”
4. Other
Risks related to the loan have no material impact on the investment risks described in“Section 2: Reference Information, Part 2: Supplementary Information of Documents
for Reference, 3: Investment Risks” of the Securities Registration Statement submitted
today.

Disclaimer: This press release has been prepared for the purpose of announcing to the public certain matters relating to a new loan, and has not been prepared for thepurpose of solicitation of investment.

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Reference: Loan and Bond Composition after New Loan
Outstanding Loan and Bond Balance(JPY million)
BeforeNew Loan(A)After
New Loan(B)Change(B) - (A)Short-term bank loans

13,75013,750–Long-term bank loans

11,72018,720+7,000

Total bank loans

25,47032,470+7,000–––Bonds
Total bank loans and bonds

25,47032,470+7,000Note: The Investment Corporation Bonds (subordinated bonds allotted to Ichigo) wereredeemed on June 12, 2023, prior to maturity. For details, please refer to the May 29,2023 release “Early Redemption of Subordinated Bonds.”
In addition, a long-term loan of JPY 4.5 million maturing on August 31, 2023 will berepaid using funds from new loans. For details, please refer to today’s release “NewLoans and Repayment of Existing Loan.”Disclaimer: This press release has been prepared for the purpose of announcing to the public certain matters relating to a new loan, and has not been prepared for thepurpose of solicitation of investment.

3Distribution of Loan Maturities per Fiscal Period
Before New Loan
■ Long-term Loans (fixed rate) ■ Short-term Loans(JPY million)

13,300

8,800

7,170
4,950

4,500
January
2024

2,220

3,000

July
2024

January
2025

2,000
July
2025

January
2026

July
2026

January
2027

July
2027

After New Loan
■ Long-term Loans (fixed rate) ■ Short-term Loans ■ New Loan (JPY million)
13,300

8,800

7,170
4,950

4,500
January
2024

7,000

2,220

3,000

July
2024

January2025

2,0000July
2025

0January
2026

July
2026

0
January
2027

0
July
2027

Disclaimer: This press release has been prepared for the purpose of announcing to the public certain matters relating to a new loan, and has not been prepared for thepurpose of solicitation of investment.

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