This English translation is provided for information purposes only. If any discrepancy is identified between thistranslation and the Japanese original, the Japanese original shall prevail.
January 23, 2024
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 and 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 December 2023
With respect to the business performance of the hotels owned by Japan Hotel REIT Investment Corporation (hereinaftercalled “JHR”) for December 2023, JHR informs you of the monthly sales, occupancy rates, ADR, and RevPAR of rooms
department of the 25 Hotels with Variable Rent, etc. (Note 1) 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/ItemDecember

Occupancy rate
Total of(JPY)the 25 Hotels ADR
with Variable RevPAR(JPY)
Rent, etc.
Sales
(JPY MM)
Occupancy rate
The 16 HMJ ADR
Hotels
RevPAR
Sales

(JPY)
(JPY)
(JPY MM)

Fluctuation
Change incompared withfluctuation
Cumulative
the same month compared withtotalof 2022
the same month(Note 10)(Note 9)of 2022Fluctuation of
the cumulative
total comparedwith 2022(Note 11)

Change influctuation of
the cumulative
total comparedwith 2022

Change influctuationcompared withsame month of2019(Note 12)

Change influctuation of
the cumulative
total comparedwith 2019(Note 12)80.2%
19,64815,757(0.4%)
3,457
2,705(0.5%)
21.3%
20.7%

78.4%
18,23414,305

13.4%
4,979
5,682

20.6%
37.6%
65.9%

(5.7%)
26.1%
18.8%(9.2%)
11.6%
1.4%

5,521
80.6%

232
1.1%

4.4%
1.4%

58,432
78.7%

19,332
14.6%

49.4%
22.7%

5.0%
(5.4%)(4.9%)(9.7%)

22,21917,918
4,876

3,647
3,151
130

19.6%
21.3%
2.7%

20,55816,17951,503

5,437
6,484
16,751

36.0%
66.9%
48.2%

27.4%
20.6%
5.1%

13.8%
2.7%
(4.5%)*As the impact of COVID-19 has been significant since February 2020, the change in fluctuation compared with 2019 is also stated.

<Special Items>
In December 2023, the number of inbound visitors to Japan was +8.2% compared to the same month in 2019, led by
inbound visitors from several countries and regions, including South Korea, Taiwan, the United States, and Australia.
The domestic leisure demand also remains solid.
In the same month, the RevPAR of the 25 Hotels with Variable Rent owned by JHR was +18.8% compared to the samemonth in 2019, driven by ADR growth due to the continuous high unit-price sales strategy.
JHR will continue to aim for RevPAR growth for 2024 by further strengthening revenue management centered on each
hotel’s high unit-price sales strategy, as the strong accommodation market is expected with solid domestic demand andactive inbound demand.

1

-----------------------------------------------------------------------------------------------------------------------------------------------(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)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, the bhachioji, 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 Hotel Hiroshima,
Oriental Hotel Okinawa Resort & Spa, ACTIVE-INTER CITY HIROSHIMA (Sheraton Grand Hiroshima Hotel),
Oriental Hotel Fukuoka Hakata Station, Holiday Inn Osaka Namba, Hilton Tokyo Narita Airport, InternationalGarden Hotel Narita, Hotel Nikko Nara, Hotel Oriental Express Osaka Shinsaibashi, Hilton Tokyo Odaiba, HotelOriental Express Fukuoka Tenjin and Oriental Hotel Universal City.
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 have theybeen 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 the total ofeach month may be different from the 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 thesame period.
ADR (Average Daily Rate): Total room revenue for a certain period (excluding service charges) is divided by thetotal number of rooms sold during the period.
RevPAR (Revenue Per Available Room): Total room revenue for a certain period (excluding service charges) is
divided by the total number of available rooms during the period.
The 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 2022 means the fluctuation between the month subject to disclosure inthis notice and the same month of 2022.
The cumulative total is the cumulative total from the beginning of the fiscal year (January) to the month subject todisclosure in this notice.
Fluctuation of the cumulative total compared with 2022 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 total fromthe beginning of 2022 (January) to the same month in 2022.
The change in fluctuation compared with 2019 means the fluctuation between the month subject to disclosure in thisnotice and the same month in 2019. The change in the fluctuation of the cumulative total compared with 2019 means
the fluctuation between the cumulative total from the beginning of the fiscal year (January) to the month subject todisclosure in this notice and the same period of 2019.
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