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.
July 26, 2024
REIT Issuer:
Japan Hotel REIT Investment Corporation (TSE code: 8985)
Kaname Masuda, Executive Director
Asset Management Company:
Japan Hotel REIT Advisors Co., Ltd.
Hiroyuki Aoki, President and CEO
Contact:
Makoto Hanamura
Director of the Board, Managing Director
Head of Finance and Planning Division
TEL: +81-3-6422-0530
Notice Concerning Determination of Number of Investment Units
to be Issued by Way of Third-party Allotment
Japan Hotel REIT Investment Corporation (hereinafter called “JHR”) informs you that with respect to the issuance ofnew investment units by way of third-party allotment (the “Third-party Allotment”) that was resolved at the same time as
the issuance of new investment units through a public offering and a secondary offering (in the form of over-allotment)at the Board of Directors meetings on June 24, 2024 and June 27, 2024, the allottee of the Third-party Allotment notified
us today that it intends to subscribe for all of the new investment units scheduled to be issued as follows:
Issuance of new investment units by way of the Third-party Allotment
1. Number of new investment units to beissued8,359 units(Number of new investment units scheduled to be issued 8,359 units)

2. Paid-in amount (Issue value)¥73,167- per unit

3. Total paid-in amount (Issue value)¥611,602,953-

4. Subscription period (Subscription date)July 29, 2024 (Monday)

5. Payment dateJuly 30, 2024 (Tuesday)

6. Allottee

A domestic underwriter

Note: This document is intended to serve as a press release to make available information regarding the issuance of new investment units by way of third-party allotment.
This document does not constitute an offer of securities in the United States. Securities may not be offered or sold in the United States without registration or an exemption fromregistration under the United States Securities Act. of 1933 (as amended). Any public offering of securities to be made in the United States will be made by means of an English
language prospectus prepared in accordance with the U.S. Securities Act of 1933 that may be obtained from the issuer or distributor of the security and that will contain detailed
information about the issuer and its management as well as its financial statements. However, the securities referred to above will not be publicly offered or sold in the United States.

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1. This issuance of new investment units by way of the Third-party Allotment was resolved at the same time as theissuance of new investment units through a public offering and a secondary offering (in the form of over-allotment)at the Board of Directors meetings on June 24, 2024 and June 27, 2024.
For details of the Third-party Allotment, etc., please refer to our press releases “Notice Concerning Issuance of New
Investment Units and Secondary Offering of Investment Units” dated June 24, 2024 and “Notice Concerning
Determination of Prices, etc. for Issuance of New Investment Units and Secondary Offering of Investment Units”
dated June 27, 2024.
2. Change in total number of investment units issued after the Third-party Allotment(1) Total number of investment units issued as of today(2) Increase in number of investment units by way of the Third-party Allotment(3) Total number of investment units issued after the Third-party Allotment

5,088,647 units
8,359 units
5,097,006 units

3. Use of the proceeds
The proceeds from the issuance of new investment units by way of the Third-party Allotment of ¥611,602,953- will
be retained as cash on hand to be allocated to part of the funds for future acquisition of specified assets (which has themeaning set forth in Article 2, Paragraph 1 of the Act on Investment Trusts and Investment Corporations (Act No. 198of 1951, as amended)) or repair expenses and capital expenditures to maintain or improve competitiveness of existing
properties.
(*) Procured funds are planned to be deposited in financial institutions until its payment for intended use.

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

Note: This document is intended to serve as a press release to make available information regarding the issuance of new investment units by way of third-party allotment.
This document does not constitute an offer of securities in the United States. Securities may not be offered or sold in the United States without registration or an exemption fromregistration under the United States Securities Act. of 1933 (as amended). Any public offering of securities to be made in the United States will be made by means of an English
language prospectus prepared in accordance with the U.S. Securities Act of 1933 that may be obtained from the issuer or distributor of the security and that will contain detailed
information about the issuer and its management as well as its financial statements. However, the securities referred to above will not be publicly offered or sold in the United States.

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