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.
March 27, 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 New Loans (Determination of Interest Rate)
and Conclusion of Interest Rate Swap Contracts
Japan Hotel REIT Investment Corporation (hereinafter called “JHR”) announces that the interest rates for part ofthe borrowings (hereinafter called the “New Loan”) disclosed in the “Notice Concerning New Loans (including
Refinancing with Green Loan)” dated March 21, 2024, have been determined. Additionally, JHR informs youthat interest rate swap contracts for part of the New Loan have been concluded as follows.

1. Details of Interest Rates Determined
NameLenderAmount(JPY MM)

Interest rate

Term Loan 96

Sompo Japan Insurance Inc.

1,000

0.82375% (fixed interest rate)

Term Loan 99

MUFG Bank, Ltd.

800

1.165% (fixed interest rate)(Note) Interest rates determined are underlined.

2. Details of Interest Rate Swap Contracts<Interest Rate Swap Contract for Term Loan 97>
Counterparty
Mizuho Bank, Ltd.
Notional Principal

JPY4,050MM

Interest Rate

Fixed interest rate to pay: 0.497%
Variable interest rate to receive: JBA 1-month Japanese Yen TIBOR

Contract Term

March 29, 2024 through March 31, 2027

The first interest rate swap date shall be April 30, 2024, with subsequentexchanges on the last day of each month (or the immediately preceding business
day if that day is not a business day) and the contract expiration date.
* The interest rate for Term Loan 97 will be effectively fixed at 0.897%.
Interest Rate Swap Date

1

<Interest Rate Swap Contract for Term Loan 98>
Counterparty
Mizuho Bank, Ltd.
Notional Principal

JPY4,000MMInterest Rate

Fixed interest rate to pay: 0.623%
Variable interest rate to receive: JBA 1-month Japanese Yen TIBOR

Contract Term

March 29, 2024 through March 30, 2029

The first interest rate swap date shall be April 30, 2024, with subsequentexchanges on the last day of each month (or the immediately preceding business
day if that day is not a business day) and the contract expiration date.
*The interest rate for Term Loan 98 will be effectively fixed at 1.123%.
Interest Rate Swap Date

<Interest Rate Swap Contract for Term Loan 100 and 101>
Counterparty
Mizuho Bank, Ltd.
Notional Principal

JPY18,139MMInterest Rate

Fixed interest rate to pay: 0.687%
Variable interest rate to receive: JBA 1-month Japanese Yen TIBOR

Contract Term

March 29, 2024 through March 29, 2030

The first interest rate swap date shall be April 30, 2024, with subsequentexchanges on the last day of each month (or the immediately preceding business
day if that day is not a business day) and the contract expiration date.
* The interest rate for Term Loans 100 and 101 will be effectively fixed at 1.237%.
Interest Rate Swap Date

The fixed interest rate ratio to the total interest-bearing debt is expected to be around 74% after the conclusion of
the swap contract.
3. Future Prospects
The impact of the determination of interest rates and the conclusion of swap contact is subtle, and no change
is expected for the operating forecast for the fiscal year ending December 2024 (January 1, 2024 throughDecember 31, 2024).
4. Other
There are no material changes to the risks associated with the New Loan from those described in the section“Investment Risks” in the Securities Report submitted on March 21, 2024.

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