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.

June 28, 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 the Determination of the Number of New Investment Units to be Issued
Japan Hotel REIT Investment Corporation (hereinafter called “JHR”) informs you that with respect to the issuance ofnew investment units that was resolved at the Board of Directors meetings on June 24, 2024 and June 27, 2024, thenumber of investment units of JHR (hereinafter called “JHR investment units”) to be additionally issued upon exercise
of an option granted to the overseas underwriters in the offering in overseas (hereinafter called the “Overseas Offering”)
for the purchase of such units has been fixed, as follows:
Number of JHR investment units to be issued upon exercise of an option granted to theoverseas underwriters in the Overseas Offering

33,459 units<Reference>
1.

Issuance of new investment units through public offering(1) Number of investment units to beoffered

(2)
(3)
(4)
(5)

451,641 JHR investment units in total of (i) and (ii) below:(i) 418,182 JHR investment units to be underwritten andpurchased by the Japanese joint lead managers and the overseas
underwriters in each of the offerings below.
of which,
221,641 units in the offering in Japan(the “Domestic Public Offering”)
196,541 units in the Overseas Offering(ii) 33,459 JHR investment units, the number of JHR investment
units to be additionally issued subject to an option granted tothe overseas underwriters in the Overseas Offering.
Issue price (Offer price)¥75,558- per unit
Total issue price (Offer price)¥34,125,090,678Paid-in amount (Issue value)¥73,167- per unit
Total paid-in amount (Issue value)¥33,045,217,047-(*) See “Notice Concerning Issuance of New Investment Units and Secondary Offering of Investment Units” dated June 24, 2024 and “NoticeConcerning Determination of Prices, etc. for Issuance of New Investment Units and Secondary Offering of Investment Units” dated June27, 2024 for details of the issuance of new investment units.

Note: This document is intended to serve as a press release to make available information regarding the issuance of new investment units and secondary offering of investment unitsof JHR. The document should not be considered as an offer to sell or a solicitation of an offer to purchase any investment unit or other investment of JHR. Prospective investors areadvised to make any investment decision at their own risk and responsibility.
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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2.

Change in total number of investment units issued after new issuance this time
Total number of investment units issued as of today
Increase in number of investment units through public offering
Total number of investment units issued after public offering
Increase in number of investment units by way of the third-party allotment
Total number of investment units issued after the third-party allotment

4,637,006 units
451,641 units
5,088,647 units
8,359 units (*)
5,097,006 units (*)(*) The number of units in the case where a domestic underwriter proposes to subscribe for all of the number of new investment units to beissued by way of a third-party allotment and issuance of those investment units does take place.

3.

Amount of funds to be raised, use of proceeds and scheduled timing of expenditure

The proceeds from the Domestic Public Offering of ¥16,216,807,047- and the Overseas Offering of ¥16,828,410,000will be allocated to part of the funds for acquisition of new specified assets (which has the meaning set forth in Article 2,
Paragraph 1 of the Act on Investment Trusts and Investment Corporations (Act No. 198 of 1951, as amended); the same
shall apply hereinafter), “OKINAWA HARBORVIEW HOTEL”, “Southern Beach Hotel & Resort OKINAWA”,“MIMARU Tokyo Shinjuku West” and “HOTEL AMANEK Shinjuku-Kabukicho” (*1), by JHR on July 12, 2024 andJuly 31, 2024.
The remainder of the proceeds, if any, as well as the maximum proceeds from the issuance of new investment units byway of the third-party allotment of ¥611,602,953- that was resolved on the same date as the Domestic Public Offering
will be retained as cash on hand to be allocated to part of the funds for future acquisition of specified assets or repair
expenses and capital expenditures to maintain or improve competitiveness of existing properties.
(*1) See “Notice Concerning Acquisition and Lease of Domestic Real Estate Beneficial Interests in Trust (OKINAWA HARBORVIEW HOTEL,Southern Beach Hotel & Resort OKINAWA, MIMARU Tokyo Shinjuku West and HOTEL AMANEK Shinjuku-Kabukicho.)” dated June 24,
2024 for details.
(*2) 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 and secondary offering of investment unitsof JHR. The document should not be considered as an offer to sell or a solicitation of an offer to purchase any investment unit or other investment of JHR. Prospective investors areadvised to make any investment decision at their own risk and responsibility.
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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