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 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 Determination of Prices, etc. forIssuance of New Investment Units and Secondary Offering of Investment Units
In relation to the issuance of new investment units and secondary offering of investment units resolved at the Board ofDirectors meeting of Japan Hotel REIT Investment Corporation (hereinafter called “JHR”) dated June 24, 2024, the Boardof Directors of JHR determined the issue price, the selling price, and other relevant matters today as follows:
1. Issuance of new investment units through public offering(1) Number of investment units to be451,641 investment units of JHR (“JHR investment units”) in total ofoffered(i) and (ii) below:(i) 418,182 JHR investment units to be underwritten and purchasedby 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 offering in overseas(the “Overseas Offering”)(ii) 33,459 JHR investment units, the maximum number of JHR
investment units to be additionally issued subject to an option
granted to the overseas underwriters in the Overseas Offering.
(2) Issue price (Offer price) (*1)
¥75,558- per unit
(3) Total issue price (Offer price) (*2)
¥34,125,090,678(4) Paid-in amount (Issue value) (*1)
¥73,167- per unit
(5) Total paid-in amount (Issue value) (*2)¥33,045,217,047(6) Subscription period(Domestic Public Offering)
June 28, 2024 (Friday)(7) Payment period of deposit for
June 28, 2024 (Friday)
subscription
through July 1, 2024 (Monday)(8) Payment dateJuly 3, 2024 (Wednesday)(9) Transfer dateJuly 4, 2024 (Thursday)(*1) The underwriters will purchase and underwrite the units at the paid-in amount (issue value) and offer them at the issue price (offer price).
(*2) Maximum amount based on the assumption that overseas underwriters have exercised the option described in (1) (ii) above in full.

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 ofinvestment units of 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 ofJHR. Prospective investors are advised 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
from registration 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 meansof 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 thatwill 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.

12. Secondary offering (Secondary offering through over-allotment)(1) Number of investment units to be sold(2) Selling price(3) Total selling price(4) Subscription period(5) Payment period of deposit for subscription

8,359 units¥75,558- per unit
¥631,589,322June 28, 2024 (Friday)
June 28, 2024 (Friday)
through July 1, 2024 (Monday)
July 4, 2024 (Thursday)(6) Transfer date3. Issuance of new investment units by way of third-party allotment (the “Third-party Allotment”)(1) Paid-in amount (Issue value)¥73,167- per unit
(2) Total paid-in amount (Issue value)(Maximum)¥611,602,953(3) Subscription period (Subscription date)July 29, 2024 (Monday)(4) Payment dateJuly 30, 2024 (Tuesday)(*) If some or all of the investment units are not subscribed for by the end of the subscription period (subscription date) stated in (3) above, theissuance of those investment units not subscribed for shall be cancelled.

<Reference>1．Calculation of the issue price and the selling price(1) Base date for calculation and the price(2) Discount rate

June 27, 2024 (Thursday)¥77,1002.00%

2．Syndicate covering transaction period
June 29, 2024 (Saturday) to July 26, 2024 (Friday)
3．Use of the proceeds
The proceeds from the Domestic Public Offering of ¥16,216,807,047- and the maximum proceeds from the Overseas
Offering of ¥16,828,410,000- will be allocated to part of the funds for acquisition of new specified assets (whichhas 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 and July 31, 2024. The remainder of the proceeds, if any, as
well as the maximum proceeds from the issuance of new investment units by way 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 handto 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 ofinvestment units of 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 ofJHR. Prospective investors are advised 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
from registration 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 meansof 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 thatwill 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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