Hoshino Resorts REIT, Inc. (hereinafter "HRR") announced that, in regard to the leasing of "22 Roadside Properties" disclosed in the Notice Concerning Leasing of Domestic Real Estate (22 Roadside Properties) dated October 24, 2023, Hoshino Resort Asset Management Co. Ltd., to which HRR entrusts its asset management, has made a decision to conclude a lease agreement concerning such leasing with Greens Co. Ltd. As disclosed in the October 24th Notice, on October 24, 2024, HRR made a written agreement to lease theProperties and to agree to the main terms and conditions of the leasing with Greens.

Following execution of the written agreement, HRR and Greens had further discussions concerning details of the agreement, and reached a consensus. Accordingly, HRR and Greens have entered into a fix-term building lease agreement (hereinafter the "AGREEMENT") with conditions precedent for the Properties. By concluding the AGREEMENT, following termination of the fixed-term building lease agreements with conditions precedent that had been concluded with SHR Roadside Inn Co.

Ltd. (hereinafter "SHR Roadside Inn"), the AGREEMENT with Greens is set to take effect sequentially on and from May 2, 2024 and leasing will start as of that date. The properties are scheduled to start operations following completion of the related renovation periods. In order to facilitate the smooth implementation of the termination of the Previous Agreement and the commencement of the AGREEMENT, HRR has agreed with SHR Roadside Inn and Greens that the termination date of the Previous Agreement shall partly be postponed and that accordingly, the lease start date for this AGREEMENT shall be the day following the termination date of the postponed Previous Agreement.

To that end, the lease start date of the Properties will change depending on each property. However, hotel operations in all of the Properties by Greens are scheduled to start on November 1, 2024. In the AGREEMENT, rent shall not be charged during the period from the lease start date up until the start of operations.