Ichigo Hotel REIT announced changes in directors and key personnel. The company changed position of Wataru Orii to Director, Minoru Ishihara to Director, Katsu Fujita to Independent Director, Sohsuke Takahashi to Independent Director. The company newly named Noriyuki Kobayashi as Independent Director. Noriyuki Kobayashi is a Head of Corporate Advisory Division, AGS Consulting Co. Ltd. (current) in January 2017 and Deputy Division Director of M&A Division & Division Director of Sixth Division, AGS Consulting Co. Ltd. in January 2015. The company changed position of Wataru Orii from President & Representative Statutory Executive Officer (Overall Company Management) to President & Representative Statutory Executive Officer (Overall Company Management, Acquisitions & Sales), Kenji Shibasaki to Senior Executive Managing Director & Statutory Executive Officer (Private Funds) Head of Private Funds Division and Head of Portfolio Management, Shinichi Fukasawa to Executive Managing Director & Statutory Executive Officer (Office REIT), Takayoshi Hiiro to Senior Statutory Executive Officer (Green Infrastructure), Masanori Kubota to Statutory Executive Officer (Finance) Head of Finance Division, Mitsutaka Shimada from Statutory Executive Officer (Acquisitions & Sales) to Statutory Executive Officer Head of Planning and Head of Execution, Hiroto Tajitsu to Statutory Executive Officer (Business Administration) and Hiroshi Iwai to Statutory Executive Officer (Hotel REIT). President Wataru Orii will also assume the role of Head of Acquisitions and Sales Division on May 1, 2017. Mitsutaka Shimada will step down upon the expiration of his term of office on May 28, 2017.