Ichigo Investment Advisors (IIA), the asset management company of Ichigo Hotel REIT Investment Corporation (Ichigo Hotel), decided on the following changes to its officers and organization, effective October 1, 2019, to strengthen its asset management functions and governance. Wataru Orii changed from previous position Chairman & Statutory Executive Officer (Overall Company Management, Acquisitions & Sales), Head of Acquisitions & Sales Division to new position Chairman & Statutory Executive Officer (Overall Company). Shinichi Fukasawa changed from previous position Executive Managing Director & Statutory Executive Officer (Ichigo Office), Head of Ichigo Office Portfolio Management to new position Executive Managing Director & Statutory Executive Officer (Ichigo Office). Takayoshi Hiiro changed from previous position Senior Statutory Executive Officer (Ichigo Green), Head of Ichigo Green Asset & Portfolio Management to new position Senior Statutory Executive Officer (Ichigo Green). Masanori Kubota changed from previous position Statutory Executive Officer (Finance) to new position Statutory Executive Officer (AM Execution). Hiroto Tajitsu changed from previous position Statutory Executive Officer (Administration) to new position Statutory Executive Officer (Business Planning). Hidehito Iwasaka changed from previous position Statutory Executive Officer (Ichigo Hotel), Head of Ichigo Hotel Asset & Portfolio Management to new position Statutory Executive Officer (Ichigo Hotel), Head of Ichigo Hotel Asset Management.