Japan Hotel REIT Investment Corporation announced a new borrowing (hereinafter called the "New Loan"), as follows. Summary of the New Loan: Content of the New Loan: JHR plans to substantially refinance a portion of the investment corporation bonds, which will be redeemed on October 21, 2022 (hereinafter called the "Investment Corporation Bonds to be Redeemed"). Amount of the New Loan: JPY 4,600 Million.

Name of Loan: Term Loan 78. Lender: Sumitomo Mitsui Banking Corporation, Mizuho Bank Ltd., Sumitomo Mitsui Trust Bank, Limited, Development Bank of Japan Inc., and Resona Bank, Limited., The Shizuoka Bank Ltd., The Minato Bank Ltd. Interest Rate: Base interest rate (JBA Japanese Yen TIBOR) + 0.50% (*). Date of Borrowing: October 20, 2022 (plan).Method of Borrowing: Individual loan contracts to be concluded on October 18, 2022 with the lenders indicated above based on the Basic Agreement concluded on November 13, 2013 (including subsequent amendments).

Interest Payment Date: The interest payment dates shall be at the end of December 2022, the end of March 2023, the end of June 2023, the end of September 2023 (if the payment date is not a business day, it shall be paid on the preceding business day) and on the maturity date. Method of Principal Repayment: Lump-sum payment on the maturity date. Maturity Date: October 20, 2023 (borrowing term: 1 year).

Collateral: Unsecured/Unguaranteed.