Japan Hotel REIT Investment Corporation announced that JHR resolved on new borrowing including Green Loan for the purpose of refinancing the existing loans. JHR plans to refinance the existing loans due on March 29, 2024. Details of the New Loans: Name - Term Loan 96, Lender - Sompo Japan Insurance Inc., amount of new loan - JPY 1,000 million, scheduled borrowing date - March 29, 2024, maturity date - March 31, 2027 and Collateral/Method of Principal Repayment - Unsecured/Unguaranteed Lump-sum payment on the maturity date.

Name - Term Loan 97, Lender - Development Bank of Japan Inc., SBI Shinsei Bank, Limited, Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank, Limited, Resona Bank, Limited, The Nishi-Nippon City Bank Ltd., amount of new loan - JPY 4,050 million, interest rate - Base interest rate + 0.40%, scheduled borrowing date - March 29, 2024, maturity date - March 31, 2027 and Collateral/Method of Principal Repayment - Unsecured/Unguaranteed Lump-sum payment on the maturity date. Name - Term Loan 98, Lender - Sumitomo Mitsui Banking Corporation, SBI Shinsei Bank, Limited, Resona Bank, Limited, Sumitomo Mitsui Trust Bank, Limited, The Chiba Bank Ltd., amount of new loan - JPY 4,000 million, interest rate- Base interest rate + 0.50%, scheduled borrowing date - March 29, 2024, maturity date - March 30, 2029, and Collateral/Method of Principal Repayment - Unsecured/Unguaranteed Lump-sum payment on the maturity date. Name - Term Loan 99, Lender - MUFG Bank Ltd., amount of new loan - JPY 800 million, scheduled borrowing date - March 29, 2024, maturity date - March 30, 2029, and Collateral/Method of Principal Repayment - Unsecured/Unguaranteed Lump-sum payment on the maturity date.

Name - Term Loan 100, Lender - Sumitomo Mitsui Banking Corporation, Resona Bank, Limited, Sumitomo Mitsui Trust Bank, Limited, SBI Shinsei Bank, Limited, The Chiba Bank Ltd., Mizuho Bank Ltd., The Bank of Fukuoka Ltd., amount of new loan - JPY 14,839 million, interest rate- Base interest rate + 0.55%, scheduled borrowing date - March 29, 2024, maturity date - March 29, 2030, and Collateral/Method of Principal Repayment - Unsecured/Unguaranteed Lump-sum payment on the maturity date. Name - Term Loan 101 Green Loan, Lender - Sumitomo Mitsui Banking Corporation, Mizuho Bank Ltd., SBI Shinsei Bank, Limited, Sumitomo Mitsui Trust Bank, Limited, Kansai Mirai Bank, Limited, The Hokuriku Bank Ltd., The Minato Bank Ltd., Aozora Bank Ltd., amount of new loan - JPY 3,300 million, interest rate- Base interest rate + 0.55%, scheduled borrowing date - March 29, 2024, maturity date - March 29, 2030, and Collateral/Method of Principal Repayment - Unsecured/Unguaranteed Lump-sum payment on the maturity date. Summary of Repayment: JHR plans to repay the loans using the New Loans.

Amount of Repayment: JPY 30,989 million. Scheduled Repayment Date: March 29, 2024. Details of the Loans Scheduled for Repayment: March 29, 2024.

Details of the Loans Scheduled for Repayment: Name - Term Loan 22-1, Lender - Sumitomo Mitsui Banking Corporation, Mizuho Bank Ltd., Loan Balance before Repayment - JPY 2,100 million, Borrowing Date - March 28, 2016, Maturity Date - March 29, 2024. Name - Term Loan 22-2, Lender - The Nomura Trust and Banking Co., Ltd, The Chiba Bank Ltd., Development Bank of Japan Inc, The Bank of Fukuoka Ltd., Loan Balance before Repayment - JPY 2,536 million, Borrowing Date - March 31, 2016, Maturity Date - March 29, 2024. Name - Term Loan 24, Lender - Sumitomo Mitsui Trust Bank, Limited., Loan Balance before Repayment - JPY 800 million, Borrowing Date - March 31, 2016, Maturity Date - March 29, 2024.

Name - Term Loan 25, Lender - Development Bank of Japan Inc., Loan Balance before Repayment - JPY 500 million, Borrowing Date - March 31, 2016, Maturity Date - March 29, 2024. Name - Term Loan 43, Lender - Sumitomo Mitsui Banking Corporation, SBI Shinsei Bank, Loan Balance before Repayment - JPY 4,000 million, Borrowing Date - November 15, 2017, Maturity Date - March 29, 2024. Name - Term Loan 53, Lender - The Bank of Fukuoka Ltd., The Chiba Bank Ltd., The Nishi-Nippon City Bank Ltd., Sompo Japan Insurance Inc., Loan Balance before Repayment - JPY 2,500 million, Borrowing Date - April 8, 2019, Maturity Date - March 29, 2024.

Name - Term Loan 79, Lender - Sumitomo Mitsui Banking Corporation, SBI Shinsei Bank, Limited, Sumitomo Mitsui Trust Bank, Limited, Resona Bank, Limited, Aozora Bank Ltd., Loan Balance before Repayment - JPY 2,985 million, Borrowing Date - January 31, 2023, Maturity Date - March 29, 2024. Name - Term Loan 82, Lender - Sumitomo Mitsui Banking Corporation, SBI Shinsei Bank, Limited, Sumitomo Mitsui Trust Bank, Limited, Resona Bank, Limited, The Chiba Bank Ltd., The Minato Bank Ltd., Loan Balance before Repayment - JPY 14,768 million, Borrowing Date - March 31, 2023, Maturity Date - March 29, 2024. Name - Term Loan 82, Lender - Kansai Mirai Bank, Limited, The Hokuriku Bank Ltd., Loan Balance before Repayment - JPY 800 million, Borrowing Date - January 31, 2024, Maturity Date - March 29, 2024.