Certain Investment Units of Japan Hotel REIT Investment Corporation are subject to a Lock-Up Agreement Ending on 21-JAN-2017. These Investment Units will be under lockup for 156 days starting from 18-AUG-2016 to 21-JAN-2017. Details: Japan Hotel REIT Advisors Co., Ltd. will agree with the joint global coordinators not to sell, etc. the 2,500 units held before the offering, for a period of 180 days after the transfer date of the Domestic Public Offering starting from the Pricing Date without written approval of the joint global coordinators in advance.