物件取得プレス This English translation is provided for information purposes only. If any discrepancy is identified between this translation and the Japanese original, the Japanese original shall prevail.

February 19, 2015

REIT Issuer:

Japan Hotel REIT Investment Corporation (TSE code: 8985) Yukio Isa, Executive Director

Asset Management Company:

Japan Hotel REIT Advisors Co., Ltd.

Hisashi Furukawa, Representative Director and President

Contact:Kazuyuki Udo Director and Officer

Management & Planning Office

TEL: +81-3-6422-0530

Announcement of Monthly Disclosure for January 2015

With respect to the business performance of the hotels owned by Japan Hotel REIT Investment Corporation (hereinafter called "JHR") for January 2015, JHR informs you of the monthly sales, occupancy rate, ADR, and RevPAR of rooms department as below.

JHR continues monthly disclosure of hotels that paid variable rent, etc. and whose hotel lessees, etc. have agreed with the monthly disclosure (hereinafter called "Hotels with variable rent" or the "Hotels operated under management contract") as follows.

Fluctuation com pare d w ith Change in fluctuation com pare d Cum ulative Fluctuation of the cum ulative total Change in fluctuation of the cum ulative Hotel / Indicators January the s am e m onth las t ye ar (Note 7) w ith the s am e m onth las t ye ar total (Note 8) com pare d w ith las t ye ar (Note 9) total com pare d w ith las t ye ar Kobe Meriken Park Oriental Hotel Oriental Hotel tokyo bay Namba Oriental Hotel Hotel Nikko Alivila Oriental Hotel Hiroshima

Occupancy rate 70.5% 2.2% 3.3% 70.5% 2.2% 3.3% ADR (JPY) 13,755 194 1.4% 13,755 194 1.4% RevPAR (JPY) 9,696 441 4.8% 9,696 441 4.8% Sales (JPY 1M) 357 13 3.7% 357 13 3.7% Occupancy rate 99.0% 3.4% 3.6% 99.0% 3.4% 3.6% ADR (JPY) 16,061 -169 -1.0% 16,061 -169 -1.0% RevPAR (JPY) 15,900 385 2.5% 15,900 385 2.5% Sales (JPY 1M) 542 24 4.7% 542 24 4.7% Occupancy rate 91.6% 5.0% 5.7% 91.6% 5.0% 5.7% ADR (JPY) 13,219 1,761 15.4% 13,219 1,761 15.4% RevPAR (JPY) 12,104 2,180 22.0% 12,104 2,180 22.0% Sales (JPY 1M) 186 21 12.6% 186 21 12.6% Occupancy rate 77.2% 15.5% 25.1% 77.2% 15.5% 25.1% ADR (JPY) 17,473 -1,984 -10.2% 17,473 -1,984 -10.2% RevPAR (JPY) 13,491 1,483 12.4% 13,491 1,483 12.4% Sales (JPY 1M) 357 52 16.9% 357 52 16.9% Occupancy rate 67.8% 4.7% 7.5% 67.8% 4.7% 7.5% ADR (JPY) 7,956 29 0.4% 7,956 29 0.4% RevPAR (JPY) 5,395 395 7.9% 5,395 395 7.9%

Sales (JPY 1M) 146 -5 -3.5% 146 -5 -3.5%

Total of five hotels Sales (JPY 1M) 1,587 104 7.0% 1,587 104 7.0%

1


Fluctuation com pare d w ith

Change in fluctuation com pare d

Cum ulative

Fluctuation of the

cum ulative

total

Change in fluctuation of the cum ulative

Hotel / Indicators January

the s am e

m onth

w ith

the s am e

total

(Note 8)

com pare d w ith

total

com pare d

Mercure Hotel Sapporo ibis Styles Sapporo ibis Tokyo Shinjuku ibis Styles Kyoto Station Mercure Hotel Okinawa Naha

Oriental Hotel tokyo bay

With the end of Tokyo Disney Resort's thirtieth anniversary event on March 20, 2014, the hotel implemented flexible pricing strategies to attract guests. The sales thus exceeded those of the same month last year during the anniversary event.

Hotel Nikko Alivila

The hotel attracted guests with flexible pricing strategies and increased the occupancy rate. In addition, since the sales last year were affected by a renovation of guest rooms from mid-January, the sales this month exceeded those of last year.

ibis Styles Kyoto Station

The hotel focused on attracting both domestic and inbound leisure demand and increased the occupancy rate. In addition, since the hotel was in the process of streamlining and building up its sales operation last year after rebranding in October 2013, the sales this month exceeded those of the same month last year.

*The sales of Mercure Hotel Sapporo, ibis Styles Sapporo, ibis Tokyo Shinjuku, and ibis Styles Kyoto Station are the sales of hotel business only, and rent from other tenant(s) is not included. The previous lessees, etc. of Mercure Hotel Sapporo, ibis Styles Sapporo, and Mercure Hotel Okinawa Naha did not agree with disclosure of numerical value. Therefore, fluctuation compared with the same month last year and fluctuation of the cumulative total compared with last year are unavailable.


(Note 1) The comments above have been prepared based on information the asset management company had obtained from the lessees, etc. and are only provided as a reference of general trends. Please note that the numerical figures and information shown in the comments have neither been audited nor been the subject of the independent verification of the asset management company. No guarantee is made as to the accuracy or completeness of the numbers and information.
(Note 2) Each month's numbers have not been audited; therefore, the amount that is a sum total of each month may be different from the six-month or annual sales total stated in the annual securities report to be submitted later. Sales of each month may also differ from that stated in the annual securities report.
(Note 3) Occupancy rate: The number of rooms sold during the period is divided by the number of rooms available during the same period. (Note 4) ADR (Average Daily Rate): Total rooms revenue for a certain period (excluding service charges) is divided by the total number of
rooms sold during the period. Ibis Styles Sapporo (former Best Western Hotel Sapporo Nakajima Koen), Mercure Hotel Sapporo, ibis Tokyo Shinjuku, ibis Styles Kyoto Station, and Mercure Hotel Okinawa Naha do not request service charges.
(Note 5) RevPAR (Revenue Per Available Room): Total rooms revenue for a certain period (excluding service charges) is divided by the total
number of available rooms during the period. It is the same as multiplying ADR by occupancy rate.

2


(Note 6) Occupancy rate is rounded off to the first decimal place. ADR and RevPAR are rounded off to the nearest whole number. Sales are rounded off to the nearest million yen.
(Note 7) Fluctuation compared with the same month last year means the fluctuation between the concerned month (January) and the same month last year.
(Note 8) Cumulative total is the cumulative total from the beginning of the period (January) to the concerned month (January).
(Note 9) Fluctuation of cumulative total compared with last year means the fluctuation between the cumulative total from the beginning of the period (January) to the concerned month (January) and the cumulative total from the beginning of the period last year to the same concerned month last year.

* Website of Japan Hotel REIT Investment Corporation: http://www.jhrth.co.jp/

3

distributed by