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Supplementary Explanatory Materials: Press Release Issued on March 18, 2021

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Supplementary Explanatory Materials: Press Release Issued on March 18, 2021 Supplementary Explanatory Materials: Press Release Issued on March 18, 2021 “Notice Concerning Acquisition and Lease of Domestic Real-Estate Trust Beneficiary Right, and Asset Replacement through Transfer of Domestic Real Estate” March 18, 2021 Securities Code: 3287 https://www.hoshinoresorts-reit.com/en/ Asset Management Company: Hoshino Resort Asset Management Co., Ltd. Exterior view of Grand Hyatt Fukuoka Overview of Asset Replacement (1) Overview of Asset Replacement Effects of Asset Replacement Acquisition of property in prime location in the [Asset to be Acquired] Grand Hyatt Fukuoka center of Fukuoka City (Shared equity in Grand Building 88.28%) (Note 1) １ Grand Hyatt Fukuoka is located in Canal City Hakata, which is a Planned acquisition date June 1, 2021 prominent multipurpose commercial facility in the Kyushu region Planned acquisition price 7,700 million yen that is visited by many tourists Real estate appraisal value 8,870 million yen Anticipation of future upsides due to Location Within “Canal City Hakata” redevelopment of Fukuoka City Location Further revitalization of the city of Fukuoka is anticipated due to Completion date (building age) March 1996 (24 years) (Note 2) ２ the redevelopment of Tenjin Big Bang and Hakata Connected, the Total floor area 39,701.27 m2 planned opening of a new station near Canal City Hakata with the (Note 3) Subway-Nanakuma Line Extension Project, etc., and it is expected Total number of guest rooms 372 rooms that the benefits of these will be enjoyed Appraisal NOI yield 8.3％ (Note 4) Exclusive luxury hotels in Fukuoka Yield after depreciation 5.4％ (Note 4) ３ Grand Hyatt Fukuoka ★★★★★ (Five stars) ANA Crowne Plaza Fukuoka ★★★★ (Four stars) Property replacement Brand (according to the “Expedia” website) Increase in total number of guest rooms [Asset to be Transferred] ANA Crowne Plaza Fukuoka ４ (+52 rooms) Increase in number of guest rooms available Planned transfer date June 1, 2021 Planned transfer price 7,700 million yen Reduction of building age (Acquisition price) （7,599 million yen） ５ (approx. decrease of 20 years) Real estate appraisal value 8,360 million yen Elimination of risks, such as increase of future repair costs for old (Note 5) properties, large-scale repairs and reconstruction Assumed book value 7,644 million yen (as of planned transfer date) of Property (Note 6) Increase of total floor area (leased floor area) Location Vicinity of Hakata Station ６ Expansion of scale due to increase of total floor area (leased floor Completion date November 1976 area) in the overall HRR portfolio (total floor area: +approx. 12,000 Scale & Characteristics Scale Characteristics & 2 2 (building age) （Note 2） (44 years) m , leased floor area: +approx. 7,000 m ) Total floor area 27,372.74 m2 Increase of NAV (+188 million yen) (Note 7) Total number of guest rooms 320 rooms ７ Grand Hyatt Fukuoka generated more unrealized gains than ANA Crowne Plaza Fukuoka due to Grand Hyatt Fukuoka being acquired Appraisal NOI yield (Note 4) 6.2％ Finance for less than the real estate appraisal value Yield after depreciation 5.0％ (Note 4) See page 6 for notes regarding this page. 1 Overview of Grand Hyatt Fukuoka and ANA Crowne Plaza Fukuoka Acquired Grand Hyatt Fukuoka, which is one of the limited luxury hotel brands, in Fukuoka City, which is advancing its concentration of offices and commercial facilities and continuing to develop as a gateway to the Kyushu area for visitors from the rest of Japan and overseas such as Asia. Canal City Hakata, which is a landmark that represents the Hakata area, is a hotel constructed with both shopping and entertainment functions, and demand for leisure from within and outside Japan can be anticipated. [Asset to be Acquired] Grand Hyatt Fukuoka Overview of the property (Shared equity in Grand Building 88.28%) Completion date (building age) March 1996 (24 years) Planned acquisition date June 1, 2021 Total number of guest rooms 372 rooms Lessee’s attribute Hoshino Resorts Group Rent type Fixed + Floating Operator’s attribute Outside operators Planned acquisition price 7,700 million yen Real estate appraisal value 8,870 million yen 20 years from the initial Lease period date of acquisition Annual ADR (2019) 29,304 yen Appraisal NOI yield 8.3% Yield after depreciation 5.4％ Exterior view of hotel （Note） [Asset to be Transferred] ANA Crowne Plaza Fukuoka Overview of the property Completion date (building age) November 1976 (44 years) Planned Acquisition June 1, 2021 November 2, 2015 transfer date date Total number of guest rooms 320 rooms Guest room Restaurant Lessee’s attribute Hoshino Resorts Group Rent type Fixed + Floating Operator’s attribute Outside operators Planned Acquisition 7,700 million yen 7,599 million yen transfer price price Real estate appraisal value 8,360 million yen Lease period 20 years from the initial date of acquisition Annual ADR (2019) 15,549 yen Exterior view of hotel Bar lounge Chapel Appraisal NOI yield 6.2% Yield after depreciation 5.0％ 2 See page 6 for notes regarding this page. Overview of Asset Replacement (2) This Asset Replacement is being carried out in an integrated transaction that was realized after HRR, Fukuoka REIT Corporation and Fukuoka Jisho Co., Ltd. agreed on the merits. Moreover, the Hoshino Resorts Group plans to participate in the management of the hotel as a lessee of Grand Hyatt Fukuoka. Furthermore, as of today, the Hoshino Resorts Group and the Fukuoka Jisho Group have concluded an agreement, and will cooperate within and outside Japan to increase the sustainable value of Canal City Hakata overall going forward, and utilize the strengths of both companies. Hoshino Resorts REIT, Inc. Transfer of trust beneficiary rights Fukuoka REIT Corporation Acquisition of exclusive luxury hotels in ➢ pertaining to Grand Hyatt Fukuoka ➢ Anticipation of expansion of demand from Fukuoka ２ Japanese visitors due to the Hoshino Resorts ➢ Reduction of building age, expansion of scale (Shared equity in Grand Building Group contributing to a portion of overall ➢ Increase of NAV 88.28%) operations of Canal City Hakata (Sale price: 7,700 million yen) Integrated 1 transaction 4 Transfer of ANA Crowne Plaza ３ Fukuoka Grand Hyatt Fukuoka (Sale price: 7,700 million yen) ➢ Leasing to Hoshino Resorts Group Realization of sponsor support (Acquired management right of Grand Hyatt Fukuoka) (Note) Hoshino Resorts Inc. 5 Fukuoka Jisho Co., Ltd. As of today, concluded basic agreement (Sponsor of Hoshino Resorts REIT, Inc.) pertaining to the cooperation of both (Sponsor of Fukuoka REIT Corporation) companies ➢ Cooperation for the further development and increase of sustainable value of Canal City Hakata overall ➢ Search for opportunities for cooperation in Kyushu and various ASEAN countries by utilizing the strengths See page 6 for notes regarding this page. of both companies 3 Appendix (1) Overview of Canal City Hakata : Portion to be acquired by HRR (planned to be 88.28% of shared equity in Grand Building) : Of the Asset to be Acquired, portion applicable to income and expenditures attributable to HRR (all of Grand Building excluding B1F) South Bldg. Center Walk North Bldg. Grand Bldg. Business Center Bldg. Energy Center United cinema CANAL CITY 13 Canal City Fukuoka Washington Hotel Canal City (guest rooms) Parking lot Theater Office RAMEN 5F STADIUM Grand Hyatt United Cinemas Specialty Theater 4F NITORI MUJI Fukuoka Ticket Counter Stores entrance SUPER SPORTS 3F XEBIO MUJI Showrooms, etc. Specialty Specialty 2F Stores OPA Stores Specialty Specialty 1F Clinics, etc. Stores Stores Specialty Specialty B1F OPA Grand Plaza Stores Stores Parking lot B2F Parking lot (Note) See page 6 for notes regarding this page. 4 Appendix (2) Operational results of Grand Hyatt Fukuoka and ANA Crowne Plaza Fukuoka : Period of temporary closure due to COVID-19 (Grand Hyatt Fukuoka was closed temporarily from April 8, 2020 to May 31, 2020. ANA Crowne Plaza Fukuoka did not have a period of temporary closure.) Grand Hyatt Fukuoka Monthly operation results ADR（yen） RevPAR（yen） Guest room occupancy rate 75.5% 30,000 70.3% 74.9% 80.0% 65.2% 25,000 56.5% 60.0% 20,000 45.3% 37.2% 36.8% 26,545 24,926 15,000 29.6% 40.0% 27,640 24,265 25,190 17.8% 21,855 21,861 10,000 19,433 21,072 18,852 18,513 19,890 18,828 16,417 20.0% 3.3% 17,052 13,719 5,000 0.0% 9,896 8,126 3,356 5,049 6,816 698 0 4 0 0.0% Jan. 2020 Feb. 2020 Mar. 2020 Apr. 2020 May 2020 Jun. 2020 Jul. 2020 Aug. 2020 Sep. 2020 Oct. 2020 Nov. 2020 Dec. 2020 Grand Hyatt Fukuoka Period of temporary closure Grand Hyatt Fukuoka and ANA Crowne Plaza Fukuoka RevPAR recovery trend Rates of change in RevPAR in 2020 (vs. 2019) continued -0.6% -20.2% -19.2% -8.3% Grand Hyatt Fukuoka ANA Crowne Plaza Fukuoka -29.4% -46.5% -28.6% -55.6% -39.9% -40.0% -65.4% -72.3% -71.5% -48.0% -83.6% -58.9% -68.3% -90.6% -90.6% -73.6% -76.4% -85.5% -97.4% -100.0% Jan. 2020 Feb. 2020 Mar. 2020 Apr. 2020 May 2020 Jun. 2020 Jul. 2020 Aug. 2020 Sep. 2020 Oct. 2020 Nov. 2020 Dec. 2020 Grand Hyatt Fukuoka Period of temporary closure 5 Accompanying notes All pages in this document (Note 1) Hoshino Resorts REIT, Inc. is referred to as “HRR,” and Hoshino Resort Asset Management Co., Ltd., which is an asset management company that is entrusted with managing assets by HRR, is referred to as the “Asset Management Company.” (Note 2) Hoshino Resorts Inc., its parent company and its subsidiaries are collectively referred to as “Hoshino Resorts Group.” (Note 3) Unless otherwise stated in this document, amounts are rounded down, and ratios are rounded to the nearest specified unit.
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