Japan Hotel REIT Investment Corporation announced that the new loan for the purchase of the five "the b" hotels and the funds for the prepayment of the existing loan (hereinafter called "New Loan") has been determined as follows. Term Loan 9 (Term: 1 year): Lender: Sumitomo Mitsui Banking Corporation, Amount of the new loan is ¥1,000 million, Interest rate: Base interest rate (Japanese Yen TIBOR for one month in JBA)+0.40%. Date of borrowing: January 30, 2015.

Method of borrowing: An individual loan contract to be concluded with the lender indicated above on January 28, 2015 based on the basic agreement concluded on November 13, 2013 (including subsequent amendments). Interest payment date: The first interest payment date is February 27, 2015. Subsequent interest payment dates shall be at the end of every month and on the maturity date.

(If the payment date is not a business day, it shall be paid on the preceding business day.) Maturity date: January 29, 2016. Term Loan 10 (Term: 5 years): Lenders: Sumitomo Mitsui Banking Corporation /Mizuho Bank Ltd. /Shinsei Bank, Limited /Resona Bank, Limited /Sumitomo Mitsui Trust Bank, Limited /The Chiba Bank Ltd. Amount of the new loan: ¥4,700 million. Interest rate: Base interest rate (Japanese Yen TIBOR for one month in JBA)+0.45%.

Maturity date: January 31, 2020. Term Loan 11 (Term: 7 years): Lenders: Sumitomo Mitsui Banking Corporation /Mizuho Bank Ltd. /Shinsei Bank, Limited /Resona Bank, Limited /Sumitomo Mitsui Trust Bank, Limited /The Tokyo Star Bank, Limited /Aozora Bank Ltd. Amount of the new loan: ¥8,200 million. Interest rate: Base interest rate (Japanese Yen TIBOR for one month in JBA)+0.55%.

Maturity date: January 31, 2022.