This English translation is provided for information purpose only. If any discrepancy is identified between this translation and the Japanese original, the Japanese original shall prevail.

January 24, 2014

REIT Issuer:

Japan Hotel REIT Investment Corporation (TSE code: 8985）

Yukio Isa, Executive Director

Asset Management Company:

Japan Hotel REIT Advisors Co., Ltd. Hiroyuki Suzui, Representative Director Contact:

Kazuyuki Udo Director and Officer Management & Planning Office Phone: +81-3-6422-0530

Notice Concerning Completion of Disposition (Dormy Inn Namba)

This is to inform you that Japan Hotel REIT Investment Corporation has completed the asset disposition announced by the press release "Notice Concerning Disposition of Asset (Dormy Inn Namba)" dated December 19, 2013 as follows:

Summary of the disposed asset

Name of the disposed asset

Dormy Inn Namba

Category of the disposed asset

Real estate beneficial interest in trust

Transfer price (*1)

JPY700M

(*1) The transfer cost, adjusted amount for the fixed asset tax and the city planning tax, consumption tax and the local consumption tax are not included in the transfer price.
(*2) See "Notice Concerning Disposition of Asset (Dormy Inn Namba)" dated December 19, 2013 for disposition details.

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

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