ORIX Real Estate to Begin Large-scale Renovations of CROSS HOTEL SAPPORO Guest Rooms

TOKYO, Japan – February 26, 2020 – ORIX Real Estate Corporation (“ORIX Real Estate”) announced that it will carry out large-scale renovations of guest rooms at its CROSS HOTEL SAPPORO.

As part of these renovations, the walls, floors, and other surfaces of the 136 guest rooms on “Standard Floors” 4 to 13 will be redecorated, while their beds, other furnishings and facilities will be refurbished or replaced. Through more refined designs, the renovations will aim to create spaces in which guests will be able to feel the atmosphere of today’s Sapporo, its history, and its culture. All construction is scheduled to be completed by the end of April 2021; together with the special floors “CROSS Floors” 14 to 17—which have already been renovated—all 181 CROSS HOTEL SAPPORO guest rooms will be reborn. The guest rooms will be available for use as and when they are completed.

All 66 guest rooms on floors 9 to 13 will be “Art Rooms,” and display artworks specially designed for CROSS HOTEL SAPPORO by 8 artists with links to Hokkaido; they will provide guests with opportunities to enjoy art at first-hand. The Art Rooms will be available for check-in from May 1, 2020, onward, with reservations accepted from March 1, 2020, onward.

CROSS HOTEL SAPPORO is actively engaged in the promotion of regional culture. Since 2013, it has hosted events during which, for limited periods of time, artworks by artists resident in Hokkaido are displayed in guestrooms, with the goal of stimulating Sapporo’s modern art market.

Through its business brand ORIX HOTELS & RESORTS that operates onsen hotels and hotels, ORIX Real Estate provides facilities that meet the needs and lifestyles of customers and so contributes to the promotion and revitalization of local communities.

1. Overview of renovations
All 66 guest rooms on floors 9 to 13 will be renovated between February and April, 2020; all 70 guest rooms on floors 4 to 8 will be renovated between February and April, 2021. The guest rooms at CROSS HOTEL SAPPORO feature one of three color styles: HIP, which provides a sense of the extraordinary; URBAN, which has a refined, urban atmosphere; and NATURAL, which features the warmth of wood. The renovations will seek to further emphasize the characteristics of these styles and realize spaces that offer even greater refinement.
* Floors that are not under construction will be available for reservation and use as normal

(1) Establishment of new “Art Rooms”
Artworks made by 8 artists with links to Hokkaido will be displayed in all 66 guest rooms on floors 9 to 13. These artworks have all been created specially for the renovated rooms, and will be displayed on the walls of the guest rooms.

Participating artists (random order, titles omitted):
TOYTOY, Makoto Iga, CHIE, Ryuichi Kobayashi, Kozo Abe, Hiroko Takahashi, Marina Tanaka, WABISABI

(2) Art Room reservations

Period of Stay:	From May 1, 2020
Reservations Start Date:	March 1, 2020
Reservation Method:	Reservations will be accepted by telephone, or via the official website. Tel: 011-272-0010 Official CROSS HOTEL SAPPORO website: https://www.crosshotel.com/sapporo/en
Rooms:	66 guest rooms on floors 9 to 13 (7 different room types including deluxe twin, twin, luxury double, double, and single rooms)

* Individual artists and artworks cannot be requested.

(3) Construction schedule
February–April, 2020: 66 guest rooms on floors 9 to 13 (scheduled)
February–April, 2021: 70 guest rooms on floors 4 to 8 (scheduled)

2. Overview of CROSS HOTEL SAPPORO

Address:	23, Kita 2jo Nishi 2, Chuo-ku, Sapporo, Hokkaido
Capacity:	181 guest rooms accommodating 331 guests
Access:	Approx. 5 minutes’ walk from JR Sapporo Station Approx. 7 minutes’ walk from Odori Station on the Sapporo Municipal Subway Namboku, Tozai, and Toho Lines Approx. 3 minutes’ walk from Sapporo Station on the Sapporo Municipal Subway Namboku and Toho Lines Approx. 20 minutes by car from Sapporo Interchange on Hokkaido Expressway
Website:	https://www.crosshotel.com/sapporo/en
Telephone:	011-272-0010
Operating company:	Cross Hotels Corporation (a wholly owned subsidiary of ORIX Real Estate Corporation)

3. Overview of the ORIX HOTELS & RESORTS Brand
ORIX HOTELS & RESORTS is an onsen hotel and hotel operating business brand. It is responsible for 12 ORIX Real Estate facilities in Japan whose operation has not been entrusted to other companies. The brand concept is “a location to which customers wish to return.” ORIX HOTELS & RESORTS seeks to become a brand that caters in a refreshing manner to the diverse needs of its customers and even, at times, satisfies desires they did not know they had.
https://www.orixhotelsandresorts.com/

(1) List of Accommodation Facilities

(2) Overview of the Brand’s Business Categories
ORIX HOTELS & RESORTS divides the facilities it operates into four different categories. It proposes destinations suited to a variety of different usage scenarios, depending for example on age, party size, and travel aims and styles.
Brand Categories:

Contact Information:
ORIX Corporation
Corporate Planning Department
Tel: +81-3-3435-3121

About ORIX:
ORIX Corporation (TSE: 8591; NYSE: IX) is a financial services group which provides innovative products and services to its customers by constantly pursuing new businesses.
Established in 1964, from its start in the leasing business, ORIX has advanced into neighboring fields and at present has expanded into lending, investment, life insurance, banking, asset management, automobile related, real estate and environment and energy related businesses. Since entering Hong Kong in 1971, ORIX has spread its businesses globally by establishing locations in 37 countries and regions across the world.
Going forward, ORIX intends to utilize its strengths and expertise, which generate new value, to establish an independent ORIX business model that continues to evolve perpetually. In this way, ORIX will engage in business activities that instill vitality in its companies and workforce, and thereby contribute to society. For more details, please visit our website: https://www.orix.co.jp/grp/en/
(As of March 31, 2019)

Caution Concerning Forward Looking Statements:
These documents May contain forward-looking statements about expected future events and financial results that involve risks and uncertainties. Such statements are based on our current expectations and are subject to uncertainties and risks that could cause actual results that differ materially from those described in the forward-looking statements. Factors that could cause such a difference include, but are not limited to, those described under “Risk Factors” in the Company’s annual report on Form 20-F filed with the United States Securities and Exchange Commission and under “(4) Risk Factors” of the “1. Summary of Consolidated Financial Results” of the “Consolidated Financial Results April 1, 2018 – March 31, 2019.”