Hotel Okura Suzhou to Open in 2027

TOKYO, JAPAN, December 21, 2023— Hotel Okura Co., Ltd. is pleased to announce that it has signed an agreement to operate and manage Hotel Okura Suzhou in Suzhou, China from 2027. The agreement with Suzhou Ronghe Real Estate Co., Ltd., which is owned by Suzhou Harmony Development Group Co., Ltd., Marimo Holdings, Inc. and Sumitomo Corporation, was signed on December 20.

(from left) Makoto Fukagawa, President of Marimo Holdings, Xie YiHan, Vice Presidentof Sungent Holding Group, and Toshihiro Ogita, President of Hotel Okura

Suzhou, located in southeastern Jiangsu Province, has developed as an economic center due to its geographical proximity to Shanghai. Blessed with a picturesque "old-town" center, Suzhou (the "Venice of the East") is a tourist city with historic sites and canals running in all directions, surrounded by traditional Chinese scenery. More recently, it has also attracted attention as one of China's leading industrial cities.

Hotel Okura Suzhou will be located in Suzhou Industrial Park, a high-tech park launched in 1994 as one of the area's two major specially designatedindustrial zonesand positioned as one of China's topnational-level economic zones. As a smart zone, it emphasizes sustainabilityand functionsas a production and export base for global companies.

Hotel Okura Suzhou, the first Hotel Okura-brand hotel in Jiangsu Province, will provide exceptional guest services reflecting Japan's long-established culture of hospitality.

The hotel will be located on the upper level of a complex accommodating offices, residences and commercial facilities. It will offer 249 rooms, including 25 suites, and standard rooms measuring 42m2. Four food and beverage venues will serve a variety of cuisines, including Japanese and Chinese. Hotel facilities will include an executive lounge, fitness center, indoor swimming pool, and more.

A main banquet hall will be available along with six rooms for meetings and VIP occasions, functioning as high-quality spaces supported with a range of services suited to diverse purposes.

Direct connection to the Xingtang Street Station of Suzhou Rail Transit (lines 1 and 5) will provide convenient access to the hotel.

Within the same building, guest rooms will be offered for long-term stays.

Another Hotel Okura brand also in Jiangsu Province, Okura Nikko Hotels, currently operates Hotel Nikko Wuxi (opened in 2010), Hotel Nikko Suzhou (2015), Hotel Nikko Taizhou (2016), and Hotel Nikko Changshu (2023).

Overviewof HotelOkura Suzhou

Location:Xingtan Street West, Suzhou Avenue North, Suzhou Industrial Park, Suzhou, Jiangsu Province

Floor area: 34,413 m2 for hotel

Floors: 39 above ground and 3 underground

Rooms: 249

Dining: Japanese cuisine, Chinese cuisine, all-day dining, and lounge

Facilities: Fitness center, indoor pool,etc.

Other: Banquetroom and 5meeting rooms

Access:60-minutedrive from Shanghai Hongqiao International Airportand Shanghai Hongqiao Station;or 30-minute drive from Suzhou Station

Direct connection to Suzhou Rail Transit'sXingtang Street subway station (lines 1 and 5)

AboutSuzhou Harmony Development Group Co.,Ltd.

Harmony was founded in 2005 with a registered capital of 4 billion RMB. It is a branded subsidiary of Sungent Holding Group. Harmony have diversified investments to tourism and cultural development to increase the competitive edge in the business community.

Harmony has developed a total of 4.8 million square meters, covering a total asset of 13 billion RMB and currently manages over 2.3 million square meters of estates. It has successfully developed a series of representative and high-quality projects in the fields of commerce, tourism and culture. It has been honored the title of Top 10 Brand Value of Commercial Real Estate in China.

With its foothold in Suzhou Industrial Park (SIP), Harmony supports cities as Suzhou, Nantong and Wuxi. It operates in the Yangtze River Delta and involves itself into the strategy of regional integration, thus promoting the harmonious development of cities and constructing an integrated platform of beautiful urban living, business, culture and recreation.

About Marimo Holdings,Inc.

Marimo Holdings, Inc.is a holding company established in 2015. At its core is Marimo Co., Ltd. (established in 1970), which operates a nationwide Condominium Business and Profitable Real Estate Creation Business.The holding company's businesses are organized into three groups: domestic real estate, overseas real estate, and non-real estate.

In the real estate business in China, Marimo implements the methods the company has developed for half a century in Japan to build safe, reassuring, and comfortable condominiums. Marimo established a joint venture with a state-owned company and in 2013 initiated their first project, Polestar Garden (12 buildings, 853 units), in Suzhou Industrial Park, located in Suzhou Province. In 2017, they began selling units in their second project, Shang Ya Yuan (18 buildings, 1,260 units), in Suzhou's high-class Wujiang District. The first lot of 532 units sold out in a month, while the second lot of 728 units were bought up in a day.

The Marimo Group has defined its Purpose as "creating fulfilling and wealthy lives by overcoming various social issues through humanity and business." The Marimo Group therefore aspires to evolve into a social business company with a 50:50 ratio of business to social activities by 2030.

About Sumitomo Corporation

Sumitomo Corporation (“SC”) is a leading Fortune 500 global trading and business investment company with 128 locations (Japan: 20, Overseas: 108) in 65 countries and regions. The entire SC Group consists of around 900 companies. SC conducts commodity transactions in all industries utilizing worldwide networks, provides customers with financing, serves as an organizer and a coordinator for various projects, and invests in companies to promote greater growth potential. SC’s core business areas include six business units: Metal Products; Transportation & Construction Systems; Infrastructure; Media & Digital; Living Related & Real Estate; and Mineral Resources, Energy, Chemical & Electronics, and one initiative: EnergyInnovation.

Our corporate message, “Enriching lives and the world”, was created to encapsulate our vision for sustainability in the next 100 years. Our business, as well as our relationship with our stakeholders, has expanded on a global scale. Our mission is to grow sustainably alongside society, pursue development for the world, and enable better lives for all.

For more information, please visit: www.sumitomocorp.com/en/jp

About Hotel Okura Co., Ltd.

Hotel Okura Co., Ltd., founded in 1958, opened its flagship Hotel Okura Tokyo in 1962 as a first-class hotel that quickly became renowned worldwide for its blending of traditional Japanese beauty with the very best in accommodation, cuisine and service. It closed its doors in August 2015, and after four years of rebuilding work reopened as The Okura Tokyoin September 2019.

Hotel Okura hasextensive expertise in the hospitality world, including asset ownership and hotel development, as well as hotel management, the restaurant business and chain operations through its subsidiaries and other group companies. The brand unites member hotels under its “Best Accommodation, Cuisine and Service” philosophy to ensure that all guests enjoy Okura’s signature hospitality, which combines Japanese attention to detail and Western functionality. Please visit www.okura.com.

Okura Nikko Hotel Management Co., Ltd., a subsidiary of Hotel Okura, operates 80properties (53in Japan and 27 overseas) encompassing some 24,318guest rooms (as of December 1, 2023) under three hotel groups: Okura Hotels & Resorts, Nikko Hotels Internationaland Hotel JAL City. Please visit www.okura-nikko.com.

Media Contacts

Ms. Ikuko Arai, Ms. Aoi Kubota, or Mr. Ryutaro Suzuki

Public Relations, Hotel Okura Co., Ltd.

Phone: +81 (0)3 6685 8994

pr@hotelokura.co.jp