Shilla Stay Mapo is a three-star hotel asset located in Mapo-gu, Seoul, directly adjacent to Gongdeok Station, which provides access to four subway lines (Lines 5 and 6, the Gyeongui–Jungang Line, and the Airport Railroad), offering excellent public transportation accessibility. The asset benefits from a strategic location capable of capturing both business demand from major office districts such as the CBD and YBD, and tourist demand from key areas including Hongdae, Itaewon, and Myeongdong. In addition, numerous headquarters of large corporations with frequent business travel demand are located nearby. The hotel maintains a competitive ADR level relative to nearby hotels in surrounding business and tourism districts, supporting a stable demand base. Hotel Shilla, a leading operator in Korea’s hotel industry, master leases 100% of the asset through August 2030. Rental income is paid to the REIT by Hotel Shilla in the form of a CPI-linked minimum guaranteed rent* and percentage rent.