FibraHotel day 20134 FibraHotel day 2015 objectives Continue leading investor communication, transparency and corporate governance 1 3 FibraHotel´s strategy and growth pipeline5 2015

FibraHotel Day 2015

@FibraHotel

December 3rd, 2015

2

Disclaimer

This presentation has been prepared by FibraHotel

(or the “Trust”) for informational and discussion

purposes. It does not constitute or form part of any

offer or invitation to sell or issue, or any solicitation of

any offer to purchase or subscribe for, any

Certificados Bursátiles Fiduciarios Inmobiliarios (or

the “CBFI”) in the Trust, nor shall any part of it nor

the fact of its dissemination form part of or be relied

on in connection with any contract or investment

decision relating thereto. Any such offering may be

made only by an offering memorandum and the

information contained herein will be superseded in its

entirety by such offering memorandum in final form.

This presentation does not contain all the information

you should consider before investing in CBFIs of the

Trust and no representation or warranty, express or

implied, is made by any party as to the accuracy,

fairness, completeness or materiality of the

information furnished in this presentation, which

remains subject to verification, completion and

change without notice. Investors should review the

offering memorandum (including the information

therein as to risks) prior to making an investment

decision and should rely only on the information

contained in the offering memorandum. The Trust

has not authorized anyone to provide you with

information different from that contained in the

offering memorandum.

The securities mentioned in this document have not

been registered under the U.S. Securities Act of 1933,

as amended (the “Securities Act”), and may not be

offered or sold in the United States absent registration

or exemption from registration under the Securities Act.

The information in this presentation includes forward-

looking statements which are based on current

expectations, beliefs, and predictions about future

events. These forward looking statements are subject to

known and unknown risks, uncertainties and

assumptions about the Trust, its prospects and the

economic environment in which it operates that may

prove to be incorrect. Accordingly, the events described

in such forward-looking statements may not occur and

the Trust’s objectives may not be realized.

By attending this presentation you agree to be bound by

the foregoing limitations and not to distribute, disclose or

provide any information discussed today to any other

person.

3

Start Finish Speaker Title Topic

09:00 09:25 Simon Galante FIHO - CEO Introduction

FibraHotel strategy and 2016 Path

09:25 09:55 Richard Katzman HVS - Managing Director Lodging situation and Mexico outlook

09:55 10:20Eduardo Lopez

Guillermo Bravo

FIHO - General Director

FIHO - Head of Development2015 Portfolio Openings

10:20 10:40 Victor de AndaAset Architecture and design

FounderOverview of hotel design

10:40 10:50 BREAK

10:50 11:10Eduardo Lopez

Guillermo Bravo

FIHO - General Director

FIHO - Head of DevelopmentPipeline and cash deployment

11:10 11:20 Alberto Galante FIHO - Co-chairman Balance sheet and capital allocation

11:20 11:55Edouard Boudrant

Jose Luis Jacome

FIHO - CFO

FIHO - Director of Operations

Financial and operating results

Market trends and expectations

11:55 12:00 Simon Galante FIHO - CEO Closing remarks

FibraHotel´s 3rd Investor Day Agenda

4

FibraHotel day 2015 objectives

Continue leading investor communication, transparency and

corporate governance

1

3 FibraHotel´s strategy and growth pipeline

4 Review of financial results

2 Overview of business plan execution in 2015

5

2015 business plan execution

Will reach 69 operating hotels with 2015 portfolio

• In 2015, developed/acquired 13 hotels with 1,833 rooms and almost Ps. 2.7bn invested

• Focus now turns to ramp-up of the 2015 development portfolio

• Portfolio enhancement including five new full-service hotels and landmark assets in

Monterrey, Guadalajara and Queretaro

Funded pipeline continues to build. Ability to develop 10-15 hotels a year

• 11 hotels with ~1,450 rooms to open in 2016/17

• Including six hotels with GICSA FIHO would reach 86 hotels with 11,886 rooms

• Fully funded pipeline; With 80 hotels, FIHO would have ~Ps. 1.7bn of net debt

Property asset management to maximize cash flows

• Four hotels with >500 rooms renovated in 2015; >Ps. 225mm in capex invested

• One hotel rebranding and one hotel conversion

Strong operating results with 7.4% RevPAR growth (3Q 2015 LTM)

• Strong organic growth across the board; >3x Mexico GDP growth and >2x inflation

• Operating margin improvement of 112bps with 46% flow-through

• Invested all cash on the balance sheet. First credit line draw-downs in Q4 2015

1

3

4

2

Note: (i) 2015 portfolio includes: Fairfield Inn & Suites Saltillo and Villahermosa; One Perisur; Fiesta Inn Lofts and Courtyard by Marriott Cd. del Carmen; Fiesta Inn Villahermosa

Cencali; Fairfield Juriquilla; One Durango; Fiesta Americana Pabellon M; AC by Marriott Guadalajara and Queretaro; FAG Monterrey Trebol; Live Aqua Monterrey Trebol

6

The most attractive hotel portfolio in Mexico

Business hotel portfolio tracking the Mexican economy

• Including six hotels with GICSA FIHO would reach 86 hotels with 11,886 rooms

7

Open architecture with access to the best brands

Broad range of alternatives across categories, brands and operators

8

• Added five new full-

service hotels in key

markets (two luxury)

• Increased exposure to

extended stay segment

A continuously improving, diversified portfolio

Increased exposure to full-service hotels and landmark assets

Room breakdown based on FibraHotel´s current portfolio of 80 hotels with 11,006 rooms

Rooms by segment Rooms by Operator Rooms un operation/development

• Posadas continues to be

main partner with 60

hotels

• Reached 12 hotels with

Marriott International

• 69 hotels with 9,557 rooms

operating (including 2015

development portfolio)

• 11 hotels with 1,449 rooms

under development

• At IPO FIHO had 2 operators, 3 brands, 1 full service hotel and no extended stay hotels

Notes: Company estimates

9

Landmark properties in portfolio

10

Growth story in an attractive segment

4,397 4,798

5,547 5,547 6,115

6,664 6,944 7,656 7,777 7,921 8,077

1Q

´13

2Q

´13

3Q

´13

4Q

´13

1Q

´14

2Q

´14

3Q

´14

4Q

´14

1Q

´15

2Q

´15

3Q

´15

Rooms in operation RevPAR of stabilized properties

+84%

25% CAGR

522

569

541 547 530

569 567

596

561

611 607

1Q

´13

2Q

´13

3Q

´13

4Q

´13

1Q

´14

2Q

´14

3Q

´14

4Q

´14

1Q

´15

2Q

´15

3Q

´15

+16%

6% CAGR

177

250 295 310 309

380 396

447 449

501 504

1Q

´13

2Q

´13

3Q

´13

4Q

´13

1Q

´14

2Q

´14

3Q

´14

4Q

´14

1Q

´15

2Q

´15

3Q

´15

Revenues (Ps. $ million) NOI (Ps. $ million)

+184%

46% CAGR

66

90 102 103 99

126 130

148 143 155

162

1Q

´13

2Q

´13

3Q

´13

4Q

´13

1Q

´14

2Q

´14

3Q

´14

4Q

´14

1Q

´15

2Q

´15

3Q

´15

+145%

36% CAGR

Notes: Company financials

11

FibraHotel´s price is correct?

Annualized dividend yield – Q3 2015

Considerations:

- FIHO is currently in investment phase, and thus its dividend yield is not normalized

- For comparison purposes, need to analyze the company by separating the development portfolio

- Even in this scenario, the analysis does not take into account further upside such as:

i. Organic growth (7.4% RevPAR growth y-o-y)

ii. Attractive returns from developments

iii. Use additional debt to lever up the balance sheet and invest in accretive projects

Note: Illustrative calculation estimations: FIHO PF assumes that the ~2.5bn in cash and development properties at Q3´15 is used to repurchase

shares at current price (~165mm shares). For FIHO, PF yield based on Q3 distribution net of interest income, annualized (Ps. 24.4mm for Q3)

divided by adjusted market capitalization after share repurchase (Ps. 5.0bn including 329mm shares with economic rights)

5.3% 5.5% 5.6% 5.7%

6.3% 6.4% 6.7%

7.7%

8.0%

HCity FUNO FINN Danhos FIHO FSHOP Terra Prologis MQ FIHO PF1

0%

Notes: Illustrative example only. Prices as of December 1, 2015.

12

FibraHotel´s price is correct?

Real estate valuation

Considerations of per key values:

- FIHO portfolio cost of Ps. 0.9mm (US$54k)

- Avg. market transactions: Ps. 1.4mm (US$85k)

- Cost to develop Ps. mm: (i) select service ~1.0, (ii)

limited service ~0.75, (iii) full service ~1.5

Price per key Price per square meter

Considerations of construction costs:

- FIHO 2015 portfolio cost per m2 Ps. 27,539

(excluding Trebol and Pabellon M: Ps. 21,480)

Notes: Illustrative example only. Company estimates.

FIHO - Q3 2015 Total Operating

# of hotels 80 60

# of rooms 11,006 8,210

# of shares with econ. rights (mm) 494.3

Ps. US$

Cash on hand 849.0 51.5

Dividend payable for results in Q3 (106.0) (6.4)

Net cash 743.0 45.0

Cash invested in development 1,750.0 106.1

Pro-forma cash (op.) properties 2,493.0 151.1

Calculations

Ps. US$

Hotels 60 60

Rooms 8,210 8,210

Market Cap 7,458.6 452.0

Pro-forma cash for operating hotels (2,493.0) (151.1)

Enterprise Value 4,965.6 300.9

Ps. / key US$ / key

EV per operating hotel key 604,818.7 36,655.7

Discount to FIHO historical cost (32.5%)

Operating hotels

FIHO including 2015 portfolio

# of hotels 69

# of rooms 9,557

Real Estate constructed (m2/ft2) 570,000 6,135,423

# of shares with econ. rights (mm) 494.3

Ps. US$

Cash on hand 849.0 51.5

Dividend payable Q3 (106.0) (6.4)

Remaining Investment to develop (1,183.2) (71.7)

PF debt w / 69 open hotels (440.2) (26.7)

Calculations

Ps. / m2 US$ / ft2

Hotels 69 69

Rooms 9,557 9,557

Real Estate constructed (m2/ft2) 570,000 6,135,423

Market Cap 7,458.6 452.0

Pro-forma cash for operating hotels 440.2 26.7

Enterprise Value 7,898.8 478.7

Ps. US$

EV per m2 constructed 13,857.5 839.8

EV per ft2 constructed 1,287.4 78.0

Discount to 2015 Development Portfolio cost (49.7%)

FIHO including 2015 portfolio

13

What changed? A better company at half the price

Hotels are real “hard” assets and have appreciated in market value

2.5x larger portfolio: Added 49 hotels and >6,500 rooms (39 in operation)

Diversified portfolio: Added international brands, landmark assets in

gateway cities and exposure to full-service hotels

Announced pipeline – clear use of cash

Lodging sector outperforming: Best KPIs in years across the board

Mexico economic prospects improved (structural reforms, attractive

industrial, automotive and manufacturing investment prospects)

>Ps. 1,100mm returned to shareholders (>Ps. $2.3 per CBFI)

Increased Interest rate

uncertainty

Capital deployment has been

more focused on development

than acquisitions (and slower)

Peso depreciation

More Fibras in the market

Evolution of FibraHotel since the IPO Considerations since IPO:

Even with real assets, a better environment and more rooms in operation, the stock price decreased in 2015

Notes: Prices as of December 1, 2015

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

$0.50

$0.75

$1.00

$1.25

$1.50

$1.75

$2.00

$2.25

$2.50

11/2012 02/2013 05/2013 08/2013 11/2013 02/2014 05/2014 08/2014 11/2014 02/2015 05/2015 08/2015 11/2015

FIHO stock price (US$) Rooms in operation

Evolution of FibraHotel since the IPO

Hotels are real “hard” assets and have appreciated in market value

2.5x larger portfolio: Added 49 hotels and >6,500 rooms (39 in operation)

Diversified by adding international brands and landmark full-service hotels

Announced pipeline. Clear use of cash with proven development know-how

Lodging sector outperforming: Best KPIs in years across the board

Built asset management team and optimized hotel level results

Mexico economic prospects improved (structural reforms, FDI, etc.)

>Ps. 1,100mm returned to shareholders (>Ps. $2.3 per CBFI)

14

FibraHotel business plan – What is next?

Growth story intact with a clear pipeline that continues to build

• Continue leveraging development expertise to grow in mixed use projects at right cost

• Announced 10 hotels for 2016/2017 with additional projects coming

• Looking for acquisition opportunities. Continues to be a sellers market

Strong performance of stabilized portfolio. Bullish for 2016

• Strong fundamentals for organic growth in 2016. FDI and manufacturing continue to

supporting record KPI levels in the portfolio

• Focus on ramp-up of 2015 portfolio

Strong balance sheet provides capital allocation alternatives

• Fully funded for announced portfolio, maintaining a conservative LTV of ~20%

• Alternatives to create shareholder value such as a CBFI buy-back

• Exploring alternatives to fund developments without impacting dividend

Leading management team and sponsor aligned with investors

• Transparency and corporate governance are key components of our strategy

• Best-in-class team to manage existing hotel portfolio and execute growth

• Sponsor aligned with investors and with a strong position in the company

1

3

2

4

FIHO is the leading company in the attractive business hotel segment with landmark assets

15

2015 portfolio

16

2015 portfolio overview

Developed nine brands (six not fully developed in Mexico) Right cost

Segment

Room breakdown by:

Region

Geographic location

Category Ps. mm US$ k

Full Service 2.0 121.6

Select Service 1.0 60.1

Limited Service 0.8 47.7

Total 1.4 83.5

Price per Key

By investment, almost 70%

represents full-service hotels

Notes: Estimated investment and cost per key for developments. Assumes FX of 16.5 Ps per USD

17

Location - Queretaro

Type - 175 full-service rooms

Inv. 212mm │ Per key – US$73k (Ps. 1.2mm)

Brand/Operator - AC / Marriott

AC by Marriott Antea Queretaro Courtyard Ciudad del Carmen

Location – Ciudad del Carmen

Type - 133 select-service rooms

Inv. 135mm │ Per key – US$60k (Ps. 1mm)

Brand/Operator - Courtyard / Marriott

Location - Monterrey



Brand/Operator – Fiesta Americana / Posadas

Fiesta Americana Monterrey Pabellon M AC by Marriott Torre Americas 1500 Guadalajara

Location - Guadalajara



Brand/Operator - AC / Marriott

Live Aqua Monterrey


Type - 74 luxury rooms


Brand/Operator - Aqua / Posadas




Brand/Operator - FAG / Posadas

Fiesta Americana Grand Monterrey

Fairfield Inn & Suites Juriquilla

Location – Juriquilla (Queretaro)

Type - 134 limited-service rooms


Brand/Operator - Fairfield / Marriott

Location - Saltillo




Fairfield Inn & Suites Saltillo

Location - Ciudad del Carmen

Type - 120 extended-stay rooms

Inv. 120mm │ Per key – US$60k (Ps. 1mm)

Brand/Operator – Fiesta Inn Lofts / Posadas

Fiesta Inn Lofts Ciudad del Carmen

Location - Villahermosa




Fairfield Inn & Suites Villahermosa

Location – Mexico City



Brand/Operator - One / Posadas

One Perisur

Location - Durango


Inv. 72.5mm │ Per key – US$35k (Ps. 0.6mm)

Brand/Operator - One / Posadas

One Durango

2015 portfolio overview (cont´d)


18

Market announced acquisition transactions since 20133

FibraHotel acquisitions

Continue with bolt-on acquisitions at right cost

Notes: (i) Assumes FX of 16.5 Ps. per USD; (ii) Fiesta Inn Villahermosa Cencali includes land for an additional hotel; (iii) Estimated investment based on public disclosure; (iv) Includes 2015 portfolio of developments

Market

FibraHotel4

Overview by segment

Price / key

(Ps. 000´s)

Price / key

(US$ 000)

Limited service 713 43.2

Select service 952 57.7

Full service 1,729 104.8

Overall 1,003 60.8

Price / key

(Ps. 000´s)

Price / key

(US$ 000)

Limited service 785 47.6

Select service 1,359 82.4

Full service 1,905 115.4

Overall 1,395 84.6

Initial portfolio Acquisition date CategoryInvestment

(Ps. mm)# rooms

Price / key

(Ps. 000´s)

Price / key

(US$000´s)1

IPO Portfolio FibraHotel Dec 2012 / Feb 2013 3,671.8 4,242 866 52.5

FIHO acquisitions in 2013 2013 882.6 1,024 862 52.2

Fiesta Americana Aguascalientes 15/01/2014 full-service 227.3 192 1,184 71.8

Fiesta Inn Xalapa 27/03/2014 select-service 140.9 119 1,184 71.8

One Xalapa 27/03/2014 limited-service 80.0 126 635 38.5

Fiesta Inn Cd Obregon 07/04/2014 select-service 148.0 141 1,050 63.6

Fussion 5 Leon (Gamma) 16/05/2014 select-service 120.0 165 727 44.1

Gamma Valle Grande Cd Obregon 30/05/2014 select-service 110.0 135 815 49.4

Fairfield Inn Los Cabos 20/06/2014 limited-service 110.0 128 859 52.1

Fiesta Inn San Luis Oriente 21/07/2014 select-service 126.0 140 900 54.5

Gamma Lausana Tijuana 24/07/2014 select-service 120.0 140 857 51.9

Microtel Saltillo (to be repositioned) 25/09/2014 limited-service 125.0 139 899 54.5

Sheraton Ambassador Monterrey 17/11/2014 full-service 182.3 229 796 48.2

Lat 20 by Live Aqua Playa del Carmen 19/11/2014 Luxury 202.5 60 3,375 204.5

Fiesta Inn y One Cuernavaca 15/12/2014 select & limited service 268.0 280 957 58.0

Fiesta Inn Villahermosa Cencali 01/12/2015 select-service2

285.0 159 1,792 108.6

Fiesta Americana Monterrey Pabellon M 02/12/2015 full-service 425.0 177 2,401 145.5

FibraHotel total portfolio $7,224.5 7,596 $951.1 $57.6

Acquisitions since 2013 Acquisition date CategoryInvestment

(Ps. mm)# rooms

Price / key

(Ps. 000´s)

Price / key

(US$000´s)1

Hilton Centro Historico Jun 2013 full-service 1,170.0 458 2,555 154.8

Marriott Puebla Jul 2013 full-service 370.0 192 1,927 116.8

Mexico Plaza Portfolio (4 hotels) 2014 limited-service 492.9 521 946 57.3

Camino Real Guanajuato Aug 2013 full-service 230.0 105 2,190 132.8

Holiday Inn Coyoacan Dec 2013 full-service 381.0 214 1,780 107.9

Melia Reforma Ciudad de Mexico Dec 2013 full-service 910.0 489 1,861 112.8

Aloft Guadalajara Jan 2014 select-service 220.0 142 1,549 93.9

Holida Inn Tampico Altamira Mar 2014 select-service 112.5 100 1,125 68.2

Microtel portfolio (6 hotels) Sep 2014 limited-service 432.0 667 648 39.3

Crown Plaza Monterrey Airport Sep 2014 full-service 351.0 219 1,603 97.1

Mexico Plaza Guadalajara Sep 2014 limited-service 192.0 186 1,032 62.6

Krystal Urbano Cancun Nov 2014 full-service 263.4 212 1,242 75.3

Maria Barbara Satelite Apr 2015 select-service 305.0 215 1,419 86.0

Holiday Inn Reynosa June 2015 full-service 103.6 95 1,091 66.1

Hampton Inn Hermosillo June 2015 select-service 175.0 151 1,159 70.2

Staybridge Suites Guadalajara July 2015 extended stay 142.5 117 1,218 73.8

Aryba Guadalajara July 2015 select-service 179.4 181 991 60.1

Courtyard Chihuahua November 2015 select-service 234.4 152 1,542 93.5

Hampton Inn Chihuahua November 2015 select-service 327.2 190 1,722 104.4

City Express and City Junior Chihuahua November 2015 limited-service 126.1 209 603 36.6

Market transaction average $6,718.0 4,815 $1,395.2 $84.6

19

Development of One Perisur hotel - case study

One Perisur

One Periferico Sur Ciudad de Mexico

144 limited service rooms operated by

Grupo Posadas

Opened in July 2015

Located in Mexico City (Center region)

General information

Location

Mexico City, on Periferico Sur

In a hotel complex with the Fiesta Inn

Perisur hotel

20

Overview of the One Perisur construction

January 2015

May 2015 March 2015

November 2014

21

2015 portfolio main focus is now ramp-up

Occupancy rate

14%

29% 35% 32% 34%

40% 40% 46%

54%

44% 42% 48%

m1 m2 m3 m4 m5 m6 m7 m8 m9 m10 m11 m12

ADR

$803 $756 $777 $795 $806 $785 $754 $776 $830 $810 $790 $784

m1 m2 m3 m4 m5 m6 m7 m8 m9 m10 m11 m12

RevPAR

$110

$218 $268 $253 $277

$313 $300 $360

$445

$360 $328

$379

m1 m2 m3 m4 m5 m6 m7 m8 m9 m10 m11 m12

Exercise based on a sample of 5 greenfield hotels:

• One Tapatío, One Cuernavaca, One Monclova, Real Inn

Morelia, Camino Real Suites Puebla

Occupancy during ramp-up:

• Phase 1: During the First 6-month period. Consists of

positioning the new hotel in the market

• Result: 32% occupancy rate (accumulated)

• Phase 2: During the second 6-month period, the hotel is

consolidated in the market

• Result: 46% occupancy rate (accumulated)

• Phase 3: From the 12th month and until the 24/36th month,

the hotel is stabilized with penetration above 100%

(occupancy rate similar to the stabilized portfolio)

• Result: 60% to 65% occupancy rate on a yearly basis

ADR:

• ADR is fairly stable during the first year of the hotel

• Additional increase in rates comes from revenue

management once the hotel is stabilized

RevPAR growth:

• Increase in RevPAR during ramp-up and first 12 months is

mainly driven by the occupancy increase

• Further growth to come from above average market

penetration

22

Announced pipeline of 2016/2017 projects

Courtyard Toreo (2016)

Location – Mexico City (Toreo)



Brand/Operator – Courtyard / Marriott

Location – Los Mochis (Sinaloa)


Inv. 112.5mm │ Cost per key – Ps. 900k

Brand/Operator – Fiesta Inn / Posadas

Fiesta Inn Los Mochis (2016)

Courtyard Via Vallejo Mexico City (2016)




Brand/Operator – Courtyard / Marriott




Brand/Operator – Fairfield Inn & Suites / Marriott

Fairfield Inn & Suites Via Vallejo Mexico (2016)

Fairfield Inn & Suites Nogales (2016)

Location – Nogales







Brand/Operator - TBD

Limited service Cuautitlan, Mexico City (2016)

Fiesta Inn Viaducto - Via 515 (2017)






Type - 108 extended stay rooms



Fiesta Inn Lofts Viaducto – Via 515 (2017)

Fiesta Inn Lofts Monterrey La Fe (2016)

Location – Monterrey

Type - 48 extended stay rooms



Location - Veracruz



Brand/Operator – TBD

Select Service Veracruz (2016)

Fiesta Inn Villahermosa (2017)

Location – Villahermosa, Tabasco





23

Current 2016/2017 portfolio overview

Right cost Potential brands

Category Ps. mm US$ k

Extended stay 1.1 67.2

Select Service 1.1 67.0

Limited Service 0.9 57.5

Total 1.1 64.6

Price per Key

Segment

Room breakdown by:

Region

Geographic location


24

Additional pipeline alternatives

25

FibraHotel portfolio

Under 2017

Total By Q3 2015 Pending Constr. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

56 Current portfolio 7,674 634.7 849.0 (214.3) 7,674 7,674 7,674 7,674 7,674 7,674 7,674 7,674 7,674

2015 Portfolio

1 Fairfield Inn & Suites Saltillo 139 March 2015 112.0 112.0 0.0 139 139 139 139 139 139 139 139 139

2 One Perisur 144 June 2015 120.0 54.4 (65.6) 0 144 144 144 144 144 144 144 144

3 Fiesta Inn Lofts Cd del Carmen 120 Sep 2015 0 0 120 120 120 120 120 120 120

4 Courtyard by Marriott Cd. del Carmen 133 Nov 2015 0 0 0 133 133 133 133 133 133

5 Fairfield Villahermosa 134 Dec 2015 110.0 99.0 (11.0) 0 0 0 134 134 134 134 134 134

6 Fiesta Inn Villahermosa Cencali 159 Nov 2015 295.0 0.0 (295.0) 0 0 0 159 159 159 159 159 159

8 Fairfield Juriquilla 134 Dec 2015 110.0 108.8 (1.2) 0 0 0 134 134 134 134 134 134

7 One Durango 126 Dec 2015 72.5 30.6 (41.9) 0 0 0 126 126 126 126 126 126

9 Fiesta Americana Pabellon M 177 Q1 2015 425.0 39.0 (386.0) 0 0 0 0 177 177 177 177 177

10 AC by Marriott Guadalajara 188 Q1 2015 246.0 212.3 (33.7) 0 0 0 0 188 188 188 188 188

11 AC by Marriott Queretaro 175 Q1 2015 212.0 146.4 (65.6) 0 0 0 0 175 175 175 175 175

12 FAG Monterrey Trebol 180 Q1 2015 0 0 0 0 180 180 180 180 180

13 Live Aqua Monterrey Trebol 74 Q1 2015 0 0 0 0 74 74 74 74 74

13 Sub-total 1,883 2,668 1,593 (1,074.9) 139 283 403 1,089 1,883 1,883 1,883 1,883 1,883

69 FibraHotel Portfolio 9,557 (440.2) 7,813 7,957 8,077 8,763 9,557 9,557 9,557 9,557 9,557

2016/2017 Portfolio

1 Fiesta Inn Lofts Monterrey 48 Q2 2016 48.0 0.5 (47.5) 0 0 0 0 0 48 48 48 48

2 Fiesta Inn Los Mochis 125 Q3 2016 112.5 24.1 (93.8) 0 0 0 0 0 0 125 125 125

3 Fairfield Inn & Suites Vallejo 125 Q3 2016 0 0 0 0 0 0 125 125 125

4 Courtyard Vallejo 121 Q3 2016 0 0 0 0 0 0 121 121 121

5 Fairfield Nogales 134 Q3 2016 120.0 10.2 (109.8) 0 0 0 0 0 0 134 134 134

6 Fairfield Cuautitlan 115 Q3 2016 160.0 50.0 (110.0) 0 0 0 0 0 0 115 115 115

7 Select Service Veracruz 165 Q4 2016 188.3 32.6 (155.6) 0 0 0 0 0 0 0 165 165

8 Courtyard Toreo 130 Q4 2016 45.5 0.9 (44.6) 0 0 0 0 0 0 0 130 130

9 Fiesta Inn Via 515 178 2017 0 0 0 0 0 0 0 0 178

10 Fiesta Inn Lofts Via 515 108 2017 0 0 0 0 0 0 0 0 108

11 Fiesta Inn Cencali 200 2017 220.0 0.0 (220.0) 0 0 0 0 0 0 0 0 200

11 Sub-total 1,449 1,519 264 (1,260.6) 0 0 0 0 0 48 668 963 1,449

80 FibraHotel Portfolio 11,006 (1,700.8) 7,813 7,957 8,077 8,763 9,557 9,605 10,225 10,520 11,006

6 GICSA 880 (900.0) 0 0 0 0 0 0 0 280 880

86 FibraHotel Portfolio 11,886 (2,600.8) 7,813 7,957 8,077 8,763 9,557 9,605 10,225 10,800 11,886

290.0 95.8 (194.2)

335.0 50.0 (285.0)

710.0 535.1 (174.9)

255.0 255.0 0.0

20162015Hotel Name Rooms Opening

Investment (Ps. mm)

Overview of FibraHotel´s portfolio

Notes: Estimated investment and cost per key for developments

26

Pabellon M – case study

27

Pabellon M – case study OperatorNo. of

roomsCategory Location

Total (Ps.

mm)

Per key

(Ps.'000)

Posadas 96 Extended-stay Monclova $95 $990

Strategic location

Downtown Monterrey, inside Pabellon M complex

Adequate price and return

Leading penetration driven from strong project demand

including 30k of offices, conference center for ~3,800

people, auditorium for 4,500 people, and 22k of retail

Price per key US$145k

High quality and unique assets

Landmark hotel in the largest project and 50 level

tower in Monterrey, by Agustin Landa

New Fiesta Americana hotel design

Portfolio diversification

Adds exposure to Monterrey and full-service category

Investment criteria

177-room full-service hotel located in business

downtown district in Monterrey, Nuevo Leon

Fiesta Americana hotel operated by Grupo

Posadas

Leading market penetration from a combination

of project specific and market wide demand

Budget of Ps. $425mm (US$145k per key)

Acquired the structure finished from Pabellon

M. Interiors and FF&E executed by FibraHotel

through subcontractors

Opening Q1 2016, just months after acquiring

Hotel overview and strategic rationale

Pictures of Pabellon M Hotel location

Note: Company estimates

Office

Hotel

28

Fiesta Inn & Lofts Via 515 – case study

Strategic location

Mexico City on Viaducto, one of the main highways

Inside mixed-use project Via 515


Two hotels with 278 rooms and conference center

Price per key <US$75,000


Inside mixed use project with 35k of office GLA, 15k of

retail GLA and the two hotels


Expand presence in Mexico City. New location in the

east part of the city

Continue expanding extended stay segment

Investment criteria

178-room select-service Fiesta Inn hotel and

108-room extended stay Fiesta Inn Lofts hotel

Fiesta Inn and Fiesta Inn Lofts hotels operated

by Grupo Posadas, looking to leverage local

distribution

Over 500m2 of meeting space

Budget of Ps. $335mm (US$73k per key)

Acquired the core and shell of the structure

finished from project developer. Interiors and

FF&E executed by FibraHotel through

subcontractors

Estimated for year end 2017


Renders of Via 515 Hotel location in Mexico City


1

3 2 4

1) Mexico City International airport 2) Autódromo Hermanos Rodríguez 3) Palacio de los Deportes 4) México-Puebla highway and Ignacio Zaragoza industrial zone Via 515 project with Fiesta Inn and Fiesta Inn Lofts hotels

29

Villahermosa Cencali – case study

Strategic location

Tabasco 2000 area in Villahermosa

On 19,200m2 of land. FIHO to develop a new hotel


Strong performance of Posadas hotels in the city

Price per key combined of ~US$90k


In the main business district, and on the Laguna de

las Ilusiones

Premium land plot to develop


Operating hotel converted to Fiesta Inn

Exposure to the Gulf region and the oil industry

Investment criteria

339 room hotel complex. Initially a 159-room

select-service Fiesta Inn hotel. Additional 200

rooms to be developed

Convert an independent hotel to Fiesta Inn

First Posadas hotel in Villahermosa (Fiesta Inn

had leading penetration in the market in the past)

Investment in first phase of Ps. $295mm (US$112k

per key including land plot). Full project investment

estimated at Ps. 515mm (US$87k per key)

Develop a conference center of 1,300m2

New hotel tower expected for 2017


Pictures of the Cencali Villahermosa hotel Hotel location


30

Financing in place to continue growth

FibraHotel

Operating

portfolio by

YE 2015

56 hotels

7,674 rooms

2015

Portfolio

Current

Operating

portfolio

2016/2017

development

portfolio =

56 hotels

7,674 rooms

+

13 hotels

1,883 rooms

69 hotels

9,557 rooms

+

69 hotels

9,557 rooms

Portafolio

pro-forma =

PF cash of

+ Ps. 650mm

69 hotels

9,557 rooms

17 hotels

2,329 rooms

86 hotels

11,886 rooms

11 hotels

1,449 rooms

Remaining

Investment of

(-) Ps. 1,100mm

PF debt of

Ps. (440mm)

PF debt of

~Ps. (2,600mm)

Op

era

. D

eve

l.

5 hotels

695 rooms

8 hotels

1,188 rooms

GICSA

11 hotels

1,449

Remaining

Investment of

(-) Ps. 900mm

Remaining

Investment of

(-) Ps. 1,260mm

6 hotels

880 rooms

+

6 hotels

880


31

Strong management team and growth structure

Finance Operations Development Legal

Edouard Boudrant

Chief Financial Officer

José Luis Jacome

Chief Operation Officer

Guillermo Bravo

Head of Dev. / IR

Lorena Garcia

Head Legal Counsel

Team of 7 persons

• Controllers

• Treasurer

• Fixed Assets

• Administrative

Team of 5 persons

• Operations

• Maintenance

• Capex

Team of 2 persons

• Development

managers

Team of 3 persons

• Legal counsels

Eduardo Lopez

Chief executive Officer

Fib

raH

ote

l

Ad

min

istr

ato

r

Fib

raH

ote

l

Ad

vis

or

Roberto Galante Alberto Galante Simón Galante

Serv

ice

pro

vid

ers

32

Cacao Playa del Carmen – Rebranding case study

33

KPIs continue to be solid…

2007 / 2015 Quarterly KPIs of 47 stabilized hotels

• 3Q 2015: a 66.2%, occupancy rate, a Ps. 917 ADR, a Ps. 607 RevPAR

Occupancy rate: +209bps vs. 3Q 2014 (64.1%)

ADR: +3.6% vs. 3Q 2014 (Ps. 885)

RevPAR: +7.0% vs. 3Q 2014 (Ps. 567)

• 3Q 2015 LTM: a 64.2% occupancy rate, a Ps. 925 ADR, a Ps. 594 RevPAR

Occupancy Rate: +259bps vs. 3Q 2014 LTM (61.6%)

ADR: +3.0% vs. 3Q 2014 LTM (Ps. 898)

RevPAR: +7.4% vs. 3Q 2014 LTM (Ps. 553)

0%

10%

20%

30%

40%

50%

60%

70%

80%

0

100

200

300

400

500

600

700

800

900

1,000

2007 2008 2009 2010 2011 2012 2013 2014 2015

ADR RevPAR Occupancy

34

…with positive growth across all regions and segments

51% 40%

9%

>65% 50%>65% <50%

Occupancy – 3Q 2015 Results driven by (i) market dynamics (ii) penetration by the brands and

operators; and (iii) asset management by FibraHotel

• Occupancy, ADR and RevPAR y-o-y growth is positive across all regions

and categories

• All regions are above 60% occupancy (most near 65%)

• The northeast, led by Monterrey, continues to outperform in growth with

almost 20% increase in RevPAR

• On a per segment basis, full service hotels are coming off a lower base and

continue to have more room to grow in the near term

KPI breakdown per region – 47 stabilized hotel portfolio

# of stabilized hotels with

occupancy of:

Occupancy ADR RevPAR Occupancy ADR RevPAR Occupancy ADR RevPAR

By region

Northwest 23% 59.2% $897 $531 64.2% $911 $585 5.0% 1.5% 10.1%

Northeast 13% 57.5% $790 $455 64.2% $845 $543 6.7% 6.9% 19.3%

Central and South 54% 64.3% $934 $600 64.6% $966 $624 0.3% 3.5% 4.0%

West 9% 57.9% $822 $476 61.7% $831 $513 3.8% 1.1% 7.8%

Stabilized Portfolio (47H) 100% 61.6% $898 $553 64.2% $925 $594 2.6% 3.0% 7.4%

By segment

Limited-Service 22% 58.6% $702 $412 61.6% $730 $450 3.0% 4.0% 9.4%

Select-Service 69% 63.2% $934 $590 65.6% $953 $626 2.4% 2.0% 6.0%

Full-Service 8% 56.3% $1,097 $618 59.2% $1,203 $713 2.9% 9.6% 15.3%

Stabilized Portfolio (47H) 100% 61.6% $898 $553 64.2% $925 $594 2.6% 3.0% 7.4%

3Q 2014 LTM 3Q 2015 LTM Change y-o-y% of

rooms

35

Key financial indicators – 3Q LTM

Occupancy

ADR

RevPAR

3Q 2014 LTM 3Q 2015 LTM

61.4% 64.2%

Ps. 898 Ps. 925

Ps. 553 Ps. 594

Total Revenues Ps. 1,394mm Ps. 1,901mm

NOI Ps. 458mm Ps. 608mm

EBITDA Margin Per room

Ps. 327m 23.5%

Ps. 47,092

Ps. 468mm 24.6%

Ps. 57,913

AFFO Ps. 415mm Ps. 428mm

Var.

+259bps

+3.0%

+7.4%

+36.4%

+32.6%

+43.0% +115bps +23.0%

+2.7%

• 47 stabilized properties

• Total Portfolio

Note: Financial information as reported, as of Q3 2015

36

Stabilized properties vs. ramp-up properties

# of Rooms – 3Q 2015

6,298

1,176

Stab. Ramp-up

# of Hotels – 3Q 2015

44

11

Stab. Ramp-up

16% 20%

Financial performance

• During the 2015 January to September period,

FibraHotel’s managed hotels generated:

• Ps. 1,392 million of total revenues

• 89% for stabilized hotels

• 11% for ramp-up hotels

• Ps. 419 million of lodging contribution (margin: 30.1%)

• 91% for stabilized hotels (margin: 30.7%)

• 9% for ramp-up hotels (margin: 25.3%)

• The stabilization of the 11 ramp-up hotels should:

• Increase lodging contribution:

• Increase in RevPAR should lead to better results

on a same store basis

• Increase in margins

• Increase in revenues from RevPAR growth

supports margin growth driven from efficiencies of

scale and operating leverage at the hotel level

552 600 589

1Q 2015 2Q 2015 3Q 2015

361 422 455

1Q 2015 2Q 2015 3Q 2015

Stabilized - RevPAR Ramp-up - RevPAR

Jan-Sep 2015 Portfolio

Data in thousand of Ps. Total Stabilized Ramp-up

# of hotels 55 44 11

# of rooms 7,474 6,298 1,176

Revenues 1,392,248 1,243,391 148,858

Lodging contribution 418,699 381,236 37,698

Margin 30.1% 30.7% 25.3%

Lodging Contribution / room 56,021$ 60,533$ 32,056$

+89%

Note: Calculations only include managed hotels (e.g. excludes leased hotels). Data from January-September 2015 for illustrative purposes only

• Lodging contribution per room of stabilized

hotels is almost twice the lodging contribution

per room of ramp-up hotels

• Ps. 60,533 vs. Ps. 32,056

37

Operating leverage leading to better margins

Revenues: +8.2%

Lodging contribution: +12.2%

Margin: +112bps

1,027 1,111

314 352

30.5% 31.7%

9M 2014 9M 2015

881 896

541 579

61.4% 64.7%

9M 2014 9M 2015

Occupancy: +329bps

ADR: +1.7%

RevPAR: +7.1%

Note: 2014 financial information as reported,, 2015 data presented on a comparable basis (e.g. the same # of hotels is used for each quarter, and thus exclude acquired or recently opened hotels)

January to September – KPIs January to September – Financial performance

Same store comparable margin for 9mo 2014 vs. 9mo 2015:

• 12.2% Lodging Contribution increase

• 112bps margin expansion

• Flow Though of 46%

e.g. Ps. $100 of additional

revenues generates Ps. $46

of additional Lodging

Contribution

38

Successful hotels renovations

• During 2014 and 2015, FibraHotel made 5

renovations: Fiesta Inn Naucalpan, Camino Real

Puebla, Fiesta Inn Culiacan, Fiesta Inn Saltillo,

Fiesta Inn Tlalnepantla

• Each hotel is evaluated for a possible

renovation due to the returns on the invested

capital coupled with the positioning of the

hotel in the market. Benefits include

• Renew the property competitively in the market

and with customers

• Update to new standards

• Cost efficiencies (LED, maintenance, etc.)

• On average, the investment made for full

renovation is Ps. 25/30mm

• Results of renovated properties between 2014

and 2016E1

• Increase in occupancy rate of 302bps

• Increase in ADR of 18%

• Increase in RevPAR of 24%

• Increase in Lodging Contribution of 34%

• A 307bps margin improvement

$623

$771

2013 2016

Revenue Per Available Room

Lodging Contribution (Ps. mm)

63.7

85.5

2013 2016

+24%

+34%

Note: (i) In the beginning of 2014 none of the hotels was renovated, and by the beginning of 2016 all hotels are remodeled

39

AFFO growth notwithstanding cash deployment headwinds

310 314

(72)

(22)

40

30

27

AFFO 2014 Interest income Other M&A Stabilized Ramp-up AFFO 2015

AFFO

9M 2014 (Jan-Sep)

AFFO

9M 2015 (Jan-Sep)

Cash position in billion of pesos:

4.8 4.2 3.6 3.1 2.1 1.9 1.5 0.7

2014 2015

Hotels’ NOI: +31.2% (leases excluded)

Note: Other includes increase in CAPEX reserve (-), increase in corporate expenses (-) and increase in lease NOI (+)

Strong increase in hotels’ cash flow generation, partially offset by strong cash

deployment effort leading to decrease in interest income

40

Strong balance sheet provides alternatives

• As of Sept. 30th, 2015, zero debt and Ps. 675mm of

cash available (Ps. 849mm including VAT)

• Two available credit lines with two banks

• Ps. 1,000mm each

• Structure overview:

• Tranche A: revolving / Tranche B: term loan

up to 12 years

• Spread: les than 200bps over TIIE

• 100% peso funding and repayment

• 100% floating rate (hedge to be contracted)

• Mortgage backed with hotels

• First drawdown in November 2015

$850

$1,000

$1,000

Liquidity

~Ps. 2,850

Cash

CL 1

CL 2

Benchmarking of FIBRAs LTV as of 3Q2015

Note: Company estimates. FINN is pro-forma for Ps. 1.9bn bond in October as illustrative

71 74 78 82 86 90 94 99 104 109 114

105 110 116 121 127 134 140 147

71

179 188 197 207 217 228 239 251

109 114

-

200

400

600

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

Illustrative maturity schedule with Ps. 2bn (Ps. mm)

Liquidity overview

Debt overview

41%

35% 31%

26%

20%

0% 0% 0%

10%

20%

30%

40%

50%

MQ Terra FUNO SHOP FINN Danhos FIHO

$850

$1,000

$1,000

Liquidity

~Ps. 2,850

Cash

CL 1

CL 2

• Pro Forma LTV

of 17% with

Ps. $2,000mm

of debt

• ~Ps. 2.6bn in

liquidity w/

working capital

41

Cash deployed with leverage < 20% LTV

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2Q2013

3Q2013

4Q2013

1Q2014

2Q2014

3Q2014

4Q2014

1Q2015

2Q2015

3Q2015

4Q2015

1Q2016

2Q2016

3Q2016

4Q2016

Mill

lion

of

Pe

so

s

Cash positive Debt

Available Cash + VAT Hotels in Operation Development Portfolio Debt

Excess cash

Credit

Lines

Documents

FibraHotel day 20134 FibraHotel day 2015 objectives Continue leading investor communication, transparency and corporate governance 1 3 FibraHotel´s strategy and growth pipeline5 2015