FibraHotel Day 2016 November 18 th 2016 @FibraHotel Disclaimer - - PowerPoint PPT Presentation

FibraHotel Day 2016

November 18th 2016

@FibraHotel

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
• ffer 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

• n 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 Any such offering may be made only by an offering memorandum and the information contained herein will be superseded in its entirety by such offering memorandum in final form.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

• r

materiality

• f

the information furnished in this presentation, which remains subject to verification, completion and change without notice. Investors should review the

• ffering 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

• ffering 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

• ffered or sold in the United States absent registration
• r 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.

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4th Investor Day Agenda

FibraHotel Investor day 2016 November 18th 2016

Start Finish Speaker Title Topic 09:00 09:40 Simon Galante FIHO - CEO Introduction and strategy 09:40 09:50 Edouard Boudrant FIHO - CFO Organic growth and stabilized portfolio KPIs 09:50 10:10 Guillermo Bravo FIHO - Head of Development Portfolio overview - 2016 achievements 10:10 10:20 Victor de Anda Aset Designing the Live Aqua San Miguel de Allende 10:20 10:30 Guillermo Bravo FIHO - Head of Development Growth pipeline and development update 10:30 10:45 Jose Luis Jacome FIHO - Director of Operations Overview of FIHO´s asset management 10:45 11:25 Edouard Boudrant FIHO - CFO Financial results and financing 11:25 11:30 Simon Galante FIHO - CEO Closing remarks and final Q&A

Agenda

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FibraHotel day 2016 objectives

Continue leading investor communication, transparency and corporate governance

1 3

Strategic considerations in 2017 and going forward

• In a volatile and uncertain environment, management has “been here

before” and knows how to operate in these conditions

• Dynamics for strong organic growth
• Faster AFFO growth in 2017. Portfolio has additional embedded growth

from ramp-ups and developments

4

Review of financial results and financing situation

2

Overview of business plan execution and current portfolio

5

Overview of 2016

Double digit RevPAR growth and strong operating results

• Growth across the board; >6x Mexico GDP growth and 4x inflation
• Continue to grow above inflation with bullish budget for 2017

Fully invested. Complete first growth phase with announced pipeline

• In 2016 added 16 hotels with ~2,300 rooms and Ps. 3.0bn invested
• Pipeline for next two years of 8 hotels, >1,200 rooms and >Ps. 2.0bn investment
• Currently at net debt of Ps. ~1.5bn. Conservative on leverage

Best lodging portfolio in Mexico with 86 hotels and over 12,000 rooms

• Added landmark assets to the portfolio, anchoring value growth in the future
• Six new international branded hotels in 2016 expanding open architecture model
• Marriott/Starwood merger provides benefits from operator scale but less leverage
• Ramp-up properties performing well to date

Proven and experienced management team to operate in uncertain times

• Asset management supported record occupancy and leading penetration in competitive sets
• Grew team to increase benchmarking, preventive maintenance and best practices
• Renovated four properties. Innovative acquisition structure for FA Hermosillo

1 3 4 2

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The most attractive hotel portfolio in Mexico

FibraHotel´s portfolio Mexico City

In 26 states

Total 86 hotels 12,060 rooms

Hotel # room 1 Fiesta Inn Culiacán 146 2 Fiesta Inn Durango 138 3 One Monterrey 126 4 One Acapulco 126 5 One Toluca 126 6 One Coatzacoalcos 126 7 Fiesta Inn Tepic 139 8 One Aguascalientes 126 9 Fiesta Inn Hermosillo 155 10 One Culiacán 119 11 Fiesta Inn Ecatepec 143 12 Fiesta Inn Perinorte 127 13 Fiesta Inn Nuevo Laredo 120 14 Fiesta Inn Naucalpan 119 15 Fiesta Inn Cuautitlán 128 16 Fiesta Inn Perisur 212 17 Camino Real Puebla 153 18 Fiesta Inn Chihuahua 152 19 Fiesta Inn Guadalajara 158 20 One Querétaro 126 21 Fiesta Inn Aguascalientes 125 22 Fiesta Inn Monterrey 161 23 Fiesta Inn Querétaro 175 24 Fiesta Inn Saltillo 149 25 One Patriotismo 132 26 Fiesta Inn Cd. Juárez 166 27 Fiesta Inn Mexicali 150 28 Fiesta Inn León 160 29 Fiesta Inn Monclova 121 30 Fiesta Inn Torreón 146 31 Real Inn Morelia 155 32 Camino Real Suites Puebla 121 33 One Tapatío 126

Hotel # room 34 Fiesta Inn Puebla Finsa 123 35 Fiesta Inn Oaxaca 145 36 One Puebla Finsa 126 37 Real Inn Guadalajara 197 38 Fiesta Inn Tlalnepantla 131 39 Fiesta Inn Toluca Tollocan 144 40 Real Inn Mexicali 158 41 Fiesta Inn Lofts Monclova 37 42 One Monclova 66 43 Grand Fiesta Americana Monterrey 180 44 Live Aqua Monterrey 74 45 Courtyard Vallejo 125 46 Fairfield Inn Vallejo 121 47 Fiesta Americana Aguascalientes 192 48 Fiesta Inn Xalapa 119 49 One Xalapa 126 50 Fairfield Inn Villahermosa 134 51 Fiesta Inn Cd. Obregon 141 52 Fiesta Inn Lofts Querétaro 50 53 Gamma León 159 54 Courtyard Cd. Del Carmen 133 55 Fiesta Inn Lofts Cd. Del Carmen 120 56 Gamma Valle Grande 135 57 Fairfield Inn Los Cabos 128 58 Fiesta Inn San Luis Potosi Oriente 140 59 Gamma Tijuana 140 60 Fairfield Inn Saltillo 139 61 AC Torre Americas Guadalajara 188 62 AC Antea Querétaro 175 63 One Perisur 144 64 Courtyard Toreo 130 65 Sheraton Ambassador Monterrey 229 66 Live Aqua Boutique Playa del Carmen 60 67 Fiesta Inn Los Mochis 125 68 Fiesta Inn Cuernavaca 155 69 One Cuernavaca 125 70 Fairfield Inn & Suites Juriquilla 134 71 One Durango 126 72 Aloft Veracruz 166 73 Fairfield Inn & Suites Nogales 134 74 Fiesta Inn Lofts Monterrey 48 75 Fiesta Inn Viaducto 214 76 Fiesta Inn Lofts Viaducto 72 77 One Cuautitlan 156 78 Fiesta Americana Pabellon M 178 79 Fiesta Inn Villahermosa 159 80 Fiesta Inn Puerto Vallarta 144 81 Fiesta Americana Hermosillo 220 82 Fiesta Inn Buenavista 130 83 Full-service Veracruz 179 84 Fiesta Inn Monterrey Valle 177 85 Live Aqua San Miguel de Allende 134 86 Fiesta Americana Tlalnepantla 223

77 75 74 74 78 2 4 7 8 10 20 21 22 23 27 30 31 32 36 34 43 3 35 40 38 17 29 15 28 11 12 14 25 16 38 42 46 45 9 18 26 24 13 1 6 44 51 49 48 47 52 53 54 55 56 57 59 58 62 86 65 66 67 69 68 41 70 60 71 63 19 33 61 37 80 5 39 72 79 50 73 81 82 83 75 76 84

FibraHotel´s portfolio

85 Note: Shaded yellow properties represent under development, green represents non-stabilized properties

12 hotels under development with 1,763 rooms 18 hotels in ramp-up period with 2,407 rooms 56 stabilized hotels with 7,890 rooms

Operating 74 hotels 10,297 rooms

64

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• 2,000

4,000 6,000 8,000 10,000 12,000 $0.50 $0.75 $1.00 $1.25 $1.50 $1.75 $2.00 $2.25 $2.50

11/12 04/13 08/13 12/13 05/14 09/14 01/15 06/15 10/15 02/16 07/16 11/16

FIHO´s CBFI decreased during most of the year

Even with growth in operating rooms and revenues, the CBFI price has decreased

FIHO CBFI price (US$) Rooms in operation

Note: Prices as of November 16, 2016. EV / operating key is illustrative calculation based on company estimates

Hotels 86 Rooms 12,060 Market Cap 345 Enterprise Value 415 Dividend yield 7.5% EV/Op. Key (US$) 29,950

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Development impact - Quality openings in 2016

Overview of 2016 opening and sample pictures

• In 2016 FibraHotel added 16 hotels with ~2,300 rooms representing over Ps. 3.0 billion in investments (14 opened developments)
• Opened hotels under seven different brands including: Live Aqua, Grand Fiesta Americana, Fiesta Americana, AC by Marriott,

Fairfield Inn & Suites, Fiesta Inn Lofts and One

Grand Fiesta Americana Valle room Fiesta Americana Pabellon M suite Live Aqua Monterrey Valle lobby Spa - Trebol Monterrey Valle AC by Marriott Queretaro Lobby Sky Pool – AC by Marriott Guadalajara

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2,000 4,000 6,000 8,000 10,000 12,000 14,000 Initial portfolio 2014 2015 Q3 2016 YE 2016E

2014 2015 2016E % growth in total rooms 105% 15% 10% % growth rooms in ramp-up N/A 69% 35% % growth rooms in operation 59% 3% 25% % growth development rooms 368% 31% (49%) Overview of FIHO room growth

Development as % of rooms close to IPO levels by year end

Operating rooms have grown faster than development rooms in 2016

4,652 9,539 10,973 11,703 12,060 9% 20% 22% 14% 10% 9% 14% 18% 17% 91% 71% 64% 67% 73%

• Hotels under development as % of total rooms grew after FibraHotel´s follow-on offering in 2013
• 2014 and 2015 had the same trend as the pipeline grew faster than hotel openings with a tight acquisition market
• As of 2016 year to date, this tendency has reversed as FIHO gets closer to being fully invested and hotel openings
• utpace new developments
• FibraHotel´s rooms in operation will increase by 25% in 2016 thanks to acquisitions and hotel openings
• By year end development will represent only ~10% of total rooms returning to IPO levels
• Going forward and with a larger base of rooms in operation, developments will represent a lower % of total

rooms than what we have seen in the past few years

• This same trend will be seen as % of assets on the balance sheet and as % of cash flow

Stabilized In Ramp-up Under development

Note: 2016E includes hotels not yet opened but expected to open by year end 2016

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Rooms Investment (Ps. mm) Opening Contribution in Q3 Assigned market value today Real market value Increase in dividend @10% (Ps. mm) Increase in dividend per CBFI (Ps.) Trebol Monterrey Live Aqua 74 Grand Fiesta Americana 180 Fiesta Americana Pabellon M 178 425.0 mar-16 <3mm 30.0 ? … >0 $39.5 $0.08 AC Guadalajara 188 246.0 jun-16 <3mm 30.0 ? … >0 $21.6 $0.04 AC Queretaro 175 212.0 mar-16 <2mm 20.0 ? … >0 $19.2 $0.04 Total 795 1,593.0 <10mm $100.00 ? … >0 $149.3 $0.30 Div per CBFI Dividend Yield FIHO annualized dividend in Q3 2016 $1.09 7.5% Ilustrative dividend adding these recently opened projects $1.39 9.6% $0.14 710.0 jun-16 <2mm ? … >0 $69.0 20.0

Large investments in ramp-up will support AFFO growth

Additional investments not fully contributing to dividends

• Five other hotels opened in 2016 to date (48-room Fiesta Inn Lofts Monterrey, 126-room One Durango, 134-room Fairfield

Juriquilla, 134-room Fairfield Nogales, 156-room One Cuautitlan ). Overall, 18 hotels in ramp-up period

• Pipeline of 12 hotel developments in progress (4 to open in 2016 with 515 rooms and 8 in 2017/2018 with ~1,250 rooms)
• Recently acquired Fiesta Inn Monterrey Valle hotel

Note: Illustrative calculations including company estimates. Prices as of November 16, 2016.

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KPI during first 7 months – 5 full service hotels in ramp-up $1,137 $1,383 $1,434 $1,536 $1,634 $1,725 $1,820 $199 $782

6% 43%

mar-16 apr-16 may-16 jun-16 jul-16 aug-16 sep-16 Lodging contribution - 5 full service hotels in ramp-up

• 0.9
• 0.7
• 0.4

0.3 1.8 6.1 apr-16 may-16 jun-16 jul-16 aug-16 sep-16 Since March 2016, FibraHotel opened 5 full service hotels which together represent a Ps. $1.6 bn investment, or over 14% of FibraHotel’s total assets. Openings were as follows:

• AC by Marriott Queretaro with 175 rooms In March 2016
• Fiesta Americana Pabellón M with 178 rooms in April 2016
• In June 2016, Grand Fiesta Americana Monterrey Valle with

180 rooms, Live Aqua Monterrey Valle with 74 rooms and AC by Marriott Guadalajara with 188 rooms Hotels take ~18-36 months to stabilize. These properties are performing well during their first months of operation For the 7 first months of operation:

• KPI´s are growing in line with expectations and occupancy in

September was over 40%

• Lodging contribution is still small (less than 4% of

FibraHotel´s lodging contribution for the quarter)

• The hotels crossed their break-even point by July
• Even in their opening months, the hotels were close to

break-even thanks to adequate cost management During the 3Q 2016 these properties had an occupancy rate of 31.7%, an ADR of Ps. $1,743 a RevPAR of Ps. $553. Lodging contribution of Ps. $8.2 million.

Occupancy ADR RevPAR Login contribution (Ps. million) Lodging contribution margin

Break even @ ~25% occupancy

Properties in ramp-up period are performing well

• Overall, development properties are performing well
• We are just starting to see the benefits of the recently opened properties in AFFO
• These properties will support growth in cash flow as they go through their ramp-up period

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Comparisons Price per key Per key (Ps 000´s) Discount to current Average Market transactions $1,546.0 (59.6%) FIHO´s historical cost per key $948.0 (34.1%) Average cost to develop new hotels Full service $2,000.0 (68.7%) Select service $1,300.0 (51.9%) Limited service $750.0 (16.6%) FIHO weighted average $1,258.9 (50.3%) FIHO - 3Q 2016 Total Operating # of hotels 86 74 # of rooms 12,060 10,297 # of shares with econ. rights (mm) 494.3

a

Share price $14.55

b

Fx 20.9 Illustrative calcularion - Net debt of operating rooms Ps. US$

c

Net debt (1,481) (70.9)

d

Dividend payable (134.7) (6.5)

c+d=e

Net debt (1,615.7) (77.4)

f

Cash invested in development 1,833.8 87.9

g

Recently opened (Trebol, AC GDL, FILM, Nogales, One Cuautitlan) 1,024.0 49.1

e+f+g=h Pro-forma cash (op.) properties

1,242.1 59.5 Illustrative calculations - Current price per key of operating keys Ps. US$

i

Operating rooms (excluding recently opened) 9,517 9,517

a*i=j

Market Cap 7,191.7 344.5

h

Pro-forma cash for operating hotels (1,242.1) (59.5)

j+h=k

Enterprise Value 5,949.5 285.0

• Ps. / key

US$ / key

k/i=l

EV per operating hotel key 625,146.4 29,950.1 m Historical cost of FibraHotel portfolio 948.0 Discount to FIHO historical cost (34.1%)

• Ps. / m2

US$ / m2 EV per m2 constructed (@50m2 per room) 12,502.9 599.0 Illustrative value of FibraHotel CBFI´s at historic cost Ps. US$

i*m=n

Cost value of operating rooms (historic cost * operating rooms) 9,021.8 432.2

h

Value from developments, recently opened hotels and net debt 1,242.1 59.5

n+h=o

Illustrative FibraHotel market value at room cost 10,263.9 491.7

• Ps. per CBFI

US$ per CBFI Illustrative FibraHotel value per CBFI at historic room cost $20.77 $1.00 Note: Illustrative calculations including company estimates. Prices as of November 16, 2016. Assumes fx of 1 USD @ 20.87 Pesos

Valuation of assets still at a substantial discount

FibraHotel´s assets continue to trade at a substantial discount

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4,250 5,547 7,656 8,507 10,812 2012 2013 2014 2015 2016E

2.5x the number of the initial portfolio

>26% CAGR

Growth continues organically and inorganically

4,397 4,798 5,547 5,547 6,115 6,664 6,944 7,656 7,777 7,921 8,077 8,507 9,120 9,782 10,007

1Q ´13 2Q ´13 3Q ´13 4Q ´13 1Q ´14 2Q ´14 3Q ´14 4Q ´14 1Q ´15 2Q ´15 3Q ´15 4Q ´15 1Q ´16 2Q ´16 3Q ´16

510 558 525 528 514 549 551 579 546 604 597 638 616 684 679

1Q ´13 2Q ´13 3Q ´13 4Q ´13 1Q ´14 2Q ´14 3Q ´14 4Q ´14 1Q ´15 2Q ´15 3Q ´15 4Q ´15 1Q ´16 2Q ´16 3Q ´16

~30% growth in RevPar from Q3 2013 to Q3 2016

9% CAGR

13.7%

Note: 2016E includes hotels not yet opened but expected to open by year end 2016

RevPAR of stabilized properties – Organic growth Rooms in operation – Inorganic growth

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Less development drag to drive AFFO growth

177 250 295 310 309 380 396 447 449 501 504 553 534 635 696 1Q ´13 2Q ´13 3Q ´13 4Q ´13 1Q ´14 2Q ´14 3Q ´14 4Q ´14 1Q ´15 2Q ´15 3Q ´15 4Q ´15 1Q ´16 2Q ´16 3Q ´16

 3.9x

44% CAGR

66 90 102 103 99 126 130 148 143 155 162 181 157 193 211 1Q ´13 2Q ´13 3Q ´13 4Q ´13 1Q ´14 2Q ´14 3Q ´14 4Q ´14 1Q ´15 2Q ´15 3Q ´15 4Q ´15 1Q ´16 2Q ´16 3Q ´16

 3.2x

36% CAGR

$0.19 $0.15 $0.20 $0.21 $0.20 $0.23 $0.20 $0.23 $0.20 $0.22 $0.21 $0.23 $0.19 $0.24 $0.27

1Q ´13 2Q ´13 3Q ´13 4Q ´13 1Q ´14 2Q ´14 3Q ´14 4Q ´14 1Q ´15 2Q ´15 3Q ´15 4Q ´15 1Q ´16 2Q ´16 3Q ´16

 1.4x 9% CAGR

• In the past years, AFFO grew slower

than revenue and NOI

• This was due to FIHO being in: (i)

investment phase - less cash, more debt; and (ii) development phase – ramp-ups and developments impact returns in the short term

• This is reversing as we are fully

invested and ramp-ups stabilize

• AFFO per CBFI growth should

accelerate to >25% in 2017

Note: Estimated AFFO growth based on current conditions and certain company assumptions

Quarterly AFFO per CBFI (Ps. $) Quarterly NOI (Ps. $ million) Quarterly revenue (Ps. $ million)

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FibraHotel is fully invested with strong embedded growth

Overview of FIHO´s situation

• Including the announced pipeline of projects, FibraHotel is close to being fully invested. As of Q3 2016, net debt was

~Ps. 1.5bn (conservative ~20% gross LTV)

• By year end, FibraHotel will reach debt levels of ~Ps. 2.75bn (Ps. 2.25bn net debt)
• When taking developments into account FibraHotel will reach net LTV of ~30% (with flexibility in 2018 projects)
• Portfolio of 86 hotels, >12,000 rooms, 15 brands, presence in 26 states
• FibraHotel has clearly executed its business plan to date with its 2017 priorities clear
• Accelerating AFFO in 2017. We recently started seeing the initial fruits of our investment strategy with a growth in

quarterly dividend and expect to continue the trend next year

• Stabilize assets and increase profitability In order to reach full cash flow potential
• Open in-process development projects
• Continue working on property improvements, margin expansion and liability management
• Analyze additional growth alternatives based on value accretion to CBFI holders and its implications
• There could be attractive opportunities in the market for additional inorganic growth in the following years
• Currently, opportunities exist mainly in attractive developments inside mixed-use projects
• FibraHotel will continue to execute its business plan and be cautious in an uncertain environment

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What is next for FibraHotel – core strategies for 2017

AFFO is expected to grow +25% Additional growth embedded in portfolio

• Strong organic growth
• Focus on stabilizing properties
• Open in-process development hotels

Portfolio management

• Financing structure - Liability management
• Operating efficiencies - Increase margins
• Property improvement and asset repositioning

Analyze future growth alternatives

1 2 3 4

Note: Estimated AFFO growth based on current conditions and certain company assumptions

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4th Investor Day Agenda

FibraHotel Investor day 2016 November 18th 2016

Start Finish Speaker Title Topic 09:00 09:40 Simon Galante FIHO - CEO Introduction and strategy 09:40 09:50 Edouard Boudrant FIHO - CFO Organic growth and stabilized portfolio KPIs 09:50 10:10 Guillermo Bravo FIHO - Head of Development Portfolio overview - 2016 achievements 10:10 10:20 Victor de Anda Aset Designing the Live Aqua San Miguel de Allende 10:20 10:30 Guillermo Bravo FIHO - Head of Development Growth pipeline and development update 10:30 10:45 Jose Luis Jacome FIHO - Director of Operations Overview of FIHO´s asset management 10:45 11:25 Edouard Boudrant FIHO - CFO Financial results and financing 11:25 11:30 Simon Galante FIHO - CEO Closing remarks and final Q&A

Agenda

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Quarterly KPIs – Stabilized Portfolio (as of Q3 2016)

Strong organic growth

937 941 919 950 980 1,001 980 546 604 597 638 616 684 679 58.3% 64.2% 65.0% 67.2% 62.9% 68.3% 69.3% Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 ADR RevPAR Occupancy

• 3nd quarter: a 69.3% occupancy rate, a Ps. $980 ADR and a Ps. $679 RevPAR



Occupancy: +431bps vs. 3Q 2015 (65.0%)



ADR: +6.7% vs. 3Q 2015 (Ps. $919)



RevPAR: +13.7% vs. 3Q 2015 (Ps. $597)

• Ramp-up portfolio (16 hotels): a 43.2% occupancy rate, a Ps. $1,121 ADR and a Ps. $484 RevPAR
• 1Q 2016 (12 hotels): a 37.0% occupancy rate, a Ps. $933 ADR and a Ps. $345 RevPAR
• 2Q 2016 (15 hotels): a 39.4% occupancy rate, a Ps. $969 ADR and a Ps. $382 RevPAR
• Total portfolio (72 hotels): a 63.8% occupancy rate, a Ps. $1,000 ADR and a Ps. $639 RevPAR

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Positive growth across most regions and segments

64% 29% 7% >65% 50%>65% <50% KPI breakdown – 56 stabilized hotel portfolio # of stabilized hotels with occupancy of:

RevPAR Region Occ. ADR RevPAR increase Northwest 65.2% 939 $ 612 $ 10.5% Northeast 67.5% 998 $ 674 $ 16.3% Center and South 66.8% 1,007 $ 673 $ 10.9% West 71.6% 871 $ 624 $ 21.6% Segment Occ. ADR RevPAR Limited-Service 64.1% 762 $ 488 $ 8.5% Selected-Service 68.9% 998 $ 687 $ 13.0% Full-Service 60.2% 1,252 $ 753 $ 10.9% Extended-Stay 63.8% 1,080 $ 689 $ 29.4% TOTAL 66.9% 978 $ 654 $ 12.4%

Note: KPI on a Last 12-Month basis (from October 2015 to September 2016)

Strong KPI performance over the last twelve months period:

• Occupancy: +414 bps at 66.9%
• ADR: +5.5% at Ps. $978
• RevPAR: +12.4% at Ps. $654

Main takeaways:

• 1. Strong occupancy increase:
• Quality / positioning of assets
• Strong demand for business hotels in Mexico
• Online Travel Agencies contribution
• 2. Outperformance of the 3 major cities representing 27% of stabilized

rooms:

• Mexico City: +13.3%
• Monterrey: +22.9%
• Guadalajara: +21.7%
• 3. 64% of the hotels had occupancy above 65%
• 4. Gulf region continued weakness in 2016 due to oil price and Pemex
• FIHO has 5 hotels of which 4 are in ramp-up / 672 rooms (6.7%)
• Operating performance: 35% average occupancy rate
• Margin lower than portfolio average but hotels above break even

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4th Investor Day Agenda

FibraHotel Investor day 2016 November 18th 2016

Start Finish Speaker Title Topic 09:00 09:40 Simon Galante FIHO - CEO Introduction and strategy 09:40 09:50 Edouard Boudrant FIHO - CFO Organic growth and stabilized portfolio KPIs 09:50 10:10 Guillermo Bravo FIHO - Head of Development Portfolio overview - 2016 achievements 10:10 10:20 Victor de Anda Aset Designing the Live Aqua San Miguel de Allende 10:20 10:30 Guillermo Bravo FIHO - Head of Development Growth pipeline and development update 10:30 10:45 Jose Luis Jacome FIHO - Director of Operations Overview of FIHO´s asset management 10:45 11:25 Edouard Boudrant FIHO - CFO Financial results and financing 11:25 11:30 Simon Galante FIHO - CEO Closing remarks and final Q&A

Agenda

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Diversified portfolio with irreplaceable landmark assets

22% 57% 18% 3% Limited service Select service Full service Extended stay

Rooms per category Rooms per region Rooms per brand

• Increased full service rooms from 153 to

2,185, more than 14x

• Full service represents 23% of

portfolio value and will increase to 30% (from 7% at IPO)

57% 16% 19% 8% Center/South Northeast Northwest West

• Almost 5,200 rooms in Mexico´s five

main cities (MEX, MTY, GDL, PUE, QRO)

• Over 2,300 rooms in Mexico City
• Almost 1,200 in Monterrey
• Over 5,000 Fiesta Inn rooms, and

almost 2,00 rooms with international brands

• Increased portfolio brand

diversification from 4 to 15 brands

43% 17% 10% 6% 4% 4% 3% 3% 3% 2% 2% 2% 1%

Fiesta Inn One Fiesta America Fairfield by Marriott Real Inn Gamma Courtyard AC by Marriott Fiesta Inn Lofts Camino Real Live Aqua Sheraton Aloft

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Location - Villahermosa Type - 134 limited-service rooms Opened: November 2016 Brand/Operator - Fairfield / Marriott

Fairfield Inn & Suites Nogales

Location - Queretaro Type - 175 full-service rooms Opened: March 2016 Brand/Operator - AC / Marriott

AC by Marriott Antea Querétaro Fiesta Inn Lofts Monterrey

Location – Monterrey Type - 48 extended stay rooms Opened: July 2016 Brand/Operator – Fiesta Inn Lofts / Posadas Location - Monterrey Type - 178 full-service rooms Opened: April 2016 Brand/Operator – Fiesta Americana / Posadas

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

Location - Guadalajara Type - 188 full-service rooms Opened: June 2016 Brand/Operator - AC / Marriott

Live Aqua Monterrey

Location - Monterrey Type - 74 luxury rooms Opened: June 2016 Brand/Operator - Aqua / Posadas Location - Monterrey Type - 180 full-service rooms Opened: June 2016 Brand/Operator - FAG / Posadas

Grand Fiesta Americana Monterrey Fairfield Inn & Suites Juriquilla

Location – Juriquilla (Queretaro) Type - 134 limited-service rooms Opened: January 2016 Brand/Operator - Fairfield / Marriott Location – Mexico City Type - 156 limited-service rooms Opened: November 2016 Brand/Operator - One / Posadas

One Cuautitlán

FIHO has added 16 new hotels in 2016 to date

Notes: Company estimates

Location – Hermosillo Type – 220 full-service rooms Acquired: May 2016 Brand/Operator – Fiesta Americana / Posadas

Fiesta Americana Hermosillo

Location - Monterrey Type - 177 select-service rooms Acquired: August 2016 Brand/Operator – Fiesta Inn / Posadas

Fiesta Inn Monterrey Valle

In 2016 FibraHotel will add ~2,300 rooms representing ~Ps. 3.0 billion in investments

Location - Durango Type - 126 limited-service rooms Opened: February 2016 Brand/Operator - One / Posadas

One Durango

Acquisitions Opened Developments

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Overview of 2016 portfolio (to date)

Developed seven different brands Right cost

Segment Room breakdown by: Region Geographic location

Notes: Estimated investment for developments

Full service 57% Select service 10% Limited service 31% Extended stay 2% Center / South 26% Northeast 37% Northwest 27% West 10%

7 8 4 10 5 6 3 1 2 12 11 9 Per Key Category Rooms

• Ps. 000´s

Full service 1,015 2,003.8 Select service 177 1,384.2 Limit service 550 750.0 Extended stay 48 1,000.0 1,790 1,464.0 Note: Numbers based on the order of properties presented in the previous page

• 12 hotels with almost 1,800 rooms
• Growth focused on Monterrey (>650 rooms and

60% of investment)

• Also added hotels in Guadalajara, Queretaro and

Mexico city

• By investment, almost 70% represented full-

service hotels

24

Trebol Monterrey – Fiesta Americana Grand and Live Aqua

Trebol Monterrey – FAG and Aqua

• Grand Fiesta Americana and Live

Aqua hotels

• Opened in June 2016
• 254 full-service rooms
• Aqua: 74 luxury rooms
• FAG: 180 full-service
• Operated Grupo Posadas

Summary

• Valle Oriente, Monterrey, N.L.
• Trebol Monterrey mixed use

complex

Location

25

Live Aqua y Grand Fiesta Americana Monterrey Valle

26

Live Aqua Monterrey Valle public areas

27

Grand Fiesta Americana Monterrey Valle public areas

28

Fiesta Americana Pabellon M

• Fiesta Americana Pabellon M
• Opened in March 2016
• 178 full-service rooms
• Operated by Grupo Posadas
• Monterrey, N.L.
• Inside the Pabellon M mixed-use

complex

Fiesta Americana Monterrey Pabellon M

Location Summary

29

Fiesta Americana Monterrey Pabellon M rooms

30

Fiesta Americana Monterrey Pabellon M public areas

31

AC by Marriott Guadalajara

• AC by Marriott Guadalajara
• Opened in May 2016
• 188 full-service rooms
• Operated by Marriott International
• Guadalajara, Jalisco
• Torre Americas 1500 mixed-use

complex

AC by Marriott Guadalajara Americas

Location Summary

32

AC by Marriott Antea Queretaro

AC by Marriott Antea Querétaro

• AC by Marriott Antea, Querétaro
• Opened in March 2016
• 175 full-service rooms
• Operated by Marriott International
• Juriquilla, Querétaro
• Antea Queretaro mixed use

project

Location Summary

33

Pictures of the remodeled Fiesta Americana Hermosillo Hotel

• Acquired hotel in May 2016
• Attractive agreement with lower up-

front payment and full value based

• n actual results
• FIHO invests Ps. 85 million to

reposition the hotel in 2016 with only

• ne earn-out payment in 2020

based on ten times the average EBITDA generated by the hotel during 2017, 2018 and 2019, minus the initial investment

• Fiesta Americana hotel with 220

full-service rooms

• Hermosillo, Sonora

Acquisition of Fiesta Americana Hermosillo

Hotel summary and location Acquisition Summary

1 – Main commercial area | 2 – Government center | 3 – Ford manufacturing plan | 4 – Airport

1 2 3 4

Facade Rooms Public areas Event space and meeting rooms

34

4th Investor Day Agenda

FibraHotel Investor day 2016 November 18th 2016

Start Finish Speaker Title Topic 09:00 09:40 Simon Galante FIHO - CEO Introduction and strategy 09:40 09:50 Edouard Boudrant FIHO - CFO Organic growth and stabilized portfolio KPIs 09:50 10:10 Guillermo Bravo FIHO - Head of Development Portfolio overview - 2016 achievements 10:10 10:20 Victor de Anda Aset Designing the Live Aqua San Miguel de Allende 10:20 10:30 Guillermo Bravo FIHO - Head of Development Growth pipeline and development update 10:30 10:45 Jose Luis Jacome FIHO - Director of Operations Overview of FIHO´s asset management 10:45 11:25 Edouard Boudrant FIHO - CFO Financial results and financing 11:25 11:30 Simon Galante FIHO - CEO Closing remarks and final Q&A

Agenda

LIVE AQUA San Miguel de Allende

LIVE AQUA San Miguel de Allende

LIVE AQUA San Miguel de Allende

LIVE AQUA San Miguel de Allende

LIVE AQUA San Miguel de Allende

P L A N T A B A J A

LIVE AQUA San Miguel de Allende

SALON DE EVENTOS Y SPA

LIVE AQUA San Miguel de Allende

P L A N T A ALTA Y TERRAZA

LIVE AQUA San Miguel de Allende

LIVE AQUA San Miguel de Allende

LIVE AQUA San Miguel de Allende

LIVE AQUA San Miguel de Allende NARRATIVA / CONCEPTO

LIVE AQUA San Miguel de Allende NARRATIVA / CONCEPTO

LIVE AQUA San Miguel de Allende

Lobby

Materiales naturales

AMBIENTE / MATERIALES / MOBILIARIO / DECORACIÓN

LIVE AQUA San Miguel de Allende

AMBIENTE / MATERIALES / MOBILIARIO / DECORACIÓN

Restaurante

LIVE AQUA San Miguel de Allende

AMBIENTE / MATERIALES / MOBILIARIO / DECORACIÓN

Albercas

LIVE AQUA San Miguel de Allende

AZULEJO TAPETE MADERA CHESTNUT TREE COVENTINO

Habitación King / Tipología “A”

LIVE AQUA San Miguel de Allende

LIVE AQUA San Miguel de Allende

LIVE AQUA San Miguel de Allende

LIVE AQUA San Miguel de Allende

LIVE AQUA San Miguel de Allende

LIVE AQUA San Miguel de Allende

LIVE AQUA San Miguel de Allende

58

4th Investor Day Agenda

FibraHotel Investor day 2016 November 18th 2016

Start Finish Speaker Title Topic 09:00 09:40 Simon Galante FIHO - CEO Introduction and strategy 09:40 09:50 Edouard Boudrant FIHO - CFO Organic growth and stabilized portfolio KPIs 09:50 10:10 Guillermo Bravo FIHO - Head of Development Portfolio overview - 2016 achievements 10:10 10:20 Victor de Anda Aset Designing the Live Aqua San Miguel de Allende 10:20 10:30 Guillermo Bravo FIHO - Head of Development Growth pipeline and development update 10:30 10:45 Jose Luis Jacome FIHO - Director of Operations Overview of FIHO´s asset management 10:45 11:25 Edouard Boudrant FIHO - CFO Financial results and financing 11:25 11:30 Simon Galante FIHO - CEO Closing remarks and final Q&A

Agenda

59

Location – Mexico City Type - 130 select-service rooms Opening 2H 2017 Brand/Operator – Fiesta Inn / Posadas

Fiesta Inn Buenavista

Announced pipeline of projects

Courtyard Toreo

Location – Mexico City (Toreo) Type - 130 select-service rooms 1Q 2017 Brand/Operator – Courtyard / Marriott Location – Los Mochis (Sinaloa) Type - 125 select-service rooms Opening in 2016 Brand/Operator – Fiesta Inn / Posadas

Fiesta Inn Los Mochis Courtyard Via Vallejo Mexico City

Location – Mexico City Type - 121 select-service rooms Opening in 2016 or early 2017 Brand/Operator – Courtyard / Marriott Location – Mexico City Type - 125 limited-service rooms Opening in 2016 or early 2017 Brand/Operator – Fairfield Inn & Suites / Marriott

Fairfield Inn & Suites Via Vallejo Mexico Fiesta Inn Viaducto - Via 515

Location – Mexico City Type - 214 select-service rooms Opening 2018 Brand/Operator – Fiesta Inn / Posadas Location – Mexico City Type - 72 extended stay rooms Opening 2018 Brand/Operator – Fiesta Inn Lofts / Posadas

Fiesta Inn Lofts Viaducto – Via 515 Fiesta Inn Puerto Vallarta

Location – Puerto Vallarta Type - 144 select service rooms Opening in 2016 Brand/Operator – Fiesta Inn Lofts / Posadas Location - Veracruz Type - 166 select-service rooms Opening mid-year 2017 Brand/Operator – Aloft / Starwood

Aloft Veracruz Full service Veracruz

Location – Veracruz Type - 179 full-service rooms Opening 2018 Brand/Operator – TBD

Notes: Estimated opening dates and number of rooms Fiesta Americana Tlalnepantla

Location – Mexico City Type - 223 select-service rooms Opening 2018 Brand/Operator – Fiesta Americana / Posadas

Live Aqua San Miguel de Allende

Location – San Miguel de Allende Type - 134 luxury rooms Opening 2018 Brand/Operator – Live Aqua / Posadas

60

Development portfolio overview

Seven brands under development

Room breakdown by: Geographic location

11 2 8 6 1 4 3 5 7 9 10 12

• 12 hotels with >1,750 rooms
• Growth focused on Mexico City (almost 1,000 rooms)
• Also adding hotels in Veracruz, Puerto Vallarta, Los Mochis

and the landmark hotel Live Aqua San Miguel de Allende

• By investment, almost 50% represents full-service hotels

Segment Region

Full service 30% Select service 59% Limited 7% Extended 4% Center / South 85% NorthWest 7% West 8% Notes: Company estimates

61

Opportunity in full-service segment through Fiesta Americana

 There is an opportunity to penetrate the upscale market in Mexico

with efficient full-service hotels that have the right room size and limited public/service areas

• Ideal for mixed use projects that offer additional services such as

restaurants and conference centers

• Revamped Fiesta Americana concept is ideal for FIHO

 FibraHotel has ten full service hotels including four Fiesta

Americana (Pabellon M, Aguascalientes, Monterrey Valle and Tlalnepantla)

 Target of 5-10 Fiesta Americana hotels and expand full service

rooms in the portfolio to ~1/3 of assets and 20% of rooms

• Options for hotels under development in Veracruz and Viaducto

as well as additional new locations

Strategic considerations

 Full service hotel with >180 rooms that can be

developed in the US$100,000 per key range

 Target ADR of US$100 to US$130  Similar returns to other developments. Efficient

prototype able to deliver attractive margins (closer to select-service hotels than to luxury hotels)

 Maximize value in unique locations within mixed use

projects with high barriers to entry

 Ability to penetrate several primary and secondary

cities in Mexico

 Attractive

agreement with Grupo Posadas for expansion

Returns on investment Sample pictures of Fiesta Americana hotels

Notes: Company estimates

62

Fiesta Americana Tlalnepantla case study

 Strategic location

• On Periferico Norte, the main highway in Mexico City
• Inside mixed-use project Sentura Tlalnepantla

 Adequate price and return

• Hotel with ~220 rooms and conference center
• Price per key ~US$100,000

 High quality and unique assets

• Inside mixed use project with >150k m2 constructed,

including 25k of office GLA, 30k of retail GLA, 2,000 parking spaces and the hotel

 Portfolio diversification

• Expand presence in Mexico City
• Expand in the full-service segment

Investment criteria

 220-room Fiesta Americana hotel  Operated by Grupo Posadas (synergies with nearby

Fiesta Inn Tlalnepantla hotel)

 Over 1,000m2 of meeting space  Budget of ~US$100k per key  Acquired the core and shell of the structure finished

from project developer. Interiors and FF&E executed by FibraHotel through subcontractors

 Estimated opening in 2018

Hotel overview and strategic rationale Renders of Sentura Tlalnepantla Hotel location in Mexico City

Notes: Company estimates

63

56 hotels 7,890 rooms Non-stabilized

• perating portfolio

Stabilized portfolio at November 2016

=

56 hotels 7,890 rooms

+

18 hotels 2,407 rooms 86 hotels 12,060 rooms FibraHotel Portfolio at November 2016 PF net debt (-) Ps. 1.5bn 74 hotels 10,297 rooms 12 hotels 1,763 rooms To be invested ~(-) Ps. 0.5bn Opera. Devel

Note: Company estimates

PF net debt (Ps. 4.0bn)

Clearly laid out growth pipeline

5 hotels 822 rooms To be invested ~(-) Ps. 1.5bn 7 hotels 941 rooms 18 hotels 2,407 rooms

+

Includes 10 hotels with ~1,400 rooms opened in 2016 (11% of current in

• peration)

5 hotels 822 rooms To be invested ~(-) Ps. 0.5bn 7 hotels 941 rooms

+

2016/2017 Development Portfolio 2018 Development Portfolio PF net debt ~ Ps. 2.5bn Flexibility with 2018 portfolio

64

FibraHotel room roll-out

Note: Company estimates

FibraHotel portfolio

Under 2018 Total By Q3 2016 Pending Constr. Q4 Q1 Q2 Q3 Q4 74 Current portfolio 10,297 (2,365.7) 10,297 10,297 10,297 10,297 10,297 10,297 1 Fiesta Inn Los Mochis 125 Q4 2016 135.0 119.5 (15.5)  125 125 125 125 125 125 2 Fiesta Inn La Isla Puerto Vallarta 144 Q4 2016 150.0 92.0 (58.0)  144 144 144 144 144 144 3 Courtyard Vallejo 125 125 125 125 125 125 125 4 Fairfield Inn & Suites Vallejo 121 121 121 121 121 121 121 5 Courtyard Toreo 130 Q1 2017 45.5 0.0 (45.5)  130 130 130 130 130 6 Aloft Veracruz 166 Q2 2017 188.3 79.5 (108.8)  166 166 166 166 7 Fiesta Inn Buenavista 130 2H 2017 185.0 64.0 (121.0)  130 130 8 Fiesta Inn Lofts Via 515 72 2018  72 9 Fiesta Inn Via 515 214 2018  214 10 Full-service Veracruz 179 2018 275.0 35.0 (240.0)  179 11 Live Aqua San Miguel de Allende 134 2018 550.0 0.0 (550.0)  134 12 Fiesta Americana Tlalnepantla 223 2018 475.0 0.0 (475.0)  223 12 Sub-total 1,763 2,629 670 (1,958.5) 515 645 811 811 941 1,763 86 FibraHotel Portfolio 12,060 (4,324.2) 10,812 10,942 11,108 11,108 11,238 12,060 335.0 52.5 (282.5) 2016 Q4 2016 290.0 227.7 (62.3)  2017 Hotel Name Rooms Opening Investment (Ps. mm)

65

4th Investor Day Agenda

FibraHotel Investor day 2016 November 18th 2016

Start Finish Speaker Title Topic 09:00 09:40 Simon Galante FIHO - CEO Introduction and strategy 09:40 09:50 Edouard Boudrant FIHO - CFO Organic growth and stabilized portfolio KPIs 09:50 10:10 Guillermo Bravo FIHO - Head of Development Portfolio overview - 2016 achievements 10:10 10:20 Victor de Anda Aset Designing the Live Aqua San Miguel de Allende 10:20 10:30 Guillermo Bravo FIHO - Head of Development Growth pipeline and development update 10:30 10:45 Jose Luis Jacome FIHO - Director of Operations Overview of FIHO´s asset management 10:45 11:25 Edouard Boudrant FIHO - CFO Financial results and financing 11:25 11:30 Simon Galante FIHO - CEO Closing remarks and final Q&A

Agenda

66

Asset management - above traditional owners

Hotel operator

• Day to day management
• Commercial strategy and revenue

management

• Personnel, costs, collection
• P&L budget

Capex

• Maintenance capex reserve 5% of

revenues (higher than industry average)

• Based on hotel requirements, proposes

yearly capex plan to owner Property maintenance

• Day to day hotel maintenance: fire and

life safety, machine maintenance and efficiencies, services and upkeep (electric, water, etc.), air conditioning, elevators, etc.

• Sales asset management
• Dedicated team doing ~4 visits per property per year
• Monthly results meetings. Monitor budget including: hotel

positioning and KPI penetration, main accounts and P&L

• Capex reserve and preventive maintenance
• Dedicated team to inspect hotels
• Focus on best practices, energy savings and asset quality
• Approves capex reserve investment
• Provide corporate suppliers (economies of scale)
• Funding / Payments
• Funding of accounts for day to day operation
• Involved in development process to maximize efficiencies
• Involved in planning, pre-operating budgets, OS&E

Operator responsibilities Additional FibraHotel Asset Management Traditional owner vs. FibraHotel

TRADITIONAL OWNER FIBRAHOTEL

67

% OCC ADR RevPAR RevPAR Penetration FIHO hotel 57% 1,686.0 961.0 1.24 Comp Set - Hotel 1 75% 1,173.0 879.8 1.15 Comp Set - Hotel 2 61% 1,250.0 762.5 1.03 Comp Set - Hotel 3 68% 923.0 627.6 0.83

Asset management – sales case study

Sample TripAdvisor ratings Example of a full-service hotel in ramp-up period Sample calendar - asset management member

Note: Illustrative example

KPI evolution Monthly competitive set Breakdown of rooms sold

Results

0% 20% 40% 60% 80% 100% $0 $400 $800 $1,200 $1,600 $2,000 APR MAY JUN JUL AUG SEP OCT NOV RevPAR ADR Occupancy %

BlueSky

April May June July August September Rooms Sold 848 1,830 1,937 2,019 2,697 3,032 Groups 38% 30% 38% 32% 26% 21% Corporate 20% 20% 18% 23% 24% 26% Retail 25% 28% 21% 21% 24% 30% Echannel 18% 22% 23% 24% 26% 23%

Monday Tuesday Wednesday Thursday Friday 3 Office Tasks / Capex 4 Hotel Inspection 5 Hotel Inspection 6 Hotel Inspection 7 Hotel Inspection 10 Office Tasks 11 Hotel Inspection 12 Hotel Inspection 13 Hotel Inspection 14 Office Tasks 17 Office Tasks / Capex 18 Hotel Inspection 19 Hotel Inspection 20 Hotel Inspection 21 Office Tasks / budget 24 Posadas select service meeting 25 Posadas full service meeting 26 FIHO Operations Meeting 27 Marriott Meeting 28 RealTUR - Revenue management meeting October 2016

68

Asset management – property maintenance

Note: Illustrative example

Property maintenance overview Example of property report grades over time Summary of a property report card

87 97 100 100 OPERACIÓN INSTALACIONES Y EQUIPOS CONTROL DE RIESGOS ADMINISTRACIÓN

Anteriores PROMETEO 2015 (98) HOTEL: FIESTA INN DURANGO FIBRA 2016 (93) EDAD DEL HOTEL: 8 años Elaborado - JOSE LUIS JIMENEZ

Categoria Calificacion

Operación BAÑOS HABITACIONES 100 HABITACIONES 100 FACHADAS Y EXTERIOR DEL EDIFICIO 81 LOBBY 82 BAÑOS PÚBLICOS 73 CENTRO DE NEGOCIOS 100 GIMNASIO 88 ALBERCA 100 BAR 71 RESTAURANTE 76 SALONES 83 FOYER 82 PASILLOS HABITACIONES 78 BACK OF THE HOUSE 100 Total ponderado operación 87.4 Instalaciones y equipos COCINA 96 AIRE ACONDICIONADO 96 INSTALACIÓN ELÉCTRICA 100 LAVANDERÍA 100 SUBESTACIÓN ELÉCTRICA 100 CASAS DE MÁQUINAS 95 Total ponderado operación 97 Resumen de control de riesgos 100 Administracion del hotel y mantenimiento 100 Calificacion ponderada total 96

ESTADO FÍSICO DE LA PROPIEDAD - FECHA : 30/AGOSTO/2016

• Dedicated team of engineers at FIHO to monitor property

upkeep and machinery/energy performance

• Focus on preventive maintenance at each property
• Implement best practices across properties
• Team generates at least four detailed reports on the property’s

condition each year

• Crucial items flagged for follow-up and solution
• Prioritize maintenance capex based on results
• Monitor results over time to assess local maintenance teams
• Stricter requirements than operator performance reports

Property report score (out of 100%) Fibra report Operator report One Acapulco 1H 2014 80% 82% 2H 2014 76% 87% 1H 2015 68% 81% 2H 2015 80% 86% 1H 2016 96% FI Durango 1H 2014 90% 92% 2H 2014 97% 98% 1H 2015 95% 95% 2H 2015 93% 93% 1H 2016 96%

69

4th Investor Day Agenda

FibraHotel Investor day 2016 November 18th 2016

Start Finish Speaker Title Topic 09:00 09:40 Simon Galante FIHO - CEO Introduction and strategy 09:40 09:50 Edouard Boudrant FIHO - CFO Organic growth and stabilized portfolio KPIs 09:50 10:10 Guillermo Bravo FIHO - Head of Development Portfolio overview - 2016 achievements 10:10 10:20 Victor de Anda Aset Designing the Live Aqua San Miguel de Allende 10:20 10:30 Guillermo Bravo FIHO - Head of Development Growth pipeline and development update 10:30 10:45 Jose Luis Jacome FIHO - Director of Operations Overview of FIHO´s asset management 10:45 11:25 Edouard Boudrant FIHO - CFO Financial results and financing 11:25 11:30 Simon Galante FIHO - CEO Closing remarks and final Q&A

Agenda

70

Key financial indicators – 3Q LTM

Occupancy ADR RevPAR 3Q 2015 LTM 3Q 2016 LTM 62.8% 66.9%

• Ps. 927
• Ps. 978
• Ps. 582
• Ps. 654

Total Revenues

• Ps. 1,901mm
• Ps. 2,418mm

NOI

• Ps. 608mm
• Ps. 743mm

EBITDA Per room

• Ps. 468m
• Ps. 57,884
• Ps. 591mm
• Ps. 59,073

AFFO

• Ps. 428mm
• Ps. 458mm

Var. +414bps +5.5% +12.4% +27.2% +22.1% +26.4% +2.1% +7.2%

• 56 stabilized properties
• Total Portfolio

# of hotels # of rooms 59 8,081 72 10,007 +22.0% +23.8%

Note: 2016 data on a Last 12-Month basis (from October 2015 to September 2016)

71

Very strong value creation within the IPO portfolio

KPI evolution from FY 2013 to 3Q 2016 LTM 866 903 929 966 574 587 626 681 66.2% 65.1% 67.4% 70.6% FY 2013 FY 2014 FY 2015 2016 LTM NOI evolution from FY 2013 to 3Q 2016 LTM

Note: Initial Portfolio of 30 hotel @ IPO: contribution portfolio (17 hotels) + acquisition portfolio (13 hotels); 2016 data on a Last 12-Month basis (from October 2015 to September 2016)

The Initial Portfolio increased its cash flow generation by ~35% or over Ps. $110 million

Overview of value creation from IPO portfolio

November 30th, 2012: IPO of FibraHotel with a 30-hotel portfolio

• Major key selling points of the IPO were:
• Strong inflation catch-up to be reflected with ADR increase
• Professional asset management leading to enhanced cash

flow generation From 2013 to 3Q 2016 LTM:

• Occupancy rate: +432 basis points
• ADR: +11.5% (inflation rate: +6.6%)
• RevPAR: +18.8%
• NOI: +34.7%

Cash flow optimization from asset management:

• Work with operators to focus on maximizing revenues and
• ptimize the cost structure
• Selective property improvements and investments looking to

maximize value creation 318 345 382 428 FY 2013 FY 2014 FY 2015 2016 LTM +8.4% +9.1% +13.9%

72

y = 1.4392x + 0.0771

• 40%
• 20%

0% 20% 40% 60% 80% 100% 120%

• 40%
• 20%

0% 20% 40% 60% 80%

Strong operating leverage shown from initial portfolio

70% of the portfolio increased both RevPAR and NOI NOI evolution (2013 – Sep16 YTD) RevPAR evolution (2013 – Sep16 YTD)

RevPAR: +18.8% NOI: +34.7%

y = x Productivity Index

Note: Each blue dot represent a hotel from the Initial Portfolio; Productivity Index: dot above the red line means the hotel is productive: increase in NOI higher than increase in RevPAR

73

A first iteration analysis from the FIHO factsheet identifies a couple of trends

Financial performance since 2013

 Strong growth in Total Revenues: +134%

 Growth in EBITDA: +128% /  Growth in AFFO: +36%

 Lodging Contribution and NOI margin decrease (~430bps)

Impact from hotel mix

 AFFO margin decrease as percentage of total sales

Impact from developments and cash deployment efforts

FY 2013 FY 2014 FY 2015 3Q 2016 LTM Total Revenues 1,032,473 1,530,826 2,007,939 2,418,380 Total Lodging Contribution 377,470 524,774 670,174 777,251 Margin 36.6% 34.3% 33.4% 32.1% Lodging Contribution - Managed Hotels 281,495 448,812 589,016 700,210 Margin 30.1% 30.8% 30.6% 29.9% Net Operating Income 360,752 503,147 641,184 742,500 Margin 34.9% 32.9% 31.9% 30.7% EBITDA 259,811 371,235 498,445 591,144 Margin 25.2% 24.3% 24.8% 24.4% Funds From Operations 282,795 416,633 450,358 457,383 FFO / CBFI with Economic Rights 0.6404 $ 0.8436 $ 0.9112 $ 0.9254 $ Adjusted Funds From Operations 337,065 423,768 428,974 458,153 AFFO / CBFI with Economic Rights 0.7622 $ 0.8580 $ 0.8679 $ 0.9269 $ AFFO in % of Total Revenues 32.6% 27.7% 21.4% 18.9%

   

Note: 2016 data on a Last 12-Month basis (from October 2015 to September 2016)

Strong top line growth Profitability growth below top line growth

74

FY 2013 % 3Q 2016 LTM % Managed Hotels 936,497 90.7% 2,341,192 96.8% Leases and other 95,975 9.3% 77,188 3.2% Total Revenues 1,032,473 100.0% 2,418,380 100.0% Managed Hotels 270,765 75.1% 674,196 90.8% Leases and other 89,987 24.9% 68,304 9.2% Total NOI 360,752 100.0% 742,500 100.0% Managed Hotels 28.9% 28.8% Leases and other 93.8% 88.5% NOI Margin 34.9% 30.7%

NOI margin pressured by a change in hotel mix

Note: 2016 data on a Last 12-Month basis (from October 2015 to September 2016)

Managed Hotels

Leases

Managed Hotels

L.

2013 3Q 2016 LTM NOI margin evolution Lease & other NOI: from 25% to 9% of total NOI From 2013 to 3Q 2016 LTM, NOI margin decreased 424bps

• Managed hotels margin remains almost flat (-12bps)
• Impact of the hotels in ramp-up period
• Decrease in Leases & other margin of 520bps due to a mix

in retail space and an increase in maintenance expenses Decrease in NOI Margin is mainly due to change in hotel mix:

• 2013: 39 hotels of which 5 leased (13%)
• 3Q 2016 LTM: 72 hotels of which 3 leased (4%)
• Of the 424bps decrease, 396pbs is explained by the hotel

mix effect (93%):

• Leased contribution (~ 90% NOI margin) decreased

from 25% to 9% of total contribution

34.9% 30.7% (396bps) (11bps) (17bps) Margin 2013 Mix Hotels Leases & Other Margin 3Q 2016 LTM Margin almost flat

75

Strong potential from ramp-up properties

Note: 2016 data on a Last 12-Month basis (from October 2015 to September 2016)

# of Hotels – 3Q 2016 Assets (Ps. m) – 3Q 2016

7,360 3,000 Stab. Ramp-up 29%

Financial performance

56 16 Stab. Ramp-up 21%

Stabilized Ramp-up Leases 3Q 2016 LTM Revenues 2,111,866 229,326 77,188 2,418,380 % 87.3% 9.5% 3.2% 100.0% Contribution 667,247 32,959 77,045 777,251 Margin 31.6% 14.4% 99.8% 32.1% % 85.8% 4.2% 9.9% 100.0% NOI 646,548 25,463 70,490 742,500 Margin 30.6% 11.1% 91.3% 30.7% % 87.1% 3.4% 9.5% 100.0%

• Contrib. per room

84,569 $ 15,569 $

x 5.4

• During the 3Q 2016 LTM period, FibraHotel’s results were:
• Ps. $2,418 million of total revenues
• 87% for stabilized hotels
• 10% for ramp-up hotels
• Ps. $777 million of Lodging contribution (margin: 32.1%)
• 86%% for stabilized hotels (margin: 31.6%)
• 4% for ramp-up hotels (margin: 14.4%)
• Ps. $743 million of NOI (margin: 30.7%)
• 87%% for stabilized hotels (margin: 30.6%)
• 3% for ramp-up hotels (margin: 11.1%)

A 37% lower RevPAR for non stabilized properties (even though full service rooms represent 40% of the non-stabilized portfolio vs. 10% of the stabilized portfolio During the period, FibraHotel generated AFFO of Ps. $458 million with non stabilized hotels contributing only Ps. $25 million to NOI

Stabilized Ramp-up Total Occupancy 66.9% 40.5% 62.9% ADR 978 $ 1,022 $ 982 $ RevPAR 654 $ 413 $ 617 $

76

NOI growth is overshadowed by capital structure and capex

From 2013 to 2016 (investment phase), FibraHotel substituted cash on balance sheet for properties leading to a

• Ps. $382 million NOI increase. Full value still in process until portfolio is stabilized

337 458 136 50 382 75 AFFO 2013 FY Interest income Others NOI AFFO 2016 LTM ( ) ( )

CAPEX

( )

Corporate Expenses

• Ps. $118m

(35%) of the 2013 AFFO was interests revenues Investment effort: Cash position from

• Ps. $4.8bn to (Ps.

$1.7bn)

Note: 2016 data on a Last 12-Month basis (from October 2015 to September 2016). Estimated AFFO growth based on current conditions and certain company assumptions

+25% AFFO 2017E

Increase vs. FY 2016 NOI increased from Ps. $361m to

• Ps. $743m

77

3Q 2016 LTM Pro forma analysis

Taking into account the 16 non stabilized properties as stabilized with the following assumption

• Occupancy rate: 66.4%
• ADR: Ps. 1,349
• Strong increase to reflect the 40% full service rooms

recently opened

• Contribution margin: 31.3%
• Similar to the stabilized portfolio

After taking into account the following items

• Additional CAPEX of Ps. 26 million
• 5% of the incremental revenues
• Financial expense of Ps. 11 million not anymore capitalized
• Amount capitalized since over the last 12-month period

related to the non stabilized portfolio NOI increases 27% or Ps. 203 million at Ps. 945 million AFFO increases 36% or Ps. 166 million at Ps. 624 million January to September 2016 Pro Forma Figures

Stabilized Ramp-up Leases 3Q 2016 LTM Occupancy 66.9% 66.9% n.a. 66.9% ADR 978 $ 1,349 $ n.a. 1,056 $ RevPAR 654 $ 902 $ n.a. 707 $ Revenues 2,111,866 746,268 77,188 2,935,323 % 71.9% 25.4% 2.6% 100.0% Contribution 667,247 235,785 77,045 980,077 Margin 31.6% 31.6% 99.8% 33.4% % 68.1% 24.1% 7.9% 100.0% NOI 646,548 228,289 70,490 945,326 Margin 30.6% 30.6% 91.3% 32.2% % 68.4% 24.1% 7.5% 100.0% (+) Additional NOI 202,826 (-) Additional CAPEX (5% of incremental revenues) (25,847) (-) Capitalized interest related to opened properties (10,688) (=) Additional AFFO 166,291 Reported AFFO 458,153 Pro Forma AFFO 624,445 Variation vs. reported 36.3%

Note: 2016 data on a Last 12-Month basis (from October 2015 to September 2016)

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Solid financial structure

As of September 30th, 2016

• Ps. $2,513 million gross debt
• Ps. $1,481 million net debt (including recoverable VAT)
• Debt profile:
• Current credit lines available with BBVA and Banorte Ixe
• 100% pesos denominated
• 100% variable interest rate
• Strong financial structure:
• A 20.4% LTV (14.1% @ Jun-16 and 7.9% @ Dec-15)
• A 2.8x Net Debt to EBITDA ratio (2.0x @ Jun-2016 and

1.0x @ Dic-15)

• 80% of indebtedness covered with derivatives

instruments that partially mitigate the impact of raising rates

• Amortization
• 2017: Ps. $92 million (~Ps. $0.18 per CBFI)
• 2018: Ps. $101 million (~Ps. $0.20 per CBFI)
• On-going analysis of liability management alternatives
• One alternative could be a bond issuance which would

release cash for debt amortization and redirect it to distribution to shareholders

• Additional credit facilities to increase firepower

7 92 101 191 195 288 293 373 425 209 239 98 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

• Ps. million

100% MXN denominated 100% variable rate

862 1,396 1,611 2,514 8% 12% 14% 20% 3Q 2015 4Q 2015 1Q 2016 2Q 2016 3Q 2016

Gross debt (Ps. million) Loan to Value No debt

39% 37% 34% 31% 25% 24% 20% 11% 7% 0%

Debt and LTV evolution FIBRA’s Leverage @ 3Q 2016 Amortization schedule

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4th Investor Day Agenda

FibraHotel Investor day 2016 November 18th 2016

Start Finish Speaker Title Topic 09:00 09:40 Simon Galante FIHO - CEO Introduction and strategy 09:40 09:50 Edouard Boudrant FIHO - CFO Organic growth and stabilized portfolio KPIs 09:50 10:10 Guillermo Bravo FIHO - Head of Development Portfolio overview - 2016 achievements 10:10 10:20 Victor de Anda Aset Designing the Live Aqua San Miguel de Allende 10:20 10:30 Guillermo Bravo FIHO - Head of Development Growth pipeline and development update 10:30 10:45 Jose Luis Jacome FIHO - Director of Operations Overview of FIHO´s asset management 10:45 11:25 Edouard Boudrant FIHO - CFO Financial results and financing 11:25 11:30 Simon Galante FIHO - CEO Closing remarks and final Q&A

Agenda

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Overview and final remarks

AFFO to grow +25% FibraHotel has the best real estate assets with 86 hotels and >12,000 rooms in Mexico

• Growth embedded in portfolio (ramp up properties and in-process developments)
• Strong organic growth
• Asset management to increase margins and reposition assets

Best management team and sponsor

• Experienced management team in real estate to navigate current situation
• Sponsors interests are highly aligned with investors

Strong balance sheet with long term amortizable debt in pesos (and interest coverage)

• <20% of LTV (reaching all-in ~30% net LTV). Interest coverage for 80% of current debt
• Liability management opportunities

1 3 2 4

• We are currently living in uncertain times with challenges and opportunities
• We have been here before
• This is when you can differentiate management teams, asset quality and business models

Note: Estimated AFFO growth based on current conditions and certain company assumptions