FibraHotel Investor Presentation March 2017 @FibraHotel Disclaimer - - PowerPoint PPT Presentation

FibraHotel Investor Presentation

March 2017

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 Any such offering may be made only by an offering memorandum and the information contained herein will be superseded in its entirety by such offering memorandum in final form.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

3 Hotels 85 Rooms 12,023 Market Cap 358 Enterprise Value 459 Net debt (101) Dividend yield 8.4% EV/Op. Key (US$) 38,615 EV/Op. Key (Ps$) 772,293

• Best-in-class sponsorship from

Grupo GDI

• Over 20 years of local real estate

experience

• Hotel development as a core know-

how

• Second Fibra in the market
• IPO in Nov 2012; FO May 2013

Origins

• Largest business hotel owner in Mexico
• Unique and irreplaceable assets
• Well capitalized for accretive growth

maximizing dividend per CBFI

• Asset manager with open architecture
• Best-in-class vehicle for consolidation
• Dividend + growth

Investment case Key stats (US$mm)1

(1) Pro-forma cash position as of Q4 2016 net of dividend payments and restricted cash. EV, market cap., hotels and rooms as of Feb 28, 2017. EV/Op. key excludes development portfolio and related investments

FibraHotel is the largest Mexican lodging REIT

4

75 75 74 73 76 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 84 64 65 66 68 67 41 69 60 70 63 19 33 61 37 78 5 39 71 77 50 72 79 80 81 74

FibraHotel´s portfolio Mexico City

In 26 states

Total 85 hotels 12,023 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 82

FibraHotel´s portfolio

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

Operating 78 hotels 10,812 rooms

7 hotels under development with 1,211 rooms 22 hotels in ramp-up period with 2,922 rooms 56 stabilized hotels with 7,890 rooms

83

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 Sheraton Ambassador Monterrey 229 65 Live Aqua Boutique Playa del Carm 60 66 Fiesta Inn Los Mochis 125 67 Fiesta Inn Cuernavaca 155 68 One Cuernavaca 125 69 Fairfield Inn & Suites Juriquilla 134 70 One Durango 126 71 Aloft Veracruz 166 72 Fairfield Inn & Suites Nogales 134 73 Fiesta Inn Lofts Monterrey 48 74 Fiesta Americana Viaducto 255 75 One Cuautitlan 156 76 Fiesta Americana Pabellon M 178 77 Fiesta Inn Villahermosa 159 78 Fiesta Inn Puerto Vallarta 144 79 Fiesta Americana Hermosillo 220 80 Fiesta Inn Buenavista 129 81 Full Service Villa del Mar Veracruz 173 82 Fiesta Inn Monterrey Valle 177 83 Live Aqua San Miguel de Allende 134 84 Fiesta Americana Tlalnepantla 224 85 Courtyard Toreo 130

The most attractive hotel portfolio in Mexico

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Diversified portfolio with irreplaceable landmark assets

23% 56% 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 Fairfiel Real Inn Gamma Courtyard

6

Source: HVS, Sectur, Bank of America, Mexico Tourism Ministry, WTO

Opportunity to consolidate an attractive and fragmented market

% of Independent hotels

55% 35% Trends in attractive target market

464 Branded Urban Hotels Independent Urban Hotels: 710 (55%) Branded Urban Hotels: 591 (45%) Total: 85 hotels (7%) Operating: 78 (82%) Development: 7 (8%)

Hotel targeting business travelers 1,301

Attractive point in the cycle supply and demand 1 After recovery, opportunity to grow rates 2 Development and repositioning

• pportunities

3

 Demand driven by Mexico GDP growth

• Structural reforms, mainly energy

 Mexico global competitiveness driving

sustainable increase in FDI

• Demand

from services, manufacturing and industry driven by US recovery Mexico lodging - fundamentals/drivers

• There are 2.7k per thousand inhabitants

in Mexico, below world averages, even including overexposure to resorts

• ~6k business hotel rooms to be added

per year in main cities through 2022

• Strong demand growth expected
• Starting to see ADR growth after

lodging market impact from 2009

• Inflation catch-up of ~20%
• RevPAR growth of 12% in 2016
• Reconversion of independent hotels
• International

brands to continue increasing exposure of total market

Under-penetrated and fragmented target market

7

… with presence across all business hotel segments

• Room with kitchenette
• Optional full-service house keeping
• Offerings similar to limited service

(i.e. no conference rooms, limited F&B)

• Food and beverage offerings
• Meeting and conference rooms

(incl. ballrooms)

• Selected services, particularly

relating to food and beverage

• Selected amenities including conf.

rooms

• No food outlet (except breakfast)
• No room service
• Little amenities
• No conference rooms

Attractive operating agreements

• Operation Agreements
• Variable fee structure
• The operator runs the hotel and charges a fee for its

services

• Remaining lease agreements for 3 hotels
• FibraHotel receives rents and pays real estate expenses
• Will migrate to Operation Agreements once leases expire

Strategic relationships with leading hotel operators under attractive and unique agreements…

• Customized products for the Mexican market
• Strong marketing and loyalty programs
• Critical size (purchases volume)
• Efficient front desk / reservation system
• Human resource efficiency

Extended-Stay Full-Service Select-Service Limited-Service Strategic relationships Operators

Open architecture with strong brands and operators

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2 4 5

Nov 17th, 2016 - FibraHotel announced the development of the Fiesta Americana Tlalnepantla with 224 full-service rooms Nov 1st, 2016 - FibraHotel announced the development of the iconic Live Aqua San Miguel de Allende with 134 luxury rooms Nov 17th, 2016 - FibraHotel announced the opening of the One Cuautitlán with 156 limited-service rooms

3

Nov 8th, 2016 - FibraHotel announced the opening of the Fairfield Inn & Suites Nogales with 134 limited-service rooms

1

Nov 18th, 2016 – FibraHotel`s 4th Investor Day Event

• Guidance for 2017 of >25% AFFO growth
• In light of change in macroeconomic conditions, FIHO is holding

its 2018 development portfolio

Overview of recent announcements

6

Dec 5th, 2016 - FibraHotel announced the opening of the Fiesta Inn Los Mochis with 125 select-service rooms

9

Overview of recent announcements (cont´d)

9

March 1st, 2017 - FibraHotel announced the opening of the Courtyard by Marriott Vallejo with 125 select-service rooms and the Fairfield Inn & Suites Vallejo with 121 limited-service rooms

7

Jan 30th, 2017 - FibraHotel announced the opening of the Fiesta Inn Puerto Vallarta hotel with 144 select-service rooms

8

February 27th, 2016 – FibraHotel announced Q4 2016 and FYE 2016 results

• Same store y-o-y RevPAR growth of 10% (7.9% ADR, 131bps in occupancy)
• Distribution of 30.45 cents per CBFI (8.4% yield) - > Ps. $1.0 for 2016
• Revenue growth of 39% y-o-y for Q4 and 31% for y-o-y FYE 2016
• EBITDA growth of 45% y-o-y for Q4 and 32% for y-o-y FYE 2016 (Q4 margin of >27%)

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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 11/2012 05/2013 11/2013 04/2014 10/2014 03/2015 09/2015 03/2016 08/2016 02/2017

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 >50 hotels and >6,500 rooms (40 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. 1,700mm returned to shareholders (~Ps. $3.50 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 and a better environment, the stock decreased in 2015 and stabilized in 2016

Notes: Prices as of March 2017

FIHO stock price (US$) Rooms in operation



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Quality openings in 2016 to drive AFFO growth

Overview of the opening of five full-service hotels in 2016

• FibraHotel opened 5 full service hotels which together represent a Ps. $1.6 bn investment, or ~14% of FibraHotel’s total assets
• Hotels generally take ~18-36 months to stabilize, and these properties are currently on the 6th month of operation o average

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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2014 2015 02´17 % growth in total rooms 105% 15% 10% % growth rooms in ramp-up N/A 69% 93% % growth rooms in operation 59% 3% 13% % growth development rooms 368% 31% (51%)

Development rooms (% of total) 20% 22% 10% Ramp-up rooms (% of total) 9% 14% 24% Stabilized rooms (% of total) 71% 64% 66%

Overview of FIHO room growth

2,000 4,000 6,000 8,000 10,000 12,000 14,000 Initial portfolio 2014 2015 March 2017

FibraHotel is entering a stabilization phase

Operating rooms have grown faster than development rooms

4,652 9,539 10,973 12,023 9% 20% 22% 10% 9% 14% 24% 91% 71% 64% 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 2017 ytd, this tendency has reversed as hotel openings outpace new developments
• FibraHotel´s rooms in operation increased 13% thanks to acquisitions and hotel openings
• Development now represents only ~10% of total rooms (returning to IPO levels)
• Current focus is on stabilizing recently opened hotels to increase their contribution to distributions
• 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

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56 hotels 7,890 rooms Non-stabilized

• perating portfolio

2016 stabilized portfolio

=

56 hotels 7,890 rooms

+

22 hotels 2,922 rooms 85 hotels 12,023 rooms FibraHotel illustrative Portfolio PF net debt (-) Ps. 2.0bn 78 hotels 10,812 rooms 7 hotels 1,211 rooms To be invested ~(-) Ps. 0.3bn Opera. Devel

Note: Company estimates

PF net debt (Ps. 4.2bn)

Growth pipeline with flexibility going forward

4 hotels 786 rooms To be invested ~(-) Ps. 1.5bn 3 hotels 425 rooms 20 hotels 2,676 rooms

+

4 hotels 789 rooms To be invested ~(-) Ps. 0.2bn 3 hotels 425 rooms

+

2017 Development Portfolio Additional Development Portfolio PF net debt ~ Ps. 3.0bn (incl. ~.5bn for core and shell). <25% net LTV

14

Full-service hotels opened in 2016 performing well

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 $1,865 $1,993 $1,831 $199 $751 6% 47%

Lodging contribution - 5 full service hotels in ramp-up

• 0.9
• 0.7
• 0.4

0.3 1.8 6.1 7.2 10.2 5.3 22%

• 10%

0% 10% 20% 30% 40% $(2) $- $2 $4 $6 $8 $10 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 10 first months of operation:

• Even in their opening months, the hotels were close to

break-even thanks to adequate cost management

• The hotels crossed their break-even point by July
• KPI´s are growing in line with expectations and occupancy in

the fourth quarter was over 47%

• Lodging contribution is still small (less than 9% of

FibraHotel´s lodging contribution for the quarter) During the 4Q 2016 these properties had an occupancy rate of 46.5%, an ADR of Ps. $1,865 a RevPAR of Ps. $867. Lodging contribution of Ps. $22.6 million (27.7% margin).

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

Break even @ ~25% occupancy

• 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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4,250 5,547 7,656 8,507 10,422 2012 2013 2014 2015 2016

2.5x the number of the initial portfolio

>25% CAGR

Strong growth - 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 10,422

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 4Q ´16

510 558 525 528 514 549 551 579 546 604 597 638 616 684 679 702

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 4Q ´16

~33% growth in RevPar from Q4 2013 to Q4 2016

9% CAGR

10.0%

Note: Based on 56 stabilized properties

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

16

…with less development drag to drive AFFO

177 250 295 310 309 380 396 447 449 501 504 553 534 635 696 770 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 4Q ´16

 4.3x

44% CAGR

66 90 102 103 99 126 130 148 143 155 162 181 157 193 211 248 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 4Q ´16

 3.7x

39% 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 $0.30

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 4Q ´16

 1.6x 12% 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)

17

2014 Q1 2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4 Dividend per CBFI $0.20 $0.23 $0.20 $0.23 $0.21 $0.22 $0.22 $0.24 $0.20 $0.24 $0.27 $0.30 ∆ q-o-q (6%) 16% (12%) 11% (8%) 6% (2%) 11% (16%) 20% 13% 12% ∆ y-o-y (0%) 53% 0% 5% 4% (5%) 6% 6% (3%) 9% 27% 28% FIHO Dividend Yield 3.67% 3.84% 3.60% 4.39% 4.01% 5.06% 5.21% 6.86% 4.90% 6.81% 8.33% 8.37% Mbono 10-yr yield 6.20% 5.69% 6.11% 5.84% 5.91% 6.06% 6.06% 6.28% 5.96% 5.90% 6.05% 7.46% Inflation Linked 10-yr yield 2.64% 2.31% 2.70% 2.61% 2.99% 2.92% 3.02% 3.36% 2.99% 2.78% 2.71% 2.94% Yield spread FIHO vs. 10yr Mbono (bps) (253 bps) (185 bps) (251 bps) (145 bps) (190 bps) (100 bps) (85 bps) 58 bps (106 bps) 91 bps 228 bps 91 bps FIHO vs. 10yr Inflation linked (bps) 103 bps 153 bps 90 bps 178 bps 102 bps 214 bps 219 bps 350 bps 191 bps 403 bps 562 bps 543 bps 2014 2015 2016

Attractive spread vs. udibono with upside growth

Nota: FIHO Q4 2016 yield based on Feb 27, 2017 prices

FIHO CBFI yield vs. government bond yields

3.36% 2.48% 4.36% 4.05% 3.67% 3.84% 3.60% 4.39% 4.01% 5.06% 5.21% 6.86% 4.90% 6.81% 8.33% 8.37% 4.96% 5.92% 6.10% 6.45% 6.20% 5.69% 6.11% 5.84% 5.91% 6.06% 6.06% 6.28% 5.96% 5.90% 6.05% 7.46% 2.23% 2.07% 2.22% 2.64% 2.31% 2.70% 2.61% 2.99% 2.92% 3.02% 3.36% 2.99% 2.78% 2.71% 2.94% 2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4

FIHO div. yield Mexico`s 10Y M-Bono yield Mexico`s 10Y Udibono yield FIHO dividend

18

FIHO - Q4 2016 Total Operating # of hotels 85 78 # of rooms 12,023 10,812 # of shares with econ. rights (mm) 494.3

a

Share price $14.50

b

Fx 20.0 Illustrative calcularion - Net debt of operating rooms Ps. US$

c

Net debt (2,019) (101.0)

d

Dividend payable (150.5) (7.5)

c+d=e

Net debt (2,169.5) (108.5)

f

Cash invested in development 726.7 36.3

g

Recent opening (Vallarta, Nogales, Vallejo, Mochis, Cuautitlan) 885.3 44.3

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

(557.5) (27.9) Illustrative calculations - Current price per key of operating keys Ps. US$

i

Operating rooms (excluding recently opened) 10,002 10,002

a*i=j

Market Cap 7,166.9 358.3

h

Pro-forma cash for operating hotels 557.5 27.9

j+h=k

Enterprise Value 7,724.5 386.2

• Ps. / key

US$ / key

k/i=l

EV per operating hotel key 772,292.6 38,614.6 m Historical cost of FibraHotel portfolio 948.0 Discount to FIHO historical cost (18.5%)

• Ps. / m2

US$ / m2 EV per m2 constructed (@50m2 per room) 15,445.9 772.3 Illustrative value of FibraHotel CBFI´s at replacement value Ps. US$ FIHO weighted avg. room replacement value (at today´s dev. costs) 1,258.9 62.9 Replacement value of operating rooms 12,591.7 629.6 Value from developments, recently opened hotels and net debt (557.5) (27.9) Illustrative FibraHotel market value at room cost 12,034.2 601.7

• Ps. per CBFI

US$ per CBFI Illustrative FibraHotel value per CBFI at replacement value $24.35 $1.22 Comparisons Price per key Per key (Ps 000´s) Discount to current Average Market transactions $1,546.0 (50.0%) FIHO´s historical cost per key $948.0 (18.5%) Average cost to develop new hotels Full service $2,000.0 (61.4%) Select service $1,300.0 (40.6%) Limited service $750.0 3.0% FIHO weighted average $1,258.9 (38.7%) Comparison BV NAV/CBFI Discount FIHO BV/CBFI $18.78 (22.8%) Q4 2016 ´17 Guide

Distributions

$1.22 $1.25 Dividend Yield 8.4% 8.6%

Note: Illustrative calculations including company estimates. Prices of 14.50 as of February 2017 and fx of 1 USD @ 20.0 Pesos

Valuation of assets still at a substantial discount

FibraHotel´s assets continue to trade at a substantial discount

19

Solid organic growth in portfolio

• 4th quarter: a 68.5% occupancy rate, a Ps. $1,025 ADR and a Ps. $702 RevPAR



Occupancy: +131bps vs. 4Q 2015 (67.2%)



ADR: +7.9% vs. 4Q 2015 (Ps. $950)



RevPAR: +10.0% vs. 4Q 2015 (Ps. $638)

• Ramp-up portfolio (19 hotels): a 48.9% occupancy rate, a Ps. $1,248 ADR and a Ps. $611 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
• 3Q 2016 (16 hotels): a 43.2% occupancy rate, a Ps. $1,121 ADR and a Ps. $484 RevPAR
• Total portfolio (75 hotels): a 64.1% occupancy rate, a Ps. $1,063 ADR and a Ps. $681 RevPAR

Quarterly KPIs – 56 Hotels Stabilized Portfolio (as of Q4 2016) Historical KPIs of stabilized hotels (FYE 2016)

0% 10% 20% 30% 40% 50% 60% 70% 80% 200 400 600 800 1,000 1,200

07 08 09 10 11 12 13 14 15 16 ADR RevPar Occupancy 937 941 919 950 980 1,001 980 1,025 546 604 597 638 616 684 679 702 58.3% 64.2% 65.0% 67.2% 62.9% 68.3% 69.3% 68.5% Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 ADR RevPAR Occupancy

20

71 115 107 120 126 146 118 154 173 211

4Q 2013 4Q 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015 1Q 2016 2Q 2016 3Q 2016 4Q 2016

Strong EBITDA growth with margin expansion

Managed Hotels Revenues (Ps. $ million) Quarterly EBITDA (Ps. $ mm - margin) EBITDA per room (Ps. $)

Last 12 months

• Strong increase in LTM revenues
• External growth (M&A / Development)
• Organic growth (increase in RevPAR)
• EBITDA margin is returning to pre follow-on levels
• Impact from less leased hotels in portfolio mix
• Solid growth in EBITDA even with additional hotels in

ramp-up portfolio

• Highest EBITDA per room in operation history
• Development ramping up their contribution to EBITDA

generation

1,032 1,531 1,671 1,793 1,901 2,008 2,092 2,227 2,418 2,635

FY 2013 FY 2014 1Q 2015 2Q 2015 3Q 2015 FY 2015 1Q 2016 2Q 2016 3Q 2016 FY 2016 23% 26% 24% 24% 25% 26% 22% 24% 25% 27%

• Ps. millions

Last 12 months

47 48 53 56 58 59 56 56 59 63 FY 2013 FY 2014 1Q 2015 2Q 2015 3Q 2015 FY 2015 1Q 2016 2Q 2016 3Q 2016 FY 2016

+7% vs. 4Q 2015 LTM +45% vs. 4Q 2015 +31% vs. 4Q 2015 LTM

21

98 103 199 203 320 325 421 473 273 317 98 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

Solid financial structure

As of December 31th, 2016

• Ps. $2,697 million gross debt
• Ps. $2,019 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 21.7% LTV (20.4% @ Sep-16 and 7.9% @ Dec-15)
• A 3.4x Net Debt to EBITDA ratio (2.8x @ Sep-2016 and

1.0x @ Dic-15)

• 74% of indebtedness covered with derivatives

instruments that partially mitigate the impact of raising rates

• Amortization
• 2017: Ps. $98 million (~Ps. $0.18 per CBFI)
• 2018: Ps. $102 million (~Ps. $0.20 per CBFI)
• On-going analysis of liability management alternatives
• Liability management alternatives of new bank credit

lines or a bond issuance to refinance maturities

• Additional credit facilities in process to increase

firepower

• Ps. million

100% MXN denominated 100% variable rate

862 1,396 1,611 2,514 2,697 8% 12% 14% 20% 22% 3Q 2015 4Q 2015 1Q 2016 2Q 2016 3Q 2016 4Q 2016

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

Debt and LTV evolution Amortization schedule

39% 37% 33% 33% 29% 28% 23% 22% 7% 0%

FIBRA’s Leverage @ 4Q 2016

22

The advisor is aligned with FibraHotel´s shareholders with its ownership in the company

(1) So long as the control trust holds at least 15% of the outstanding CBFIs, the Relevant Principals of Grupo GDI have agreed to provide FibraHotel with a right of first refusal to purchase any future lodging investment opportunity sourced by any of them, to the extent such opportunity meets substantially all of the eligibility requirements contained in the trust agreement. (2) For any fee increase to be approved: (i) recommendation from the practices committee, (ii) majority vote from the independent members to propose the change to the assembly, (iii) assembly vote with a prior notice of at least 30 days to approve the measure by a majority excluding the control trust certificates

Fee package

• Advisory fee: 1% of the value of undepreciated assets, net of debt
• No acquisition, development or any other fee
• Proposal for an approval structure with shareholder input for any fee increases(2)

4

Right of First Refusal(1) granted by Grupo GDI to FibraHotel

• Scope: any future lodging opportunity sourced that meets FibraHotel investment

parameters

3

Grupo GDI contributed all its urban lodging exposure to FibraHotel

2

The control group currently has ~15-20% of the certificates

1

Technical committee with 36% independent members. Audit, Practices and Nominations committees are majority independent

5

Long-term alignment of interests

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Unique, difficult to replicate portfolio with significant growth potential and ideal platform to consolidate the Mexican business-hotel market 1 Leading player in the hotel sector in the attractive Mexican market 2 Robust business model with open architecture and strong operating leverage 3 Experienced management team with best-in-class advisor to execute our disciplined strategy 4

Investment highlights

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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

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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

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Fiesta Inn Los Mochis

Fiesta Inn Los Mochis

34

Via Vallejo (Fairfield Inn & Suites and Courtyard)

Fairfield Inn y Courtyard Vallejo

Courtyard by Marriott Fairfield Inn & Suites by Marriott

35

Fiesta Inn La Isla Puerto Vallarta

Fiesta Inn La Isla Puerto Vallarta