#1LIAQUA LIVE HOTELS&ESOMIS Le Grand Fibra Hotel Investor Presentation March 2017 APLA Fibra Hotelmx @FibraHotel#2Disclaimer FibraHotelmx 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 Any such offering may be made only by an offering memorandum and the information contained herein will be superseded in its entirety by such offering memorandum in final form.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. 2#3Fibra Hotel is the largest Mexican lodging REIT Fiesta Americana. HOTELS & RESORTS LIVE AQUA HITTELES RESORTS AC HOTELS MARRIOTT AC HOTELS MARRIOTT Grand Fiesta Americana. HOTELS & RESORTS one hoteles LIVE LAQUA HITTALES & GOATS AC FAIRFIELD INN & SUITES Marriott COURTYARD® Marriott FibraHotelmx Sheraton Sheraton FIESTA INN FIESTA INN. LOFT Origins • 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 • • • Investment case 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 Key stats (US$mm)1 Hotels 85 Rooms 12,023 Market Cap 358 Enterprise Value 459 (101) 8.4% 38,615 772,293 3 Net debt Dividend yield EV/Op. Key (US$) EV/Op. Key (Ps$) (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#4# room 1 Fiesta Inn Culiacán 146 The most attractive hotel portfolio in Mexico FibraHotel's portfolio Hotel Operating 78 hotels 10,812 rooms FibraHotelmx Total 85 hotels 12,023 rooms FibraHotel's portfolio Hotel # room 34 Fiesta Inn Puebla Finsa 123 35 Fiesta Inn Oaxaca 145 2 Fiesta Inn Durango 138 36 One Puebla Finsa 126 37 Real Inn Guadalajara 197 3 One Monterrey 126 In 26 states 38 Fiesta Inn Tlalnepantla 131 4 One Acapulco 126 39 Fiesta Inn Toluca Tollocan 144 5 One Toluca 126 27-40 40 Real Inn Mexicali 158 6 One Coatzacoalcos 41 Fiesta Inn Lofts Monclova 37 126 59 42 One Monclova 66 7 Fiesta Inn Tepic 139 43 Grand Fiesta Americana Monterre 180 8 One Aguascalientes 126 44 Live Aqua Monterrey 74 9 Fiesta Inn Hermosillo 155 10 One Culiacán 119 72 26 18 45 Courtyard Vallejo 125 46 Fairfield Inn Vallejo 121 3 22 (43) (44) 47 Fiesta Americana Aguascalientes 192 11 Fiesta Inn Ecatepec 143 48 Fiesta Inn Xalapa 119 2616222222222222523 Fiesta Inn Perinorte 127 (82) (76) (73) (64) 49 One Xalapa 126 Fiesta Inn Nuevo Laredo 120 50 Fairfield Inn Villahermosa 134 (56) 51 Fiesta Inn Cd. Obregon 141 14 Fiesta Inn Naucalpan 119 41 42 29 13 52 Fiesta Inn Lofts Querétaro 50 Fiesta Inn Cuautitlán 128 66 53 Gamma León 159 Fiesta Inn Perisur 212 54 Courtyard Cd. Del Carmen 133 55 Fiesta Inn Lofts Cd. Del Carmen 120 17 Camino Real Puebla 153 23 52 (62) 10 56 Gamma Valle Grande 135 18 Fiesta Inn Chihuahua 152 19 Fiesta Inn Guadalajara 158 20 One Querétaro 126 Fiesta Inn Aguascalientes 125 ·00. Fiesta Inn Monterrey 161 58 (78) 853 (83 38 69 34 36 57 Fairfield Inn Los Cabos 128 58 Fiesta Inn San Luis Potosi Orient 140 59 Gamma Tijuana 140 60 Fairfield Inn Saltillo 139 61 AC Torre Americas Guadalajara 188 62 AC Antea Querétaro 175 65 Fiesta Inn Querétaro 175 63 One Perisur 144 48 49 24 Fiesta Inn Saltillo 149 (54 55 64 Sheraton Ambassador Monterrey 229 One Patriotismo 132 (84) 38 (81)71) 7750 65 Live Aqua Boutique Playa del Cari 60 (14 66 Fiesta Inn Los Mochis 125 Fiesta Inn Cd. Juárez 166 67 Fiesta Inn Cuernavaca 155 35 27 Fiesta Inn Mexicali 150 68 One Cuernavaca 125 (80 69 Fairfield Inn & Suites Juriquilla 134 28 Fiesta Inn León 160 70 One Durango 126 29 Fiesta Inn Monclova 121 (74) 71 Aloft Veracruz 166 30 Fiesta Inn Torreón 146 72 Fairfield Inn & Suites Nogales 134 Real Inn Morelia 155 56 stabilized hotels with 7,890 rooms 73 Fiesta Inn Lofts Monterrey 48 Camino Real Suites Puebla 121 O 22 hotels in ramp-up period with 2,922 rooms 74 Fiesta Americana Viaducto 255 75 One Cuautitlan 156 33 One Tapatio 126 7 hotels under development with 1,211 rooms 76 Fiesta Americana Pabellon M 178 77 Fiesta Inn Villahermosa 159 Mexico City 78 Fiesta Inn Puerto Vallarta 144 79 Fiesta Americana Hermosillo 220 80 Fiesta Inn Buenavista 129 4 POSADAS. Marriott. Res Grand Flesta Americana. самма CAMINO REAL. one 81 Full Service Villa del Mar Veracruz 173 FIESTA INN FIESTA INN HOTELES RESORTS HOTEL CLAS hoteles 15 82 Fiesta Inn Monterrey Valle 177 operators GRUPO REAL TURISMO GRT starwood Hotels and Resorts brands AQUA Sheraton AQUA PA HOTELE Fiesta HOTELS MARRIOTT loft HOTELS 83 Live Aqua San Miguel de Allende 134 FAIRFIELD 84 INN & SUITES Fiesta Americana Tlalnepantla 224 AC REAL INN Marriott. 85 COURTYARD Marriott. Courtyard Toreo 130 Note: Shaded green properties represent under development, yellow represents non-stabilized properties 4#5Diversified portfolio with irreplaceable landmark assets Fiesta Americana. HOTELS & RESORTS LIVE AQUA HOTELES REGIONS Grand HOTELS & RESORTS Rooms per category 3% ■Limited service Select service 18% 23% ■Full service Extended stay 56% AC HOTELS MARRIOTT AC Rooms per region AC HOTELS MARRIOTT FibraHotelmx Sheraton Sheraton ■Fiesta Inn Rooms per brand ■Center/South 8% ■ One Northeast 19% ■Fiesta America 3% 3% 4%3% 2% 2%% 2% ■ Northwest ■ Fairfiel 57% 4% 16% 6% West ■Real Inn 10% ■Gamma 17% Courtyard 43% 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) " 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 5#61 Under-penetrated and fragmented target market Trends in attractive target market Hotel targeting business Independent Urban Hotels: travelers 1,301 710 (55%) Branded Urban Hotels: 591 (45%) FibraHotelmx FibraHotelmx Total: 85 hotels (7%) Operating: 78 (82%) Development: 7 (8%) Mexico lodging - fundamentals/drivers 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 ◉ Attractive point in the cycle supply and demand 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 18.7% 15.5% 2 After recovery, opportunity to grow rates 3 Development and repositioning opportunities Reconversion of independent hotels International brands to continue ☐ Starting to see ADR growth after lodging market impact from 2009 210 Inflation catch-up of ~20% RevPAR growth of 12% in 2016 190 Colombia 170 Chile Brazil 150 Mexico 11.5% 9.7% 6.6% 4.9% 4.2% 3.7% 130 110 Spain Us Germany France Peru Mexico Bras Chile Colombia 2007 2008 2009 2010 2011 2012 2013 increasing exposure of total market % of Independent hotels 55% 35% Others NH HOTELS IHG 0% 25% ACCOR CHOICE HOTELS WYNDHAM Marriott 5% GRI 6% 22% Hilton 14% cityexpress POSADAS 464 Branded Urban Hotels Opportunity to consolidate an attractive and fragmented market Source: HVS, Sectur, Bank of America, Mexico Tourism Ministry, WTO 6#7Open architecture with strong brands and operators Fibra Hotelmx Strategic relationships with leading hotel operators under attractive and unique agreements... Strategic relationships Operators • Customized products for the Mexican market POSADAS. • • Strong marketing and loyalty programs Critical size (purchases volume) Efficient front desk / reservation system Marriott starwood Hotels and Resorts GRT GRUPO REAL TURISMO with presence across all business hotel segments • Human resource efficiency • 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 • Fibra Hotel receives rents and pays real estate expenses Will migrate to Operation Agreements once leases expire Limited-Service REAL INN one FAIRFIELD Marriott INN & SUITESⓇ hotels Full-Service Pa Grand Fiesta Americana. HOTELS & RESORTS LIVE AQUA HOTELS & RESORTS CAMINO REAL Sheraton HOTELS & RESORTS Fiesta Americana. HOTELS & RESORTS AC HOTELS MARRIOTT • Food and beverage offerings • Meeting and conference rooms (incl. ballrooms) Select-Service FIESTA INN COURTYARD Marriott HOTELES BUSINESS CLASS aloft R A VISION OF W HOTELS Самма de Fiesta Inn HOTEL VALLE GRANDE • Selected services, particularly relating to food and beverage • Selected amenities including conf. rooms Extended-Stay FIESTA INN HOTEL & LOFT CAMINO REAL •No food outlet (except breakfast) • No room service Little amenities No conference rooms • Room with kitchenette • Optional full-service house keeping Offerings similar to limited service (i.e. no conference rooms, limited F&B) 7#8Overview of recent announcements 1 2 3 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 Nov 1st, 2016 - Fibra Hotel announced the development of the iconic Live Aqua San Miguel de Allende with 134 luxury rooms Nov 8th, 2016- FibraHotel announced the opening of the Fairfield Inn & Suites Nogales with 134 limited-service rooms 4 Nov 17th, 2016 - Fibra Hotel announced the opening of the One Cuautitlán with 156 limited-service rooms 5 CO 6 Nov 17th, 2016 - Fibra Hotel announced the development of the Fiesta Americana Tlalnepantla with 224 full-service rooms Dec 5th, 2016- FibraHotel announced the opening of the Fiesta Inn Los Mochis with 125 select-service rooms FibraHotelmx HHFibraHotel INVITES YOU TO: 4 INVESTORS DAY EVENT 2016 FRIDAY NOVEMBER 18th 9:00AM-11:30AM W MIDTOWN HOTEL NEW YORK SAVE THE DATE! INVESTOR GUILLERMO BRAVO CONTACT 52 155 5292 8150 abrahotel.com FibraHotel " 8#9Overview of recent announcements (cont'd) 7 FibraHotelx Jan 30th, 2017 - Fibra Hotel announced the opening of the Fiesta Inn Puerto Vallarta hotel with 144 select-service rooms LA ISLA February 27th, 2016 - Fibra Hotel announced Q4 2016 and FYE 2016 results 8 • 9 • . 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. $1.0 for 2016 Revenue growth of 39% y-o-y for Q4 and 31% for y-o-y FYE 2016 EBITDA growth of 45% y-o-y for Q4 and 32% for y-o-y FYE 2016 (Q4 margin of >27%) March 1st, 2017 - Fibra Hotel announced the opening of the Courtyard by Marriott Vallejo with 125 select-service rooms and the Fairfield Inn & Suites Vallejo with 121 limited-service rooms VIAVALLEJO 6#10What changed? A better company at half the price FibraHotelmx Even with real assets and a better environment, the stock decreased in 2015 and stabilized in 2016 FIHO stock price (US$) Rooms in operation $2.50 $2.25 $2.00 $1.75 $1.50 $1.25 $1.00 $0.75 $0.50 11/2012 05/2013 11/2013 04/2014 10/2014 03/2015 09/2015 03/2016 08/2016 02/2017 12,000 10,000 8,000 6,000 4,000 2,000 Evolution of Fibra Hotel since the IPO ✓ 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) Considerations since IPO: * Increased Interest rate uncertainty * Capital deployment has been more focused on development than acquisitions (and slower) * Peso depreciation * More Fibras in the market Notes: Prices as of March 2017 10#11Quality openings in 2016 to drive AFFO growth Overview of the opening of five full-service hotels in 2016 FibraHotelmx ■ FibraHotel opened 5 full service hotels which together represent a Ps. $1.6 bn investment, or ~14% of Fibra Hotel'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 Sky Pool - AC by Marriott Guadalajara Spa - Trebol Monterrey Valle AC by Marriott Queretaro Lobby 11#12Fibra Hotel is entering a stabilization phase Operating rooms have grown faster than development rooms 14,000 12,000 Stabilized In Ramp-up Overview of FIHO room growth FibraHotelmx 2014 2015 02'17 105% 15% 10% 12,023 Under development 10,973 % growth in total rooms 10% 9,539 10,000 22% 24% % growth rooms in ramp-up N/A 69% 93% 20% % growth rooms in operation 59% 3% 13% 8,000 14% 9% % growth development rooms 368% 31% (51%) 6,000 4,652 71% 64% 73% 9% 4,000 91% 2,000 Initial portfolio 2014 2015 March 2017 Development rooms (% of total) Ramp-up rooms (% of total) Stabilized rooms (% of total) 20% 22% 10% 9% 14% 24% 71% 64% 66% Hotels under development as % of total rooms grew after Fibra Hotel'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 12#13Devel Opera. Growth pipeline with flexibility going forward FibraHotelmx 56 hotels 7,890 rooms 2016 stabilized portfolio 56 hotels 7,890 rooms + 22 hotels 2,922 rooms 3 hotels 425 rooms Non-stabilized operating portfolio 4 hotels 786 rooms 85 hotels 12,023 rooms + 2017 Development Portfolio + Additional Development Portfolio = Fibra Hotel illustrative Portfolio 20 hotels 2,676 rooms 3 hotels 425 rooms 78 hotels 10,812 rooms 7 hotels 4 hotels 789 rooms 1,211 rooms PF net debt (-) Ps. 2.0bn To be invested ~(-) Ps. 0.3bn To be invested ~(-) Ps. 0.2bn To be invested ~(-) Ps. 1.5bn PF net debt ~ Ps. 3.0bn (incl. ~.5bn for core and shell). <25% net LTV PF net debt (Ps. 4.2bn) Note: Company estimates 13#14Full-service hotels opened in 2016 performing well Since March 2016, Fibra Hotel 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 FibraHotelmx KPI during first 7 months - 5 full service hotels in ramp-up ■ 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 Fibra Hotel's lodging contribution for the quarter) $1,383 $1,434 $1,536 $1,634 $1,725 $1,820 $1,865 $1,137 $199 6% 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). mar-16 apr-16 may-16 jun-16 jul-16 aug-16 sep-16 oct-16 Occupancy ADR RevPAR $1,993 $1,831 47% $751 91-лои dic-16 Lodging contribution - 5 full service hotels in ramp-up Overall, development properties are performing well Break even @ ~25% occupancy -0.9 -0.7 -0.4 apr-16 1.8 0.3 10.2 7.2 6.1 5.3 22% may-16 jun-16 jul-16 aug-16 sep-16 oct-16 nov-16 dic-16 Login contribution (Ps. million) ■ 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 Lodging contribution margin 14#151Q '13 510 ει, ότι Note: Based on 56 stabilized properties Rooms in operation – Inorganic growth 2.5x the number of the initial portfolio >25% CAGR Strong growth - organically and inorganically... 10,422 8,507 7,656 5,547 4,250 2012 2013 2014 2015 2016 RevPAR of stabilized properties - Organic growth ~33% growth in RevPar from Q4 2013 to Q4 2016 9% CAGR 558 3Q '13 4Q '13 1Q '14 604 579 549 551 546 525 528 514 2Q '14 3Q '14 4Q '14 1Q'15 2Q'15 3Q'15 597 4Q'15 1Q '16 1Q '13 4,397 2Q '13 4,798 ει, δε 5,547 4Q '13 5,547 1Q '14 6,115 2Q '14 6,664 3Q '14 6,944 4Q '14 7,656 1Q'15 7,777 2Q'15 7,921 3Q'15 8,077 4Q'15 8,507 1Q '16 9,120 2Q'16 9,782 3Q '16 10,007 4Q '16 10,422 638 616 2Q '16 20 3Q '16 10.0% 684 679 702 4Q '16 15 FibraHotelmx#161Q '13 2Q '13 3Q '13 4Q '13 1Q '13 177 ει, ότι 250 3Q '13 295 4Q '13 310 1Q '14 309 Quarterly AFFO per CBFI (Ps. $) 1.6x 12% CAGR $0.19 $0.15 $0.20 $0.21 $0.20 $0.23 $0.20 $0.23 $0.20 $0.22 $0.21 1Q '14 2Q '14 Note: Estimated AFFO growth based on current conditions and certain company assumptions 3Q '14 4Q '14 1Q '15 2Q'15 3Q '15 4Q'15 1Q '16 2Q '16 $0.27 $0.23 $0.24 $0.19 3Q '16 2Q '14 3Q '14 4Q '14 1Q '15 2Q'15 Quarterly revenue (Ps. $ million) 4.3x 44% CAGR ...with less development drag to drive AFFO 3Q '15 4Q'15 1Q '16 534 2Q '16 635 3Q '16 4Q '16 1Q '13 2Q '13 969 99 ει, δε 770 06 102 4Q '13 103 1Q 14 66 Quarterly NOI (Ps. $ million) 3.7x 39% CAGR 2Q '14 126 3Q '14 130 4Q '14 148 1Q '15 2Q'15 $0.30 4Q '16 ■ 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 16 3Q'15 4Q '15 181 1Q '16 157 2Q '16 3Q '16 4Q '16 248 FibraHotelmx#17Attractive spread vs. udibono with upside growth FIHO CBFI yield vs. government bond yields FIHO div. yield FIHO dividend Mexico's 10Y M-Bono yield Mexico's 10Y Udibono yield 4.96% FibraHotelmx 8.33% 8.37% 7.46% 6.86% 6.81% 6.45% 6.10% 6.20% 6.20% 6.11% 5.92% 5.84% 5.91% 6.06% 6.06% 5.96% 5.90% 6.05% 5.69% 5.21% 5.06% 4.90% 3.36% 2.48% 4.36% 4.39% 4.05% 4.01% 3.84% 3.67% 3.60% 3.36% 2.99% 2.92% 3.02% 2.99% 2.94% 2.64% 2.70% 2.61% 2.78% 2.71% 2.23% 2.22% 2.31% 2.07% 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 2014 2015 2016 2014 Q1 2014 Q2 2014 Q3 Dividend per CBFI $0.20 $0.23 $0.20 2014 Q4 $0.23 2015 Q1 2015 Q2 2015 Q3 $0.21 $0.22 $0.22 2015 Q4 $0.24 2016 Q1 2016 Q2 2016 Q3 2016 Q4 $0.20 $0.24 $0.27 $0.30 ▲ 9-0-9 ▲ y-o-y (6%) 16% (12%) 11% (8%) 6% (2%) 11% (16%) 20% 13% 12% (0%) 53% 0% 5% 4% (5%) 6% 6% (3%) 9% 27% 28% 3.67% 3.84% 3.60% 4.39% 6.20% 5.69% 6.11% 5.84% 2.64% 2.31% 2.70% 2.61% FIHO Dividend Yield Mbono 10-yr yield Inflation Linked 10-yr yield Yield spread FIHO vs. 10yr Mbono (bps) (253 bps) FIHO vs. 10yr Inflation linked (bps) 103 bps (185 bps) (251 bps) 153 bps 90 bps (145 bps) 178 bps (190 bps) 102 bps (100 bps) 214 bps (85 bps) 219 bps 58 bps 350 bps (106 bps) 191 bps 91 bps 403 bps 228 bps 562 bps 91 bps 543 bps 4.01% 5.06% 5.21% 6.86% 4.90% 6.81% 8.33% 8.37% 5.91% 6.06% 6.06% 6.28% 5.96% 5.90% 6.05% 7.46% 2.99% 2.92% 3.02% 3.36% 2.99% 2.78% 2.71% 2.94% Nota: FIHO Q4 2016 yield based on Feb 27, 2017 prices 17#18Valuation of assets still at a substantial discount Fibra Hotel's assets continue to trade at a substantial discount FIHO - Q4 2016 # of hotels # of rooms # of shares with econ. rights (mm) a Share price b Fx Total 85 Operating 12,023 78 10,812 Distributions 494.3 $14.50 20.0 FibraHotelmx Q4 2016 '17 Guide $1.22 $1.25 Dividend Yield 8.4% 8.6% Illustrative calcularion - Net debt of operating rooms Ps. C Net debt (2,019) US$ (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 Comparisons Price per key Per key (Ps Discount to 000's) current g Recent opening (Vallarta, Nogales, Vallejo, Mochis, Cuautitlan) e+f+g=h Pro-forma cash (op.) properties 885.3 44.3 (557.5) (27.9) Average Market transactions $1,546.0 (50.0%) i Illustrative calculations - Current price per key of operating keys Operating rooms (excluding recently opened) Ps. US$ 10,002 10,002 a*i=j Market Cap 7,166.9 358.3 h Pro-forma cash for operating hotels m j+h=k Enterprise Value k/i=l EV per operating hotel key Historical cost of Fibra Hotel portfolio Discount to FIHO historical cost 557.5 7,724.5 27.9 FIHO's historical cost per key $948.0 (18.5%) Ps./key 772,292.6 386.2 US$/key 38,614.6 Average cost to develop new hotels 948.0 (18.5%) Full service $2,000.0 (61.4%) Select service $1,300.0 (40.6%) EV per m2 constructed (@50m2 per room) Ps./m2 15,445.9 US$/ m2 772.3 Illustrative value of Fibra Hotel CBFI's at replacement value Ps. US$ Limited service FIHO weighted average $750.0 3.0% $1,258.9 (38.7%) FIHO weighted avg. room replacement value (at today's dev. costs Replacement value of operating rooms 1,258.9 62.9 12,591.7 629.6 Value from developments, recently opened hotels and net debt Illustrative Fibra Hotel market value at room cost (557.5) (27.9) Comparison BV NAV/CBFI Discount 12,034.2 601.7 FIHO BV/CBFI $18.78 (22.8%) Illustrative Fibra Hotel value per CBFI at replacement value Ps. per CBFI $24.35 US$ per CBFI $1.22 Note: Illustrative calculations including company estimates. Prices of 14.50 as of February 2017 and fx of 1 USD @ 20.0 Pesos 18#19Solid organic growth in portfolio Quarterly KPIs - 56 Hotels Stabilized Portfolio (as of Q4 2016) FibraHotelmx Historical KPIs of stabilized hotels (FYE 2016) 1,200 67.2% 68.3% 69.3% 68.5% 64.2% 65.0% 58.3% 62.9% 950 980 1,000 1,001 980 1,025 937 941 919 800 80% 70% 60% 50% 684 679 702 600 604 597 638 616 546 40% 30% 400 20% 200 10% 0 T 0% Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 07 08 09 10 11 12 13 14 15 16 ADR RevPAR Occupancy ADR RevPar -Occupancy ■ 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 19#20Strong EBITDA growth with margin expansion. Managed Hotels Revenues (Ps. $ million) Last 12 months FibraHotelmx Quarterly EBITDA (Ps. $ mm - margin) Ps. millions 211 2,635 2,4181 173 2,227' 154 146 115 120 126 118 +31% vs. 107 +45% vs. 4Q 2015 4Q 2015 71 LTM 26% 23% 24% 24% 25% 26% 27% 22% 24% 25% 1,032 1,531 1,671 1,793 1,901 2,008 2,0924 الات FY FY 1Q 2Q 3Q FY 1Q 2Q 3Q 2013 2014 2015 2015 2015 2015 2016 2016 2016 2016 FY 4Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2013 2014 2015 2015 2015 2015 2016 2016 2016 2016 Last 12 months 53 53 48 47 EBITDA per room (Ps. $) 56 58 59 63 59 56 56 56 Strong increase in LTM revenues • External growth (M&A / Development) • Organic growth (increase in RevPAR) EBITDA margin is returning to pre follow-on levels FY FY 1Q 2Q 3Q FY +7% vs. 4Q 2015 LTM 1Q 2Q 3Q FY 2013 2014 2015 2015 2015 2015 2016 2016 2016 2016 . 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 20#21Solid financial structure FibraHotelmx 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 Debt and LTV evolution Gross debt (Ps. million) Loan to Value 2,697 2,514 1,611 1,396 862 20% 22% 12% 14% 8% No debt 3Q 2015 4Q 2015 1Q 2016 2Q 2016 3Q 2016 4Q 2016 " 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 FIBRA's Leverage @ 4Q 2016 39% 37% 33% 33% 29% 28% 23% 22% 7% 0% FIBRAMQ TERRA Amortization schedule 320 325 FUNO FIBRAPL FINN FSHOP FMTY FIHO DANHOS Ps. million 199 203 98 103 421 473 FIBRHD 317 273 98 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 21#22Long-term alignment of interests GDI 1 The control group currently has ~15-20% of the certificates GRUPO Fibra Hotelmx 2 Grupo GDI contributed all its urban lodging exposure to FibraHotel FibraHotelmx Right of First Refusal (1) granted by Grupo GDI to Fibra Hotel Scope: any future lodging opportunity sourced that meets Fibra Hotel investment parameters 3 • 4 LO Advisory fee: 1% of the value of undepreciated assets, net of debt Fee package • • No acquisition, development or any other fee Proposal for an approval structure with shareholder input for any fee increases(2) Technical committee with 36% independent members. Audit, Practices and Nominations committees are majority independent The advisor is aligned with Fibra Hotel's shareholders with its ownership in the company (1) (2) 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. 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 22#231 Investment highlights FibraHotelmx Unique, difficult to replicate portfolio with significant growth potential and ideal platform to consolidate the Mexican business-hotel market 2 Leading player in the hotel sector in the attractive Mexican market 3 Robust business model with open architecture and strong operating leverage 4 Experienced management team with best-in-class advisor to execute our disciplined strategy 23#24Trebol Monterrey - FAG and Aqua Trebol Monterrey – Fiesta Americana Grand and Live Aqua PAOUA. FibraHotelmx Summary ■ Grand Fiesta Americana and Live reall dad esta equiv ocad a, los ☐ Suen OS son reale S Aqua hotels Opened in June 2016 ■ 254 full-service rooms ☐ Aqua: 74 luxury rooms ■ FAG: 180 full-service Operated Grupo Posadas LIAQUA Location ■ Valle Oriente, Monterrey, N.L. ■ Trebol Monterrey mixed use complex 24#25Live Aqua y Grand Fiesta Americana Monterrey Valle FibraHotelmx 25#26Live Aqua Monterrey Valle public areas FibraHotelmx 26#27Grand Fiesta Americana Monterrey Valle public areas 1856 2 FibraHotelmx 27#28Fiesta Americana Monterrey Pabellon M Fiesta Americana Pabellon M Helipuerto Piso 50: SkyBar. Oficinas Hotel Fiesta Americana Centro Comercial, Restaurantes y Cines Mudle Centro de Convenciones. Auditorio. AUDITORIO Monterey Fiesta Fiesta Americana. Americana. FibraHotelmx Summary ■ Fiesta Americana Pabellon M ■ Opened in March 2016 ■ 178 full-service rooms Operated by Grupo Posadas Location ■ Monterrey, N.L. ■ Inside the Pabellon M mixed-use complex 15 Asta Bandera Obispadol 5 de Mayo Panteped Plaza Fiesta San Agustin 19 26 24 Macroplaza 24 O 54 Constitucio Americana. ución 11 Los Soles Av Fride ka Ka Av 2 de Abril Annasio Morones Prieto Ayutia Isebel la Católics Maria Curie 28#29Fiesta Americana Monterrey Pabellon M rooms FibraHotelmx TICK 220 LATA YANG 29#30Fiesta Americana Monterrey Pabellon M public areas. FibraHotelmx 起 a 30#31AC by Marriott Guadalajara Americas AC by Marriott Guadalajara AC AC HOTELS FibraHotelmx Summary ■ AC by Marriott Guadalajara Opened in May 2016 ■ 188 full-service rooms ■ Operated by Marriott International Location Guadalajara, Jalisco ■ Torre Americas 1500 mixed-use complex A TORRE CAS 1500 31#32AC by Marriott Antea Queretaro AC by Marriott Antea Querétaro AC HOTEL CUL FibraHotelmx AC HOTEL QUERETARO Summary ■ AC by Marriott Antea, Querétaro ■ Opened in March 2016 ■ 175 full-service rooms ☐ Operated by Marriott International Location Juriquilla, Querétaro Antea Queretaro mixed use project urguna Ca AC 32#33Fiesta Inn Los Mochis FibraHotelmx Fiesta Inn Los Mochis 33#34Fairfield Inn y Courtyard Vallejo Via Vallejo (Fairfield Inn & Suites and Courtyard) PARQUE VIAVALLEJO Courtyard by Marriott COURTYARD www FAL FibraHotelmx Fairfield Inn & Suites by Marriott 34#35Fiesta Inn La Isla Puerto Vallarta Fiesta Inn La Isla Puerto Vallarta LA ISLA FIESTA IN FIESTA INN FibraHotelmx LAISLA SHOPFORD VILLAGE 35