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1 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

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