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@FibraHotel

FibraHotel (“FibraHotel”), the first real estate investment trust specialized in business-class hotels in Mexico, announces its financial results and distribution corresponding to the fourth quarter of 2014.

Mexico City, February 19th, 2014 --- FibraHotel (BMV: FIHO 12), the first real estate investment trust specialized in business-class hotels in Mexico, announces its results and distribution corresponding to the fourth quarter of 2014. Except where noted, all figures included herein were prepared in accordance with IFRS and are stated in nominal Mexican pesos.

4th Quarter 2014 Highlights

• FibraHotel ended the fourth quarter of 2014 with 70 hotels and 9,539 rooms, including 56 hotels in operation (7,656 rooms), 13 hotels in different stages of development (1,741 rooms) and in repositioning and expansion (142 rooms).

• During the quarter, FibraHotel was very active in acquisitions, increasing its portfolio by 16% in number of rooms, by adding nine hotels and 1,332 rooms. Four of these hotels are in operation, the Sheraton Ambassador Monterrey, the Cacao Playa del Carmen, the One Cuernavaca and the Fiesta Inn Cuernavaca hotels, adding 569 rooms in operation. Additionally FibraHotel announced the acquisition of five hotels in different stages of development, the One Perisur, the Courtyard Toreo, the AC by Marriott Guadalajara, Torre Americas 1500, the AC by Marriott Antéa Querétaro and the Fiesta Inn Los Mochis hotels, adding 763 rooms in development.

• During the quarter, FibraHotel opened three hotels of the development portfolio, the Fiesta Inn Lofts Monclova, the One Monclova and the Fiesta Inn Lofts Querétaro hotels, adding 153 rooms in operation. These three projects were developed in time and within or below budget.

• On a comparable property basis of 43 hotels1, the average daily rate (“ADR”) was Ps. $905, representing an increase of 4.1% versus the fourth quarter of 2013, the occupancy rate was 66.9%, representing an increase of 290bp versus the fourth quarter of 2013 and the revenue per available room (“RevPAR”) was Ps. $605, representing an increase of 8.8% versus the fourth quarter of 2013.

• On a comparable property basis of 40 hotels2 (2014 Initial Portfolio), the average daily rate was Ps. $897, representing an increase of 3.2% versus the fourth quarter of 2013, the occupancy rate was 67.4%, representing increase of 260bp versus the fourth quarter of 2013

1 Includes FibraHotel’s 40 stabilized properties of the 2014 Initial Portfolio, the Fiesta Inn Ciudad Obregón, the Fiesta Inn San Luis Potosí Oriente and the Sheraton Ambassador hotels, acquired during the second, the third and the fourth quarters of 2014 respectively. Excludes the Gamma León, the Gamma Ciudad Obregón, the Fairfield Inn Los Cabos and the Lausana Tijuana hotels due to repositioning and/or removal of operator, and also excludes the Fiesta Inn Cuernavaca hotel that did not generated rooms revenues for FibraHotel during 2014. 2 Includes FibraHotel’s 37 stabilized at the end of 2013 and the three hotels acquired during the first quarter of 2014, all in operation during the first quarter of 2013 (“2014 Initial Portfolio”). Excludes Real Inn Morelia, One Tapatío and Camino Real Hotel & Suites Puebla which are in ramp-up period.


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and the revenue per available room was Ps. $605, representing an increase of 7.5% versus the fourth quarter of 2013.

• For the Total FibraHotel Portfolio of 56 properties, the average daily rate was Ps. $907, the occupancy rate was 63.3%, and the revenue per available room was Ps. $574.

• Total revenues for the quarter were Ps. $446.6 million.

• Lodging contribution3 for the quarter was Ps. $153.7 million.

• Adjusted funds from operations (“AFFO”)4 for the quarter were Ps. $113.8 million.

• FibraHotel will pay a distribution of Ps. $111.2 million, equivalent to 22.50 cents (Ps. $0.2250) per CBFI5.

• As of December 31st 2014, FibraHotel had a net cash position of Ps. $2,092 million, or Ps. $2,325 million including the reimbursement of VAT.

• As of December 31st 2014, total owner’s equity of Ps. $9,767 million.

“The fourth quarter of 2014 was very positive for FibraHotel, both operationally, with a same store y-o-y RevPAR growth of 8.8%, and in acquisitions with several transactions announced leading to a 16% room growth vs. the third quarter. In the acquisition front, during the quarter we added 9 hotels with 1,332 rooms, highlighting several key transactions such as de Sheraton Monterrey, the Cacao Playa del Carmen and the Fiesta Inn Cuernavaca hotels. During the quarter we announced an alliance with Starwood for FibraHotel to grow in Mexico with their brands and we also opened three hotels from the development portfolio. On the operating front, our y-o-y RevPAR growth was driven both by an increase in rate of 4.1% as well as occupancy by 290bps, taking our RevPAR above Ps. 600. We continue focusing on profitability and were able to increase margins by 100bps in lodging contribution and 120bps in EBITDA vs. the last quarter. Given all of this, we announce a quarterly distribution of 22.50 cents per CBFI notwithstanding that we continue to have an important part of the balance sheet in development properties and cash”, said Simón Galante, CEO FibraHotel.

3 Lodging contribution equals total revenues (room rental, food and beverage, leasing and other) minus costs and general expenses directly related to the hotel operation, excluding real estate expenses and FibraHotel’s administration expenses. Lodging contribution is not an IFRS figure. 4 Adjusted funds from operation defined as net income plus depreciation plus non-operating adjustments less maintenance Capex reserve of the period. AFFO is not an IFRS figure. 5 Calculated based on the number of outstanding CBFIs as of December 31th, 2014, excluding the CBFIs issued that are not entitled to receive distributions until such properties are in operation.


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Development portfolio:

To date, we have 14 hotels in different stages of development, a hotel in a full repositioning and rebranding, and a hotel under expansion:

Expected Number of

Hotel Statetermination

date rooms under construction

Total Spent as of Dec

31 2014 Remaining

1 Fairfield Inn Saltillo (reposicion.) Coahuila Q1/2 2015 142 120.0 82.0 38.0 2 Fairfield Inn & Suites Villahermosa Tabasco Q3 2015 134 110.0 21.8 88.2 3 Courtyard Ciudad del Carmen Campeche 130 4 Fiesta Inn Lofts Ciudad del Carmen Campeche 124 5 One Perisur DF Q3 20156 Courtyard Toreo DF Q4 20157 Fairfield Inn & Suites Juriquilla Queretaro Q4 2015 134 110.0 22.0 88.0 8 Fiesta Americana Grand Monterrey Nuevo Leon 180 9 Live Aqua Monterrey Nuevo Leon 46

10 AC Torre Americas 1500 Guadalajara Jalisco Q4 2015 189 246.0 136.3 109.7 11 AC Antea Queretaro Jalisco Q4 2015 175 212.0 28.8 183.2 12 Courtyard Vallejo Mexico 121 13 Fairfield Inn & Suites Vallejo Mexico 125 14 Fiesta Inn Los Mochis Sinaloa 1H 2016 125 112.5 10.0 102.5 15 Hotel en Toluca Tollocan Mexico TBD 100 TBD 8.2 TBD

FI Obregon expansion Sonora Q1 2015 18 Total 2,017 2,161.0 703.5 1,465.7

Q3 2015

Q4 2015

Q1 2016 230.0 36.8

274 165.5 0.0 165.5

Note: For the Toreo and One Perisur hotels we only include the cash to be paid

193.2

255.0 65.3 189.7

600.0 292.3 307.7

Cost to FibraHotel (Ps. $ millions)


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- Fairfield Inn & Suites Saltillo (repositioned from Microtel): The hotel is closed for a full repositioning and expansion under a new brand. The hotel will open the hotel in stages: (i) 103 rooms and public areas are in final stages and will open in March 31st, 2015; (ii) the additional building with 39 new rooms will open in July 2015.

- Fairfield Inn & Suites Villahermosa: The 134-room limited-service Fairfield Inn & Suites hotel will be operated by Marriott International and is located inside the Plaza Sendero shopping center in Villahermosa. The foundations of the project are finished and the construction of the structure is underway, with the first floor finished. The expected opening date of the hotel is Q3 2015.

- Ciudad del Carmen (Courtyard and Fiesta Inn Lofts): The hotels will be a 130-room select-service Courtyard by Marriott operated by Marriott International and a 124-room extended-stay Fiesta Inn Lofts operated by Grupo Posadas. The foundations of the project are finished, the construction of the structure is almost finished, and the masonry and façade work are under way. The hotels are expected to open in Q3 2015.

- One Perisur: El One de 144 cuartos de servicios-limitados será operado por Grupo Posadas y se encuentra junto al Fiesta Inn Perisur. El proyecto terminó cimentación y estructura, y se encuentra en albañilería y fachadas. Estimamos la apertura del hotel en el tercer trimestre de 2015.

- One Perisur: The 144-room limited-service hotel will be operated by Grupo Posadas and is located adjacent to the Fiesta Inn Perisur hotel. The foundations and structure of the project are finished and the masonry and façade work is in process. The hotel is expected to open in Q3 2015.

- Fairfield Inn & Suites Juriquilla: The 134-room limited-service Fairfield Inn & Suites hotel will be operated by Marriott International and is located inside the Uptown Juriquilla shopping center in Queretaro. The foundations of the project are almost finished and the construction of the structure is expected to start soon. The expected opening date of the hotel is Q4 2015.

- AC by Marriott Torre Americas 1500: The 189-room select-service AC by Marriott hotel will be operated by Marriott International and is located in the Torre Americas 1500 mixed use project. The foundations and structure of the hotel are finished, and the masonry and façade work are in process (the project is still in structure phase). The expected opening date of the hotel is Q4 2015.

- AC Antea Queretaro: The 175-room select-service AC by Marriott hotel will be operated by Marriott International and is located adjacent to the Antea shopping center in Queretaro. The excavation and foundations are in process. The expected opening date of the hotel is Q4 2015.

- Trebol Monterrey (Fiesta Americana Grand Monterrey and Live Aqua Monterrey): The 180-room full-service Fiesta Americana Grand and the 46-room full service Live Aqua hotels will be operated by Grupo Posadas and are located inside the Trebol Monterrey mixed


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use project. The structure of the building is currently in process with 19 floors above ground finished and is starting masonry and façade work. The expected opening date of the hotel is Q4 2015.

- Courtyard Toreo: The 130-room select-service Courtyard hotel will be operated by Marriott International and is located in Mexico City. The project started demolitions and is in permits and license stages. The expected opening date of the hotel is Q4 2015 or Q1 2016.

- Via Vallejo (Courtyard and Fairfield Inn & Suites Vallejo): The 121-room select-service Courtyard hotel and the 125-room limited service Fairfield Inn & Suites hotels will be operated by Marriott International, and will be located in the Via Vallejo mixed use project. The project is in different phases of excavations, foundations and structure. The expected opening date of the hotel is 1H 2016.

- Fiesta Inn Los Mochis: The 125-room select-service Fiesta Inn hotel will be operated by Grupo Posadas and is located inside the Paseo Los Mochis shopping center. The project is currently obtaining permits and licenses and the expected opening date of the hotel is 1H 2016.

- Hotel in Toluca Tollocan: The land is located adjacent to the Fiesta Inn Toluca Tollocan hotel. The project is being defined without a set date to develop the property.

Starwood Agreement

On November 18th, 2014 FibraHotel and Starwood Hotels & Resorts Worldwide announced that they will collaborate to expand the number of hotels they work on together in Mexico as FibraHotel looks to grow its hotel portfolio with Starwood´s brands and under their operation.

Signing of an additional credit line

On November 12th, 2014, FibraHotel signed a Ps. $1,000 million credit line from one of the main financial institutions in Mexico. FibraHotel has 24 months to make disbursements, and the credit line has 10-year duration since the signing, a 24-month grace period after disbursement, and no prepayment costs for the life of the loan. The credit line will be used for the acquisition and development of new hotels, giving, alongside with the other available credit line (Ps. $1,000 million) FibraHotel flexibility to achieve its growth objectives while maintaining very conservative leverage levels.

Recent events after December 31st, 2014

On February 12th, 2015, FibraHotel announced the development of the 134-room limited-service, a Fairfield Inn & Suites hotel in the shopping mall Uptown Juriquilla in Querétaro. The hotel and project is expected to open during the fourth quarter of 2015 and represents a total investment of Ps. $110 million.


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FibraHotel’s Portfolio as of December 31st, 2014 – Hotels in operation

Hotel State Rooms Operator Brand Segment

Selected-Service Hotels - Managed1 Fiesta Inn Aguascalientes Aguascalientes 125 Grupo Posadas Fiesta Inn Selected-Service2 Fiesta Inn Ciudad Juárez Chihuahua 166 Grupo Posadas Fiesta Inn Selected-Service

3 Fiesta Inn Ciudad Obregón (2) Sonora 123 Grupo Posadas Fiesta Inn Selected-Service4 Fiesta Inn Chihuahua Chihuahua 152 Grupo Posadas Fiesta Inn Selected-Service5 Fiesta Inn Cuernavaca Morelos 155 Grupo Posadas Fiesta Inn Selected-Service6 Fiesta Inn Culiacán Sinaloa 146 Grupo Posadas Fiesta Inn Selected-Service7 Fiesta Inn Durango Durango 138 Grupo Posadas Fiesta Inn Selected-Service8 Fiesta Inn Guadalajara Expo Jalísco 158 Grupo Posadas Fiesta Inn Selected-Service9 Fiesta Inn Hermosillo Sonora 155 Grupo Posadas Fiesta Inn Selected-Service

10 Fiesta Inn León Guanajuato 160 Grupo Posadas Fiesta Inn Selected-Service11 Fiesta Inn Mexicali BCN 150 Grupo Posadas Fiesta Inn Selected-Service

12 Fiesta Inn Monclova (2) Coahuila 121 Grupo Posadas Fiesta Inn Selected-Service13 Fiesta Inn Monterrey La Fe Nuevo Leon 161 Grupo Posadas Fiesta Inn Selected-Service14 Fiesta Inn Naucalpan State of Mexico 119 Grupo Posadas Fiesta Inn Selected-Service15 Fiesta Inn Nuevo Laredo Tamaulipas 120 Grupo Posadas Fiesta Inn Selected-Service16 Fiesta Inn Oaxaca Oaxaca 145 Grupo Posadas Fiesta Inn Selected-Service

17 Fiesta Inn Perinorte (1) State of Mexico 123 Grupo Posadas Fiesta Inn Selected-Service18 Fiesta Inn Puebla FINSA Puebla 123 Grupo Posadas Fiesta Inn Selected-Service19 Fiesta Inn Querétaro Querétaro 175 Grupo Posadas Fiesta Inn Selected-Service

20 Fiesta Inn Saltillo (2) Coahuila 149 Grupo Posadas Fiesta Inn Selected-Service21 Fiesta Inn San Luis Potosí Oriente San Luis Potosí 140 Grupo Posadas Fiesta Inn Selected-Service22 Fiesta Inn Tepic Nayarit 139 Grupo Posadas Fiesta Inn Selected-Service23 Fiesta Inn Tlalnepantla State of Mexico 131 Grupo Posadas Fiesta Inn Selected-Service24 Fiesta Inn Torreón Galerías Coahuila 146 Grupo Posadas Fiesta Inn Selected-Service25 Fiesta Inn Toluca Tollocan State of Mexico 144 Grupo Posadas Fiesta Inn Selected-Service26 Fiesta Inn Xalapa Veracruz 119 Grupo Posadas Fiesta Inn Selected-Service

27 Real Inn Guadalajara Centro (1) Jalisco 197 Grupo Real Turismo Real Inn Selected-Service28 Real Inn Morelia Michoacan 158 Grupo Real Turismo Real Inn Selected-Service

29 Real Inn Mexicali (2) BCN 155 Grupo Real Turismo Real Inn Selected-Service30 Gamma Ciudad Obregón Sonora 135 Grupo Posadas Gamma Selected-Service

31 Gamma León (2) Guanajuato 159 Grupo Posadas Gamma Selected-Service

32 Gamma Tijuana (2) BCN 140 Grupo Posadas Gamma Selected-Service

Sub Total Portfolio Selected-Service 4,627

Limited-Service Hotels - Managed

33 One Acapulco Costera (1) Guerrero 126 Grupo Posadas One Limited-Service

34 One Aguascalientes Sur (1) Aguascalientes 126 Grupo Posadas One Limited-Service35 One Coatzacoalcos Forum Veracruz 126 Grupo Posadas One Limited-Service36 One Cuernavaca Morelos 125 Grupo Posadas One Limited-Service37 One Culiacán Forum Sinaloa 119 Grupo Posadas One Limited-Service38 One Guadalajara Tapatío Jalisco 126 Grupo Posadas One Limited-Service39 One Monclova Coahuila 66 Grupo Posadas One Limited-Service

40 One Monterrey Aeropuerto (1) Nuevo León 126 Grupo Posadas One Limited-Service41 One Puebla FINSA Puebla 126 Grupo Posadas One Limited-Service42 One Querétaro Plaza Galerías Querétaro 126 Grupo Posadas One Limited-Service43 One Toluca Aeropuerto State of Mexico 126 Grupo Posadas One Limited-Service44 One Ciudad de México Patriotismo Mexico DF 132 Grupo Posadas One Limited-Service

45 One Xalapa (2) Veracruz 126 Grupo Posadas One Limited-Service

46 Fairfield Inn Los Cabos (3) BCS 128 Marriott Int'l Fairfield Inn Limited-Service

Sub Total Portfolio Limited-Service 1,704

Full-Service / Extended-Stay Hotels - Managed

47 Fiesta Americana Aguascalientes (1) Aguascalientes 192 Grupo Posadas Fiesta Americana Full-Service48 Camino Real Puebla (2) Puebla 153 Grupo Real Turismo Camino Real Full-Service

49 Sheraton Ambassador Monterrey (1) Nuevo León 229 Starwood Sheraton Full-Service50 Cacao Playa del Carmen Quintana Roo 60 Cornerstone Cacao Full-Service

634

Full-Service / Extended-Stay Hotels - Managed

51 Camino Real Hotel & Suites Puebla (2) Puebla 121 Grupo Real Turismo CR Hotel & Suites Extended-Stay52 Fiesta Inn Lofts Monclova Coahuila 37 Grupo Posadas Fiesta Inn Lofts Extended-Stay53 Fiesta Inn Lofts Querétaro Querétaro 50 Grupo Posadas Fiesta Inn Lofts Extended-Stay

Sub Total Portfolio Full-Service / Extended-Stay 208

Leased Hotels54 Fiesta Inn Cuautitlan State of Mexico 128 Grupo Posadas Fiesta Inn Selected-Service55 Fiesta Inn Ecatepec State of Mexico 143 Grupo Posadas Fiesta Inn Selected-Service

56 Fiesta Inn Perisur (2) Distrito Federal 212 Grupo Posadas Fiesta Inn Selected-Service

Sub Total Portfolio Leased 483

Total Operating Hotels as of December 31, 2014 7,656

(1) Includes retail component (2) Hotel in renovation process during the quarter (3) Fairfield Inn Los Cabos closed during October for hurricane reasons


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Selected quarterly information

• The following table shows the main financial indicators for the last quarters6:

6 Lodging Contribution, NOI, EBITDA, FFO and AFFO are not IFRS figures.

(In thousand pesos except per CBFI data) 1Q 2014 1Q 2014 3Q 2014 4Q 2014 Year 2014

Total revenues 308,816 379,569 395,872 446,569 1,530,826

Revenues - Managed hotels 290,261 361,189 375,415 428,000 1,454,865% of total revenues 94.0% 95.2% 94.8% 95.8% 95.0%

Lodging contribution 104,118 131,752 135,195 153,709 524,774Margin 33.7% 34.7% 34.2% 34.4% 34.3%

Lodging contribution - Managed hotels 85,562 113,371 114,738 135,140 448,812Margin 29.5% 31.4% 30.6% 31.6% 30.8%

Net Operating Income 99,303 126,252 129,946 147,646 503,147Margin 32.2% 33.3% 32.8% 33.1% 32.9%

EBITDA 66,396 93,112 96,838 114,889 371,235Margin 21.5% 24.5% 24.5% 25.7% 24.3%

Consolidated net (loss) income 65,068 73,190 61,843 53,601 253,703Margin 21.1% 19.3% 15.6% 12.0% 16.6%

Funds From Operation 101,285 111,037 102,046 102,265 416,633FFO / CBFI with economic rights 0.2056 0.2246 0.2065 0.2069 0.8436

Adjusted Funds From Operation 96,342 115,248 98,375 113,803 423,768AFFO / CBFI with economic rights 0.1955 0.2332 0.1990 0.2302 0.8580

Distribution 98,590 114,307 100,104 111,216 424,217Distribution / CBFI with economic rights 0.2001 0.2313 0.2025 0.2250 0.8589


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Results for the fourth quarter of 2014

FibraHotel started the quarter with 49 hotels in operation and closed the quarter with 56 hotels in operation thanks to the acquisition of four operating hotels and the opening of three hotels of the development portfolio. Please note that, during the quarter, contribution to results from the Gamma and Fairfield Inn Los Cabos hotels were limited due to the repositioning of Gamma hotels and the impact from hurricane Odile in Los Cabos respectively.

Total Revenues

During this period, FibraHotel’s total revenue was Ps. $446.6 million:

• Ps. $338.9 million of room rentals (75.9% of total revenues). • Ps. $88.1 million of food and beverage (19.7% of total revenues). • Ps. $17.5 million for the lease of (i) four hotels7 y (ii) retail and other leases in hotel

properties (combined, 3.9% of total revenues). • Ps. $2.0 million (0.5% of total revenues) corresponded to other revenues.

Costs and General Expenses

During this period, FibraHotel’s costs and general expenses were Ps. $292.9 million:

• Ps. $183.4 million of administrative costs and expenses including the payment of the operators’ fees (62.6% of costs and general expenses).

• Ps. $59.6 million of room expenses (20.3% of costs and general expenses). • Ps. $49.9 million of food and beverage expenses (17.0% of costs and general expenses).

Lodging Contribution

Lodging contribution amounted to Ps. $153.7 million, representing 34.4% of total revenues:

• Ps. $135.1 million corresponded to the managed hotels (31.6% margin). • Ps. $17.3 million corresponded to leases (98.6% margin). • Ps. $1.0 million corresponded to other revenues (100% margin).

Operating Profit

Other operating expenses of Ps. $87.5 million consisted of: (i) real estate expenses of Ps. $6.1 million; (ii) administrative expenses of Ps. $7.0 million; (iii) advisory fee of Ps. $25.7 million; and (iv) depreciation of Ps. $48.7 million.

The operating profit was Ps. $66.2 million, or 14.8% of total revenues.

7 Leased hotels for the quarter are Fiesta Inn Cuautitlan, Fiesta Inn Ecatepec, Fiesta Inn Perisur and Fiesta Inn San Luis Potosí Oriente (from November 1st, 2014, Fiesta Inn San Luis Potosí Oriente will switch to a managed hotel).


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Adjusted Operating Profit

During the fourth quarter, FibraHotel had Ps. $33.7 million of non-operating expenses, which corresponded mainly to one-time expenses related to hotel acquisitions and development, including transaction taxes, appraisals and technical audits, among others.

The adjusted operating profit amounted to Ps. $32.6 million.

Comprehensive Financial Cost

FibraHotel closed the quarter with a cash position of Ps. $2,092 million and interests earned during the period of Ps. $19.4 million. The cash position was fully invested in Mexican Federal Government issued debt securities. During the quarter, FibraHotel generated an exchange gain of Ps. $3.6 million.

Consolidated Net Income

The consolidated net income was Ps. $53.6 million.

Adjusted funds from operation (“AFFO”)8

During the fourth quarter of 2014, FibraHotel generated adjusted funds from operation of Ps. $113.8 million:

Note: Non-operating adjustments refer mainly to one-time expenses related to hotel acquisitions and developments including transaction taxes, appraisals, and technical audits among others).

Cash flow and liquidity position

During the fourth quarter of 2014, FibraHotel had the following key cash flow items:

• FibraHotel had a net operating cash flow excluding activities from hotel operations of Ps. $126 million. Taking into account the cash flow related to investment activities (non-operating expenses, payment and reimbursement of VAT related to hotels acquisition / development), the net cash flow from operations was (Ps. $10.6 million).

8 FFO and AFFO are not IFRS figures.

Ps. $ thousand 4Q 2014 4Q 2013 Variation

Consolidated net (loss) income 53,601 74,148 -27.7%

(+) Depreciation 48,664 33,809

Funds From Operation 102,265 107,957 -5.3%

(-) Maintenance CAPEX (22,113) (14,349) (+) Non operating result adjustments 33,651 11,414

Adjusted Funds From Operation 113,803 105,022 8.4%


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• The net cash flow from investment activities was a negative (Ps. $919 million), mainly due to: (i) the acquisition of four hotels for (Ps. $588 million), (ii) disbursements related to the development portfolio of (Ps. $304 million), (iii) capital expenditures during the quarter of (Ps. $45.5 million), and (iv) interest generated from our cash position of Ps. $19.4 million.

Payments related to acquisitions are as follows: o Sheraton Ambassador Monterrey: Ps. $109 million o Cacao Playa del Carmen: Ps. $211 million o Fiesta Inn Cuernavaca: Ps. $194 million o One Cuernavaca: Ps. $74 million

Payments related to development portfolio are as follows: o AC by Marriott Guadalajara (Torre Americas 1500): Ps. $135 million o Trebol Project (two hotels in Monterrey): Ps. $46.6 million o Fairfield Inn & Suites Saltillo: Ps. $27.5 million o Fiesta Inn Lofts / One Monclova: Ps. $20.1 million o Fiesta Inn Lofts Querétaro: Ps. $15.1 million o AC by Marriott Antea Querétaro: Ps. $ 13.5 million o Ciudad del Carmen (Courtyard and Fiesta Inn Lofts): Ps. $13.4 million o Fiesta Inn Los Mochis: Ps. $ 9.4 million o Other projects: Ps. $24.4 million

• The net cash flow from financing activities was a negative (Ps. $101.3 million), mostly related to the distribution of the third quarter of 2014.

FibraHotel ended the fourth quarter of 2014 with no debt and a net cash position including VAT of Ps. $2,325 million (VAT recoverable totaled Ps. $234 million). Excluding recoverable VAT, FibraHotel had a cash position of Ps. $2,092 million compared to Ps. $3,122 million as of September 30th, 2014.

The following table presents a detailed status of FibraHotel’s cash position:

Ps. $ thousand 4Q 2014 Comentario

Cash, cash equivalents and restricted cash 2,091,671

Available cash and cash equiv. - Operation 123,486 Hotels working capitalRestricted cash and cash equiv. - Operation 41,666 Available for maintenance CapEx

Available cash and cash equiv. - Investment 1,926,519 Cash available for investment

Cash position without restricted cash 2,050,005


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Regulation applicable to FIBRAs

• Leverage level

FibraHotel ended the fourth quarter of 2014 with no debt and cash and cash equivalent position of Ps. $2,092 million. As a result, the leverage level does not apply for the fourth quarter of 2014. Please note that the FibraHotel’s trust agreement establishes a maximum leverage of 40%, while the new regulation establishes a maximum leverage of 50%.

• Debt service coverage ratio

As of December 31st, 2014, the debt service coverage ratio of FibraHotel is 2.9x, comfortably above the 1.0x required by regulation.

For FibraHotel, the estimated obligations correspond to a (i) debt service (principal and interests); (ii) capital expenditures (maintenance capex in hotels); y (iii) non-discretionary capital expenditures (developments), and available resources correspond to: (i) cash and cash equivalents (excluding restricted cash); (ii) VAT receivable; (iii) Operating result after distribution payment (including depreciation and interest income); and (iv) available credit facilities. Metrics used are as follows:

• Obligations: o Debt service: not applicable (FibraHotel has no debt). o Estimated capital expenditures (maintenance): Ps. $168 million. o Estimated non-discretionary capital expenditures: Ps. $1,378 million.

• Available resources: o Cash and cash equivalents (excluding restricted cash): Ps. 2,050 million. o VAT recoverable: Ps. $234 million. o Estimated operating result after distribution payment (including depreciation

and interest’s income): Ps. $168 million. o Available credit facilities: Ps. $2,000 million.

Capital Expenditures (“CapEx”)

As of December 31st, 2014, the available maintenance capital expenditures reserve amounted to Ps. $41.7 million compared with Ps. $35.4 million as of September 30th, 2014. The capital expenditure reserve is generated to maintain the standards of our hotels in operation and is constituted on a monthly basis based on percentage of total revenues.

During the fourth quarter of 2014, FibraHotel had the following capital expenditures: • Maintenance CapEx: Ps. $15.7 million. • CapEx investment in hotel repositioning: FibraHotel constantly analyzes opportunities

to make capital investments in hotels which have an opportunity to increase cash flows.


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During the quarter, FibraHotel invested Ps. $29.4 million in renovation and repositioning CapEx.

• Renovation CapEx was mainly invested in the following hotels: o Camino Real and Camino Real Hotel & Suites Puebla: (i) improvement in

common areas, (ii) increased capacity of the restaurant and bar, and (iii) connecting bridge between the two hotels. Ps. $17.4 million have been invested as of December 31st, 2014 (Ps. $3.4 million during the fourth quarter). The project finished in October of 2014.

o Fiesta Inn Monclova: improvement in common areas to “Fiesta Inn 360” standards. The budget is Ps. $5.4 million, out of which Ps. $4.6 million have been invested as of December 31st, 2014 (Ps. $1.7 million during the fourth quarter). The project finished during the fourth quarter of 2014.

o Fiesta Inn Saltillo: (i) improvements in rooms, (ii) improvements in corridor, and (iii) improvement in common areas. The project had a budget of Ps. $31.9 million of which Ps. $2.4 million have been invested as of December 31st, 2014 (Ps. $2.1 million during the fourth quarter). The project will finish during the first quarter of 2015.

o Fiesta Inn Ciudad Obregón: increase of the room inventory from 123 to 141. The budget is Ps. $6.2 million, out of which Ps. $2.1 million have been invested as of December 31st, 2014 (Ps. $2.1 million during the fourth quarter). The project will finish during the first quarter of 2015.

o One Xalapa: increase of the room inventory from 108 to 126. The budget is Ps. $4.3 million, out of which Ps. $3.2 million have been invested as of December 31th, 2014 (Ps. $0.8 million during the fourth quarter). The project finished on October 2014.

• Repositioning CapEx was mainly invested in the following hotels: o Gamma León: (i) improvements in common areas, (ii) improvements in rooms

(iii) improvements to the motor lobby. The project has a budget of Ps. $17.0 million out of which Ps. $16.8 million have been invested as of December 31st, 2014 (Ps. $8.9 million during the fourth quarter). The project finished during the fourth quarter of 2014.

o Real Inn Mexicali: improvements in common areas with a budget of Ps. $13.0 million, out of which Ps. $10.0 million have been invested as of December 31st, 2014 (Ps. 1.4 million during the fourth quarter). The project finished during the third quarter of 2014.

o Gamma León: (i) improvements in corridor and, (ii) improvements in common areas. The project has a budget of Ps. $3.2 million out of which Ps. $2.1 million have been invested as of December 31st, 2014 (Ps. $1.8 million during the fourth quarter). The project will finish during the first quarter of 2015.


@FibraHotel

Distribution corresponding to the fourth quarter of 20149

FibraHotel looks to generate value for its certificate holders, and therefore on February 19th, 2015, FibraHotel’s Technical Committee approved a distribution of Ps. $111.2 million, equivalent to 22.50 cents (Ps. $0.2250) per CBFI, calculated based on the outstanding CBFIs excluding the CBFIs which currently do not have economic rights. This distribution is based on the results and operations of FibraHotel between October 1st and December 31st, 2014. The distribution will be paid on March 12th, 2015.

The distribution payment is broken as follows10:

Under Mexican law, FibraHotel is required to pay at least 95% of its annual taxable income to holders of CBFIs at least once a year.

Corporate Governance

On February 19th, 2015, there was an Audit Committee and a Technical Committee meeting for the approval of the 2014 fourth quarter financial results and distribution, which were approved unanimously. As of today, FibraHotel’s Technical Committee is comprised by 11 members, four of whom are independent.

9 This Press Release is not a Distribution Notice 10 The amount of the distribution per CBFI was calculated as follows: total distribution amount divided by the number of outstanding CBFIs, excluding the CBFIs corresponding to the Development Portfolio which currently do not have economic rights (499,401,766 – 5,128,205 = 494,273,561)

Amount

Concept per CBFI Total

Ps. $ Ps. $ million

Taxable Income - - Depreciation 0.2250 111.2 Total 0.2250 111.2


@FibraHotel

Operating Highlights of FibraHotel´s Portfolio

The following graph shows the quarterly evolution, from the first quarter of 2007 to the fourth quarter of 2014, of the ADR, the occupancy rate and the RevPAR for the 43 stabilized hotels of the portfolio.

As of December 31st, 2014, FibraHotel’s total portfolio of 56 hotels in operation reported the following:

• Occupancy rate of 63.3% for the fourth quarter and 60.5% for the year 2014 • ADR of Ps. $907 for the fourth quarter and Ps. $901 for the year 2014 • RevPAR of Ps. $574 for the fourth quarter and Ps. $546 for the year 2014

The following tables show selected operating information of FibraHotel’s hotels in operation for the fourth quarter of 2014 and the year 2014 with different perimeters (comparable basis):

• 2014 Initial Portfolio: includes 40 stabilized hotels in operation as of March 31st, 2014 (excludes Real Inn Morelia and One Guadalajara Tapatio hotels that started operations in 2013, Camino Real Hotel & Suites hotel that started operations during the first quarter of 2014).

• Total Portfolio of stabilized hotels: includes the 2014 Initial Portfolio, the Fiesta Inn Ciudad Obregón, the San Luis Potosí Oriente and the Sheraton Ambassador Monterrey hotels (excludes Gamma León, Gamma Ciudad Obregón, Fairfield Inn Los Cabos and Gamma Tijuana, in process of current operator removal and the Fiesta Inn Cuernavaca that didn’t generated rooms revenues in 2014 for FibraHotel).

• IPO Initial Portfolio: includes 30 hotels in operation which integrated the portfolio at the Initial Public Offering.

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

0100200300400500600700800900

1,000

2007 2008 2009 2010 2011 2012 2013 2014ADR RevPAR Occupancy


@FibraHotel

Comparable table for the fourth quarter of 2014 and the fourth quarter of 2013

The change in RevPAR between the fourth quarter of 2013 and the fourth quarter of 2014 is as follows:

• 2014 Initial Portfolio (40 hotels): +7.5% • Total Portfolio of stabilized hotels (43 hotels): +8.8% • IPO Initial Portfolio (30 hotels): +5.9%

Comparable table for year 2014 and the year 2013

The change in RevPAR between the year 2013 the year 2014 is as follows:

• 2014 Initial Portfolio (40 hotels): +3.7% • Total Portfolio of stabilized hotels (42 hotels): +4.2% • IPO Initial Portfolio (30 hotels): +2.3%

The following table shows certain operating information by segment for the hotels in operation for the years 2012, 2013 and 2014:

2014 Initial Port. (40H) Total Port. of stab. Hotels (43H) IPO Initial Portfolio (30H)

3Q 2014 3Q 2013 2Q 2014 3Q 2014 3Q 2013 2Q 2014 3Q 2014 3Q 2013 2Q 2014

Ocupancy 67.4% 64.7% 66.2% 66.9% 63.9% 65.1% 67.8% 66.0% 66.6%ADR 897 869 886 905 870 890 896 869 893RevPAR 605 563 587 605 556 579 608 574 595

2014 Initial Port. (40H) Total Port. of stab. Hotels (43H) IPO Initial Portfolio (30H)

Year 2014 Year 2014 Year 2014 Year 2014 Year 2014 Year 2014

Ocupancy 64.3% 64.3% 63.5% 63.4% 65.1% 66.2%ADR 904 872 908 873 902 866RevPAR 581 561 576 553 587 574

Total Portfolio of Stabilized Hotels (43H) Total Portfolio (56H)Year 2012 Year 2013 Year 2014 Year 2014

Segment Ocup. ADR RevPAR Ocup. ADR RevPAR Ocup. ADR RevPAR Ocup. ADR RevPAR

Limited-Service 64.0% 635$ 406$ 62.4% 665$ 415$ 60.7% 696$ 423$ 59.7% 691$ 412$ Selected-Service 66.1% 866$ 573$ 64.8% 909$ 588$ 65.1% 940$ 612$ 61.9% 930$ 575$ Full-Service 53.6% 1,002$ 537$ 54.8% 1,064$ 583$ 56.9% 1,122$ 639$ 56.7% 1,137$ 645$ Extended-Stay n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 31.5% 992$ 313$

Total 64.6% 833$ 538$ 63.4% 873$ 553$ 63.5% 908$ 576$ 60.5% 901$ 546$

Vs. previous year 2.3 bp 1.7% 5.4% (1.2 bp) 4.8% 2.9% 0.1 bp 4.0% 4.2%


@FibraHotel

The following table shows certain operating information by region11 for the hotels in operation for the years 2012, 2013 and 2014:

The following table shows FibraHotel’s Total Portfolio distribution (56 hotels) as of December 31st, 2014 by segment, region, number of hotels and rooms:

Quarterly Operating Portfolio Highlights (excluding leased hotels)

Timeline of hotel additions generating room revenue by month during 2014 (managed hotels)12:

• January 2014: includes the 34 managed hotels as of December 31st, 2013 • February 2014: Fiesta Americana Aguascalientes (acquisition), Camino Real Puebla

(change from lease to management contract) and Fiesta Inn Culiacan (change from lease to management contract) are added to the portfolio

• March 2014: Camino Real Hotel & Suites Puebla is added to the portfolio (opening) • May 2014: Fiesta Inn Ciudad Obregón, Fiesta Inn Xalapa and One Xalapa are added to

the portfolio (acquisitions)

11 Northwest corresponds to the following states: Baja California Norte, Chihuahua, Durango, Sinaloa and Sonora. Northeast corresponds to the following states: Coahuila, Nuevo León and Tamaulipas. Center and South corresponds to the following states: Aguascalientes, State of Mexico, Guanajuato, Guerrero, Michoacan, Morelos, Oaxaca, Puebla, Querétaro, San Luis Potosí, Veracruz, and Mexico City. West corresponds to the following states: Jalisco and Nayarit. 12 For recently acquired hotels that have a change in operator (Fairfield Inn Los Cabos and Lausana Tijuana), these hotels will generate room revenues once the new operator takes over the management of the hotels.

Total Portfolio of Stabilized Hotels (43H) Total Portfolio (56H)Year 2012 Year 2013 Year 2014 Year 2014

Region Ocup. ADR RevPAR Ocup. ADR RevPAR Ocup. ADR RevPAR Ocup. ADR RevPAR

Norwest 60.2% 851$ 513$ 59.3% 885$ 525$ 61.5% 898$ 552$ 58.6% 879$ 515$ Noreast 67.2% 709$ 477$ 62.8% 766$ 481$ 59.5% 800$ 476$ 58.9% 799$ 471$ Center and South 66.1% 863$ 570$ 65.8% 901$ 593$ 65.8% 945$ 622$ 62.0% 947$ 587$ West 62.0% 813$ 504$ 59.8% 837$ 501$ 60.9% 860$ 524$ 59.0% 818$ 483$

Total 64.6% 833$ 538$ 63.4% 873$ 553$ 63.5% 908$ 576$ 60.5% 901$ 546$

Vs. previous year 2.3 bp 1.7% 5.4% (1.2 bp) 4.8% 2.9% 0.1 bp 4.0% 4.2%

SEGMENT Hotels Rooms REGION Hotels Rooms

# % # % # % # %Limited-Service 14 25.0% 1,704 22.3% Center and South 31 55.4% 4,174 54.5%Selected-Service 35 62.5% 5,110 66.7% Noreast 8 14.3% 1,009 13.2%

Full-Service 4 7.1% 634 8.3% Norwest 13 23.2% 1,853 24.2%Extended-Stay 3 5.4% 208 2.7% West 4 7.1% 620 8.1%TOTAL 56 100.0% 7,656 100.0% TOTAL 56 100.0% 7,656 100.0%

Year 2014Available

RoomsOccupied

RoomsOccup.

Room Revenues Ps. $ Million

ADR RevPAR

1st quarter 462,562 270,340 58.4% 235.7$ 872$ 510$ 2nd quarter 513,248 317,121 61.8% 287.8$ 908$ 561$ 3rd quarter 547,887 346,587 63.3% 299.1$ 863$ 546$ 4th quarter 605,510 384,459 63.5% 336.2$ 874$ 555$

Total 2,129,207 1,318,507 61.9% 1,158.9$ 879$ 544$


@FibraHotel

• August 2014: Gamma León and Gamma Ciudad Obregón are added to the portfolio (acquisitions in process of renovation and repositioning)

• October 2014: Gamma Tijuana, One Monclova (opening) and Fiesta Inn Lofts Monclova (opening) are added to the portfolio

• November 2014: Fiesta Inn San Luis Potosí (co change from lease to management contract), Fiesta Inn Lofts Querétaro (opening), Fairfield Inn Los Cabos, Sheraton Ambassador Monterrey (acquisitions) are added to the portfolio


@FibraHotel

FibraHotel’s Portfolio evolution by quarter: Hotels and Rooms

Acquisition % ofSELECTED SERVICE - MANAGED Date Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 rooms

1 * Fiesta Inn Aguascalientes 21/01/2013 125 125 125 125 125 125 125 125 1.6%2 * Fiesta Inn Ciudad Juárez 21/01/2013 166 166 166 166 166 166 166 166 2.2%3 Fiesta Inn Ciudad Obregón 07/04/2014 123 123 123 1.6%4 * Fiesta Inn Chihuahua 21/01/2013 152 152 152 152 152 152 152 152 2.0%5 Fiesta Inn Cuernavaca 15/12/2014 155 2.0%6 * Fiesta Inn Culiacán 01/12/2012 142 142 142 142 142 142 146 146 1.9%7 * Fiesta Inn Durango 01/12/2012 138 138 138 138 138 138 138 138 1.8%8 * Fiesta Inn Guadalajara 21/01/2013 158 158 158 158 158 158 158 158 2.1%9 * Fiesta Inn Hermosillo 01/12/2012 155 155 155 155 155 155 155 155 2.0%

10 * Fiesta Inn León 21/01/2013 160 160 160 160 160 160 160 160 2.1%11 * Fiesta Inn Mexicali 21/01/2013 150 150 150 150 150 150 150 150 2.0%12 * Fiesta Inn Monclova 28/02/2013 121 121 121 121 121 121 121 121 1.6%13 * Fiesta Inn Monterrey 21/01/2013 161 161 161 161 161 161 161 161 2.1%14 * Fiesta Inn Naucalpan 01/12/2012 119 119 119 119 119 119 119 119 1.6%15 * Fiesta Inn Nuevo Laredo 01/12/2012 120 120 120 120 120 120 120 120 1.6%16 * Fiesta Inn Oaxaca 05/07/2013 145 145 145 145 145 145 1.9%17 * Fiesta Inn Perinorte 01/12/2012 123 123 123 123 123 123 123 123 1.6%18 * Fiesta Inn Puebla FINSA 03/07/2013 123 123 123 123 123 123 1.6%19 * Fiesta Inn Querétaro 21/01/2013 175 175 175 175 175 175 175 175 2.3%20 * Fiesta Inn Saltillo 21/01/2013 149 149 149 149 149 149 149 149 1.9%21 Fiesta Inn San Luis Potosi Oriente 21/07/2014 140 140 1.8%22 * Fiesta Inn Tepic 01/12/2012 139 139 139 139 139 139 139 139 1.8%23 * Fiesta Inn Tlalnepantla 24/06/2013 131 131 131 131 131 131 131 1.7%24 * Fiesta Inn Torreón 19/12/2012 146 146 146 146 146 146 146 146 1.9%25 * Fiesta Inn Toluca 30/04/2013 144 144 144 144 144 144 144 1.9%26 * Fiesta Inn Xalapa 27/03/2014 119 119 119 119 1.6%27 * Real Inn Guadalajara 01/08/2013 197 197 197 197 197 197 2.6%28 * Real Inn Mexicali 01/07/2013 158 158 158 158 158 158 2.1%29 Real Inn Morelia 01/03/2013 155 155 155 155 155 155 155 155 2.0%30 Gamma Ciudad Obregón (Valle Grande) 30/05/2014 135 135 135 1.8%31 Gamma León (Fussion 5) 22/05/2014 163 159 159 2.1%32 Gamma Tijuana (Lausana Tijuana) 27/07/2014 140 140 1.8%

Subtotal 2,754 3,029 3,652 3,652 3,771 4,192 4,472 4,627 60.4%

LIMITED SERVICE - MANAGED33 * One Acapulco 01/12/2012 126 126 126 126 126 126 126 126 1.6%34 * One Aguascalientes 01/12/2012 126 126 126 126 126 126 126 126 1.6%35 * One Coatzacoalcos 01/12/2012 126 126 126 126 126 126 126 126 1.6%36 One Cuernavaca 15/12/2014 125 1.6%37 * One Culiacán 01/12/2012 119 119 119 119 119 119 119 119 1.6%38 One Guadalajara Tapatío 24/06/2013 126 126 126 126 126 126 126 1.6%39 * One Xalapa 27/03/2014 108 108 108 126 1.6%40 One Monclova 01/11/2014 66 0.9%41 * One Monterrey 01/12/2012 126 126 126 126 126 126 126 126 1.6%42 * One Puebla FINSA 02/07/2013 126 126 126 126 126 126 1.6%43 * One Querétaro 21/01/2013 126 126 126 126 126 126 126 126 1.6%44 * One Toluca 01/12/2012 126 126 126 126 126 126 126 126 1.6%45 * One Patriotismo 21/01/2013 132 132 132 132 132 132 132 132 1.7%46 Fairfield Inn Los Cabos 20/06/2014 128 128 128 1.7%

Subtotal 1,007 1,133 1,259 1,259 1,367 1,495 1,495 1,704 22.3%

FULL SERVICE - MANAGED47 * Fiesta Americana Aguascalientes 15/01/2014 192 192 192 192 2.5%48 * Camino Real Puebla 01/12/2012 153 153 153 153 153 153 153 153 2.0%49 Sheraton Ambassador 18/11/2014 229 3.0%50 Cacao Playa del Carmen 19/11/2014 60 0.8%

Subtotal 153 153 153 153 345 345 345 634 8.3%

EXTENDED STAY - MANAGED51 Camino Real Hotel & Suites Puebla 01/03/2014 149 149 149 121 1.6%52 Fiesta Inn Lofts Monclova 01/11/2014 37 0.5%53 Fiesta Inn Lofts Querétaro 01/11/2014 50 0.7%

Subtotal - - - - 149 149 149 208 2.7%

LEASED HOTELS54 * Fiesta Inn Cuautitlán 01/12/2012 128 128 128 128 128 128 128 128 1.7%55 * Fiesta Inn Ecatepec 01/12/2012 143 143 143 143 143 143 143 143 1.9%56 * Fiesta Inn Perisur 01/12/2012 212 212 212 212 212 212 212 212 2.8%

Subtotal 483 483 483 483 483 483 483 483 6.3%

TOTAL OPERATING ROOMS 4,397 4,798 5,547 5,547 6,115 6,664 6,944 7,656 100.0%

TOTAL OPERATING HOTELS 31 34 39 39 43 47 49 56

DEVELOPMENT OpeningOne Tapatío - Opened 24/06/2013 126 Camino Real Hotel & Suites Puebla - Opened 01/03/2014 134 134 149 149 Fiesta Inn Lofts / One Monclova - Opened 01/11/2014 105 105 103 103 Fiesta Inn Lofts Querétaro - Opened 01/11/2014 45 50

57 Fairfield Inn Saltillo [repositioning] Q1/Q2 2015 139 142 7.5%58 Fairfield Inn & Suites Villahermosa Q3 2015 134 134 134 7.1%59 Courtyard Ciudad del Carmen Q3 2015 130 130 130 6.9%60 Fiesta Inn Lofts Ciudad del Carmen Q3 2015 124 124 124 6.6%61 One Perisur Q3 2015 144 7.6%62 Courtyard Toreo Q4 2015 130 6.9%63 Fiesta Americana Grand Monterrey Trebol Q4 2015 180 180 180 180 180 9.6%64 Live Aqua Monterrey Trebol Q4 2015 46 46 46 46 46 2.4%65 AC By Marriott Torre Americas 1500 Q4 2015 189 10.0%66 AC By Marriott Antea Querétaro Q4 2015 175 9.3%67 Courtyard Vallejo Q1 2016 93 93 121 121 121 6.4%68 Fairfield Inn & Suites Vallejo Q1 2016 152 152 124 124 125 6.6%69 Fiesta Inn Los Mochis H1 2016 125 6.6%70 Toluca Tollocan Hotel TBD 126 100 100 100 100 100 100 5.3%

FI Ciudad Obregón new rooms Q1 2015 18 36 36 18 1.0%TOTAL DEVELOPMENT 260 260 249 825 694 1,143 1,287 1,883 100.0%

TOTAL FIBRAHOTEL PORTFOLIO 4,657 5,058 5,796 6,372 6,809 7,807 8,231 9,539

NUMBER OF HOTELS 33 36 41 46 49 57 60 70* 2014 Initial Portfolio (40 stabilized hotels in operation)


@FibraHotel

BALANCE SHEET As of December 31st, 2014 and December 31st, 2013 (figures in thousands pesos)

Assets

31/12/2014 31/12/2013

Current assetsCash, cash equivalents and restricted cash 2,091,671 4,787,793Trade accounts receivable and other receivables 168,931 105,514Due from related parties 3,190 3,698Prepaid expenses 3,049 1,961Recoverable taxes, mainly value-added tax 233,732 204,319Total currents assets 2,500,574 5,103,284

Non current assetsHotel properties, furniture and operating equip. - Net 6,725,074 4,734,606Properties under development 773,570 250,874Advance to suppliers 1,654 905Deferred income taxes 3,995 2,193Total non-current assets 7,504,294 4,988,577

Total assets 10,004,867 10,091,861

Liabilities and partners' equity

Current liabilities:Suppliers and accrued expenses 233,249 156,838Taxes payable 3,998 3,414Other 631 321Total current liabilities 237,878 160,572

Trustors' equity:Contribution from the trustors 9,495,328 9,846,444Retained earnings 271,662 84,845Total trustors' equity: 9,766,989 9,931,289

Total liabilities and trustors' equity 10,004,867 10,091,861


@FibraHotel

INCOME STATEMENT From October 1st to December 31st, 2014 and nine-month period, compared with previous year (figures in thousands pesos)

4Q 2014 4Q 2013 Year 2014 Year 2013

Revenue:Rooms 338,939 225,786 1,162,025 758,495Food and beverages 88,054 54,121 289,662 164,869Leases 17,532 25,716 68,801 88,523Others 2,044 4,349 10,337 20,586

Total revenue 446,569 309,972 1,530,826 1,032,473

Costs and general expensesRooms 59,574 39,747 198,587 130,426Food and beverages 49,872 35,685 164,798 110,829Administrative expenses 183,414 126,362 642,668 413,748

Total costs and general expenses 292,860 201,794 1,006,053 655,003

Lodging contribution 153,709 108,179 524,774 377,470

Real estate expenses 6,064 5,278 21,626 16,718Advisory fee 25,732 25,617 102,731 82,168Administrative expenses related to FibraHotel 7,025 6,620 29,182 18,773

Depreciation 48,664 33,809 162,930 120,041

Income from operations 66,225 36,855 208,305 139,770

Extraordinary expenses, net 33,651 11,181 88,448 101,707

Adjusted (loss) from operations 32,574 25,674 119,857 38,063

Comprehensive financing result 23 8,600 12,209 8,600Comprehensive financing result 22,784 40,593 124,379 118,168

Income before taxes 55,381 74,868 256,445 164,831

Tax 1,780 720 2,742 2,078

Consolidated net (loss) income 53,601 74,148 253,703 162,753


@FibraHotel

CASH FLOW STATEMENT From October 1st to December 31st, 2014 and nine-month period, compared with previous year (figures in thousands pesos)

4Q 2014 4Q 2013 Year 2014 Year 2013

Operating ActivitiesConsolidated net income 53,601 74,148 253,703 162,753 Adjustments for non cash items

Tax 0 720 (598) 2,078Cost for asset sale (190) 400 16,042 868Depreciation 48,664 33,809 162,930 120,041Interest income (19,358) (40,877) (121,547) (119,714)

Total 82,717 68,200 310,530 166,026

(Increase) decrease in:Trade accounts receivable and others (4,657) 15,837 (62,250) (85,173)Due from related parties (0) 82 508 9,104Recoverables taxes, mainly VAT (111,573) 481,686 (29,414) 98,483Prepaid expenses 4,716 4,998 (1,088) 14,619Other assets (614) 460 (749) (864)

Increase (decrease) in:Suppliers and accrued expenses 16,450 (11,762) 76,411 134,085Due to related parties 0 (29,000) (0) (0)Tax payable 2,399 (1,333) (310) (4,007)

Net cash flow used in operating activities (10,562) 529,168 293,637 332,273

Investing activitiesBusiness acquired, net of cash received (587,938) (16,418) (1,764,318) (2,677,216)Development portfolio (304,944) (102,018) (663,319) (127,540)Acquisition of other assets (45,457) (64,881) (265,880) (121,599)Asset sale 190 187 1,379 377Interest income 19,358 40,877 121,547 119,714

Net cash flow used in investing activities (918,791) (142,252) (2,570,590) (2,806,263)

Financing activitiesDitributions to trustors (100,104) (99,542) (418,002) (251,486)CBIFs issuance 0 0 0 4,877,725Issuance expenses 0 330 0 (242,232)Other (1,167) (1,753) (1,167) 0

Net cash flow used in financing activities (101,270) (100,965) (419,169) 4,384,008

Net increase (decrease) in cash, cash equivalents and restricted cash (1,030,624) 285,951 (2,696,122) 1,910,018

Cash, cash equivalents and restricted cash at the beginning of the period 3,122,295 4,501,842 4,787,793 2,877,775

Cash, cash equivalents and restricted cash at the end of the period 2,091,671 4,787,793 2,091,671 4,787,793


@FibraHotel

Overview of development hotels currently under construction:

Situación de propiedades en desarrollo actualmente en construcción:

Fairfield Inn & Suites Saltillo (conversión Microtel): The hotel is currently closed for a full repositioning and expansion under a the Fairfield Inn & Suites brand. FibraHotel will open the hotel in stages, with 103 rooms and the expanded public areas set to begin pre-operation in March 2015, and the 39-room expansion set to open June/July 2015. The project was optimized, adding 2 additional rooms.

Pictures of the hotel construction to date:

Fairfield Inn & Suites Villahermosa: The hotel is being constructed in Plaza Sendero, in Villahermosa, Tabasco. The project finished foundations and is currently building the structure with the first floor finished.



@FibraHotel

Courtyard by Marriott y Fiesta Inn Lofts Ciudad del Carmen:

The hotels in Ciudad del Carmen have finished foundations, the structure is almost complete (the structure of the Courtyard hotel is finished and 5 of the 6 floors of the Fiesta Inn Lofts are finished), and work is starting on masonry and façade.


Courtyard structure Fiesta Inn Lofts structure

One Perisur:

The hotel located in Mexico City next to the Fiesta Inn Perisur hotel finished foundations and structure. Work is currently in progress on masonry and façade with important advances in 5 of the 9 floors.



@FibraHotel

Fairfield Inn & Suites Juriquilla: The construction of the hotel is finishing foundations and will soon start work on the structure.


Monterrey Trebol (Fiesta Americana Grand y Live Aqua):

The development is advancing in structure, with 19 floors above ground including all the Fiesta Americana floors finished. Masonry and façade work are starting in the bottom floors.



@FibraHotel

Torre Americas 1500:

The foundations and structure of the hotel are finished, and the masonry and façade work are in process. Structure work is still underway for the rest of the project.


AC Antea Querétaro:

The construction is currently finishing excavations, and foundations are underway.



@FibraHotel

Via Vallejo (Fairfield Inn & Suites y Courtyard):

The two hotel project is in the process of finishing the structure of the shopping center, before FibraHotel can begin construction of the hotels. The project is in different phases of excavations, foundations and structure



@FibraHotel

Overview of hotels acquired during Q4 2014:


@FibraHotel

Overview of hotels acquired during Q4 2014 (cont´d):


@FibraHotel



@FibraHotel

Conference call invite:


@FibraHotel

About FibraHotel

FibraHotel FibraHotel is a Mexican trust created primarily to acquire, develop and operate business-class hotels in the limited service, selected service, full service and extended-stay segments. Our objective is to provide attractive returns to our CBFI holders, through stable cash distributions and the appreciation of our real estate assets. Also, we will aim to have a high quality hotel portfolio, through the affiliation to different hotel brands and renowned operators, as well as geographic and segment diversification.

Under Mexican laws, Fibras must invest at least 70% of its assets in real estate for lease, among other requisites. Additionally, Fibras must distribute in cash at least once a year 95% of taxable income to its CBFI holders. Such characteristics, together with a solid performance of the real estate market in Mexico and a team with over two decades of real estate and hotel experience, make FibraHotel an attractive investment vehicle.

FibraHotel is internally managed by Fibra Hotelera, S.C., and is externally advised by Administradora Fibra Hotelera Mexicana, S.A. de C.V whose key executives have over 60 years of combined experience in real estate development and operations and hotels in Mexico.

Investor relations contact

Mexico City Guillermo Bravo Tel: +52 (55) 5292 8050 E-mail: [email protected]

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