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

FibraHotel Investor Presentation March 2017 @FibraHotel

Disclaimer This presentation has been prepared by FibraHotel The securities mentioned in this document have not (or the “Trust”) for informational and discussion been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be purposes. It does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of offered or sold in the United States absent registration any offer to purchase or subscribe for, any or exemption from registration under the Securities Act. Certificados Bursátiles Fiduciarios Inmobiliarios (or The information in this presentation includes forward- the “CBFI”) in the Trust, nor shall any part of it nor looking statements which are based on current the fact of its dissemination form part of or be relied expectations, beliefs, and predictions about future on in connection with any contract or investment events. These forward looking statements are subject to decision relating thereto. Any such offering may be known and unknown risks, uncertainties and made only by an offering memorandum and the assumptions about the Trust, its prospects and the information contained herein will be superseded in its economic environment in which it operates that may entirety by such offering memorandum in final form. prove to be incorrect. Accordingly, the events described This presentation does not contain all the information in such forward-looking statements may not occur and the Trust’s objectives may not be realized. you should consider before investing in CBFIs of the Trust and no representation or warranty, express or By attending this presentation you agree to be bound by implied, is made by any party as to the accuracy, the foregoing limitations and not to distribute, disclose or fairness, completeness or materiality of the provide any information discussed today to any other information furnished in this presentation, which person. 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. 2

FibraHotel is the largest Mexican lodging REIT Key stats (US$mm) 1 Investment case Origins • Best-in-class sponsorship from • Largest business hotel owner in Mexico Hotels 85 Grupo GDI Rooms 12,023 • Unique and irreplaceable assets • Over 20 years of local real estate Market Cap 358 • Well capitalized for accretive growth experience Enterprise Value 459 maximizing dividend per CBFI • Hotel development as a core know- • Asset manager with open architecture Net debt (101) how • Second Fibra in the market • Best-in-class vehicle for consolidation Dividend yield 8.4% • IPO in Nov 2012; FO May 2013 • Dividend + growth EV/Op. Key (US$) 38,615 EV/Op. Key (Ps$) 772,293 3 (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

The most attractive hotel portfolio in Mexico FibraHotel´s portfolio FibraHotel´s portfolio Operating Total 78 hotels 85 hotels Hotel # room Hotel # room 34 Fiesta Inn Puebla Finsa 123 10,812 rooms 12,023 rooms 1 Fiesta Inn Culiacán 146 35 Fiesta Inn Oaxaca 145 2 Fiesta Inn Durango 138 36 One Puebla Finsa 126 In 26 states 37 Real Inn Guadalajara 197 3 One Monterrey 126 38 Fiesta Inn Tlalnepantla 131 4 One Acapulco 126 39 Fiesta Inn Toluca Tollocan 144 5 One Toluca 126 40 27 40 Real Inn Mexicali 158 6 One Coatzacoalcos 126 41 Fiesta Inn Lofts Monclova 37 59 42 One Monclova 66 7 Fiesta Inn Tepic 139 43 Grand Fiesta Americana Monterrey 180 8 One Aguascalientes 126 44 Live Aqua Monterrey 74 72 26 9 Fiesta Inn Hermosillo 155 45 Courtyard Vallejo 125 10 One Culiacán 119 46 Fairfield Inn Vallejo 121 3 22 43 44 18 47 Fiesta Americana Aguascalientes 192 11 Fiesta Inn Ecatepec 143 79 9 48 Fiesta Inn Xalapa 119 12 Fiesta Inn Perinorte 127 82 76 73 64 49 One Xalapa 126 13 Fiesta Inn Nuevo Laredo 120 50 Fairfield Inn Villahermosa 134 51 56 51 Fiesta Inn Cd. Obregon 141 14 Fiesta Inn Naucalpan 119 13 42 29 41 52 Fiesta Inn Lofts Querétaro 50 15 Fiesta Inn Cuautitlán 128 66 53 Gamma León 159 24 16 Fiesta Inn Perisur 212 60 30 54 Courtyard Cd. Del Carmen 133 2 70 1 17 Camino Real Puebla 153 55 Fiesta Inn Lofts Cd. Del Carmen 120 23 52 62 10 56 Gamma Valle Grande 135 18 Fiesta Inn Chihuahua 152 38 69 20 57 Fairfield Inn Los Cabos 128 57 19 Fiesta Inn Guadalajara 158 58 Fiesta Inn San Luis Potosi Oriente 140 47 20 One Querétaro 126 58 59 Gamma Tijuana 140 7 21 34 36 8 60 Fairfield Inn Saltillo 139 21 Fiesta Inn Aguascalientes 125 17 83 84 28 53 32 78 19 33 61 AC Torre Americas Guadalajara 188 75 22 Fiesta Inn Monterrey 161 15 62 AC Antea Querétaro 175 65 61 37 23 Fiesta Inn Querétaro 175 12 5 39 63 One Perisur 144 48 49 54 55 24 Fiesta Inn Saltillo 149 31 64 Sheraton Ambassador Monterrey 229 71 81 77 50 65 Live Aqua Boutique Playa del Carm 60 84 25 One Patriotismo 132 38 11 67 68 6 14 66 Fiesta Inn Los Mochis 125 46 26 Fiesta Inn Cd. Juárez 166 45 4 67 Fiesta Inn Cuernavaca 155 35 27 Fiesta Inn Mexicali 150 68 One Cuernavaca 125 25 80 28 Fiesta Inn León 160 69 Fairfield Inn & Suites Juriquilla 134 74 75 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 56 stabilized hotels with 7,890 rooms 31 Real Inn Morelia 155 73 Fiesta Inn Lofts Monterrey 48 16 63 22 hotels in ramp-up period with 2,922 rooms 74 Fiesta Americana Viaducto 255 32 Camino Real Suites Puebla 121 75 One Cuautitlan 156 33 One Tapatío 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 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 4 Note: Shaded green properties represent under development, yellow represents non-stabilized properties

Diversified portfolio with irreplaceable landmark assets Rooms per category Rooms per region Rooms per brand Fiesta Inn 3% Limited service One 8% 2% 2% 1% Center/South 18% 23% 2% Select service Fiesta America 3% 3% Northeast 19% 3% Full service 4% 43% Fairfiel Northwest 4% 57% Extended stay 16% 6% Real Inn 56% West 10% Gamma 17% Courtyard  Increased full service rooms from 153 to  Almost 5,200 rooms in Mexico´s five  Over 5,000 Fiesta Inn rooms, and 2,185, more than 14x main cities (MEX, MTY, GDL, PUE, almost 2,00 rooms with international QRO) brands  Full service represents 23% of  Over 2,300 rooms in Mexico City  Increased portfolio brand portfolio value and will increase to 30% (from 7% at IPO) diversification from 4 to 15 brands  Almost 1,200 in Monterrey 5

Under-penetrated and fragmented target market Trends in attractive target market Mexico lodging - fundamentals/drivers  Demand driven by Mexico GDP growth  Structural reforms, mainly energy Hotel Branded Independent targeting  Mexico global competitiveness driving Urban Hotels: Total: 85 hotels (7%) Urban Hotels: business 591 (45%) sustainable increase in FDI 710 (55%) travelers Operating: 78 (82%)  Demand 1,301 from services, Development: 7 (8%) manufacturing and industry driven by US recovery Attractive point in the cycle After recovery, opportunity to Development and repositioning 1 2 3 supply and demand grow rates opportunities  There are 2.7k per thousand inhabitants   Starting to see ADR growth after Reconversion of independent hotels in Mexico, below world averages, even lodging market impact from 2009  International brands to continue including overexposure to resorts  Inflation catch-up of ~20% increasing exposure of total market  ~6k business hotel rooms to be added per year in main cities through 2022  RevPAR growth of 12% in 2016  Strong demand growth expected % of Independent hotels 55% 35% 464 Branded Urban Hotels Opportunity to consolidate an attractive and fragmented market 6 Source: HVS, Sectur, Bank of America, Mexico Tourism Ministry, WTO