4 th and 7 th, 2014, respectively. 2

Transcription

1 FibraHotel ( FibraHotel ), the first real estate investment trust specialized in business-class hotels in Mexico, announces its financial results and distribution corresponding to the first quarter of Mexico City, April 29 th, 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 first quarter of Except where noted, all figures included herein were prepared in accordance with IFRS and are stated in nominal Mexican pesos. 1 st Quarter 2014 Highlights FibraHotel ended the first quarter of 2014 with 50 hotels and 6,883 rooms, including 43 hotels in operation (6,115 rooms) and 7 hotels in different stages of development 1 (768 rooms). During the quarter FibraHotel added 442 rooms through the acquisitions of the Fiesta Americana Aguascalientes, Fiesta Inn Xalapa and One Xalapa hotels, and opened the 149 room Camino Real Hotel & Suites Puebla hotel. On February 1 st, 2014, the lease agreements for the Camino Real Puebla and Fiesta Inn Culiacan hotels were changed to hotel management contracts. On a comparable property basis of 40 hotels 2 (2014 Initial Portfolio), the average daily rate ( ADR ) was Ps. $905, representing an increase of 3.7% versus the first quarter of 2013, the occupancy rate was 59.7%, representing decrease of (0.6pp) versus the first quarter of 2013 and the revenue per available room ( RevPAR ) was Ps. $540, representing an increase of 2.7% versus the first quarter of On a comparable property basis of 30 hotels 3 (IPO Initial Portfolio), the ADR was Ps. $909, representing an increase of 4.7% versus the first quarter of 2013, the occupancy rate was 61.5%, representing decrease of (1.5pp) versus the first quarter of 2013 and the RevPAR was Ps. $559, representing an increase of 2.2% versus the first quarter of Total revenues of Ps. $308.8 million. Lodging contribution 4 of Ps. $104.1 million. Adjusted funds from operations ( AFFO ) 5 of Ps. $96.3 million. 1 Not considering the Project of a Fairfield Inn & Suites hotel in Villahermosa and the acquisition of the Fiesta Inn Obregón hotel announced on April 4 th and 7 th, 2014, respectively. 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 ). Real Inn Morelia, One Guadalajara Tapatio and Camino Real Hotel & Suites Puebla were not included as they are part of the Development Portfolio. 3 Includes FibraHotel s 30 hotels which integrated the portfolio at the Initial Public Offering at end of 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 5 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.

2 FibraHotel will pay a distribution of Ps. $98.6 million, equivalent to cents (Ps. $0.2001) per CBFI 6. As of March 31 st, 2014, FibraHotel had a net cash position of Ps. $4,171 million, or Ps. $4,324 million including the reimbursement of VAT. As of March 31 st, 2014, total owner s equity of Ps. $9,891 million. During the first quarter of 2014, FibraHotel continued executing its growth strategy with 9.2% growth in rooms thanks to the acquisition of the Fiesta Americana Aguascalientes, Fiesta Inn Xalapa, and One Xalapa hotels, as well as the announcement of the Fairfield Inn & Suites Villahermosa and the opening of the Camino Real Hotel & Suites Puebla. Additionally, we finished the refurbishment of the Fiesta Inn Queretaro and the Fiesta Inn Naucalpan hotels. Finally, during the quarter we also renegotiated the lease agreements for the Camino Real Puebla and Fiesta Inn Culiacán into hotel management agreements. On the operating front, our 40 stabilized comparable properties continued showing ADR growth above inflation, with a 3.7% y-o-y growth, while occupancy fell (0.6pp) reaching 60% mostly due to the weaker economic conditions, leading RevPAR to a 2.7% y-o-y growth. We are happy to announce a distribution of cents per CBFI for Q1 2014, notwithstanding that this is the weakest cyclical quarter in the year and that over Ps. 4.3 billion is currently held in cash, said Simón Galante, CEO FibraHotel. 6 Calculated based on the number of outstanding CBFIs as of March 31 st, 2014, excluding the CBFIs issued in exchange of the Development Portfolio that are not entitled to receive distributions until such properties are in operation.

3 Development portfolio: As of April 29 th, 2014, FibraHotel has 8 hotels in different stages of development (the Fairfield Inn & Suites Villahermosa was announced after the close of the quarter): Expected Number of Cost to FibraHotel (Ps. $ millions) termination rooms under Spent as of Hotel State Total Remaining date construction Mar Cancún Extended-Stay Quintana Roo Fiesta Inn Suites / One Monclova Coahuila Q Fairfield Inn & Suites Villahermosa Tabasco Q Fiesta Americana Grand Monterrey Nuevo Leon Q Live Aqua Monterrey Nuevo Leon Q Courtyard Vallejo Mexico Q Fairfield Inn & Suites Vallejo Mexico Q Cancun Extended-Stay: The 74-room extended-stay hotel is located at Malecon Americas Cancún shopping mall. Currently, the construction of the building is completed. We continue working to determine the best alternative for the project in terms of brand and operator Hotel en Toluca Tollocan Mexico TBD 100 TBD 8.2 TBD Total 885 1, Fiesta Inn & Suites / One Monclova: The project, located adjacent to the Fiesta Inn Monclova hotel is currently under construction with 66 limited service rooms under the One Hotels brand and 39 extended stay rooms under the Fiesta Inn & Suites brand. The project is on schedule and budget to open during the fourth quarter of Fairfield Inn & Suites Villahermosa: The limited-service hotel is being constructed in Plaza Sendero, in Villahermosa, Tabasco. The 135-room hotel will be a Fairfield Inn & Suuites and will be operated by Marriott International. The project is currently in the license and permitting stage. We expect to begin construction during the second quarter of 2014 and to open the hotel during the first quarter of Trebol Monterrey (Fiesta Americana Grand Monterrey y Aqua Monterrey): Two hotels to be constructed within the Trebol mixed use project, a 180 room Fiesta Americana Grand and a 46 room Live Aqua. Both hotels will be operated by Posadas and will open in conjunction with the project in the fourth quarter of Both buildings in the project are currently under construction. - Via Vallejo (Courtyard y Fairfield Inn & Suites Vallejo): Two hotels to be constructed within the Vial Vallejo shopping center, a 152-room Fairfield Inn & Suites and a 93-room Courtyard by Marriott. Both hotels will be operated by Marriott International and will open in conjunction with the project in the fourth quarter of Currently the project is under construction of the foundations of the shopping center.

4 - Hotel in Toluca Tollocan: The land is located adjacent to the Fiesta Inn Toluca Tollocan hotel. The project is currently being defined to be either or an extended-stay hotel and/or a limited service hotel. We are currently evaluating the market to determine an expected opening date. Relevant events after March 31 st, 2014 On April 4 th, 2014, FibraHotel acquired the rights of a land plot in Villahermosa, Tabasco for the development of a 135-room hotel inside the Plaza Sendero Villahermosa Shopping Mall, property of Fibra Uno. The hotel will be a Fairfield Inn & Suites by Marriott and will be operated by Marriott International. Villahermosa is one of the most important oil and gas hubs in Mexico and is one of the most dynamic cities for business hotels in Mexico. On April 7 th, 2014, FibraHotel Acquired the Fiesta Inn Ciudad Obregon hotel. The hotel has 141 rooms (123 in operation) and represented an investment of Ps. $141.5 million. Additionally FibraHotel will invest approximately Ps. $6.5 million to add 18 rooms to the hotel during the second half of

5 FibraHotel s Portfolio as of March 31 st, 2014 Hotels in operation Hotel State Number of Rooms Operator Brand Segment Selected-Service Hotels - Managed 1 Fiesta Inn Aguascalientes Aguascalientes 125 Grupo Posadas Fiesta Inn Selected-Service 2 Fiesta Inn Ciudad Juarez Chihuahua 166 Grupo Posadas Fiesta Inn Selected-Service 3 Fiesta Inn Chihuahua Chihuahua 152 Grupo Posadas Fiesta Inn Selected-Service 4 Fiesta Inn Culiacan Sinaloa 142 Grupo Posadas Fiesta Inn Selected-Service 5 Fiesta Inn Durango Durango 138 Grupo Posadas Fiesta Inn Selected-Service 6 Fiesta Inn Guadalajara Expo Jalísco 158 Grupo Posadas Fiesta Inn Selected-Service 7 Fiesta Inn Hermosillo Sonora 155 Grupo Posadas Fiesta Inn Selected-Service 8 Fiesta Inn Leon Guanajuato 160 Grupo Posadas Fiesta Inn Selected-Service 9 Fiesta Inn Mexicali BCN 150 Grupo Posadas Fiesta Inn Selected-Service 10 Fiesta Inn Monclova Coahuila 121 Grupo Posadas Fiesta Inn Selected-Service 11 Fiesta Inn Monterrey La Fe Nuevo Leon 161 Grupo Posadas Fiesta Inn Selected-Service 12 Fiesta Inn Naucalpan State of Mexico 119 Grupo Posadas Fiesta Inn Selected-Service 13 Fiesta Inn Nuevo Laredo Tamaulipas 120 Grupo Posadas Fiesta Inn Selected-Service 14 Fiesta Inn Oaxaca Oaxaca 145 Grupo Posadas Fiesta Inn Selected-Service 15 Fiesta Inn Perinorte (1) State of Mexico 123 Grupo Posadas Fiesta Inn Selected-Service 16 Fiesta Inn Puebla FINSA Puebla 123 Grupo Posadas Fiesta Inn Selected-Service 17 Fiesta Inn Queretaro Queretaro 175 Grupo Posadas Fiesta Inn Selected-Service 18 Fiesta Inn Saltillo Coahuila 149 Grupo Posadas Fiesta Inn Selected-Service 19 Fiesta Inn Tepic Nayarit 139 Grupo Posadas Fiesta Inn Selected-Service 20 Fiesta Inn Tlalnepantla State of Mexico 131 Grupo Posadas Fiesta Inn Selected-Service 21 Fiesta Inn Torreon Galerias Coahuila 146 Grupo Posadas Fiesta Inn Selected-Service 22 Fiesta Inn Toluca Tollocan State of Mexico 144 Grupo Posadas Fiesta Inn Selected-Service 23 Fiesta Inn Xalapa Veracruz 119 Grupo Posadas Fiesta Inn Selected-Service 24 Real Inn Guadalajara Centro (1) Jalisco 197 Grupo Real Turismo Real Inn Selected-Service 25 Real Inn Morelia Michoacan 155 Grupo Real Turismo Real Inn Selected-Service 26 Real Inn Mexicali BCN 158 Grupo Real Turismo Real Inn Selected-Service Sub Total Portfolio Selected-Service 3,771 Limited-Service Hotels - Managed 27 One Acapulco Costera (1) Guerrero 126 Grupo Posadas One Limited-Service 28 One Aguascalientes Sur (1) Aguascalientes 126 Grupo Posadas One Limited-Service 29 One Coatzacoalcos Forum Veracruz 126 Grupo Posadas One Limited-Service 30 One Culiacan Forum Sinaloa 119 Grupo Posadas One Limited-Service 31 One Guadalajara Tapatio Jalisco 126 Grupo Posadas One Limited-Service 32 One Monterrey Aeropuerto (1) Nuevo León 126 Grupo Posadas One Limited-Service 33 One Puebla FINSA Puebla 126 Grupo Posadas One Limited-Service 34 One Querétaro Plaza Galerias Querétaro 126 Grupo Posadas One Limited-Service 35 One Toluca Aeropuerto State of Mexico 126 Grupo Posadas One Limited-Service 36 One Ciudad de Mexico Patriotismo Mexico DF 132 Grupo Posadas One Limited-Service 37 One Xalapa Veracruz 108 Grupo Posadas One Limited-Service Sub Total Portfolio Limited-Service 1,367 Other Hotels - Managed 38 Fiesta Americana Aguascalientes (1) Aguascalientes 192 Grupo Posadas Fiesta Americana Full-Service 39 Camino Real Puebla Puebla 153 Grupo Real Turismo Camino Real Full-Service 40 Camino Real Hotel & Suites Puebla Puebla 149 Grupo Real Turismo CR Hotel & Suites Extended-Stay Sub Total Portfolio Other 494 Leased Hotels 41 Fiesta Inn Cuautitlan State of Mexico 128 Grupo Posadas Fiesta Inn Selected-Service 42 Fiesta Inn Ecatepec State of Mexico 143 Grupo Posadas Fiesta Inn Selected-Service 43 Fiesta Inn Perisur Distrito Federal 212 Grupo Posadas Fiesta Inn Selected-Service Sub Total Portfolio Leased 483 Total Operating Hotels as of March 31, ,115 (1) Includes retail component.

6 Quarterly selected information The following table shows the main financial indicators for the last quarters 7 : (In thousand pesos except per CBFI data) 2Q Q Q Q 2014 LTM Total revenues 249, , , ,816 1,163,826 Revenues - Managed hotels 228, , , ,261 1,073,250 % of total revenues 91.7% 91.4% 91.7% 94.0% 92.2% Lodging contribution 93, , , , ,451 Margin 37.3% 35.9% 34.9% 33.7% 35.4% Lodging contribution - Managed hotels 72,498 80,352 82,463 85, ,876 Margin 31.7% 29.8% 29.0% 29.5% 29.9% Net Operating Income 89, , ,901 99, ,734 Margin 35.9% 34.5% 33.2% 32.2% 33.8% EBITDA 68,327 71,310 70,664 66, ,697 Margin 27.4% 24.1% 22.8% 21.5% 23.8% Consolidated net (loss) income 1,922 58,304 74,148 65, ,442 Margin 0.8% 19.7% 23.9% 21.1% 17.1% Funds From Operation 33,980 92, , , ,029 FFO / CBFI with economic rights Adjusted Funds From Operation 75, , ,022 96, ,972 AFFO / CBFI with economic rights Distribution 74,414 99, ,001 98, ,547 Distribution / CBFI with economic rights Lodging Contribution, NOI, EBITDA, FFO and AFFO are not IFRS figures.

7 Results for the first quarter of 2014 FibraHotel started the quarter with 39 hotels in operation and closed the quarter with 43 hotels in operation thanks to the acquisition of three hotels and the opening of one hotel during the period 8. Total Revenues During this period, FibraHotel s total revenue was Ps. $308.8 million: Ps. $235.6 million of room rentals (76.3% of total revenues). Ps. $53.0 million of food and beverage (17.1% of total revenues). Ps. $17.8 million for the lease of (i) three hotels 9 y (ii) retail and other leases in hotel properties (combined, 5.8% of total revenues). Ps. $2.5 million (0.8% of total revenues) corresponded to other revenues. Costs and General Expenses During this period, FibraHotel s costs and general expenses were Ps. $204.7 million: Ps. $130.7 million of administrative costs and expenses including the payment of the operators fees (63.8% of costs and general expenses). Ps. $41.8 million of room expenses (20.4% of costs and general expenses). Ps. $32.2 million of food and beverage expenses (15.7% of costs and general expenses). Lodging Contribution Lodging contribution amounted to Ps. $104.1 million, representing 33.7% of total revenues: Ps. $85.6 million corresponded to the managed hotels (29.5% margin). Ps. $17.8 million corresponded to leases (100% margin) Ps. $0.8 million corresponded to other revenues (100% margin). Operating Profit Other operating expenses of Ps. $73.9 million consisted of: (i) real estate expenses of Ps. $4.8 million; (ii) administrative expenses of Ps. $7.3 million; (iii) advisory fee of Ps. $25.6 million; and (iv) depreciation of Ps. $36.2 million. The operating profit was Ps. $30.2 million, or 9.8% of total revenues. 8 Fiesta Inn and One Xalapa hotels, acquired on March 27 th, 2014 did not generate revenues as managed hotels (room rentals, food and beverage revenues ) for the first quarter of Leased hotels for the entire quarter are Fiesta Inn Cuautitlan, Fiesta Inn Ecatepec and Fiesta Inn Perisur. Fiesta Inn Culiacan and Camino Real Puebla changed to hotel management contract on February 1 st,

8 Adjusted Operating Profit During the first quarter, FibraHotel had Ps. $16.2 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. $14.0 million. Non-operating Revenues During the first quarter, FibraHotel had Ps. $10.3 million of non-operating revenues, Ps. $4.3 million corresponding to the VAT actualization related to the Ps. $120 million reimbursement that FibraHotel received during the quarter and Ps. $6.1 million corresponding to the payment by Grupo Posadas of the remaining CAPEX account related to the Fiesta Inn Culiacan hotel when the lease contract changed to hotel management contract. Comprehensive Financial Cost FibraHotel closed the quarter with a cash position of Ps. $4,171 million and interests earned during the period of Ps. $40.6 million. The cash position was fully invested in Mexican Federal invested in Mexican Federal Government issued debt securities. Consolidated Net Income Income taxes at the subsidiary level on the taxable profits generated by the ancillary hotel income such as food and beverage were (Ps. $0.6 million). After these taxes, the consolidated net income was Ps. $65.1 million. Adjusted funds from operation ( AFFO ) 10 During the fourth quarter 2013, FibraHotel generated adjusted funds from operation of Ps. $96.3 million: Ps. $ thousand 1Q Q 2013 Variation Consolidated net (loss) income 65,068 28, % (+) Depreciation 36,217 19,672 Funds From Operation 101,285 48, % (-) Maintenance CAPEX (15,072) (7,685) (+) Non operating result adjustments 10,129 16,070 Adjusted Funds From Operation 96,342 56, % 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). 10 FFO and AFFO are not IFRS figures.

9 Cash flow and liquidity position During the fourth quarter of 2013, FibraHotel had the following key cash flow items: FibraHotel had a net operating cash flow excluding activities from hotel operations of Ps. $82 million. Taking into account the cash flow related to investment activities (mainly payment and reimbursement of VAT related to hotels acquisition), the net cash flow from operations was Ps. $111 million. The net cash flow from investment activities was a negative (Ps. $623 million), mainly due to: i) the acquisition of three hotels for (Ps. $440 million), ii) disbursements related to the development portfolio of (Ps. $103 million), iii) capital expenditures during the quarter of (Ps. $122.0 million), mainly the payment of the Camino Real Hotel & Suites Puebla hotel for (Ps. $96.5 million), and iv) interest generated from our cash position of Ps. $40.9 million. Payments related to acquisitions are as follows: o Fiesta Americana Aguascalientes: Ps. $226.7 million o Fiesta Inn and One Xalapa: Ps. $212.9 million Payments related to development portfolio are as follows: o Trebol Project (two hotels in Monterrey): Ps. $84.8 million o Other projects: Ps. $18.3 million The net cash flow from financing activities was a negative (Ps. $105 million), mostly related to the distribution of the fourth quarter of FibraHotel ended the first quarter of 2014 with no debt and a net cash position including VAT of Ps. $4,324 million (VAT recoverable totaled Ps. $153 million). Excluding recoverable VAT FibraHotel had a cash position of Ps. $4,171 million compared to Ps. $4,788 million as of December 31 st, Capital Expenditures ( CapEx ) As of March 31 st, 2014, the available capital expenditures reserve amounted to Ps. $32.1 million compared with Ps. $19.7 million as of December 31 st, The capital expenditure reserve is generated to maintain the standards of our hotels in operation and is constituted based on percentage of total revenues, on a monthly basis. During the first quarter of 2014, FibraHotel had the following capital expenditures: Maintenance CapEx: Ps. $2.6 million. CapEx investment in hotel repositioning: FibraHotel constantly analyzes opportunities to make capital investments in hotels which have an opportunity to increase cash flows. During the quarter, FibraHotel invested Ps. $23.8 million in repositioning CapEx, mainly

10 in the Fiesta Inn Culiacan, Fiesta Inn Naucalpan, Fiesta Inn Queretaro and Fiesta Inn Leon hotels: o During the quarter, we finished the repositioning of Fiesta Inn Naucalpan, including: (i) improvement in 119 rooms to Fiesta Inn 360 standards, (ii) changed air conditioning from in-window to central air conditioning, (iii) improvements in common areas to Fiesta Inn 360 standards, (iv) improvements to the motor lobby, and (v) complete change of the hotel s facade. The project had a total budget of Ps. $35 million, out of which Ps. $4.7 million were spent during the first quarter of o During the quarter, we finished the repositioning of Fiesta Inn Queretaro hotel, including: (i) improvement in 175 rooms to Fiesta Inn 360 standards, (ii) changed air conditioning from in-window to central air conditioning, (iii) improvements in common areas to Fiesta Inn 360 standards, and (iv) improvements to the motor lobby. The improvement had a budget of Ps. $42 million, out of which Ps. $4.5 million were spent during the first quarter of o Fiesta Inn Culiacan: (i) improvement in 146 rooms to Fiesta Inn 360 standards (currently the hotel has 142 rooms, with the repositioning we will add 4 new rooms), (ii) improvement of rooms corridors (iii) improvements to common areas to Fiesta Inn 360 standards, and (iv) improvement to the motor lobby. The improvement has a budget of Ps. $30 million, of which Ps. $6 millon is coming from the CAPEX reserve returned by Grupo Posadas with the termination of the lease agreement. Ps. $7.5 million were spent as of March 31 st, 2014 (Ps. $7.2 million during the first quarter). The project is currently under way floor by floor without closing the hotel and will be in process during the second and the third quarters of o Fiesta Inn Leon: (i) improvements in common areas to Fiesta Inn 360 standards and (ii) improvements to the motor lobby. The project has a budget of Ps. $7.0 million, out of which Ps. $2.7 million were spent as of March 31 st, 2014 (Ps. $2.6 million during the first quarter). The project will be finished during the second quarter of o Camino Real and Camino Real Hotel & Suites Puebla: (i) improvements in common areas, (ii) increase in restaurant and bar capacity, and (iii) connecting bridge between the two hotels. The budget is Ps. $13.5 million, out of which Ps. $2.7 million were spent as of March 31 st, 2014 (Ps. $2.2 million during the first quarter). The project will be done during the second quarter of CapEx to reposition and rebrand acquired hotels: o Real Inn Guadalajara: the repositioning to bring the hotel up teo the Real Inn brand standards is done. The repositioning had a budget of Ps. $10.0 million, out of which Ps. $7.7 million were spent as of March 31 st, 2014 (Ps. $1.7 million during the first quarter). o Real Inn Mexicali: The hotel is being repositioned to comply with the Real Inn brand standards and additionally an opportunity was identified to close non-

11 productive areas and they will be transformed into a 450m 2 leasable area for retail or office space. The repositioning has a budget of Ps. $10 million, out of which Ps. $2.6 million were spent as of March 31 st, 2014 (Ps. $0.8 million during the first quarter). Distribution corresponding to the first quarter of FibraHotel looks to generate value for its certificate holders, and therefore on April 29 th, 2014, FibraHotel s Technical Committee approved a distribution of Ps. $98.6 million, equivalent to cents (Ps. $0.2001) per CBFI, calculated based on the outstanding CBFIs excluding the CBFIs related to the Development Portfolio which currently do not have economic rights. This distribution is based on the results and operations of FibraHotel between January 1 st and March 31 st, The distribution will be paid on May 15 th, The distribution payment is broken as follows 12 : Amount Concept per CBFI Total 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. Ps. $ Ps. $ million Taxable Income - - Depreciation Total Corporate Governance On April 29 th, 2014, there was an Audit Committee and Technical Committee meeting for the approval of the first quarter financial results and distribution, which were approved unanimously. As of April 29 th, 2014, FibraHotel s Technical Committee is comprised by 10 members, three of whom are independent. Additionally, on April 29 th, 2014, the Nomination Committee nominated an additional independent member to the Technical Committee, which if approved by the Holders Assembly on April 30 th, 2014 will change FibraHotel s Technical Committee composition to 11 members, four of whom are independent 11 This Press Release is not a Distribution Notice 12 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 6,666,666 = 492,735,100)

12 Operating Highlights of FibraHotel s Portfolio The following graph shows the quarterly evolution, from the first quarter of 2007 to the first quarter of 2014, of the ADR, the occupancy rate and the RevPAR for the 40 stabilized hotels of the portfolio. 1, ADR RevPAR Occupancy 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% As of March 31 st, 2014, FibraHotel s total portfolio of 43 hotels in operation reported the following: Occupancy rate of 58.1% ADR of Ps. $898 RevPAR of Ps. $522 The following tables show selected operating information of FibraHotel s hotels in operation for the first quarter of 2014 with different perimeters: 2014 Initial Portfolio / Total Portfolio of stabilized hotels: includes 40 stabilized hotels in operation as of March 31 st, 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). IPO Initial Portfolio: includes 30 hotels in operation which integrated the portfolio at the Initial Public Offering.

13 Comparable table for the first quarter of 2014 and the first quarter of Initial Port. (40H) Total Port. of stab. Hotels (40H) IPO Initial Portfolio (30H) 1Q Q Q Q Q Q Q Q Q 2013 Ocupancy 59.7% 60.3% 64.7% 59.7% 60.3% 64.7% 61.5% 63.0% 66.0% ADR RevPAR The change in RevPAR between the first quarter of 2013 and the first quarter of 2014 is asfollows: 2014 Initial Portfolio (40 hotels): +2.7% Total Portfolio of stabilized hotels (40 hotels): +2.7% IPO Initial Portfolio (30 hotels): +2.2% The following table shows certain operating information by segment for the hotels in operation for the first quarter of year 2012, 2013 and 2014: Total Portfolio of Stabilized Hotels (40H) Total Portfolio (43H) 1 st Quarter st Quarter st Quarter st Quarter 2014 Segment Ocup. ADR RevPAR Ocup. ADR RevPAR Ocup. ADR RevPAR Ocup. ADR RevPAR Limited-Service 58.6% $ 635 $ % $ 670 $ % $ 688 $ % $ 682 $ 399 Selected-Service 63.6% $ 867 $ % $ 910 $ % $ 954 $ % $ 947 $ 557 Full-Service 60.1% $ 982 $ % $ 1,122 $ % $ 1,082 $ % $ 1,082 $ 689 Extended-Stay n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 7.5% $ 846 $ 64 Total 62.4% $ 831 $ % $ 872 $ % $ 905 $ % $ 898 $ 522 Vs. previous year 4.0 bp 2.0% 9.0% (2.1 bp) 5.0% 1.5% (0.6 bp) 3.7% 2.7% The following table shows certain operating information by region 14 for the hotels in operation for the first quarter of year 2012, 2013 and 2014: Total Portfolio of Stabilized Hotels (40H) Total Portfolio (43H) 1 st Quarter st Quarter st Quarter st Quarter 2014 Region Ocup. ADR RevPAR Ocup. ADR RevPAR Ocup. ADR RevPAR Ocup. ADR RevPAR Norwest 58.9% $ 858 $ % $ 907 $ % $ 959 $ % $ 959 $ 542 Noreast 73.6% $ 680 $ % $ 737 $ % $ 803 $ % $ 803 $ 477 Center and South 62.6% $ 858 $ % $ 898 $ % $ 910 $ % $ 905 $ 540 West 54.9% $ 832 $ % $ 833 $ % $ 871 $ % $ 829 $ 427 Total 62.4% $ 831 $ % $ 872 $ % $ 905 $ % $ 898 $ 522 Vs. previous year 4.0 bp 2.0% 9.0% (2.1 bp) 5.0% 1.5% (0.6 bp) 3.7% 2.7% The following table shows FibraHotel s Total Portfolio distribution (43 hotels) as of March 31 st, 2014 by segment, region, number of hotels and rooms: 13 In 2014 and 2012, Holy Week was during the second quarter while during 2013,it was on the first quarter. 14 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, Oaxaca, Puebla, Querétaro, Veracruz, and Mexico City. West corresponds to the following states: Jalisco and Nayarit.

14 SEGMENT Hotels Rooms REGION # % # % # % # % Limited-Service % 1, % Center and South % 3, % Selected-Service % 4, % Noreast % % Full-Service 2 4.7% % Norwest % 1, % Extended-Stay 1 2.3% % West 4 9.3% % TOTAL % 6, % TOTAL % 6, % Hotels Rooms Quarterly Operating Portfolio Highlights (excluding leased hotels) Period Available Occupied Room Revenues Occup. Rooms Rooms Ps. $ Million ADR RevPAR 1st quarter 462, , % $ $ 872 $ 510 2nd quarter rd quarter th quarter Total 462, , % $ $ 872 $ 510 Timeline of hotel additions generating room revenue by month during 2014 (managed hotels): January 2014: includes the 34 managed hotels as of December 31 st, 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 our portfolio March 2014: Camino Real Hotel & Suites Puebla is added to our portfolio (opening)

15 FibraHotel s portfolio evolution by quarter: Hotels and Rooms Acquisition % of 4Q Q Q Q Q Q 2014 FIESTA INN Date Rooms 1 * Fiesta Inn Aguascalientes 21/01/ % 2 * Fiesta Inn Ciudad Juárez 21/01/ % 3 * Fiesta Inn Chihuahua 21/01/ % 4 * Fiesta Inn Culiacán 01/12/ % 5 * Fiesta Inn Durango 01/12/ % 6 * Fiesta Inn Guadalajara 21/01/ % 7 * Fiesta Inn Hermosillo 01/12/ % 8 * Fiesta Inn León 21/01/ % 9 * Fiesta Inn Mexicali 21/01/ % 10 * Fiesta Inn Monclova 28/02/ % 11 * Fiesta Inn Monterrey 21/01/ % 12 * Fiesta Inn Naucalpan 01/12/ % 13 * Fiesta Inn Nuevo Laredo 01/12/ % 14 * Fiesta Inn Oaxaca 05/07/ % 15 * Fiesta Inn Perinorte 01/12/ % 16 * Fiesta Inn Puebla FINSA 03/07/ % 17 * Fiesta Inn Querétaro 21/01/ % 18 * Fiesta Inn Saltillo 21/01/ % 19 * Fiesta Inn Tepic 01/12/ % 20 * Fiesta Inn Tlalnepantla 24/06/ % 21 * Fiesta Inn Torreón 19/12/ % 22 * Fiesta Inn Toluca 30/04/ % 23 * Fiesta Inn Xalapa 27/03/ % Subtotal 1,082 2,599 2,874 3,142 3,142 3, % REAL INN 24 * Real Inn Guadalajara 01/08/ % 25 * Real Inn Mexicali 01/07/ % 26 Real Inn Morelia 01/03/ % Subtotal % ONE 27 * One Acapulco 01/12/ % 28 * One Aguascalientes 01/12/ % 29 * One Coatzacoalcos 01/12/ % 30 * One Culiacán 01/12/ % 31 One Guadalajara Tapatío 24/06/ % 32 * One Xalapa 27/03/ % 33 * One Monterrey 01/12/ % 34 * One Puebla FINSA 02/07/ % 35 * One Querétaro 21/01/ % 36 * One Toluca 01/12/ % 37 * One Patriotismo 21/01/ % Subtotal 749 1,007 1,133 1,259 1,259 1, % Other 38 * Camino Real Puebla 01/12/ % 39 Camino Real Hotel & Suites Puebla 01/03/ % 40 * Fiesta Americana Aguascalientes 14/01/ % Subtotal % Hotels with lease agreements 41 * Fiesta Inn Cuautitlán 01/12/ % 42 * Fiesta Inn Ecatepec 01/12/ % 43 * Fiesta Inn Perisur 01/12/ % Subtotal % TOTAL ROOMS IN OPERATION 2,467 4,397 4,798 5,547 5,547 6, % NUMBER OF HOTELS Development Opening Real Inn Morelia - Opened 01/01/ One Tapatío - Opened 24/06/ Camino Real Hotel & Suites Puebla - Opened 01/03/ Cancún Extended Stay % 45 Toluca Tollocan Hotel TBD % 46 Monclova Hotel 4Q % 47 Courtyard Vallejo 4Q % 48 Fairfield Inn & Suites Vallejo 4Q % 49 Fiesta Americana Grand Monterrey Trebol 4Q % 50 Live Aqua Monterrey Trebol 4Q % Extensión One Xalapa 2H % TOTAL DEVELOPMENT % FIBRAHOTEL TOTAL PORTFOLIO 2,956 4,731 5,132 5,870 6,446 6,883 NUMBER OF HOTELS * 2014 Initial Portfolio (40 stabilized hotels in operation)

16 BALANCE SHEET As of March 31 st, 2014 (figures in thousands pesos) Assets Current assets Cash, cash equivalents and restricted cash 4,170,795 Trade accounts receivable and other receivables 127,822 Due from related parties 3,698 Prepaid expenses 7,304 Recoverable taxes, mainly value-added tax 153,030 Total currents assets 4,462,648 Non current assets Hotel properties, furniture and operating equip. - Net 5,276,970 Properties under development 325,526 Advance to suppliers 978 Deferred income taxes 3,621 Total non-current assets 5,607,094 Total assets 10,069,742 Liabilities and partners' equity Current liabilities: Suppliers and accrued expenses 175,162 Due to related parties 0 Taxes payable 3,098 Other 127 Total current liabilities 178,387 Trustors' equity: Contribution from the trustors 9,741,443 Retained earnings 149,913 Total trustors' equity: 9,891,355 Total liabilities and trustors' equity 10,069,742

17 INCOME STATEMENT From January 1 st to March 31 st, 2014, compared with previous year (figures in thousands pesos) 1Q Q 2013 Revenue: Rooms 235, ,499 Food and beverages 52,952 23,148 Leases 17,790 20,308 Others 2,509 5,508 Total revenue 308, ,463 Costs and general expenses Rooms 41,823 23,286 Food and beverages 32,213 16,400 Administrative expenses 130,662 67,641 Total costs and general expenses 204, ,327 Lodging contribution 104,118 70,137 Real estate expenses 4,815 3,816 Advisory fee 7,258 3,012 Administrative expenses related to FibraHotel 25,649 13,799 Depreciation 36,217 19,672 Income from operations 30,179 29,839 Extraordinary expenses, net 16,185 16,070 Adjusted (loss) from operations 13,994 13,769 Comprehensive financing result 10,327 0 Comprehensive financing result 40,149 14,610 Income before taxes 64,470 28,379 Tax (598) 0 Consolidated net (loss) income 65,068 28,379

18 CASH FLOW STATEMENT From January 1 st to March 31 st, 2014, compared with previous year (figures in thousands pesos) 1Q Q 2013 Operating Activities Consolidated net income 65,068 28,379 Adjustments for non cash items Tax (598) 0 Cost for asset sale 10,289 0 Depreciation 36,217 19,672 Interest income (40,649) (15,317) Total 70,327 32,734 (Increase) decrease in: Trade accounts receivable and others (22,010) (64,313) Due from related parties 0 9,271 Recoverables taxes, mainly VAT 51,289 (234,790) Prepaid expenses (5,343) (32,353) Other assets (74) (1,324) Increase (decrease) in: Suppliers and accrued expenses 18,324 68,567 Due to related parties (0) 15,892 Tax payable (1,339) (955) Net cash flow used in operating activities 111,175 (207,270) Investing activities Business acquired, net of cash received (439,805) (1,654,694) Development portfolio (103,114) (86,661) Acquisition of other assets (120,604) (695) Interest income 40,649 15,317 Net cash flow used in investing activities (622,873) (1,726,733) Financing activities Ditributions to trustors (105,001) (18,539) CBIFs issuance 0 0 Issuance expenses 0 (5,097) Other (299) (0) Net cash flow used in financing activities (105,300) (23,636) Net increase (decrease) in cash, cash equivalents and restricted cash (616,998) (1,957,639) Cash, cash equivalents and restricted cash at the beginning of the period 4,787,793 2,877,775 Cash, cash equivalents and restricted cash at the end of the period 4,170, ,136

19 Current situation of development hotels under construction: Fiesta Inn Suites y One Monclova: The construction is currently under way. As of this date, the foundation has been finished and we are waiting to receive the Steel structure in May. The construction termination will be during the third quarter and the hotel opening during the fourth quarter of Current construction pictures of the hotel Monterrey Trebol (Fiesta Americana Grand y Aqua): The construction of the hotel tower is currently under way. To the date, the foundations have been finished and the cement is currently being poured, with seven of the nine parking floors finished. The construction termination and opening of the hotel will be during the fourth quarter of Current construction pictures of the hotel Via Vallejo (Fairfield Inn & Suites y Courtyard): The construction is current being preparated to begin excavations and foundations in May The construction termination and opening of the hotel will be during the fourth quarter of Current construction pictures of the hotel

20 Rooms Common areas Motor Lobby Property renovations during the quarter: Fiesta Inn Querétaro During the first quarter of 2014, the Fiesta Inn Queretaro hotel was renovated to take it to Fiesta Inn 360 standards. The total budget was Ps. $42 million including the following changes: Improvement in 175 rooms to Fiesta Inn 360 standards Changed air conditioning from in-window to central air conditioning Improvements in common areas to Fiesta Inn 360 standards Increased capacity for bar and restaurant Improvements to the motor lobby Hotel before renovation Hotel afore renovation

21 Rooms Common Areas Façade Property renovations during the quarter (cont d): Fiesta Inn Naucalpan During the first quarter of 2014, the Fiesta Inn Naucalpan hotel was renovated to take it to Fiesta Inn 360 standards. The total budget was Ps. $35 million including the following changes: Improvement in 119 rooms to Fiesta Inn 360 standards Changed air conditioning from in-window to central air conditioning Improvements in common areas to Fiesta Inn 360 standards Improvements to the façade and motor lobby Hotel before renovation Hotel afore renovation

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25 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) gbravo@fibrahotel.com