FibraHotel will pay a distribution of Ps. $99 million, equivalent to cents (Ps. $0.2003) per CBFI 4.

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 20 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 2016 Highlights FibraHotel ended the first quarter of 2016 with 80 hotels and 10,973 rooms, including 66 hotels in operation (9,120 rooms) and 14 hotels in different stages of development (1,853 rooms). During the quarter, FibraHotel added 613 rooms in operation with the opening of four hotels, Fairfield Inn & Suites Juriquilla, One Durango, AC by Marriott Querétaro and Fiesta Americana Pabellón M. On a comparable property basis of 54 hotels 1, the average daily rate ( ADR ) was Ps. $972, representing an increase of 4.8% versus the first quarter of 2015, the occupancy rate was 62.9%, representing an increase of 444bp versus the first quarter of 2015 and the revenue per available room ( RevPAR ) was Ps. $611, representing an increase of 12.7% versus the first quarter of For the Total FibraHotel Portfolio of 66 properties, the average daily rate was Ps. $968, the occupancy rate was 59.4%, and the revenue per available room was Ps. $575. During the first quarter of 2015, RevPAR of the Total FibraHotel Portfolio of 57 properties was Ps. $547. For Non Stabilized FibraHotel Portfolio of 12 properties, the average daily rate was Ps. $933, the occupancy rate was 37.0%, and the revenue per available room was Ps. $345. Total revenues for the quarter were Ps. $534 million. Lodging contribution 2 for the quarter was Ps. $165 million. Adjusted funds from operations ( AFFO ) 3 for the quarter were Ps. $92.4 million. FibraHotel will pay a distribution of Ps. $99 million, equivalent to cents (Ps. $0.2003) per CBFI 4. 1 Includes 47 stabilized properties as of the December 31 st, 2015 plus the following seven hotels: One Monclova, Gamma Ciudad Obregón, Gamma León, Gamma Tijuana, Fiesta Inn Lofts Monclova, Fiesta Inn Lofts Querétaro y Camino Real Hotel & Suites Puebla. 2 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. 3 Adjusted funds from operation is defined as net income plus depreciation plus non-operating adjustments less maintenance Capex reserve of the period. AFFO is not an IFRS figure. 4 Calculated based on the number of outstanding CBFIs as of March 31 st, 2016, excluding the CBFIs issued that are not entitled to receive distributions until such properties are in operation.

2 As of March 31 st 2016, FibraHotel had a net cash position of Ps. $793 million, or Ps. $999 million including the reimbursement of VAT, and a Ps. $1,396 million indebtedness. Net debt position (including recoverable VAT) is Ps. $397 million. As of March 31 st 2016, total owner s equity of Ps. $9,504 million. The first quarter of 2016 continued with a positive trend for the stabilized hotels in our portfolio with a 12.7% RevPAR growth resulting from a 4.8% growth in average daily rate and a 444 basis point increase in occupancy. During the first months of 2016 we opened four hotels adding over 600 rooms in operation and announced our first Aloft hotel in Veracruz which is our second hotel with Starwood. We continue working to stabilize the hotels in ramp-up period and face a difficult environment with recently opened hotels exposed to the oil industry in the gulf region. The positive results from the stabilized portfolio are overshadowed from the limited contribution of recently opened hotels and with financial expenses from assets that do not yet contribute to results. All of this in the context of the weakest quarter cyclically in the year and with both weeks of Easter affecting the comparability of business hotels. The distribution for the first quarter will be cents of Mexican Peso for each CBFI. said Simon Galante, CEO FibraHotel. said Simón Galante, CEO FibraHotel. Hotel # room 1 Fiesta Inn Culiacán Fiesta Inn Durango One Monterrey One Acapulco One Toluca One Coatzacoalcos Fiesta Inn Tepic One Aguascalientes Fiesta Inn Hermosillo One Culiacán Fiesta Inn Ecatepec Fiesta Inn Perinorte Fiesta Inn Nuevo Laredo Fiesta Inn Naucalpan Fiesta Inn Cuautitlán Fiesta Inn Perisur Camino Real Puebla Fiesta Inn Chihuahua Fiesta Inn Guadalajara One Querétaro Fiesta Inn Aguascalientes Fiesta Inn Monterrey Fiesta Inn Querétaro Fiesta Inn Saltillo One Patriotismo Fiesta Inn Cd. Juárez Fiesta Inn Mexicali Fiesta Inn León Fiesta Inn Monclova Fiesta Inn Torreón Real Inn Morelia Camino Real Suites Puebla One Tapatío 126 Sub-total 4,652 FibraHotel s portfolio as of April 20 th, 2016 FibraHotel s portfolio In operation Currently Actual (incl. GICSA) FibraHotel s portfolio (cont d) 66 hotels 80 hotels 85 hotels 1 9,120 rooms 10,973 rooms 11,723 rooms Mexico City In 26 states Note: Green represents properties under development.; (1) 5 remaining properties from GICSA with approximately 750 rooms Hotel # room 34 Fiesta Inn Puebla Finsa Fiesta Inn Oaxaca One Puebla Finsa Real Inn Guadalajara Fiesta Inn Tlalnepantla Fiesta Inn Toluca Tollocan Real Inn Mexicali Fiesta Inn Lofts Monclova One Monclova FA Grand Monterrey Aqua Monterrey Courtyard Vallejo Fairfield Inn Vallejo Fiesta Americana Ags Fiesta Inn Xalapa One Xalapa Fairfield Inn Villahermosa Fiesta Inn Cd. Obregon Fiesta Inn Lofts Querétaro Gamma León Courtyard Cd. Del Carmen Fiesta Inn Lofts Cd. Del Carmen Gamma Valle Grande Fairfield Inn Los Cabos Fiesta Inn San Luis Potosi Oriente Gamma Tijuana Fairfield Inn Saltillo AC Torre Americas Guadalajara AC Antea Querétaro One Perisur Courtyard Toreo Sheraton Ambassador Monterrey Lat 20 Playa del Carmen Fiesta Inn Los Mochis Fiesta Inn Cuernavaca One Cuernavaca Fairfield Inn & Suites Juriquilla One Durango Aloft Veracruz Fairfield Inn & Suites Nogales Fiesta Inn Lofts Monterrey Fiesta Inn Viaducto Fiesta Inn Lofts Viaducto One Cuautitlan Fiesta Americana Pabellon M Fiesta Inn Villahermosa Fiesta Inn Puerto Vallarta 144 Sub-total 6,321

3 Additional portfolio information: We signed an agreement for the select service hotel in Veracruz. The 166-room hotel will be operated by Starwood Hotels and Resorts under their Aloft brand. Renders of the Aloft Veracruz hotel During the quarter we opened four hotels from the development portfolio adding 613 rooms in operation. The Fairfield Inn & Suites Juriquilla hotel opened January 28 th, the One Durango hotel opened February 29 th, the AC by Marriott Querétaro hotel opened on March 22 nd and the Fiesta Americana Pabellón M hotel opened March 31 st. Additionally, the AC by Marriott Guadalajara Torre Américas hotel is in pre-operation. Development portfolio: As of April 20 th, 2016, FibraHotel had 13 hotels in different stages of development, plus other projects yet to be announced (including the GICSA transaction) and one hotel in pre-operation: Expected Number of Cost to FibraHotel (Ps. $ millions) Hotel State termination rooms under Invested as of Total date construction Mar Remaining 1 Fiesta Americana Grand Monterrey Nuevo Leon 180 Q Live Aqua Monterrey Nuevo Leon Fiesta Inn Lofts Monterrey Nuevo Leon Q Fairfield Inn & Suites Nogales Sonora Q One Cuautilan Mexico Q Courtyard Vallejo Mexico 125 Q Fairfield Inn & Suites Vallejo Mexico Fiesta Inn Los Mochis Sinaloa Q Fiesta Inn La Isla Puerto Vallarta Jalisco Q Courtyard Toreo DF Q Aloft Veracruz Veracruz 1H Fiesta Inn Lofts Viaducto DF Q Fiesta Inn Viaducto DF Q Otros, GICSA y cierres en proceso Total 1,665 2, , ,204.2 Note: Courtyard Toreo only includes the cash to be paid (total of Ps. $165mm). The investment in One Cuautitlan excludes the retain component

4 - Trébol Monterrey (Fiesta Americana Grand y Live Aqua): The 180-room full-service Fiesta Americana Grand and the 74-room luxury Live Aqua hotels will be operated by Grupo Posadas and are located inside the Trebol Monterrey mixed use project. The hotel building is complete and the office and retail components of the mixed use project are still under construction. The Fiesta Americana Grand hotel is finishing equipment and detailing in public areas to begin pre-operation. The Live Aqua hotel is in equipment phase with detailing in rooms and public areas. - Fiesta Inn Lofts Monterrey: The 48-room extended stay Fiesta Inn Lofts hotel is located next to the Paseo La Fe shopping center and will be operated by Grupo Posadas. The hotel is adjacent to the Fiesta Inn La Fe Monterrey hotel with which it will share public areas. The Lofts building structure has all concrete slabs with work on the façade and masonry about to conclude. Installations have started inside the building. The estimated opening will be during the third quarter of Fairfield Inn & Suites Nogales: The 134-room limited-service hotel is located inside the Mall Nogales shopping center and will be operated by Marriott International. The structure of building is complete with works on the façade, masonry and beginning installations. The estimated opening will be during the third quarter of One Cuautitlan Izcalli: The 150-room limited-service hotel is located inside the San Marcos Power Center and will be operated by Grupo Posadas. The structure is almost complete with two slabs remaining and masonry under way. The estimated opening will be during the third quarter of Via Vallejo (Courtyard and Fairfield Inn & Suites Vallejo): The 125-room select-service Courtyard hotel and the 121-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 structure of the hotels is under process with the metallic structure finished and slabs remaining on a couple of floors. Work in the façade and masonry are under way and installations are beginning. The estimated opening of the hotels will be during the fourth quarter of Fiesta Inn Los Mochis: The 124-room select-service Fiesta Inn hotel is located inside the Paseo Los Mochis shopping center and will be operated by Grupo Posadas. The hotel foundations are finished with work in process on the structure and beginning masonry works. The estimated opening is by the end of

5 - Fiesta Inn La Isla Puerto Vallarta: The 144-room select-service hotel is located inside the La Isla Puerto Vallarta shopping center and will be operated by Grupo Posadas. The hotel structure is in process. The estimated opening is by the end of Courtyard Toreo: The 130-room select-service Courtyard hotel will be operated by Marriott International and is located in Mexico City. The structure of the building is under process with installation of the metallic structure. The hotel includes seven parking levels over which the hotel will be developed. The estimated opening is during the first quarter of Aloft Veracruz: The 166-room select-service hotel in Boca del Río Veracruz will be operated by Starwood Hotels and Resorts under their Aloft brand. This hotel represents FibraHotel s first property under the Aloft brand and the second with Starwood. The buildings foundations are in process. The estimated public opening is during the first quarter of Via 515 (Fiesta Inn Viaducto and Fiesta Inn Lofts Viaducto): The 178-room select-service Fiesta Inn hotel and the 91-room extended stay Fiesta Inn Lofts hotels will be operated by Grupo Posadas and will be located in the Via 515 mixed use project. The project is currently in the process of obtaining permits and licenses, and has an estimated opening by the end of

6 FibraHotel s Portfolio as of March 31 st, 2016 Hotels in operation Hotel State Rooms Operator Brand Segment Selected-Service Hotels - Managed 1 Fiesta Inn Aguascalientes Aguascalientes 125 Grupo Posadas Fiesta Inn Selected-Service 2 Fiesta Inn Ciudad Juárez Chihuahua 166 Grupo Posadas Fiesta Inn Selected-Service 3 Fiesta Inn Ciudad Obregón Sonora 141 Grupo Posadas Fiesta Inn Selected-Service 4 Fiesta Inn Chihuahua Chihuahua 152 Grupo Posadas Fiesta Inn Selected-Service 5 Fiesta Inn Cuernavaca Morelos 155 Grupo Posadas Fiesta Inn Selected-Service 6 Fiesta Inn Culiacán Sinaloa 146 Grupo Posadas Fiesta Inn Selected-Service 7 Fiesta Inn Durango Durango 138 Grupo Posadas Fiesta Inn Selected-Service 8 Fiesta Inn Ecatepec State of Mexico 143 Grupo Posadas Fiesta Inn Selected-Service 9 Fiesta Inn Guadalajara Expo Jalísco 158 Grupo Posadas Fiesta Inn Selected-Service 10 Fiesta Inn Hermosillo Sonora 155 Grupo Posadas Fiesta Inn Selected-Service 11 Fiesta Inn León Guanajuato 160 Grupo Posadas Fiesta Inn Selected-Service 12 Fiesta Inn Mexicali BCN 150 Grupo Posadas Fiesta Inn Selected-Service 13 Fiesta Inn Monclova Coahuila 121 Grupo Posadas Fiesta Inn Selected-Service 14 Fiesta Inn Monterrey La Fe (2) Nuevo Leon 161 Grupo Posadas Fiesta Inn Selected-Service 15 Fiesta Inn Naucalpan State of Mexico 119 Grupo Posadas Fiesta Inn Selected-Service 16 Fiesta Inn Nuevo Laredo Tamaulipas 120 Grupo Posadas Fiesta Inn Selected-Service 17 Fiesta Inn Oaxaca Oaxaca 145 Grupo Posadas Fiesta Inn Selected-Service 18 Fiesta Inn Perinorte (1) (2) State of Mexico 127 Grupo Posadas Fiesta Inn Selected-Service 19 Fiesta Inn Puebla FINSA Puebla 123 Grupo Posadas Fiesta Inn Selected-Service 20 Fiesta Inn Querétaro Querétaro 175 Grupo Posadas Fiesta Inn Selected-Service 21 Fiesta Inn Saltillo Coahuila 149 Grupo Posadas Fiesta Inn Selected-Service 22 Fiesta Inn San Luis Potosí Oriente San Luis Potosí 140 Grupo Posadas Fiesta Inn Selected-Service 23 Fiesta Inn Tepic Nayarit 139 Grupo Posadas Fiesta Inn Selected-Service 24 Fiesta Inn Tlalnepantla State of Mexico 131 Grupo Posadas Fiesta Inn Selected-Service 25 Fiesta Inn Torreón Galerías Coahuila 146 Grupo Posadas Fiesta Inn Selected-Service 26 Fiesta Inn Toluca Tollocan State of Mexico 144 Grupo Posadas Fiesta Inn Selected-Service 27 Fiesta Inn Villahermosa Tabasco 159 Grupo Posadas Fiesta Inn Selected-Service 28 Fiesta Inn Xalapa Veracruz 119 Grupo Posadas Fiesta Inn Selected-Service 29 Real Inn Guadalajara Centro (1) Jalisco 197 Grupo Real Turismo Real Inn Selected-Service 30 Real Inn Morelia Michoacan 158 Grupo Real Turismo Real Inn Selected-Service 31 Real Inn Mexicali (1) BCN 155 Grupo Real Turismo Real Inn Selected-Service 32 Gamma Ciudad Obregón Sonora 135 Grupo Posadas Gamma Selected-Service 33 Gamma León Guanajuato 159 Grupo Posadas Gamma Selected-Service 34 Gamma Tijuana (1) BCN 140 Grupo Posadas Gamma Selected-Service 35 Courtyard Ciudad del Carmen Campeche 133 Marriott Int'l Courtyard Selected-Service Sub Total 5,084 Limited-Service Hotels - Managed 36 One Acapulco Costera (1) Guerrero 126 Grupo Posadas One Limited-Service 37 One Aguascalientes Sur (1) Aguascalientes 126 Grupo Posadas One Limited-Service 38 One Coatzacoalcos Forum Veracruz 126 Grupo Posadas One Limited-Service 39 One Cuernavaca Morelos 125 Grupo Posadas One Limited-Service 40 One Culiacán Forum Sinaloa 119 Grupo Posadas One Limited-Service 41 One Durango Durango 126 Grupo Posadas One Limited-Service 42 One Guadalajara Tapatío Jalisco 126 Grupo Posadas One Limited-Service 43 One Monclova Coahuila 66 Grupo Posadas One Limited-Service 44 One Monterrey Aeropuerto (1) Nuevo León 126 Grupo Posadas One Limited-Service 45 One Puebla FINSA Puebla 126 Grupo Posadas One Limited-Service 46 One Querétaro Plaza Galerías Querétaro 126 Grupo Posadas One Limited-Service 47 One Toluca Aeropuerto State of Mexico 126 Grupo Posadas One Limited-Service 48 One Ciudad de México Patriotismo Mexico City 132 Grupo Posadas One Limited-Service 49 One Perisur Mexico City 144 Grupo Posadas One Limited-Service 50 One Xalapa Veracruz 126 Grupo Posadas One Limited-Service 51 Fairfield Inn & Suites Juriquilla Querétaro 134 Marriott Int'l Fairfield Inn Limited-Service 52 Fairfield Inn Los Cabos BCS 128 Marriott Int'l Fairfield Inn Limited-Service 53 Fairfield Inn & Suites Saltillo Coahuila 139 Marriott Int'l Fairfield Inn Limited-Service 54 Fairfield Inn & Suites Villahermosa Tabasco 134 Marriott Int'l Fairfield Inn Limited-Service Sub Total Portfolio Limited-Service 2,381 Full-Service Hotels - Managed 55 Fiesta Americana Aguascalientes (1) Aguascalientes 192 Grupo Posadas Fiesta Americana Full-Service 56 Fiesta Americana Pabellón M Nuevo León 178 Grupo Posadas Fiesta Americana Full-Service 57 Camino Real Puebla Puebla 153 Grupo Real Turismo Camino Real Full-Service 58 Sheraton Ambassador Monterrey (1) Nuevo León 229 Starwood Sheraton Full-Service 59 AC by Marriott Antea Querétaro Querétaro 175 Marriott Int'l AC by Marriott Full-Service Sub Total 927 Full-Service / Extended-Stay Hotels - Managed 60 Camino Real Hotel & Suites Puebla Puebla 121 Grupo Real Turismo CR Hotel & Suites Extended-Stay 61 Fiesta Inn Lofts Ciudad del Carmen Campeche 120 Grupo Posadas Fiesta Inn Lofts Extended-Stay 62 Fiesta Inn Lofts Monclova Coahuila 37 Grupo Posadas Fiesta Inn Lofts Extended-Stay 63 Fiesta Inn Lofts Querétaro Querétaro 50 Grupo Posadas Fiesta Inn Lofts Extended-Stay Sub Total 328 Leased Hotels 64 Fiesta Inn Cuautitlan State of Mexico 128 Grupo Posadas Fiesta Inn Selected-Service 65 Fiesta Inn Perisur Mexico City 212 Grupo Posadas Fiesta Inn Selected-Service 66 Lat20 by Live Aqua (ex-cacao) (2) Quintana Roo 60 Grupo Posadas Lat20 by Live Aqua Full-Service Sub Total 400 Total Operating Hotels as of March 31, ,120 (1) Includes retail component (2) Hotel in renovation process during the quarter In blue: non stabilized hotels

7 Selected quarterly information The following table shows the main financial indicators for the last quarters 5 : (In thousand pesos except per CBFI data) 2Q Q Q Q LTM Total revenues 501, , , ,516 2,092,488 Revenues - Managed hotels 482, , , ,921 2,016,033 % of total revenues 96.2% 96.0% 96.6% 96.5% 96.3% Lodging contribution 162, , , , ,911 Margin 32.4% 33.5% 34.2% 31.0% 32.8% Lodging contribution - Managed hotels 143, , , , ,461 Margin 29.7% 30.8% 31.9% 28.5% 30.2% Net Operating Income 155, , , , ,197 Margin 31.0% 32.2% 32.7% 29.4% 31.3% EBITDA 119, , , , ,735 Margin 23.9% 25.0% 26.3% 22.2% 24.4% Consolidated net (loss) income 76,856 65,894 32,746 57, ,589 Margin 15.3% 13.1% 5.9% 10.7% 11.1% Funds From Operation 124, , , , ,362 FFO / CBFI with economic rights Adjusted Funds From Operation 106, , ,261 92, ,272 AFFO / CBFI with economic rights Distribution 108, , ,659 98, ,008 Distribution / CBFI with economic rights Financial Debt ,467 1,395,933 1,395,933 Net Debt , , ,260 Net Debt / LTM EBITDA n.a. n.a. 1.0 x 1.2 x 1.2 x Loan to Value n.a. n.a. 7.9% 12.4% 12.4% 5 Lodging Contribution, NOI, EBITDA, FFO and AFFO are not IFRS figures.

8 Results for the first quarter of 2016 FibraHotel started the quarter with 62 hotels in operation and ended the quarter with 66 hotels in operation thanks to the opening of the Fairfield Inn & Suites Juriquilla, One Durango, AC by Marriott Antea Querétaro and Fiesta Americana Pabellón M hotels. Total Revenues During this period, FibraHotel s total revenues were Ps. $534 million: Ps. $420 million of room rentals (78.8% of total revenues). Ps. $91.5 million of food and beverage (17.1% of total revenues). Ps. $18.6 million for the lease of (i) three hotels 6 and (ii) retail and other leases in hotel properties (combined, 3.5% of total revenues). Ps. $3.2 million (0.6% of total revenues) corresponded to other revenues. Compared with the first quarter of 2015, total revenues increased by 18.8%. Costs and General Expenses During this period, FibraHotel s costs and general expenses were Ps. $368 million: Ps. $234 million of administrative costs and expenses including the payment of the operators fees (63.6% of costs and general expenses). Ps. $79.2 million of room expenses (21.5% of costs and general expenses). Ps. $54.8 million of food and beverage expenses (14.9% of costs and general expenses). Lodging Contribution Lodging contribution was Ps. $165 million, representing 31.0% of total revenues: Ps. $147 million corresponded to managed hotels (the margin was 28.5%, versus 29.7% for the first quarter of 2015, even though we had a larger number of hotels in ramp-up period during the first quarter of 2016). o It is noteworthy that, on one hand, margin of stabilized hotels is 30.1% and that on other hand, hotels in ramp-up period generated positive results. Lodging contribution margin of Ps. $147 million split between stabilized hotels in rampup period is as follows: 6 Leased hotels for the quarter are Fiesta Inn Cuautitlan, Fiesta Inn Perisur and Lat20 by LiveAqua.

9 Ps. $ thousand Stabilized Ramp-up Total Total Revenues 479,705 35, ,921 % of Total Revenues 93.2% 6.8% 100.0% Lodging Contribution 144,475 2, ,792 Margin 30.1% 6.6% 28.5% Ps. $18.6 million corresponded to leases and other revenues (100% margin). Compared with the first quarter of 2015, the lodging contribution increased by 10.5%. Operating Profit Other operating expenses of Ps. $105 million consisted of: (i) real estate expenses of Ps. $8.6 million; (ii) administrative expenses of Ps. $12.4 million; (iii) advisory fee of Ps. $26.1 million; and (iv) depreciation of Ps. $58.0 million. The operating profit was Ps. $60.3 million, or 11.3% of total revenues. Compared with the first quarter of 2015, the operating profit increased by 2.2%. Adjusted Operating Profit During the fourth quarter, FibraHotel had Ps. $4.4 million of non-operating expenses, which corresponded mainly to one-time expenses related to hotel acquisitions and developments, including transaction taxes, appraisals and technical audits, and pre-operating expenses, among others. The adjusted operating profit was Ps. $55.9 million. Compared with the first quarter of 2015, the operating profit increased by 24.1%. Comprehensive Financial Cost FibraHotel closed the quarter with a cash position of Ps. $603 million (total indebtedness amounting to Ps. $1,396 million). During the quarter, the debt position generated a financing cost of Ps. $13.8 million. In accordance with the IFRS, financing costs related to development projects are capitalized as part of the investment in each project. During the first quarter of 2016, approximately 80% of the indebtedness was linked with development projects, therefore the Ps. $11.4 million of interests were capitalized (the actual interest payment was made with the cash available for development). Once each development is open, its interest expense will stop being capitalized and the expense will be part of the profit and loss statement, in accordance with the IFRS.

10 During the quarter, the comprehensive financial cost was (Ps. $2.1 million), of which (Ps. $1.4 million) correspond to fees related with the BBVA Bancomer credit line drawdown. Consolidated Net Income The consolidated net income was Ps. $57.1 million. Adjusted funds from operation ( AFFO ) 7 During the first quarter of 2016, FibraHotel generated adjusted funds from operation of Ps. $92.4 million: Ps. $ thousand 1Q Q 2015 Variation Consolidated net (loss) income 57,093 61, % (+) Depreciation 58,017 48,026 Funds From Operation 115, , % (-) Maintenance CAPEX (27,154) (21,995) (+) Non operating result adjustments 4,406 13,952 Adjusted Funds From Operation 92, , % 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 first quarter of 2016, FibraHotel had the following key cash flow items: FibraHotel had a net operating cash flow excluding activities from hotel operations of Ps. $120 million. Taking into account the cash flow related to investment activities, such as non-operating expenses, payment and reimbursement of VAT related to hotels acquisition / development, among others, the net cash flow from operations was Ps. $207 million. The net cash flow from investment activities was a negative (Ps. $201 million), mainly due to: (i) disbursements related to the development portfolio of (Ps. $154 million), (ii) capital expenditures during the quarter of (Ps. $49.7 million), and (iii) interest generated from our cash position of Ps. $2.6 million. Payments related to development portfolio are as follows: o Trebol Project (two hotels in Monterrey): Ps. $39.8 million o Pabellón M in Monterrey: Ps. $26.6 million 7 FFO and AFFO are not IFRS figures.

11 o AC by Marriott hotels (Guadalajara and Querétaro): Ps. $21.6 million o Vallejo Project (two hotels in Mexico City): Ps. $11.6 million o Fairfield Inn & Suites Nogales: Ps. $9.8 million o Fiesta Inn Los Mochis: Ps. $7.6 million o Other development projects announced or to be announced: Ps. $36.8 million The net cash flow from financing activities was Ps. $416 million, mostly related to the drawdown of the credit lines for Ps. $543 million, the payment of the distribution of the fourth quarter of 2015 (Ps. $118 million) and disbursement related to the acquisition of derivatives instruments and to interests payment (Ps. $15.9 million). Financial position FibraHotel ended the first quarter of 2016 with: A net cash position including recoverable VAT of Ps. $999 million (VAT recoverable totaled Ps. $206 million). Excluding recoverable VAT, FibraHotel had a cash position of Ps. $793 million compared to Ps. $377 million as of December 31 st, A Ps. $1,396 million indebtedness. As of December 31 st, 2015 FibraHotel had a Ps. $852 million indebtedness. Net debt position (including recoverable VAT) is Ps. $397 million. Approximately Ps. $604 million of available credit lines. The following table presents a detailed status of FibraHotel s cash position: Ps. $ thousand 1Q 2016 Comentario Cash, cash equivalents and restricted cash 792,673 Available cash and cash equiv. - Operation Restricted cash and cash equiv. - Operation Available cash and cash equiv. - Investment 270,256 Hotels' working capital 30,565 Available for maintenance CapEx 491,853 Cash available for investment Cash position without restricted cash 762,109 The following table presents a detailed status of FibraHotel s debt position:

12 Ps. $ thousand 1Q 2016 Currency Interest rate Maturity BBVA Bancomer 180,000 MXN TIIE 28d + 150bps oct-27 BBVA Bancomer 123,133 MXN TIIE 28d + 150bps oct-27 BBVA Bancomer 153,400 MXN TIIE 28d + 150bps oct-27 Banorte 283,067 MXN TIIE 91d + 125bps* sep-24 Banorte 112,867 MXN TIIE 91d + 125bps* sep-24 BBVA Bancomer 202,400 MXN TIIE 28d + 150bps nov-27 BBVA Bancomer 341,067 MXN TIIE 28d + 150bps nov-27 Total debt position 1,395,933 * In November 2016, the spread of the Banorte debt will increase 200bps The following table presents a detailed of the debt payment schedule of FibraHotel s debt position (in Ps. $ thousand): Year Payment % , % , % , % , % , % 2021 and after 884, % Total 1,395, % As of March 31 st, 2016, and according to our credit contracts, FibraHotel contracted several derivative instruments in order to cover the variation of the TIIE rate. These three instruments were linked with the disbursements made from the BBVA Bancomer line. The instrument cost was paid up-front, and they have a 5-year maturity and with the following characteristics: Ps. $ thousand Disposal Type Strike Limit BBVA Bancomer 180,000 Cap Spread 5% 9% BBVA Bancomer 123,133 Cap Spread 5% 9% BBVA Bancomer 153,400 Cap Spread 5% 9% BBVA Bancomer 202,400 Cap Spread 5% 9% BBVA Bancomer 341,067 Cap Spread 5% 7% For example, regarding the Cap Spread 5% / 9% If TIIE is below 5.0%, FibraHotel pays TIIE. If TIIE is between 5.0% and 9.0%, FibraHotel pays TIIE equal to 5.0%. If TIIE is above 9.0%, FibraHotel pays TIIE less 4.0%.

13 Regulation applicable to FIBRAs Leverage level FibraHotel ended the first quarter of 2016 with a Ps. $1,396 million indebtedness and total assets value of Ps. $11,272 million, resulting in a 12.4% leverage level (LTV). Please note that FibraHotel s trust agreement establishes a maximum leverage of 40%, while the regulation for FIBRAs in general establishes a maximum leverage of 50%. Debt service coverage ratio As of March 31 st, 2016, the debt service coverage ratio for FibraHotel was 1.2x, complying with the required regulation of >1.0x. For FibraHotel, the estimated obligations correspond to: (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: Ps. $211 million. o Estimated capital expenditures (maintenance): Ps. $226 million. o Estimated non-discretionary capital expenditures: Ps. $1,204 million. Available resources: o Cash and cash equivalents (excluding restricted cash): Ps. $762 million. o VAT recoverable: Ps. $206 million. o Estimated operating result after distribution payment (including depreciation and interest s income): Ps. $437 million. o Available credit facilities: Ps. $604 million. Capital Expenditures ( CapEx ) As of March 31 st, 2016, the available maintenance capital expenditures reserve was Ps. $30.6 million compared with Ps. $37.5 million as of December 31 st, 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 first quarter of 2016, FibraHotel had the following relevant capital expenditures: Maintenance CapEx: Ps. $20.9 million.

14 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 first quarter of 2016, FibraHotel invested Ps. $28.8 million in renovation and repositioning CapEx. Renovation CapEx was mainly invested in the following hotels: o o o o Sheraton Ambassador Monterrey: (i) improvements in rooms, (ii) improvements in hallways, and (iii) improvements in common areas. The project has a budget of USD 5.0 million of which Ps. $65.5 million has been invested as of March 31 st, 2016 (Ps. $4.7 million during the first quarter). Fiesta Inn Perinorte: (i) improvements in rooms, (ii) improvements in hallways, and (iii) improvements in common areas. The project has a budget of Ps. $24.8 million of which Ps. $19.9 million has been invested as of March 31 st, 2016 (Ps. $8.8 million during the first quarter). The renovation will conclude during the second quarter of Lat20 by Live Aqua: improvements in common areas. The project has a budget of Ps. $26.3 million of which Ps. $15.9 million has been invested as of March 31 st, 2016 (Ps. $6.9 million during the first quarter). Fiesta Inn Monterrey La Fe: improvements in common areas. The project has a budget of Ps. $17.4 million of which Ps. $10.1 million has been invested as of March 31 st, 2016 (Ps. $5.9 million during the first quarter). The renovation will conclude during the second quarter of Distribution corresponding to the first quarter of FibraHotel looks to generate value for its certificate holders, and therefore on April 19 th, 2016, FibraHotel s Technical Committee approved a distribution of Ps. $99.0 million, equivalent to cents (Ps. $0.2003) 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 January 1 st and March 31 st, The distribution will be paid on May 6 th, The distribution payment is broken as follows 9 : 8 This Press Release is not a Distribution Notice 9 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)

15 Amount Concept per CBFI Total Ps. $ Ps. $ million Taxable Income Depreciation 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. Corporate Governance On April 19 th, 2016, there was an Audit Committee, a Practice Committee and a Technical Committee meeting for the approval of the 2016 first 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.

16 Operating Highlights of FibraHotel s Portfolio The following graph shows the quarterly evolution, from the first fourth quarter of 2014 to the first quarter of 2016, of the ADR, the occupancy rate and the RevPAR for the 54 stabilized hotels of the portfolio. 63.4% 64.0% 65.5% 67.2% 62.9% 58.4% T T T T T T ADR RevPAR Occupancy FibraHotel s total portfolio of 66 hotels in operation reported the following during the first quarter of 2016: Occupancy rate of 59.4% ADR of Ps. $968 RevPAR of Ps. $575 The following tables show selected operating information of FibraHotel s hotels in operation for the first quarter of 2016: 2016 Initial Portfolio: includes 54 stabilized hotels in operation as of March 31 st, 2016 (includes the 47 hotels of the Total Portfolio of stabilized hotels as of December 31 st, 2015 plus the following seven hotels: One Monclova, Gamma Ciudad Obregón, Gamma León, Gamma Tijuana, Fiesta Inn Lofts Monclova, Fiesta Inn Lofts Querétaro y Camino Real Hotel & Suites Puebla) Initial Port. (54H) T T T Ocupancy 62.9% 58.4% 67.2% ADR RevPAR Initial Port. (54H) 2016 LTM FY 2015 Ocupancy 64.9% 63.8% ADR RevPAR

17 The change in RevPAR between: The first quarter of 2015 and the first quarter of 2016 is +12.7%. The full year 2015 and last 12-month period (from April 2015 to March 2016) is +2.9%. The following table shows certain operating information by segment for the hotels in operation for the fourth quarter of the years 2014, 2015 and 2016: Total Portfolio of Stabilized Hotels (54H) Total Portfolio (66H) 1 st Quarter st Quarter st Quarter st Quarter 2016 Segment Ocup. ADR RevPAR Ocup. ADR RevPAR Ocup. ADR RevPAR Ocup. ADR RevPAR Limited-Service 57.2% $ 706 $ % $ 762 $ % $ 787 $ % $ 805 $ 446 Selected-Service 57.6% $ 942 $ % $ 954 $ % $ 993 $ % $ 992 $ 622 Full-Service 55.5% $ 1,034 $ % $ 1,131 $ % $ 1,266 $ % $ 1,290 $ 691 Extended-Stay 7.5% $ 846 $ % $ 1,037 $ % $ 1,065 $ % $ 1,039 $ 455 Total 57.0% $ 900 $ % $ 928 $ % $ 972 $ % $ 968 $ 575 Vs. previous year (1.6 pp) 3.6% 0.8% 1.5 pp 3.0% 5.7% 4.4 pp 4.8% 12.7% The following table shows certain operating information by region 10 for the hotels in operation for the fourth quarter of the years 2014, 2015 and 2016: Total Portfolio of Stabilized Hotels (54H) Total Portfolio (66H) 1 st Quarter st Quarter st Quarter st Quarter 2016 Region Ocup. ADR RevPAR Ocup. ADR RevPAR Ocup. ADR RevPAR Ocup. ADR RevPAR Northwest 56.3% $ 898 $ % $ 935 $ % $ 961 $ % $ 955 $ 605 Northeast 57.8% $ 843 $ % $ 841 $ % $ 953 $ % $ 952 $ 544 Center and South 57.9% $ 927 $ % $ 961 $ % $ 994 $ % $ 988 $ 569 West 51.6% $ 829 $ % $ 854 $ % $ 895 $ % $ 895 $ 602 Total 57.0% $ 900 $ % $ 928 $ % $ 972 $ % $ 968 $ 575 Vs. previous year (1.6 pp) 3.6% 0.8% 1.5 pp 3.0% 5.7% 4.4 pp 4.8% 12.7% The following table shows FibraHotel s Total Portfolio distribution (66 hotels) as of March 31 st, 2016 by segment, region, number of hotels and rooms: SEGMENT Hotels Rooms REGION Hotels Rooms # % # % # % # % Limited-Service % 2, % Center and South % 5, % Selected-Service % 5, % Northeast % 1, % Full-Service 6 9.1% % Northwest % 1, % Extended-Stay 4 6.1% % West 4 6.1% % TOTAL % 9, % TOTAL % 9, % 10 Northwest corresponds to the following states: Baja California Norte, Baja California Sur, 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, Campeche, Mexico City, State of Mexico, Guanajuato, Guerrero, Michoacán, Morelos, Oaxaca, Puebla, Querétaro, Quintana Roo, San Luis Potosí, Tabasco and Veracruz. West corresponds to the following states: Jalisco and Nayarit.

18 Quarterly Operating Portfolio Highlights (excluding leased hotels) Year 2016 Available Occupied Room Revenues Occup. Rooms Rooms Ps. $ Million ADR RevPAR 1st quarter 750, , % $ $ 951 $ 560 2nd quarter % $ - $ - $ - 3rd quarter % $ - $ - $ - 4th quarter % $ - $ - $ - Total 750, , % $ $ 951 $ 560 Timeline of hotel additions generating room revenue by month during 2016 (managed hotels): January: includes the 60 managed hotels as of December 31 st, 2015 less Lat20 by Live Aqua (ex-cacao, now hotel under lease contract) and Fairfield Inn & Suites Juriquilla is added to the portfolio (opening). February: The One Durango hotel (opening) id added to the portfolio. March: The AC by Marriott Antea Querétaro and the Fiesta Americana Pabellón M are added to the portfolio (opening).

19 FibraHotel s Portfolio evolution by quarter: Hotels and Rooms Acquisition Number of rooms at end of period % of SELECTED SERVICE - MANAGED Date Q Q Q Q Q 2016 rooms 1 * Fiesta Inn Aguascalientes 21/01/ % 2 * Fiesta Inn Ciudad Juárez 21/01/ % 3 * Fiesta Inn Ciudad Obregón 07/04/ % 4 * Fiesta Inn Chihuahua 21/01/ % 5 * Fiesta Inn Cuernavaca 15/12/ % 6 * Fiesta Inn Culiacán 01/12/ % 7 * Fiesta Inn Durango 01/12/ % 8 * Fiesta Inn Ecatepec 01/12/ % 9 * Fiesta Inn Guadalajara 21/01/ % 10 * Fiesta Inn Hermosillo 01/12/ % 11 * Fiesta Inn León 21/01/ % 12 * Fiesta Inn Mexicali 21/01/ % 13 * Fiesta Inn Monclova 28/02/ % 14 * Fiesta Inn Monterrey 21/01/ % 15 * Fiesta Inn Naucalpan 01/12/ % 16 * Fiesta Inn Nuevo Laredo 01/12/ % 17 * Fiesta Inn Oaxaca 05/07/ % 18 * Fiesta Inn Perinorte 01/12/ % 19 * Fiesta Inn Puebla FINSA 03/07/ % 20 * Fiesta Inn Querétaro 21/01/ % 21 * Fiesta Inn Saltillo 21/01/ % 22 * Fiesta Inn San Luis Potosi Oriente 21/07/ % 23 * Fiesta Inn Tepic 01/12/ % 24 * Fiesta Inn Tlalnepantla 24/06/ % 25 * Fiesta Inn Torreón 19/12/ % 26 * Fiesta Inn Toluca 30/04/ % 27 Fiesta Inn Villahermosa 02/12/ % 28 * Fiesta Inn Xalapa 27/03/ % 29 * Real Inn Guadalajara 01/08/ % 30 * Real Inn Mexicali 01/07/ % 31 * Real Inn Morelia 01/03/ % 32 * Gamma Ciudad Obregón (Valle Grande) 30/05/ % 33 * Gamma León (Fussion 5) 22/05/ % 34 * Gamma Tijuana (Lausana Tijuana) 27/07/ % 35 Courtyard Ciudad del Carmen 25/11/ % Subtotal 1,225 3,795 4,770 4,788 4,792 4,792 5,084 5, % LIMITED SERVICE - MANAGED 36 * One Acapulco 01/12/ % 37 * One Aguascalientes 01/12/ % 38 * One Coatzacoalcos 01/12/ % 39 One Cuernavaca 15/12/ % 40 * One Culiacán 01/12/ % 41 One Durango 29/02/ % 42 * One Guadalajara Tapatío 24/06/ % 43 * One Xalapa 27/03/ % 44 * One Monclova 01/11/ % 45 * One Monterrey 01/12/ % 46 * One Puebla FINSA 02/07/ % 47 * One Querétaro 21/01/ % 48 * One Toluca 01/12/ % 49 * One Patriotismo 21/01/ % 50 One Perisur 16/07/ % 51 Fairfield Inn & Suites Juriquilla 18/01/ % 52 * Fairfield Inn Los Cabos 20/06/ % 53 Fairfield Inn & Suites Saltillo 31/03/ % 54 Fairfield Inn & Suites Villahermosa 09/12/ % Subtotal 749 1,259 1,704 1,807 1,807 1,987 2,121 2, % FULL SERVICE - MANAGED 55 * Fiesta Americana Aguascalientes 15/01/ % 56 Fiesta Americana Pabellón M 31/03/ % 57 * Camino Real Puebla 01/12/ % 58 * Sheraton Ambassador 18/11/ % 59 AC by Marriott Antea Querétaro 21/03/ % Subtotal % EXTENDED STAY - MANAGED 60 * Camino Real Hotel & Suites Puebla 01/03/ % 61 Fiesta Inn Lofts Ciudad del Carmen 08/09/ % 62 * Fiesta Inn Lofts Monclova 01/11/ % 63 * Fiesta Inn Lofts Querétaro 01/11/ % Subtotal % LEASED HOTELS 64 * Fiesta Inn Cuautitlán 01/12/ % 65 * Fiesta Inn Perisur 01/12/ % 66 Lat20 by Live Aqua (ex-cacao) 19/11/ % Subtotal % TOTAL OPERATING ROOMS 2,467 5,547 7,656 7,777 7,781 8,081 8,507 9, % TOTAL OPERATING HOTELS * 2016 Initial Portfolio (54 stabilized hotels in operation)

20 FibraHotel s Portfolio evolution by quarter: Hotels and Rooms Number of rooms at end of period % of DEVELOPMENT Opening Q Q Q Q Q Q 2016 rooms 67 AC by Marriott Torre Americas Q % 68 Fiesta Americana Grand Monterrey Trebol 2Q % 69 Live Aqua Monterrey Trebol 2Q % 70 Fiesta Inn Lofts Monterrey 3Q % 71 Fairfield Inn & Suites Nogales 3Q % 72 One Cuautitlan 3Q % 73 Courtyard Vallejo 4Q % 74 Fairfield Inn & Suites Vallejo 4Q % 75 Fiesta Inn Los Mochis 4Q % 76 Fiesta Inn La Isla Puerto Vallarta 4Q % 77 Courtyard Toreo 1Q % 78 Aloft Veracruz 1H % 79 Fiesta Inn Vía 515 4Q % 80 Fiesta Inn Lofts Vía 515 4Q % Other (expansions, opened hotels, etc.) , % TOTAL DESARROLLO ,883 1,896 1,944 1,810 2,466 1, % NUMBER OF HOTELS IN DEVELOPMENT Agreement with GICSA to be announced for 5 hotels to be developed with approximately 750 rooms TOTAL FIBRAHOTEL PORTFOLIO 2,956 6,446 9,539 9,673 9,725 9,891 10,973 10,973 NUMBER OF HOTELS

21 BALANCE SHEET As of March 31 st, 2016 and December 31 st, 2015 (figures in thousands pesos) Assets 31/03/ /12/2015 Current assets Cash, cash equivalents and restricted cash 792, ,824 Trade accounts receivable and other receivables 248, ,911 Due from related parties 0 3,190 Prepaid expenses 21,392 5,787 Recoverable taxes, mainly value-added tax 205, ,544 Total currents assets 1,268, ,257 Non current assets Hotel properties, furniture and operating equip. - Net 7,931,612 7,535,661 Properties under development 2,043,981 2,310,688 Derivative instruments 18,775 11,441 Advance to suppliers 1,703 1,812 Deferred income taxes 7,303 4,054 Total non-current assets 10,003,374 9,863,656 Total assets 11,271,764 10,745,913 Liabilities and partners' equity Current liabilities: Borrowings 33,882 7,849 Suppliers and accrued expenses 365, ,667 Taxes payable 5,113 5,110 Other 1,244 3,265 Total current liabilities 405, ,890 Long term debt 1,362, ,618 Trustors' equity: Contribution from the trustors 9,042,449 9,160,093 Retained earnings 461, ,311 Total trustors' equity: 9,504,345 9,571,404 Total liabilities and trustors' equity 11,271,764 10,745,913

22 INCOME STATEMENT From January 1 st to March 31 st, 2016 and 2016 year to date compared with previous year (figures in thousands pesos) 1Q Q 2015 Year 2016 Year 2015 Revenue: Rooms 420, , , ,052 Food and beverages 91,451 82,955 91,451 82,955 Leases 18,594 17,770 18,594 17,770 Others 3,151 8,191 3,151 8,191 Total revenue 533, , , ,967 Costs and general expenses Rooms 79,221 62,297 79,221 62,297 Food and beverages 54,789 49,927 54,789 49,927 Administrative expenses 234, , , ,093 Total costs and general expenses 368, , , ,317 Lodging contribution 165, , , ,650 Real estate expenses 8,573 6,850 8,573 6,850 Advisory fee 26,093 25,844 26,093 25,844 Administrative expenses related to FibraHotel 12,398 9,922 12,398 9,922 Depreciation 58,017 48,026 58,017 48,026 Income from operations 60,306 59,008 60,306 59,008 Extraordinary expenses, net 4,406 13,952 4,406 13,952 Adjusted (loss) from operations 55,900 45,055 55,900 45,055 Non operating income 1,719 2,259 1,719 2,259 Comprehensive financing result (2,083) 13,016 (2,083) 13,016 Income before taxes 55,537 60,330 55,537 60,330 Tax (1,556) (750) (1,556) (750) Consolidated net (loss) income 57,093 61,080 57,093 61,080

23 CASH FLOW STATEMENT From January 1 st to March 31 st, 2016 and 2016 year to date compared with previous year (figures in thousands pesos) T T Año 2016 Año 2015 Actividades de operación: Utilidad neta consolidada 57,093 61,080 57,093 61,080 Ajustes para partidas que no generaron efectivo Impuestos (1,556) 0 (1,556) 0 Costo por venta de activo fijo Depreciación 58,017 48,026 58,017 48,026 Ingresos por intereses (2,587) (13,382) (2,587) (13,382) Total 110,968 95, ,968 95,725 (Aumento) disminución en: Cuentas por cobrar a clientes y otras cuentas por cobrar (40,488) (12,105) (40,488) (12,105) Cuentas por cobrar a partes relacionadas 3,190 (0) 3,190 (0) Impuestos por recuperar, principalmente IVA 82,619 66,442 82,619 66,442 Pagos anticipados (15,388) (13,271) (15,388) (13,271) Otros activos Aumento (disminución) en: Cuentas por pagar a proveedores 67,221 28,441 67,221 28,441 Cuentas por pagar a partes relacionadas (0) 0 (0) 0 Impuestos por pagar (1,694) (2,736) (1,694) (2,736) Flujo neto de efectivo de actividades de operación 206, , , ,524 Actividades de inversión: Adquisición de negocios Portafolio de desarrollo (153,702) (188,053) (153,702) (188,053) Adquisición de otros activos (49,661) (59,466) (49,661) (59,466) Venta de activos Intereses cobrados 2,587 13,382 2,587 13,382 Flujo neto de efectivo de actividades de inversión (200,651) (234,137) (200,651) (234,137) Actividades de Financiamiento Distribución a tenedores (117,644) (111,216) (117,644) (111,216) Emisión de deuda 543, ,467 0 Intereses pagados (2,017) 0 (2,017) 0 Emisión de CBFIs Gastos de Emisión Otros (13,842) 847 (13,842) 847 Flujo neto de efectivo de actividades de financiamiento 409,963 (110,370) 409,963 (110,370) Aumento neto de efectivo y equivalentes de efectivo y efectivo restringido 415,849 (181,982) 415,849 (181,982) Efectivo y equivalentes de efectivo y efectivo restringido al inicio del periodo 376,824 2,091, ,824 2,091,905 Efectivo y equivalentes de efectivo y efectivo restringido al final del periodo 792,673 1,909, ,673 1,909,924

24 Overview of development hotels currently under construction (as of April 20 th 2016): Trébol Monterrey (Fiesta Americana Grand and Live Aqua): The Fiesta Americana Grand hotel is finishing equipment and detailing in public areas to begin pre-operation. The Live Aqua hotel is in equipment phase with detailing in rooms and public areas. Trébol Monterrey (Fiesta Americana Grand and Live Aqua) hotel pictures Fiesta Inn Lofts Monterrey: The Lofts building structure has all concrete slabs with work on the facade and masonry works about to conclude. Installations have started inside the building. The estimated opening will be during the third quarter of Fiesta Inn Lofts Monterrey hotel pictures

25 Fairfield Inn & Suites Nogales: The structure of building is complete with works on the façade, masonry and beginning installations. The estimated opening will be during the third quarter of Fairfield Inn & Suites Nogales hotel pictures One Cuautitlan Izcalli: The structure is almost complete with two slabs remaining and masonry under way. The estimated opening will be during the third quarter of One Cuautitlan Izcalli hotel pictures Via Vallejo (Courtyard and Fairfield Inn & Suites Vallejo): The structure of the hotels is under process with the metallic structure finished and slabs remaining on a couple of floors. Work in the façade and masonry are under way, and installations are beginning. The estimated opening will be during the fourth quarter of Via Vallejo (Courtyard and Fairfield Inn & Suites Vallejo) hotel pictures

26 Fiesta Inn Los Mochis: The hotel foundations are finished with work in process on the structure and beginning masonry works. Fiesta Inn Los Mochis hotel pictures Fiesta Inn La Isla Puerto Vallarta: The hotel structure is in process. The estimated opening is by the end of Fiesta Inn La Isla Puerto Vallarta hotel pictures Courtyard Toreo: The structure of the building is under process with installation of the metallic structure. The hotel includes seven parking levels over which the hotel will be developed. The estimated opening is during the first quarter of Courtyard Toreo hotel pictures

27 Conference call invite: