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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 fourth quarter of Mexico City, February 17 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 fourth quarter of Except where noted, all figures included herein were prepared in accordance with IFRS and are stated in nominal Mexican pesos. 4 th Quarter 2015 Highlights FibraHotel ended the fourth quarter of 2015 with 80 hotels and 10,973 rooms, including 62 hotels in operation (8,507 rooms) and 18 hotels in different stages of development (2,466 rooms). Including the agreement with GICSA, FibraHotel should have approximately 85 hotels (11,723 rooms) including 23 hotels in different stages of development (3,216 rooms). During the quarter, FibraHotel added 426 rooms in operation with the opening of two hotels, the Fairfield Inn & Suites Villahermosa y Courtyard Ciudad del Carmen hotels, and the acquisition of the Fiesta Inn Villahermosa Cencali hotel. FibraHotel also announced the development of seven hotels including the Fairfield Inn & Suites Nogales hotel, the Fiesta Inn Lofts Monterrey hotel, the Fiesta Inn Vía 515 hotel (Mexico City), the Fiesta Inn Lofts Vía 515 hotel (Mexico City), the One Cuautitlán hotel, the Fiesta Americana Pabellón M hotel (Monterrey) and the Fiesta Inn Puerto Vallarta hotel (part of the agreement with GICSA), adding 923 rooms in development. On a comparable property basis of 47 hotels 1, the average daily rate ( ADR ) was Ps. $950, representing an increase of 4.5% versus the fourth quarter of 2014, the occupancy rate was 68.0%, representing an increase of 223bp versus the fourth quarter of 2014 and the revenue per available room ( RevPAR ) was Ps. $646, representing an increase of 8.0% versus the fourth quarter of For the Total FibraHotel Portfolio of 62 properties, the average daily rate was Ps. $942, the occupancy rate was 64.9%, and the revenue per available room was Ps. $612. During the fourth quarter of 2014, RevPAR of the Total FibraHotel Portfolio of 56 properties was Ps. $574. Total revenues for the quarter were Ps. $553 million. Lodging contribution 2 for the quarter was Ps. $189 million. Adjusted funds from operations ( AFFO ) 3 for the quarter were Ps. $115 million. 1 Includes 43 stabilized properties as of the December 31 st, 2014 plus the Fiesta Inn Cuernavaca, One Guadalajara Tapatío, Real Inn Morelia and Fairfield Inn Los Cabos hotels. 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.

2 FibraHotel will pay a distribution of Ps. $118 million, equivalent to cents (Ps. $0.2380) per CBFI 4. As of December 31 st 2015, FibraHotel had a net cash position of Ps. $377 million, or Ps. $660 million including the reimbursement of VAT, and a Ps. $854 million indebtedness. Net debt position (including recoverable VAT) is Ps. $ 195 million. As of December 31 st 2015, total owner s equity of Ps. $9,571 million. During the fourth quarter of 2015 we posted the best operating numbers for FibraHotel historically with occupancy of our stabilized hotels reaching 68% and a same-store RevPAR growth of 8.0% year on year. For the full year 2015 occupancy reached 65% with a RevPAR growth of 7.1% versus Profitability in our portfolio continued rising as we benefit from the operating leverage at our hotels and our continued cost control, which led to a lodging contribution margin of almost 32% and an EBITDA margin above 26%. We continue growing our portfolio posting a 10% increase in total rooms, and 5% in operating rooms versus the previous quarter. We acquired two landmark properties, the Fiesta Americana Pabellon M hotel and the Fiesta Inn Villahermosa Cencali hotel, as well as announcing an additional six development properties. We are focused on opening our hotels under development where we have had some delays mostly in full service category and brands that FibraHotel had not developed in the past. These hotels will be finished in the upcoming quarters and we are encouraged by the quality of the products. On the financial side, we finished the year with a net debt position after drawing down the available credit lines for the first time. Finally, we announce our highest distribution of cents per CBFI notwithstanding the fact that we continue to have an important part of the balance sheet in development properties. said Simón Galante, CEO FibraHotel. 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 September 30 th, 2015, excluding the CBFIs issued that are not entitled to receive distributions until such properties are in operation.

3 FibraHotel s portfolio as of February 17 th, 2016 FibraHotel s portfolio In operation Currently Actual (incl. GICSA) FibraHotel s portfolio (cont d) # room 63 hotels 8,641 rooms 80 hotels 10,973 rooms 85 hotels 1 11,723 rooms 1 Hotel Hotel 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, Mexico City In 26 states Note: Green represents properties under development.; (1) 5 remaining properties from GICSA with approximately 750 rooms # 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 Select service Veracruz Fairfield Inn & Suites Nogales Fiesta Inn Lofts Monterrey Fiesta Inn Viaducto Fiesta Inn Lofts Viaducto One Cuautitlan Izcalli Fiesta Americana Pabellon M Fiesta Inn Villahermosa Fiesta Inn Puerto Vallarta 144 Sub-total 6,321 Additional portfolio information: We signed an agreement for the brand and operator of the Limited Service hotel in Cuautitlan located inside the San Marcos Power Center. The hotel will have 150 limited service rooms (an increase over the announced 115) under the One brand and will be operated by Grupo Posadas. The budget for the hotel will be Ps. $110 million. The lease agreement for the Fiesta Inn Ecatepec hotel finished during November 2015 and we signed a new operating agreement with the same brand an operator. The Cencali hotel in Villahermosa to be developed adjacent to the Fiesta Inn Cencali hotel will not be included in the development portfolio until we have determined a start date for the development of the hotel. There are delays in some properties part of the development portfolio that were expected to open in December Specifically, there have been some delays related to the other components in the mixed use projects, as well as in brands and categories that FibraHotel had not previously developed. Additional information and adjusted opening dates are included in this report.

4 Development portfolio: As of February 17 th, 2016, FibraHotel had 17 hotels in different stages of development, plus other projects yet to be announced (including the GICSA transaction): Expected Number of Cost to FibraHotel (Ps. $ millions) Hotel State termination rooms under Spent as of Dec Total date construction Remaining 1 One Durango Durango Q Fiesta Americana Pabellon M Nuevo Leon Q AC Torre Americas 1500 Guadalajara Jalisco Q AC Antea Queretaro Queretaro Q 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 Veracruz select service Veracruz Q Fiesta Inn Lofts Viaducto DF Q Fiesta Inn Viaducto DF Q Otros incluyendo GICSA Varios Total 2,332 3, , ,276.0 Note: Courtyard Toreo only includes the cash to be paid (total of Ps. $165mm). The investment in One Cuautitlan excludes the retain component - One Durango: The 126-room limited-service One Durango hotel will be operated by Grupo Posadas and is located inside the Paseo Durango shopping center. The construction is completed with detailing in public areasin process. The hotel is about to begin pre-operation with an estimated opening during March Fiesta Americana Pabellon M: The 178-room full-service Fiesta Americana will be operated by Grupo Posadas and is located inside the Pabellón M mixed use complex. The hotel is in the equipment phase with detailing in public areas in process. It will begin preoperating in February with an estimated opening by the end of March AC by Marriott Guadalajara: The 188-room full-service AC by Marriott hotel will be operated by Marriott International and is located in the Torre Americas 1500 mixed use project. The hotel is currently in the last phase of equipment stage with detailing in public areas in process. The building façade is closed with the office component of the mixed use project under construction. The hotel will begin pre-operating in February and the opening is expected by the end of March or the beginning of April This hotel presents a delay against its previously estimated opening of December 2015,

5 mostly given the requirements by the operator for the product as well as the delays in the mixed use project. These issues will be resolved by the adjusted opening date. - AC by Marriott Querétaro: The 175-room full-service AC by Marriott hotel will be operated by Marriott International and is located in the Antea Queretaro mixed-use project. The hotel is finishing the equipment phase and beginning pre-operation with an estimated opening by the end of March This hotel presents a delay against its previously estimated opening of December 2015, mostly given the requirements by the operator for the product, which will be resolved by the adjusted opening date. - 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. Even though the hotel building is complete, the office and retail components of the mixed use project are still under construction. The Fiesta Americana hotel is in the equipment phase, with detailing in the public areas and rooms in process. The hotel is expected to begin preoperations in March with an estimated opening by the end of April The Live Aqua hotel is finishing the civil work and beginning the equipment phase. The hotel is expected to begin pre-operations in April with an estimated opening by the end of May Both hotels have a significant delay against their original estimated opening date of December These delays are partly related to the delays in the mixed use project, as well as the amount of detail and finishing required for these luxury products which FibraHotel had underestimated. - 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 building has finished foundations and is currently in the structure phase with assembly of the steel structure in process and with cement poured on the first floor. 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 building has finished foundations and is currently in the structure phase with assembly of the steel structure in process. 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 building has finished

6 foundations and is currently in the structure phase with assembly of the steel structure in process. 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 shopping center is finished and the steel structure of the hotel is currently being assembled. The estimated opening of the hotels will be during the fourth quarter of These hotels have a delay from their initial estimated opening date mostly due to the changes in the Via Vallejo mixed use project. - 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 is currently in the structure phase with four concrete slabs finished (including the parking area and the first floor of the hotel). The estimated opening is by the end of 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 is currently in the foundations stage, with work on the shopping center structure to receive the hotel structure 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 project is in the foundations stage and beginning structure phase. The hotel includes seven parking levels over which the hotel will be developed. The estimated opening is during the first quarter of The hotel has a delay from its initial estimated opening date due to the timing required to obtain permits and licenses and the process to build the parking structure. - Select Service in Veracruz: The 166-room select-service hotel has a brand and operator to be announced in the future. The hotel has obtained the required permits and license and will begin construction during February 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

7 FibraHotel s Portfolio as of December 31 st, 2015 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 Portfolio Selected-Service 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 Guadalajara Tapatío Jalisco 126 Grupo Posadas One Limited-Service 42 One Monclova Coahuila 66 Grupo Posadas One Limited-Service 43 One Monterrey Aeropuerto (1) Nuevo León 126 Grupo Posadas One Limited-Service 44 One Puebla FINSA Puebla 126 Grupo Posadas One Limited-Service 45 One Querétaro Plaza Galerías Querétaro 126 Grupo Posadas One Limited-Service 46 One Toluca Aeropuerto State of Mexico 126 Grupo Posadas One Limited-Service 47 One Ciudad de México Patriotismo Mexico City 132 Grupo Posadas One Limited-Service 48 One Xalapa Veracruz 126 Grupo Posadas One Limited-Service 49 One Perisur Mexico City 144 Grupo Posadas One Limited-Service 50 Fairfield Inn Los Cabos BCS 128 Marriott Int'l Fairfield Inn Limited-Service 51 Fairfield Inn & Suites Saltillo Coahuila 139 Marriott Int'l Fairfield Inn Limited-Service 52 Fairfield Inn & Suites Villahermosa Tabasco 134 Marriott Int'l Fairfield Inn Limited-Service Sub Total Portfolio Limited-Service 2,121 Full-Service Hotels - Managed 53 Fiesta Americana Aguascalientes (1) Aguascalientes 192 Grupo Posadas Fiesta Americana Full-Service 54 Camino Real Puebla Puebla 153 Grupo Real Turismo Camino Real Full-Service 55 Sheraton Ambassador Monterrey (1) (2) Nuevo León 229 Starwood Sheraton Full-Service 56 Lat20 by Live Aqua (ex-cacao) (2) Quintana Roo 60 Grupo Posadas Lat20 by Live Aqua Full-Service 634 Full-Service / Extended-Stay Hotels - Managed 57 Camino Real Hotel & Suites Puebla Puebla 121 Grupo Real Turismo CR Hotel & Suites Extended-Stay 58 Fiesta Inn Lofts Ciudad del Carmen Campeche 120 Grupo Posadas Fiesta Inn Lofts Extended-Stay 59 Fiesta Inn Lofts Monclova Coahuila 37 Grupo Posadas Fiesta Inn Lofts Extended-Stay 60 Fiesta Inn Lofts Querétaro Querétaro 50 Grupo Posadas Fiesta Inn Lofts Extended-Stay Sub Total Portfolio Full-Service / Extended-Stay 328 Leased Hotels 61 Fiesta Inn Cuautitlan State of Mexico 128 Grupo Posadas Fiesta Inn Selected-Service 62 Fiesta Inn Perisur Mexico City 212 Grupo Posadas Fiesta Inn Selected-Service Sub Total Portfolio Leased 340 Total Operating Hotels as of December 31, ,507 (1) Includes retail component (2) Hotel in renovation process during the quarter

8 Selected quarterly information The following table shows the main financial indicators for the last quarters 5 : (In thousand pesos except per CBFI data) 1Q Q Q Q 2015 Year 2015 Total revenues 448, , , ,473 2,007,939 Revenues - Managed hotels 425, , , ,528 1,926,776 % of total revenues 94.8% 96.2% 96.0% 96.6% 96.0% Lodging contribution 149, , , , ,174 Margin 33.3% 32.4% 33.5% 34.2% 33.4% Lodging contribution - Managed hotels 126, , , , ,016 Margin 29.7% 29.7% 30.8% 31.9% 30.6% Net Operating Income 142, , , , ,184 Margin 31.8% 31.0% 32.2% 32.7% 31.9% EBITDA 107, , , , ,445 Margin 23.8% 23.9% 25.0% 26.3% 24.8% Consolidated net (loss) income 61,080 76,856 65,894 32, ,576 Margin 13.6% 15.3% 13.1% 5.9% 11.8% Funds From Operation 109, , , , ,358 FFO / CBFI with economic rights Adjusted Funds From Operation 101, , , , ,974 AFFO / CBFI with economic rights Distribution 102, , , , ,532 Distribution / CBFI with economic rights Financial Debt , ,484 Net Debt , ,659 Net Debt / LTM EBITDA n.a. n.a. n.a. 1.0 x 1.0 x Loan to Value n.a. n.a. n.a. 8.0% 8.0% 5 Lodging Contribution, NOI, EBITDA, FFO and AFFO are not IFRS figures.

9 Results for the fourth quarter of 2015 FibraHotel started the quarter with 59 hotels in operation and ended the quarter with 62 hotels in operation thanks to the opening of the Courtyard Ciudad del Carmen and Fairfield Inn & Suites Villahermosa hotels as well as the acquisition of the Fiesta Inn Villahermosa Cencali hotel. Total Revenues During this period, FibraHotel s total revenues were Ps. $553 million: Ps. $426 million of room rentals (76.9% of total revenues). Ps. $102 million of food and beverage (18.5% of total revenues). Ps. $18.4 million for the lease of (i) three hotels 6 and (ii) retail and other leases in hotel properties (combined, 3.3% of total revenues). Ps. $7.4 million (1.3% of total revenues) corresponded to other revenues. Compared with the fourth quarter of 2014, total revenues increased by 23.9%. Costs and General Expenses During this period, FibraHotel s costs and general expenses were Ps. $364 million: Ps. $224 million of administrative costs and expenses including the payment of the operators fees (61.6% of costs and general expenses). Ps. $82.4 million of room expenses (22.6% of costs and general expenses). Ps. $57.4 million of food and beverage expenses (15.8% of costs and general expenses). Lodging Contribution Lodging contribution was Ps. $189 million, representing 34.2% of total revenues: Ps. $170 million corresponded to managed hotels (the margin was 31.9%, versus 31.6% for the fourth quarter of 2014 even though we had a larger number of hotels in ramp-up period during the fourth quarter of 2015). Ps. $18.9 million corresponded to leases and other revenues (100% margin). Compared with the fourth quarter of 2014, the lodging contribution increased by 23.1%. 6 Leased hotels for the quarter are Fiesta Inn Cuautitlan, Fiesta Inn Ecatepec and Fiesta Inn Perisur. Fiesta Inn Ecatepec changed to hotel management agreement on November 1 st,

10 Operating Profit Other operating expenses of Ps. $113 million consisted of: (i) real estate expenses of Ps. $8.4 million; (ii) administrative expenses of Ps. $9.4 million; (iii) advisory fee of Ps. $25.9 million; and (iv) depreciation of Ps. $69.7 million. The operating profit was Ps. $75.9 million, or 13.7% of total revenues. Compared with the fourth quarter of 2014, the operating profit increased by 14.6%. Adjusted Operating Profit During the fourth quarter, FibraHotel had Ps. $40.5 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. $35.2 million. Comprehensive Financial Cost FibraHotel closed the quarter with a cash position of Ps. $377 million and interests earned during the period of Ps. $3.6 million. The cash position was fully invested in Mexican Federal Government issued debt securities. During the fourth quarter, FibraHotel started to drawdown on its available credit lines to fund the cash deployment related to its development portfolio, generating Ps. $3.8 million of interest expense during the period. In accordance with the IFRS, financing costs related to development projects are capitalized as part of the investment in each project. During the fourth quarter of 2015 all the indebtedness was linked with development projects, therefore the Ps. $3.8 million of interests was capitalized (the actual interest payment was made with the cash available for development). Once each development is open, its interest expense will not be capitalized anymore and the expense will be part of the profit and loss statement, in accordance with the IFRS. Consolidated Net Income The consolidated net income was Ps. $32.7 million.

11 Adjusted funds from operation ( AFFO ) 7 During the fourth quarter of 2015, FibraHotel generated adjusted funds from operation of Ps. $115 million: Ps. $ thousand 4Q Q 2014 Variation Consolidated net (loss) income 32,746 53, % (+) Depreciation 69,651 48,664 Funds From Operation 102, , % (-) Maintenance CAPEX (27,589) (22,113) (+) Non operating result adjustments 40,453 33,651 Adjusted Funds From Operation 115, , % Note: Non-operating adjustments refer mainly to one-time expenses related to hotel acquisitions and developments including transaction taxes, appraisals, and technical audits among others. Cash flow and liquidity position During the fourth quarter of 2015, FibraHotel had the following key cash flow items: FibraHotel had a net operating cash flow excluding activities from hotel operations of Ps. $183 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. $38.1 million. The net cash flow from investment activities was a negative (Ps. $1,062 million), mainly due to: (i) acquisition of the Fiesta Inn Villahermosa Cencali hotel for (Ps. $185 million), (ii) disbursements related to the development portfolio of (Ps. $804 million), (iii) capital expenditures during the quarter of (Ps. $75.0 million), and (iii) interest generated from our cash position of Ps. $3.8 million. Payments related to development portfolio are as follows: o Pabellón M in Monterrey: Ps. $333 million o Trebol Project (two hotels in Monterrey): Ps. $105 million o Hotel project in Villahermosa (adjacent to Fiesta Inn Villahermosa Cencali): Ps. $103 million o One Perisur: Ps. $51.9 million o AC by Marriott Antea Querétaro: Ps. $43.6 million o AC by Marriott Torre Americas 1500 Guadalajara: Ps. $31.2 million o One Durango: Ps. $23.0 million 7 FFO and AFFO are not IFRS figures.

12 o Fairfield Inn & Suites Nogales: Ps. $21.6 million o Ciudad del Carmen (Courtyard and Fiesta Inn Lofts): Ps. $17.5 million o Fiesta Inn Los Mochis: Ps. $15.6 million o Fairfield Inn & Suites Juriquilla: Ps. $11.9 million o Select-service hotel in Veracruz: Ps. $11.8 million o Fairfield Inn & Suites Villahermosa: Ps. $9.2 million o GICSA and other development projects to be announced: Ps. $25.0 million The net cash flow from financing activities was a Ps. $726 million, mostly related to the disposal of the credit lines of Ps. $854 million and the payment of the distribution of the third quarter of 2015 of (Ps. $106 million). Financial position FibraHotel ended the fourth quarter of 2015 with: A net cash position including recoverable VAT of Ps. $660 million (VAT recoverable totaled Ps. $283 million). Excluding recoverable VAT, FibraHotel had a cash position of Ps. $377 million compared to Ps. $675 million as of September 30 th, A Ps. $854 million indebtedness. As of September 30 th, 2015 FibraHotel has no debt. Net debt position (including recoverable VAT) is Ps. $ 195 million. Approximately Ps. $1,148 million of available credit line The following table presents a detailed status of FibraHotel s cash position: Ps. $ thousand 4Q 2015 Comentario Cash, cash equivalents and restricted cash 376,824 Available cash and cash equiv. - Operation Restricted cash and cash equiv. - Operation Available cash and cash equiv. - Investment 222,443 Hotels' working capital 39,798 Available for maintenance CapEx 114,583 Cash available for investment Cash position without restricted cash 337,026 The following table presents a detailed status of FibraHotel s debt position:

13 Ps. $ thousand 4Q 2015 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 BBVA Bancomer 283,067 MXN TIIE 91d + 125bps* sep-24 Banorte 112,867 MXN TIIE 91d + 125bps* sep-24 Interest payable 2,017 Total debt position 854,484 * 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 y adelante 503, % Total 852, % As of December 31 st, 2015, and according to our credit contracts, FibraHotel contracted three 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 all share the same characteristics: 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%. Regulation applicable to FIBRAs Leverage level FibraHotel ended the fourth quarter of 2015 with a Ps. $854 million indebtedness and total assets value of Ps. $10,740 million, resulting in a 8.0% 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 December 31 st, 2015, the debt service coverage ratio for FibraHotel was 1.3x, complying with the required regulation of >1.0x.

14 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. $200 million. o Estimated capital expenditures (maintenance): Ps. $216 million. o Estimated non-discretionary capital expenditures: Ps. $1,276 million. Available resources: o Cash and cash equivalents (excluding restricted cash): Ps. 337 million. o VAT recoverable: Ps. $283 million. o Estimated operating result after distribution payment (including depreciation and interest s income): Ps. $416 million. o Available credit facilities: Ps. $1,148 million. Capital Expenditures ( CapEx ) As of December 31 st, 2015, the available maintenance capital expenditures reserve was Ps. $37.5 million compared with Ps. $35.5 million as of September 30 th, The capital expenditure reserve is generated to maintain the standards of our hotels in operation and is constituted on a monthly basis based on percentage of total revenues. During the fourth quarter of 2015, FibraHotel had the following relevant capital expenditures: Maintenance CapEx: Ps. $28.7 million. CapEx investment in hotel repositioning: FibraHotel constantly analyzes opportunities to make capital investments in hotels which have an opportunity to increase cash flows. During the fourth quarter of 2015, FibraHotel invested Ps. $46.3 million in renovation and repositioning CapEx. Renovation CapEx was mainly invested in the following hotels: 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. $60.8 million has been invested as of December 31 st, 2015 (Ps. $19.5 million during the fourth 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. $11.1 million has been invested as of December 31 st, 2015 (Ps.

15 o o $11.1 million during the fourth quarter). The renovation will conclude during the second quarter of Lat20 by Live Aqua (ex-cacao): improvements in common areas. The project has a budget of Ps. $26.3 million of which Ps. $9.1 million has been invested as of December 31 st, 2015 (Ps. $9.1 million during the fourth quarter). The renovation will conclude during the first quarter of Fiesta Inn Monterrey La Fe: improvements in common areas. The project has a budget of Ps. $17.4 million of which Ps. $4.2 million has been invested as of December 31 st, 2015 (Ps. $4.2 million during the fourth quarter). The renovation will conclude during the second quarter of Distribution corresponding to the fourth quarter of FibraHotel looks to generate value for its certificate holders, and therefore on February 16 th, 2016, FibraHotel s Technical Committee approved a distribution of Ps. $118 million, equivalent to cents (Ps. $0.2380) per CBFI, calculated based on the outstanding CBFIs excluding the CBFIs which currently do not have economic rights. This distribution is based on the results and operations of FibraHotel between October 1 st and December 31 st, The distribution will be paid on March 4 th, The distribution payment is broken as follows 9 : 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 February 16 th, 2016, there was an Audit Committee, a Practice Committee and a Technical Committee meeting for the approval of the 2015 fourth quarter financial results and distribution, which were approved unanimously. As of today, FibraHotel s Technical Committee is comprised by 11 members, four of whom are independent. 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)

16 Operating Highlights of FibraHotel s Portfolio The following graph shows the quarterly evolution, from the first quarter of 2007 to the fourth quarter of 2015, of the ADR, the occupancy rate and the RevPAR for the 47 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% FibraHotel s total portfolio of 62 hotels in operation reported the following during the fourth quarter of 2015: Occupancy rate of 64.9% ADR of Ps. $942 RevPAR of Ps. $612 The following tables show selected operating information of FibraHotel s hotels in operation for the fourth quarter and full year 2015: 2015 Initial Portfolio: includes 47 stabilized hotels in operation as of March 31 st, 2015 (includes the 43 hotels of the Total Portfolio of stabilized hotels as of December 31 st, 2014 plus the following hotels: Fiesta Inn Cuernavaca, Real Inn Morelia and One Guadalajara Tapatio and Fairfield Inn Los Cabos) Initial Port. (47H) 4Q Q Q 2015 Ocupancy 68.0% 65.8% 66.2% ADR RevPAR Initial Port. (47H) FY 2015 FY 2014 Ocupancy 64.8% 62.4% ADR RevPAR

17 The change in RevPAR between: The fourth quarter of 2014 and the fourth quarter of 2015 is +8.0%. The full year 2014 and the full year 2015 is +7.1%. The following table shows certain operating information by segment for the hotels in operation for the fourth quarter of the years 2013, 2014 and 2015: Total Portfolio of Stabilized Hotels (47H) Total Portfolio (62H) 4 th Quarter th Quarter th Quarter th Quarter 2015 Segment Ocup. ADR RevPAR Ocup. ADR RevPAR Ocup. ADR RevPAR Ocup. ADR RevPAR Limited-Service 61.1% $ 691 $ % $ 715 $ % $ 751 $ % $ 771 $ 498 Selected-Service 63.7% $ 909 $ % $ 941 $ % $ 983 $ % $ 966 $ 647 Full-Service 59.0% $ 1,029 $ % $ 1,123 $ % $ 1,222 $ % $ 1,266 $ 723 Extended-Stay n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 50.2% $ 1,042 $ 524 Total 62.7% $ 872 $ % $ 909 $ % $ 950 $ % $ 942 $ 612 Vs. previous year (2.0 bp) 4.1% 1.0% 3.1 bp 4.3% 9.3% 2.2 bp 4.5% 8.0% The following table shows certain operating information by region 10 for the hotels in operation for the fourth quarter of the years 2013, 2014 and 2015: Total Portfolio of Stabilized Hotels (47H) Total Portfolio (62H) 4 th Quarter th Quarter th Quarter th Quarter 2015 Region Ocup. ADR RevPAR Ocup. ADR RevPAR Ocup. ADR RevPAR Ocup. ADR RevPAR Northwest 60.2% $ 861 $ % $ 881 $ % $ 935 $ % $ 909 $ 617 Northeast 59.6% $ 775 $ % $ 809 $ % $ 902 $ % $ 901 $ 529 Center and South 65.4% $ 905 $ % $ 961 $ % $ 980 $ % $ 976 $ 633 West 57.9% $ 823 $ % $ 811 $ % $ 870 $ % $ 870 $ 595 Total 62.7% $ 872 $ % $ 909 $ % $ 950 $ % $ 942 $ 612 Vs. previous year (2.0 bp) 4.1% 1.0% 3.1 bp 4.3% 9.3% 2.2 bp 4.5% 8.0% The following table shows FibraHotel s Total Portfolio distribution (62 hotels) as of December 31 st, 2015 by segment, region, number of hotels and rooms: SEGMENT Hotels Rooms REGION Hotels Rooms # % # % # % # % Limited-Service % 2, % Center and South % 4, % Selected-Service % 5, % Northeast % 1, % Full-Service 4 6.5% % Northwest % 2, % Extended-Stay 4 6.5% % West 4 6.5% % TOTAL % 8, % TOTAL % 8, % 10 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, Campeche, State of Mexico, Guanajuato, Guerrero, Michoacan, Morelos, Oaxaca, Puebla, Querétaro, San Luis Potosí, Veracruz, and Mexico City. West corresponds to the following states: Jalisco and Nayarit.

18 Quarterly Operating Portfolio Highlights (excluding leased hotels) Year 2015 Available Occupied Room Revenues Occup. Rooms Rooms Ps. $ Million ADR RevPAR 1st quarter 635, , % $ $ 917 $ 535 2nd quarter 665, , % $ $ 926 $ 580 3rd quarter 682, , % $ $ 896 $ 572 4th quarter 704, , % $ $ 902 $ 604 Total 2,688,176 1,694, % $ 1, $ 910 $ 573 Timeline of hotel additions generating room revenue by month during 2015 (managed hotels): January: includes the 50 managed hotels as of December 31 st, 2014 and the One Cuernavaca hotel is added to the portfolio (opening). February: The Fiesta Inn Cuernavaca and Cacao Playa del Carmen hotels (acquisitions), are added to the portfolio. March: the first stage of Fairfield Inn & Suites Saltillo hotel is added to the portfolio (opening). April, May and June: no changes. July: The One Perisur hotel is added to the portfolio (opening) September: The Fiesta Inn Lofts Ciudad del Carmen hotel (opening) and the second stage of Fairfield Inn & Suites Saltillo hotel (inventory increase) are added to the portfolio. October: no changes. November: Fiesta Inn Ecatepec (change from leasing contract to management contract) and Ciudad del Carmen (opening) are added. December: Fiesta Inn Villahermosa Cencali (acquisition) and Fairfield Inn & Suites Villahermosa (opening) are added.

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 Q Q Q 2015 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 3,914 4,335 4,615 4,770 4,788 4,792 4,792 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 Guadalajara Tapatío 24/06/ % 42 * One Xalapa 27/03/ % 43 One Monclova 01/11/ % 44 * One Monterrey 01/12/ % 45 * One Puebla FINSA 02/07/ % 46 * One Querétaro 21/01/ % 47 * One Toluca 01/12/ % 48 * One Patriotismo 21/01/ % 49 One Perisur 16/07/ % 50 * Fairfield Inn Los Cabos 20/06/ % 51 Fairfield Inn & Suites Saltillo 31/03/ % 52 Fairfield Inn & Suites Villahermosa 09/12/ % Subtotal 749 1,259 1,367 1,495 1,495 1,704 1,807 1,807 1,987 2, % FULL SERVICE - MANAGED 53 * Fiesta Americana Aguascalientes 15/01/ % 54 * Camino Real Puebla 01/12/ % 55 * Sheraton Ambassador 18/11/ % 56 Lat20 by Live Aqua (ex-cacao) 19/11/ % Subtotal % EXTENDED STAY - MANAGED 57 Camino Real Hotel & Suites Puebla 01/03/ % 58 Fiesta Inn Lofts Ciudad del Carmen 08/09/ % 59 Fiesta Inn Lofts Monclova 01/11/ % 60 Fiesta Inn Lofts Querétaro 01/11/ % Subtotal % LEASED HOTELS 61 * Fiesta Inn Cuautitlán 01/12/ % 62 * Fiesta Inn Perisur 01/12/ % Subtotal % TOTAL OPERATING ROOMS 2,467 5,547 6,115 6,664 6,944 7,656 7,777 7,781 8,081 8, % TOTAL OPERATING HOTELS

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 Q Q 2015 rooms 63 Fairfield Inn & Suites Juriquilla 1Q % 64 One Durango 1Q % 65 AC By Marriott Torre Americas Q % 66 AC By Marriott Antea Querétaro 1Q % 67 Fiesta Americana Pabellon M 1Q % 68 Fiesta Americana Grand Monterrey Trebol 2Q % 69 Live Aqua Monterrey Trebol 2Q % 70 Fairfield Inn & Suites Nogales 3Q % 71 Fiesta Inn Lofts Monterrey 3Q % 72 One Cuautitlan Izcalli 3Q % 73 Courtyard Vallejo 4Q % 74 Fairfield Inn & Suites Vallejo 4Q % 75 Fiesta Inn Los Mochis 4Q % 76 Fiesta Inn Puerto Vallarta 4Q % 77 Hotel de Servicio Selecto en Veracruz 1Q % 78 Courtyard Toreo 1Q % 79 Fiesta Inn Vía 515 4Q % 80 Fiesta Inn Lofts Vía 515 4Q % Other (expansions, opened hotels, etc.) % TOTAL DESARROLLO ,217 1,287 1,883 1,896 1,944 1,810 2, % NUMBER OF HOTELS IN DEVELOPMENT Agreement with GICSA to be announced for 6 hotels to be developed with approximately 880 rooms (one hotel alreado announced: Fiesta Inn Puerto Vallarta) TOTAL FIBRAHOTEL PORTFOLIO 2,956 6,446 6,883 7,881 8,231 9,539 9,673 9,725 9,891 10,973 NUMBER OF HOTELS

21 BALANCE SHEET As of December 31 st, 2015 and December 31 st, 2014 (figures in thousands pesos) Assets 31/12/ /12/2014 Current assets Cash, cash equivalents and restricted cash 376,824 2,091,905 Trade accounts receivable and other receivables 207, ,173 Due from related parties 3,190 3,190 Prepaid expenses 5,787 2,614 Recoverable taxes, mainly value-added tax 283, ,063 Total currents assets 876,758 2,500,946 Non current assets Hotel properties, furniture and operating equip. - Net 7,535,661 6,725,074 Properties under development 2,310, ,570 Derivative instruments 11,441 0 Advance to suppliers 1,812 1,654 Deferred income taxes 4,054 3,995 Total non-current assets 9,863,656 7,504,294 Total assets 10,740,414 10,005,239 Liabilities and partners' equity Current liabilities: Suppliers and accrued expenses 313, ,249 Taxes payable (388) 4,370 Other 1, Total current liabilities 314, ,250 Long term debt 854,484 0 Trustors' equity: Contribution from the trustors 9,160,093 9,495,328 Retained earnings 411, ,662 Total trustors' equity: 9,571,404 9,766,989 Total liabilities and trustors' equity 10,740,414 10,005,239

22 INCOME STATEMENT From October 1 st to December 31 st, 2015 and 2015 year to date compared with 2014 (figures in thousands pesos) 4Q Q 2014 Year 2015 Year 2014 Revenue: Rooms 425, ,939 1,541,320 1,162,025 Food and beverages 102,166 88, , ,662 Leases 18,353 17,532 76,121 68,801 Others 7,365 2,044 22,974 10,337 Total revenue 553, ,569 2,007,939 1,530,826 Costs and general expenses Rooms 82,355 59, , ,587 Food and beverages 57,382 49, , ,798 Administrative expenses 224, , , ,668 Total costs and general expenses 364, ,860 1,337,765 1,006,053 Lodging contribution 189, , , ,774 Real estate expenses 8,376 6,064 28,991 21,626 Advisory fee 25,940 25, , ,731 Administrative expenses related to FibraHotel 9,369 7,025 39,361 29,182 Depreciation 69,651 48, , ,930 Income from operations 75,921 66, , ,305 Extraordinary expenses, net 40,453 33,651 77,688 88,448 Adjusted (loss) from operations 35,468 32, , ,857 Non operating income ,726 12,209 Comprehensive financing result (327) 22,784 29, ,379 Income before taxes 35,207 55, , ,445 Tax 2,461 1,780 2,884 2,742 Consolidated net (loss) income 32,746 53, , ,703

23 CASH FLOW STATEMENT From October 1 st to December 31 st, 2015 and 2015 year to date compared with 2014 (figures in thousands pesos) 4Q Q 2014 Year 2015 Year 2014 Operating Activities Consolidated net income 32,746 53, , ,703 Adjustments for non cash items Tax (598) Cost for asset sale (2,234) (190) (3,152) 16,042 Depreciation 69,651 48, , ,930 Interest income (3,783) (19,358) (35,115) (121,547) Total 96,380 82, , ,530 (Increase) decrease in: Trade accounts receivable and others (8,779) (4,423) (17,640) (62,016) Due from related parties (0) (0) (0) 508 Recoverables taxes, mainly VAT (109,872) (111,904) (48,983) (29,744) Prepaid expenses 7,942 4,716 (2,738) (1,088) Other assets (119) (614) (159) (749) Increase (decrease) in: Suppliers and accrued expenses 50,957 16,450 80,418 76,411 Due to related parties (0) Tax payable 1,553 2,771 (4,200) 62 Net cash flow used in operating activities 38,062 (10,286) 418, ,913 Investing activities Business acquired, net of cash received (189,358) (587,938) (189,358) (1,764,318) Development portfolio (230,029) (304,944) (1,537,118) (663,319) Acquisition of other assets (649,571) (45,457) (835,041) (265,880) Asset sale 2, ,184 1,379 Interest income 3,783 19,358 35, ,547 Net cash flow used in investing activities (1,062,941) (918,791) (2,523,218) (2,570,590) Financing activities Ditributions to trustors (106,428) (100,104) (429,089) (418,002) CBFIs issuance Debt issuance 854, ,484 0 Issuance expenses Other (21,740) (1,209) (36,045) (1,209) Net cash flow used in financing activities 726,316 (101,312) 389,349 (419,211) Net increase (decrease) in cash, cash equivalents and restricted cash (298,562) (1,030,390) (1,715,081) (2,695,888) Cash, cash equivalents and restricted cash at the beginning of the period Cash, cash equivalents and restricted cash at the end of the period 675,386 3,122,295 2,091,905 4,787, ,824 2,091, ,824 2,091,905

24 Overview of development hotels currently under construction (as of February 17 th 2016): Fiesta Americana Pabellon M: The hotel is in the equipment phase with detailing in public areas in process. It will begin preoperating in February with an estimated opening by the end of March Fiesta Americana Pabellon M hotel pictures One Durango: The construction is completed with detailing in public areas in process. The hotel is about to begin pre-operation with an estimated opening during March One Durango hotel pictures

25 AC by Marriott Guadalajara: The hotel is currently in the last phase of equipment stage with detailing in public areas in process. The building façade is closed with the office component of the mixed use project under construction. The hotel will begin pre-operating in February and the opening is expected by the end of March or the beginning of April AC by Marriott Guadalajara hotel pictures AC by Marriott Querétaro: The hotel is finishing the equipment phase and beginning pre-operation with an estimated opening by the end of March AC by Marriott Querétaro hotel pictures

26 Trébol Monterrey (Fiesta Americana Grand and Live Aqua): Even though the hotel building is complete, the office and retail components of the mixed use project are still under construction. The Fiesta Americana hotel is in the equipment phase, with detailing in the public areas and rooms in process. The hotel is expected to begin pre-operations in March with an estimated opening by the end of April The Live Aqua hotel is finishing the civil work and beginning the equipment phase. The hotel is expected to begin preoperations in April with an estimated opening by the end of May Trébol Monterrey (Fiesta Americana Grand and Live Aqua) hotel pictures Fiesta Inn Lofts Monterrey: The building has finished foundations and is currently in the structure phase with assembly of the steel structure in process and with cement poured on the first floor. The estimated opening will be during the third quarter of Fiesta Inn Lofts Monterrey hotel pictures

27 Fairfield Inn & Suites Nogales: The building has finished foundations and is currently in the structure phase with assembly of the steel structure in process. The estimated opening will be during the third quarter of Fairfield Inn & Suites Nogales hotel pictures One Cuautitlan Izcalli: The building has finished foundations and is currently in the structure phase with assembly of the steel structure in process. 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 shopping center is finished and the steel structure of the hotel is currently being assembled. The estimated opening of the hotels will be during the fourth quarter of Via Vallejo (Courtyard and Fairfield Inn & Suites Vallejo) hotel pictures

28 Fiesta Inn Los Mochis: The hotel is currently in the structure phase with four concrete slabs finished (including the parking area and the first floor of the hotel). The estimated opening is by the end of Fiesta Inn Los Mochis hotel pictures Fiesta Inn La Isla Puerto Vallarta: The hotel is currently in the foundations stage, with work on the shopping center structure to receive the hotel structure in process. The estimated opening is by the end of Fiesta Inn La Isla Puerto Vallarta hotel pictures Courtyard Toreo: The project is in the foundations stage and beginning structure phase. 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

29 Conference call invite: