The First Real Estate Investment Trust Specialized in Business-Class Hotels
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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 2016. Mexico City, April 20th, 2016 --- 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 2016. Except where noted, all figures included herein were prepared in accordance with IFRS and are stated in nominal Mexican pesos. 1st 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 hotels1, 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 2015. • 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 contribution2 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 20.03 cents (Ps. $0.2003) per CBFI4. 1 Includes 47 stabilized properties as of the December 31st, 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 31st, 2016, excluding the CBFIs issued that are not entitled to receive distributions until such properties are in operation. http://www.fibrahotel.com 1 @FibraHotel • As of March 31st 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 31st 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 20.03 cents of Mexican Peso for each CBFI.” said Simon Galante, CEO FibraHotel.” said Simón Galante, CEO FibraHotel. FibraHotel´s portfolio as of April 20th, 2016 FibraHotel´s portfolio In operation Currently Actual (incl. GICSA) FibraHotel s portfolio (cont d) 1 Hotel # room Hotel # room 66 hotels 80 hotels 85 hotels 34 Fiesta Inn Puebla Finsa 123 1 Fiesta Inn Culiacán 146 1 9,120 rooms 10,973 rooms 11,723 rooms 35 Fiesta Inn Oaxaca 145 2 Fiesta Inn Durango 138 36 One Puebla Finsa 126 3 One Monterrey 126 37 Real Inn Guadalajara 197 4 One Acapulco 126 In 26 states 38 Fiesta Inn Tlalnepantla 131 5 One Toluca 126 39 Fiesta Inn Toluca Tollocan 144 6 One Coatzacoalcos 126 27 40 40 Real Inn Mexicali 158 41 Fiesta Inn Lofts Monclova 37 7 Fiesta Inn Tepic 139 59 8 One Aguascalientes 126 42 One Monclova 66 43 FA Grand Monterrey 180 9 Fiesta Inn Hermosillo 155 73 26 44 Aqua Monterrey 74 10 One Culiacán 119 45 Courtyard Vallejo 125 11 Fiesta Inn Ecatepec 143 18 3 22 43 44 46 Fairfield Inn Vallejo 121 12 Fiesta Inn Perinorte 127 9 47 Fiesta Americana Ags 192 13 Fiesta Inn Nuevo Laredo 120 78 74 65 48 Fiesta Inn Xalapa 119 14 Fiesta Inn Naucalpan 119 51 56 49 One Xalapa 126 15 Fiesta Inn Cuautitlán 128 41 42 29 13 50 Fairfield Inn Villahermosa 134 16 Fiesta Inn Perisur 212 67 51 Fiesta Inn Cd. Obregon 141 60 52 Fiesta Inn Lofts Querétaro 50 17 Camino Real Puebla 153 2 71 30 24 1 53 Gamma León 159 18 Fiesta Inn Chihuahua 152 23 52 62 10 54 Courtyard Cd. Del Carmen 133 19 Fiesta Inn Guadalajara 158 57 20 38 70 55 Fiesta Inn Lofts Cd. Del Carmen 120 20 One Querétaro 126 56 Gamma Valle Grande 135 47 58 21 Fiesta Inn Aguascalientes 125 7 8 21 34 36 57 Fairfield Inn Los Cabos 128 22 Fiesta Inn Monterrey 161 17 58 Fiesta Inn San Luis Potosi Oriente 140 80 19 33 2853 32 23 Fiesta Inn Querétaro 175 77 15 59 Gamma Tijuana 140 37 61 66 60 Fairfield Inn Saltillo 139 24 Fiesta Inn Saltillo 149 12 5 39 48 49 54 61 AC Torre Americas Guadalajara 188 25 One Patriotismo 132 31 55 64 68 72 79 50 62 AC Antea Querétaro 175 26 Fiesta Inn Cd. Juárez 166 14 38 11 69 6 46 63 One Perisur 144 27 Fiesta Inn Mexicali 150 45 4 35 64 Courtyard Toreo 130 28 Fiesta Inn León 160 25 65 Sheraton Ambassador Monterrey 229 29 Fiesta Inn Monclova 121 66 Lat 20 Playa del Carmen 60 74 75 30 Fiesta Inn Torreón 146 5 67 Fiesta Inn Los Mochis 124 31 Real Inn Morelia 155 68 Fiesta Inn Cuernavaca 155 32 Camino Real Suites Puebla 121 16 63 69 One Cuernavaca 125 33 One Tapatío 126 70 Fairfield Inn & Suites Juriquilla 134 71 One Durango 126 Sub-total 4,652 Mexico City 72 Aloft Veracruz 166 73 Fairfield Inn & Suites Nogales 134 74 Fiesta Inn Lofts Monterrey 48 75 Fiesta Inn Viaducto 178 76 Fiesta Inn Lofts Viaducto 91 77 One Cuautitlan 150 78 Fiesta Americana Pabellon M 178 79 Fiesta Inn Villahermosa 159 80 Fiesta Inn Puerto Vallarta 144 Note: Green represents properties under development.; (1) 5 remaining properties from GICSA with approximately 750 rooms Sub-total 6,321 http://www.fibrahotel.com 2 @FibraHotel 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 28th, the One Durango hotel opened February 29th, the AC by Marriott Querétaro hotel opened on March 22nd and the Fiesta Americana Pabellón M hotel opened March 31st. Additionally, the AC by Marriott Guadalajara Torre Américas hotel is in pre-operation. Development portfolio: As of April 20th, 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) termination rooms under Invested as of Hotel State Total Remaining date construction Mar 31 2016 1 Fiesta Americana Grand Monterrey Nuevo Leon 180 Q2 2016 710.0 680.2 29.8 2 Live Aqua Monterrey Nuevo Leon 74 3 Fiesta Inn Lofts Monterrey Nuevo Leon Q3 2016 48 48.0 14.4 33.6 4 Fairfield Inn & Suites Nogales Sonora Q3 2016 134 120.0 31.9 88.1 5 One Cuautilan Mexico Q3 2016 150 110.0 29.6 80.4 6 Courtyard Vallejo Mexico 125 Q4 2016 290.0 81.1 208.9 7 Fairfield Inn & Suites Vallejo Mexico 121 8 Fiesta Inn Los Mochis Sinaloa Q4 2016 124 112.5 47.3 65.2 9 Fiesta Inn La Isla Puerto Vallarta Jalisco Q4 2016 144 150.0 47.0 103.0 10 Courtyard Toreo DF Q1 2017 130 45.5 0.3 45.2 11 Aloft Veracruz Veracruz 1H 2017 166 188.3 39.1 149.2 12 Fiesta Inn Lofts Viaducto DF Q4 2017 91 335.0 51.6 283.4 13 Fiesta Inn Viaducto DF Q4 2017 178 Otros, GICSA y cierres en proceso 228.6 117.4 Total 1,665 2,109.3 1,251.1 1,204.2 Note: Courtyard Toreo only includes the cash to be paid (total of Ps.