FibraHotel (“FibraHotel”), the first real estate investment trust specialized in business-class hotels in , announces its financial results and distribution corresponding to the third quarter of 2015.

Mexico City, October 21st, 2015 --- 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 third quarter of 2015. Except where noted, all figures included herein were prepared in accordance with IFRS and are stated in nominal Mexican pesos.

3rd Quarter 2015 Highlights • FibraHotel ended the third quarter of 2015 with 72 hotels and 9,887 rooms, including 59 hotels in operation (8,077 rooms) and 13 hotels in different stages of development (1,810 rooms). Including the agreement with GICSA, FibraHotel should have approximately 78 hotels (10,767 rooms) including 19 hotels in different stages of development (2,690 rooms). • During the quarter, FibraHotel added 300 rooms in operation with the opening of two hotels, the One and Fiesta Inn Lofts Ciudad del Carmen hotels, and the expansion of the Fairfield Inn & Suites Saltillo hotel. FibraHotel also announced the development of a select-service hotel in Veracruz, adding 165 rooms in development. Finally, during the quarter FibraHotel announced an agreement with Grupo GICSA to develop six business- class hotels within its premium mixed-use projects with approximately 880 rooms over the next few years.

• On a comparable property basis of 47 hotels1, the average daily rate (“ADR”) was Ps. $917, representing an increase of 3.6% versus the third quarter of 2014, the occupancy rate was 66.2%, representing an increase of 209bp versus the third quarter of 2014 and the revenue per available room (“RevPAR”) was Ps. $607, representing an increase of 7.0% versus the third quarter of 2014.

• For the Total FibraHotel Portfolio of 59 properties, the average daily rate was Ps. $914, the occupancy rate was 64.3%, and the revenue per available room was Ps. $588. During the third quarter of 2014, RevPAR of the Total FibraHotel Portfolio of 49 properties was Ps. $548.

• Total revenues for the quarter were Ps. $504 million.

• Lodging contribution2 for the quarter was Ps. $169 million.

• Adjusted funds from operations (“AFFO”)3 for the quarter were Ps. $106 million.

1 Includes 43 stabilized properties as of the December 31st, 2014 plus the Fiesta Inn Cuernavaca, One 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. http://www.fibrahotel.com 1 @FibraHotel

• FibraHotel will pay a distribution of Ps. $106 million, equivalent to 21.53 cents (Ps. $0.2153) per CBFI4.

• As of September 30th 2015, FibraHotel had a net cash position of Ps. $675 million, or Ps. $849 million including the reimbursement of VAT and no debt. • As of September 30th 2015, total owner’s equity of Ps. $9,648 million.

Additional portfolio information: • We are adding four rooms to the Live Aqua hotel in the Trebol project thanks to architectural and construction improvements. The hotel will have 74 luxury rooms and there is no change in the budget. • The Fairfield Inn & Suites Saltillo hotel expansion finished, adding 36 limited-service rooms operated by Marriott International. • In line with our open architecture strategy, we are in the process of changing the operator and brand of the Cacao Playa del Carmen hotel. We will convert the hotel to the Lat 20 by Live Aqua brand to be operated by Grupo Posadas. The change was done in order maximize the potential cash flows of the property driven by the commercialization of the hotel under the Live Aqua brand together with the Live Aqua Cancun hotel nearby. • The Fiesta Inn Aguascalientes hotel renovation finished with an investment of Ps. 12 million. The public areas were converted to the Fiesta Inn 360 concept and the rooms had a change in flooring and finishes.

“During the third quarter of 2015 we continued seeing a dynamic operating environment in our stabilized properties with a RevPAR increase of 7.0% (3.6% ADR and 209 bps in occupancy). We also saw an increase in the operating margin of the portfolio as we continue focusing on efficiencies and costs. The quarter was very active for our development portfolio, with over Ps. 750 million invested during the quarter as we made important progress by opening 600 rooms in three hotels (One Perisur, Fiesta Inn Lofts Ciudad del Carmen and the Fairfield Inn & Suites expansion), as well as substantially finishing the construction of an additional three hotels (Courtyard Ciudad del Carmen, Fairfield Inn & Suites Villahermosa and Fairfield Inn & Suites Juriquilla). Additionally, during the quarter we added over 1,000 rooms to the development portfolio with the GICSA and the Veracruz announcements. Finally, we announce a quarterly distribution of 21.53 cents per CBFI notwithstanding the fact that we continue to have an important part of the balance sheet in development properties and cash”, 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 30th, 2015, excluding the CBFIs issued that are not entitled to receive distributions until such properties are in operation. http://www.fibrahotel.com 2 @FibraHotel

Invitation to FibraHotel´s third Investor Day at 9:00am in New York on December 3rd, 2015

Confirm your assistance to [email protected] or in http://www.mustik.com.mx/fibrahotel/investor/index.php

FibraHotel´s portfolio as of October 21st, 2015

FibraHotel s portafolio FibraHotel s portafolio (cont d) Currently In operation Curr. (incl. GICSA) Hotel # cuartos 72 hotels 59 hotels 78 hotels Hotel # cuart. 1 Fiesta Inn Culiacán 142 9,887 rooms 8,077 rooms 10,767 rooms 34 Fiesta Inn Finsa 123 2 Fiesta Inn Durango 138 35 Fiesta Inn Oaxaca 145 36 One Puebla Finsa 126 3 One Monterrey 126 1 4 One Acapulco 126 In 26 states 37 Real Inn Guadalajara 197 5 One Toluca 126 38 Fiesta Inn Tlalnepantla 131 6 One Coatzacoalcos 126 27 40 39 Fiesta Inn Toluca Tollocan 144 7 Fiesta Inn Tepic 139 40 Real Inn Mexicali 158 59 41 Fiesta Inn Lofts Monclova 37 8 One Aguascalientes 126 9 Fiesta Inn Hermosillo 155 42 One Monclova 66 26 43 FA Grand Monterrey 180 10 One Culiacán 119 44 Aqua Monterrey 74 11 Fiesta Inn Ecatepec 143 18 3 22 43 44 45 Courtyard Vallejo 121 12 Fiesta Inn Perinorte 123 9 46 Fairfield Inn Vallejo 125 13 Fiesta Inn Nuevo Laredo 120 65 47 Fiesta Americana Ags 192 14 Fiesta Inn Naucalpan 119 51 56 48 Fiesta Inn Xalapa 119 15 Fiesta Inn Cuautitlán 128 41 42 29 13 49 One Xalapa 126 16 Fiesta Inn Perisur 212 67 60 50 Fairfield Inn Villahermosa 134 17 Camino Real Puebla 153 2 71 30 24 1 51 Fiesta Inn Cd. Obregon 141 18 Fiesta Inn Chihuahua 152 23 52 62 10 52 Fiesta Inn Lofts Querétaro 50 19 Fiesta Inn Guadalajara 158 57 20 38 70 53 Gamma León 163 20 One Querétaro 126 47 54 Courtyard Cd. Del Carmen 133 21 Fiesta Inn Aguascalientes 125 7 58 36 8 21 34 55 Fiesta Inn Lofts Cd. Del Carmen 120 22 Fiesta Inn Monterrey 161 17 2853 32 56 Gamma Valle Grande 135 23 Fiesta Inn Querétaro 175 15 66 57 Fairfield Inn Los Cabos 128 24 Fiesta Inn Saltillo 149 12 58 Fiesta Inn San Luis Potosi Oriente 140 25 One Patriotismo 132 31 48 49 54 55 64 33 68 72 50 59 Gamma 140 26 Fiesta Inn Cd. Juárez 166 14 38 11 69 6 46 60 Fairfield Inn Saltillo 139 27 Fiesta Inn Mexicali 150 45 19 4 35 61 AC Torre Americas Guadalajara 188 28 Fiesta Inn León 160 25 37 62 AC Antea Querétaro 175 29 Fiesta Inn Monclova 121 61 63 One Perisur 144 30 Fiesta Inn Torreón 146 39 5 64 Courtyard Toreo 130 31 Real Inn Morelia 155 65 Sheraton Ambassador Monterrey 229 32 Camino Real Suites Puebla 121 16 63 66 Cacao Playa del Carmen 60 33 One Tapatío 126 67 Fiesta Inn Los Mochis 125 Sub-total 4,644 68 Fiesta Inn Cuernavaca 155 Mexico City 69 One Cuernavaca 125 70 Fairfield Inn & Suites Juriquilla 134 71 One Durango 126 72 Select service Veracruz 165 Note: Green highlight represents properties under development Sub-total 5,243 (1) Including Mexico D.F. http://www.fibrahotel.com 3 @FibraHotel

Development portfolio: As of September 30th, 2015, FibraHotel had 13 hotels in different stages of development, plus other projects yet to be announced (including the GICSA transaction):

Expected Number of Investment by FibraHotel (Ps. $ millions) termination rooms under Spent as of Sep Hotel State Total Remaining date construction 30 2015 1 Courtyard Ciudad del Carmen Campeche Oct 2015 133 140.0 132.6 7.4 2 Fairfield Inn & Suites Villahermosa Tabasco Oct 2015 134 110.0 98.6 11.4 3 Fairfield Inn & Suites Juriquilla Queretaro Oct 2015 134 110.0 108.5 1.5 4 One Durango Durango Dic 2015 126 72.5 30.6 41.9 5 Fiesta Americana Grand Monterrey Nuevo Leon 180 Dic 2015 710.0 535.2 174.8 6 Live Aqua Monterrey Nuevo Leon 74 7 AC Torre Americas 1500 Guadalajara Jalisco Dic 2015 188 246.0 211.9 34.1 8 AC Antea Queretaro Queretaro Dic 2015 175 212.0 145.9 66.1 9 Fiesta Inn Los Mochis Sinaloa S1 2016 125 112.5 24.2 88.3 10 Courtyard Vallejo Mexico 121 2016 230.0 98.7 131.3 11 Fairfield Inn & Suites Vallejo Mexico 125 12 Courtyard Toreo DF 2016 130 45.5 0.9 44.6 13 Veracruz select service Veracruz 2016 165 188.3 33.2 155.1 GICSA and other projects Various 2016-2017 TBD TBD 322.0 TBD Total 1,810 2,176.8 1,742.4 756.5 Note: For Toreo we only include the cash to be paid. Veracruz, GICSA and other projects are estimated number of rooms and budget

- Courtyard Ciudad del Carmen: The 133-room select-service Courtyard by Marriott hotel will be operated by Marriott International. The hotel is complete and currently in pre-operating phase with an estimated public opening during November.

- Fairfield Inn & Suites Villahermosa: The 134-room limited-service Fairfield Inn & Suites hotel will be operated by Marriott International and is located inside the shopping center in Villahermosa. The hotel is finishing equipment, will begin pre-operating in the next few weeks and with an estimated public opening by the end of November.

- Fairfield Inn & Suites Juriquilla: The 134-room limited-service Fairfield Inn & Suites hotel will be operated by Marriott International and is located inside the Uptown Juriquilla shopping center in Queretaro. The hotel is finishing equipment, will begin pre-operating in the next few weeks and with an estimated public opening by the end of November.

- 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 in Durango. The hotel structure is finished and it is currently in the masonry and MEP (mechanical, electrical and plumbing) phase. The opening of the hotel is estimated for December.

- AC Torre Américas 1500 Guadalajara: The 188-room AC by Marriott hotel will be operated by Marriott International and is located in the Torre Americas 1500 mixed use project. The structure of hotel is finished (with a facade progress of 90%), and the hotel is currently in the masonry and MEP (mechanical, electrical and plumbing) phase with 80% progress. The http://www.fibrahotel.com 4 @FibraHotel

hotel is expected to be finished by the end of November for pre-operation with an estimated public opening during January 2016.

- AC Antea Querétaro: The 175-room select-service AC by Marriott hotel will be operated by Marriott International and is located in the the Antea Queretaro mixed-use project. The structure of hotel is finished (with a facade progress of 85%), and the hotel is currently in the masonry and MEP (mechanical, electrical and plumbing) phase with 60% progress. The hotel is expected to be finished by the end of November for pre-operation with an estimated public opening during January 2016.

- Trebol 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 structure and façade of the hotel tower is completed. Both hotels are in advanced stages of masonry and MEP (mechanical, electrical and plumbing) and beginning equipment stage. The Fiesta Americana Grand hotel will be delivered for pre-operation in November with an estimated public opening during January 2016. The Live Aqua hotel will be delivered for pre- operation in December with an estimated public opening during February 2016.

- Fiesta Inn Los Mochis: The 125-room select-service Fiesta Inn hotel will be operated by Grupo Posadas and is located inside the Paseo Los Mochis shopping center. The hotel is currently in the structure phase with two concrete slabs finished. The hotel opening is planned mid- 2016.

- Via Vallejo (Courtyard y Fairfield Inn & Suites Vallejo): The 121-room select-service Courtyard hotel and the 125-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 project is under construction, and the opening of the hotels planned for the end of 2016.

- Courtyard Toreo: The 130-room select-service Courtyard hotel will be operated by Marriott International and is located in Mexico City. The project continues in the permits and license stage and we currently expect the hotel opening by the end of 2016.

- Select service Veracruz: The 165-room select-service hotel is in the permits and license stage and we currently expect the hotel opening by the end of 2016. We continue negotiating the respective brand and operating agreements.

http://www.fibrahotel.com 5 @FibraHotel

FibraHotel’s Portfolio as of September 30th, 2015 – Hotels in operation

Hotel State Region Rooms Operator Brand Segment Selected-Service Hotels - Managed 1 Fiesta Inn Aguascalientes Aguascalientes Center and South 125 Grupo Posadas Fiesta Inn Selected-Service 2 Fiesta Inn Ciudad Juárez Chihuahua Norwest 166 Grupo Posadas Fiesta Inn Selected-Service 3 Fiesta Inn Ciudad Obregón Sonora Norwest 141 Grupo Posadas Fiesta Inn Selected-Service 4 Fiesta Inn Chihuahua Chihuahua Norwest 152 Grupo Posadas Fiesta Inn Selected-Service 5 Fiesta Inn Cuernavaca Morelos Center and South 155 Grupo Posadas Fiesta Inn Selected-Service 6 Fiesta Inn Culiacán Sinaloa Norwest 146 Grupo Posadas Fiesta Inn Selected-Service 7 Fiesta Inn Durango Durango Norwest 138 Grupo Posadas Fiesta Inn Selected-Service 8 Fiesta Inn Guadalajara Expo Jalísco West 158 Grupo Posadas Fiesta Inn Selected-Service 9 Fiesta Inn Hermosillo Sonora Norwest 155 Grupo Posadas Fiesta Inn Selected-Service 10 Fiesta Inn León Guanajuato Center and South 160 Grupo Posadas Fiesta Inn Selected-Service 11 Fiesta Inn Mexicali BCN Norwest 150 Grupo Posadas Fiesta Inn Selected-Service 12 Fiesta Inn Monclova Coahuila Noreast 121 Grupo Posadas Fiesta Inn Selected-Service 13 Fiesta Inn Monterrey La Fe Nuevo Leon Noreast 161 Grupo Posadas Fiesta Inn Selected-Service 14 Fiesta Inn Naucalpan State of Mexico Center and South 119 Grupo Posadas Fiesta Inn Selected-Service 15 Fiesta Inn Nuevo Laredo Tamaulipas Noreast 120 Grupo Posadas Fiesta Inn Selected-Service 16 Fiesta Inn Oaxaca Oaxaca Center and South 145 Grupo Posadas Fiesta Inn Selected-Service 17 Fiesta Inn Perinorte (1) State of Mexico Center and South 123 Grupo Posadas Fiesta Inn Selected-Service 18 Fiesta Inn Puebla FINSA Puebla Center and South 123 Grupo Posadas Fiesta Inn Selected-Service 19 Fiesta Inn Querétaro Querétaro Center and South 175 Grupo Posadas Fiesta Inn Selected-Service 20 Fiesta Inn Saltillo Coahuila Noreast 149 Grupo Posadas Fiesta Inn Selected-Service 21 Fiesta Inn San Luis Potosí Oriente San Luis Potosí Center and South 140 Grupo Posadas Fiesta Inn Selected-Service 22 Fiesta Inn Tepic Nayarit West 139 Grupo Posadas Fiesta Inn Selected-Service 23 Fiesta Inn Tlalnepantla State of Mexico Center and South 131 Grupo Posadas Fiesta Inn Selected-Service 24 Fiesta Inn Torreón Galerías Coahuila Norwest 146 Grupo Posadas Fiesta Inn Selected-Service 25 Fiesta Inn Toluca Tollocan State of Mexico Center and South 144 Grupo Posadas Fiesta Inn Selected-Service 26 Fiesta Inn Xalapa Veracruz Center and South 119 Grupo Posadas Fiesta Inn Selected-Service 27 Real Inn Guadalajara Centro (1) Jalisco West 197 Grupo Real Turismo Real Inn Selected-Service 28 Real Inn Morelia Michoacan Center and South 158 Grupo Real Turismo Real Inn Selected-Service 29 Real Inn Mexicali (1) BCN Norwest 155 Grupo Real Turismo Real Inn Selected-Service 30 Gamma Ciudad Obregón Sonora Norwest 135 Grupo Posadas Gamma Selected-Service 31 Gamma León Guanajuato Center and South 159 Grupo Posadas Gamma Selected-Service 32 Gamma Tijuana BCN Norwest 140 Grupo Posadas Gamma Selected-Service Sub Total Portfolio Selected-Service 4,645

Limited-Service Hotels - Managed 33 One Acapulco Costera (1) Guerrero Center and South 126 Grupo Posadas One Limited-Service 34 One Aguascalientes Sur (1) Aguascalientes Center and South 126 Grupo Posadas One Limited-Service 35 One Coatzacoalcos Forum Veracruz Center and South 126 Grupo Posadas One Limited-Service 36 One Cuernavaca Morelos Center and South 125 Grupo Posadas One Limited-Service 37 One Culiacán Forum Sinaloa Norwest 119 Grupo Posadas One Limited-Service 38 One Guadalajara Tapatío Jalisco West 126 Grupo Posadas One Limited-Service 39 One Monclova Coahuila Noreast 66 Grupo Posadas One Limited-Service 40 One Monterrey Aeropuerto (1) Nuevo León Noreast 126 Grupo Posadas One Limited-Service 41 One Puebla FINSA Puebla Center and South 126 Grupo Posadas One Limited-Service 42 One Querétaro Plaza Galerías Querétaro Center and South 126 Grupo Posadas One Limited-Service 43 One Toluca Aeropuerto State of Mexico Center and South 126 Grupo Posadas One Limited-Service 44 One Ciudad de México Patriotismo Mexico DF Center and South 132 Grupo Posadas One Limited-Service 45 One Xalapa Veracruz Center and South 126 Grupo Posadas One Limited-Service 46 One Perisur Mexico DF Center and South 144 Grupo Posadas One Limited-Service 47 Fairfield Inn Los Cabos BCS Norwest 128 Marriott Int'l Fairfield Inn Limited-Service 48 Fairfield Inn & Suites Saltillo Coahuila Norwest 139 Marriott Int'l Fairfield Inn Limited-Service Sub Total Portfolio Limited-Service 1,987

Full-Service Hotels - Managed 49 Fiesta Americana Aguascalientes (1) Aguascalientes Center and South 192 Grupo Posadas Fiesta Americana Full-Service 50 Camino Real Puebla Puebla Center and South 153 Grupo Real Turismo Camino Real Full-Service 51 Sheraton Ambassador Monterrey (1) (2) Nuevo León Noreast 229 Starwood Sheraton Full-Service 52 Cacao Playa del Carmen Quintana Roo Center and South 60 Cornerstone Cacao Full-Service 634

Full-Service / Extended-Stay Hotels - Managed 53 Camino Real Hotel & Suites Puebla Puebla Center and South 121 Grupo Real Turismo CR Hotel & Suites Extended-Stay 54 Fiesta Inn Lofts Ciudad del Carmen Campeche Center and South 120 Grupo Posadas Fiesta Inn Lofts Extended-Stay 55 Fiesta Inn Lofts Monclova Coahuila Noreast 37 Grupo Posadas Fiesta Inn Lofts Extended-Stay 56 Fiesta Inn Lofts Querétaro Querétaro Center and South 50 Grupo Posadas Fiesta Inn Lofts Extended-Stay Sub Total Portfolio Full-Service / Extended-Stay 328

Leased Hotels 57 Fiesta Inn Cuautitlan State of Mexico Center and South 128 Grupo Posadas Fiesta Inn Selected-Service 58 Fiesta Inn Ecatepec State of Mexico Center and South 143 Grupo Posadas Fiesta Inn Selected-Service 59 Fiesta Inn Perisur Distrito Federal Center and South 212 Grupo Posadas Fiesta Inn Selected-Service Sub Total Portfolio Leased 483 Total Operating Hotels as of September 30, 2015 8,077 (1) Includes retail com ponent (2) Hotel in renovation process during the quarter

http://www.fibrahotel.com 6 @FibraHotel

Selected quarterly information

• The following table shows the main financial indicators for the last quarters5:

(In thousand pesos except per CBFI data) 4Q 2014 1Q 2015 2Q 2015 3Q 2015 3Q 2015 LTM Total revenues 446,569 448,967 501,298 504,201 1,901,036

Revenues - Managed hotels 428,000 425,664 482,396 484,188 1,820,249 % of total revenues 95.8% 94.8% 96.2% 96.0% 95.8%

Lodging contribution 153,709 149,650 162,275 168,992 634,626 Margin 34.4% 33.3% 32.4% 33.5% 33.4%

Lodging contribution - Managed hotels 135,140 126,348 143,373 148,978 553,839 Margin 31.6% 29.7% 29.7% 30.8% 30.4%

Net Operating Income 147,646 142,800 155,262 162,240 607,948 Margin 33.1% 31.8% 31.0% 32.2% 32.0%

EBITDA 114,889 107,034 119,987 125,852 467,762 Margin 25.7% 23.8% 23.9% 25.0% 24.6%

Consolidated net (loss) income 53,601 61,080 76,856 65,894 257,432 Margin 12.0% 13.6% 15.3% 13.1% 13.5%

Funds From Operation 102,265 109,107 124,764 114,091 450,226 FFO / CBFI with economic rights 0.2069 0.2207 0.2524 0.2308 0.9109

Adjusted Funds From Operation 113,803 101,064 106,841 105,807 427,516 AFFO / CBFI with economic rights 0.2302 0.2045 0.2162 0.2141 0.8649

Distribution 111,216 102,505 108,940 106,428 429,089 Distribution / CBFI with economic rights 0.2250 0.2074 0.2204 0.2153 0.8681

5 Lodging Contribution, NOI, EBITDA, FFO and AFFO are not IFRS figures. http://www.fibrahotel.com 7 @FibraHotel

Results for the third quarter of 2015

FibraHotel started the quarter with 57 hotels in operation and ended the quarter with 59 hotels in operation thanks to the opening of the One Perisur and Fiesta Inn Lofts Ciudad del Carmen hotels.

Total Revenues

During this period, FibraHotel’s total revenues were Ps. $504 million:

 Ps. $390 million of room rentals (77.4% of total revenues).  Ps. $89.3 million of food and beverage (17.7% of total revenues).  Ps. $20.3 million for the lease of (i) three hotels6 y (ii) retail and other leases in hotel properties (combined, 4.0% of total revenues).  Ps. $4.4 million (0.9% of total revenues) corresponded to other revenues.

Compared with the third quarter of 2014, total revenues increased by 27.4%.

Costs and General Expenses

During this period, FibraHotel’s costs and general expenses were Ps. $335 million:

 Ps. $212 million of administrative costs and expenses including the payment of the operators’ fees (63.1% of costs and general expenses).  Ps. $72.2 million of room expenses (21.6% of costs and general expenses).  Ps. $51.3 million of food and beverage expenses (15.3% of costs and general expenses).

Lodging Contribution

Lodging contribution was Ps. $169 million, representing 33.5% of total revenues:

 Ps. $149 million corresponded to the managed hotels (the margin was 30.8%, versus 30.6% for the third quarter of 2014 even though we had a larger number of hotels in ramp-up period during the third quarter of 2015).  Ps. $20 million corresponded to leases (100% margin).

Compared with the third quarter of 2014, the lodging contribution increased by 25.0%.

Operating Profit

Other operating expenses of Ps. $91.3 million consisted of: (i) real estate expenses of Ps. $6.8 million; (ii) administrative expenses of Ps. $10.6 million; (iii) advisory fee of Ps. $25.8 million; and (iv) depreciation of Ps. $48.2 million.

6 Leased hotels for the quarter are Fiesta Inn Cuautitlan, Fiesta Inn Ecatepec and Fiesta Inn Perisur. http://www.fibrahotel.com 8 @FibraHotel

The operating profit was Ps. $77.7 million, or 15.4% of total revenues.

Compared with the third quarter of 2014, the operating profit increased by 37.1%.

Adjusted Operating Profit

During the third quarter, FibraHotel had Ps. $16.3 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. $61.4 million.

Comprehensive Financial Cost

FibraHotel closed the quarter with a cash position of Ps. $675 million and interests earned during the period of Ps. $6.1 million. The cash position was fully invested in Mexican Federal Government issued debt securities.

Consolidated Net Income

The consolidated net income was Ps. $65.9 million.

Adjusted funds from operation (“AFFO”)7

During the third quarter of 2015, FibraHotel generated adjusted funds from operation of Ps. $106 million:

Ps. $ thousand 3Q 2015 3Q 2014 Variation Consolidated net (loss) income 65,894 61,843 6.5% (+) Depreciation 48,197 40,203

Funds From Operation 114,091 102,046 11.8% (-) Maintenance CAPEX (25,144) (19,339) (+) Non operating result adjustments 16,860 15,668

Adjusted Funds From Operation 105,807 98,375 7.6%

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 third quarter of 2015, FibraHotel had the following key cash flow items:

7 FFO and AFFO are not IFRS figures. http://www.fibrahotel.com 9 @FibraHotel

 FibraHotel had a net operating cash flow excluding activities from hotel operations of Ps. $138 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. $155 million.

 The net cash flow from investment activities was a negative (Ps. $820 million), mainly due to: (i) disbursements related to the development portfolio of (Ps. $764 million), (ii) capital expenditures during the quarter of (Ps. $62.2 million), and (iii) interest generated from our cash position of Ps. $6.1 million. Payments related to development portfolio are as follows: o Trebol Project (two hotels in Monterrey): Ps. $115 million o AC by Marriott Antea Querétaro: Ps. $81.1 million o Vallejo Project (two hotels in Mexico City): Ps. $57.8 million o AC by Marriott Torre Americas 1500 Guadalajara: Ps. $ 54.8 million o Ciudad del Carmen (Courtyard and Fiesta Inn Lofts): Ps. $42.6 million o Fairfield Inn & Suites Juriquilla: Ps. $39.4 million o Select-service hotel in Veracruz: Ps. $32.6 million o Fairfield Inn & Suites Villahermosa: Ps. $29.6 million o GICSA and other development projects to be announced: Ps. $311 million

 The net cash flow from financing activities was a negative (Ps. $125 million), mostly related to the distribution of the second quarter of 2015.

FibraHotel ended the third quarter of 2015 with no debt and a net cash position including recoverable VAT of Ps. $849 million (VAT recoverable totaled Ps. $173 million). Excluding recoverable VAT, FibraHotel had a cash position of Ps. $675 million compared to Ps. $1,465 million as of June 30th, 2015.

The following table presents a detailed status of FibraHotel’s cash position:

Ps. $ thousand 3Q 2015 Comentario Cash, cash equivalents and restricted cash 675,386 Available cash and cash equiv. - Operation 223,270 Hotels' working capital Restricted cash and cash equiv. - Operation 35,538 Available for maintenance CapEx Available cash and cash equiv. - Investment 416,578 Cash available for investment

Cash position without restricted cash 639,849

http://www.fibrahotel.com 10 @FibraHotel

Regulation applicable to FIBRAs

 Leverage level

FibraHotel ended the third quarter of 2015 with no debt and cash position of Ps. $675 million. As a result, the leverage level does not apply for the third quarter of 2015. 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 September 30th, 2015, the debt service coverage ratio for FibraHotel was 2.9x, 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. $48 million. o Estimated capital expenditures (maintenance): Ps. $165 million. o Estimated non-discretionary capital expenditures: Ps. $825 million.  Available resources: o Cash and cash equivalents (excluding restricted cash): Ps. 640 million. o VAT recoverable: Ps. $173 million. o Estimated operating result after distribution payment (including depreciation and interest’s income): Ps. $213 million. o Available credit facilities: Ps. $2,000 million.

Capital Expenditures (“CapEx”)

As of September 30th, 2015, the available maintenance capital expenditures reserve amounted to Ps. $35.5 million compared with Ps. $38.4 million as of June 30th, 2015. 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 third quarter of 2015, FibraHotel had the following relevant capital expenditures:  Maintenance CapEx: Ps. $26.4 million.  CapEx investment in hotel repositioning: FibraHotel constantly analyzes opportunities to make capital investments in hotels which have an opportunity to increase cash flows.

http://www.fibrahotel.com 11 @FibraHotel

During the third quarter of 2015, FibraHotel invested Ps. $35.2 million in renovation and repositioning CapEx.  Renovation CapEx was mainly invested in the Sheraton Ambassador Monterrey: (i) improvements in rooms, (ii) improvements in hallways, and (iii) improvements in common areas. The project has a budget of Ps. $85.0 million of which Ps. $41.2 million has been invested as of September 30th, 2015 (Ps. $25.6 million during the third quarter). The project will finish during the fourth quarter of 2015.

Distribution corresponding to the third quarter of 20158

FibraHotel looks to generate value for its certificate holders, and therefore on October 20th, 2015, FibraHotel’s Technical Committee approved a distribution of Ps. $106 million, equivalent to 21.53 cents (Ps. $0.2153) 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 July 1st and September 30th, 2015. The distribution will be paid on November 6th, 2015.

The distribution payment is broken as follows9:

Amount Concept per CBFI Total Ps. $ Ps. $ million Taxable Income 0.0625 30.9 Depreciation 0.1529 75.6 Total 0.2153 106.4

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 October 20th, 2015, there was an Audit Committee, a Practice Committee and a Technical Committee meeting for the approval of the 2015 third 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) http://www.fibrahotel.com 12 @FibraHotel

Operating Highlights of FibraHotel´s Portfolio

The following graph shows the quarterly evolution, from the first quarter of 2007 to the third quarter of 2015, of the ADR, the occupancy rate and the RevPAR for the 47 stabilized hotels of the portfolio.

1,000 80.0% 900 70.0% 800 60.0% 700 600 50.0% 500 40.0% 400 30.0% 300 20.0% 200 100 10.0% 0 0.0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 ADR RevPAR Occupancy

As of September 30th, 2015, FibraHotel’s total portfolio of 59 hotels in operation reported the following:

 Occupancy rate of 64.3%  ADR of Ps. $914  RevPAR of Ps. $588

The following tables show selected operating information of FibraHotel’s hotels in operation for the third quarter and the first nine months of 2015:

 2015 Initial Portfolio: includes 47 stabilized hotels in operation as of March 31st, 2015 (includes the 43 hotels of the Total Portfolio of stabilized hotels as of December 31st, 2014 plus the following hotels: Fiesta Inn Cuernavaca, Real Inn Morelia and One Guadalajara Tapatio and Fairfield Inn Los Cabos).

2015 Initial Port. (47H) Total Port. of stab. Hotels (43H)2015 Initial Port. (47H) Total Port. of stab. Hotels (43H) 3Q 2015 3Q 2014 2Q 2015 9M 2015 9M 2014 Ocupancy 66.2% 64.1% 64.7% Ocupancy 63.7% 61.2% ADR 917 885 944 ADR 931 907 RevPAR 607 567 611 RevPAR 593 555

The change in RevPAR between:

 The third quarter of 2014 and the third quarter of 2015 is +7.0%.

http://www.fibrahotel.com 13 @FibraHotel

 The first nine months of 2014 and the first nine months of 2015 is +6.8%.

The following table shows certain operating information by segment for the hotels in operation for the third quarter of the years 2013, 2014 and 2015:

Total Portfolio of Stabilized Hotels (47H) Total Portfolio (59H) 3rd Quarter 2013 3rd Quarter 2014 3rd Quarter 2015 3rd Quarter 2015

Segment Ocup. ADR RevPAR Ocup. ADR RevPAR Ocup. ADR RevPAR Ocup. ADR RevPAR

Limited-Service 60.4% $ 655 $ 395 57.3% $ 693 $ 397 64.1% $ 716 $ 459 60.7% $ 733 $ 445 Selected-Service 64.8% $ 907 $ 588 67.5% $ 921 $ 622 68.0% $ 954 $ 649 67.0% $ 941 $ 630 Full-Service 55.9% $ 977 $ 546 53.8% $ 1,044 $ 562 56.8% $ 1,150 $ 653 54.1% $ 1,227 $ 663 Extended-Stay n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 63.0% $ 1,008 $ 635

Total 63.1% $ 858 $ 541 64.1% $ 885 $ 567 66.2% $ 917 $ 607 64.3% $ 914 $ 588 Vs. previous year (3.2 bp) 4.2% -0.8% 1.0 bp 3.1% 4.7% 2.1 bp 3.6% 7.0%

The following table shows certain operating information by region10 for the hotels in operation for the third quarter of the years 2013, 2014 and 2015:

Total Portfolio of Stabilized Hotels (47H) Total Portfolio (59H) 3rd Quarter 2013 3rd Quarter 2014 3rd Quarter 2015 3rd Quarter 2015

Region Ocup. ADR RevPAR Ocup. ADR RevPAR Ocup. ADR RevPAR Ocup. ADR RevPAR

Norwest 56.4% $ 871 $ 491 59.6% $ 894 $ 532 67.4% $ 887 $ 598 67.2% $ 869 $ 584 Noreast 62.5% $ 765 $ 478 62.8% $ 767 $ 482 61.8% $ 864 $ 534 58.2% $ 868 $ 506 Center and South 66.9% $ 883 $ 591 66.0% $ 920 $ 607 66.2% $ 957 $ 633 63.9% $ 957 $ 612 West 58.4% $ 809 $ 472 66.2% $ 823 $ 545 69.3% $ 836 $ 580 69.3% $ 836 $ 580

Total 63.1% $ 858 $ 541 64.1% $ 885 $ 567 66.2% $ 917 $ 607 64.3% $ 914 $ 588 Vs. previous year (3.2 bp) 4.2% -0.8% 1.0 bp 3.1% 4.7% 2.1 bp 3.6% 7.0%

The following table shows FibraHotel’s Total Portfolio distribution (59 hotels) as of September 30th, 2015 by segment, region, number of hotels and rooms:

SEGMENT Hotels Rooms REGION Hotels Rooms # % # % # % # % Limited-Service 16 27.1% 1,987 24.6% Center and South 33 55.9% 4,438 54.9% Selected-Service 35 59.3% 5,128 63.5% Noreast 8 13.6% 1,009 12.5% Full-Service 4 6.8% 634 7.8% Norwest 14 23.7% 2,010 24.9% Extended-Stay 4 6.8% 328 4.1% West 4 6.8% 620 7.7% TOTAL 59 100.0% 8,077 100.0% TOTAL 59 100.0% 8,077 100.0%

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. http://www.fibrahotel.com 14 @FibraHotel

Quarterly Operating Portfolio Highlights (excluding leased hotels)

Available Occupied Room Revenues Year 2015 Occup. ADR RevPAR Rooms Rooms Ps. $ Million 1st quarter 635,872 370,645 58.3% $ 340.1 $ 917 $ 535 2nd quarter 665,040 416,466 62.6% $ 385.5 $ 926 $ 580 3rd quarter 682,504 435,523 63.8% $ 390.2 $ 896 $ 572 4th quarter - - 0.0% $ - $ - $ -

Total 1,983,416 1,222,634 61.6% $ 1,115.7 $ 913 $ 563

Timeline of hotel additions generating room revenue by month during 2015 (managed hotels):  January: includes the 50 managed hotels as of December 31st, 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.

http://www.fibrahotel.com 15 @FibraHotel

FibraHotel’s Portfolio evolution by quarter: Hotels and Rooms

Acquisition Number of rooms at end of period % of SELECTED SERVICE - MANAGED Date 1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 3Q 2015 rooms 1 * Fiesta Inn Aguascalientes 21/ 01/ 2013 125 125 125 125 125 125 125 125 125 125 125 1.5% 2 * Fiesta Inn Ciudad Juárez 21/ 01/ 2013 166 166 166 166 166 166 166 166 166 166 166 2.1% 3 * Fiesta Inn Ciudad Obregón 07/ 04/ 2014 123 123 123 141 141 141 1.7% 4 * Fiesta Inn Chihuahua 21/ 01/ 2013 152 152 152 152 152 152 152 152 152 152 152 1.9% 5 * Fiesta Inn Cuernavaca 15/ 12/ 2014 155 155 155 155 1.9% 6 * Fiesta Inn Culiacán 01/ 12/ 2012 142 142 142 142 142 142 146 146 146 146 146 1.8% 7 * Fiesta Inn Durango 01/ 12/ 2012 138 138 138 138 138 138 138 138 138 138 138 1.7% 8 * Fiesta Inn Guadalajara 21/ 01/ 2013 158 158 158 158 158 158 158 158 158 158 158 2.0% 9 * Fiesta Inn Hermosillo 01/ 12/ 2012 155 155 155 155 155 155 155 155 155 155 155 1.9% 10 * Fiesta Inn León 21/ 01/ 2013 160 160 160 160 160 160 160 160 160 160 160 2.0% 11 * Fiesta Inn Mexicali 21/ 01/ 2013 150 150 150 150 150 150 150 150 150 150 150 1.9% 12 * Fiesta Inn Monclova 28/ 02/ 2013 121 121 121 121 121 121 121 121 121 121 121 1.5% 13 * Fiesta Inn Monterrey 21/ 01/ 2013 161 161 161 161 161 161 161 161 161 161 161 2.0% 14 * Fiesta Inn Naucalpan 01/ 12/ 2012 119 119 119 119 119 119 119 119 119 119 119 1.5% 15 * Fiesta Inn Nuevo Laredo 01/ 12/ 2012 120 120 120 120 120 120 120 120 120 120 120 1.5% 16 * Fiesta Inn Oaxaca 05/ 07/ 2013 145 145 145 145 145 145 145 145 145 1.8% 17 * Fiesta Inn Perinorte 01/ 12/ 2012 123 123 123 123 123 123 123 123 123 123 123 1.5% 18 * Fiesta Inn Puebla FINSA 03/ 07/ 2013 123 123 123 123 123 123 123 123 123 1.5% 19 * Fiesta Inn Querétaro 21/ 01/ 2013 175 175 175 175 175 175 175 175 175 175 175 2.2% 20 * Fiesta Inn Saltillo 21/ 01/ 2013 149 149 149 149 149 149 149 149 149 149 149 1.8% 21 * Fiesta Inn San Luis Potosi Oriente 21/ 07/ 2014 140 140 140 140 140 1.7% 22 * Fiesta Inn Tepic 01/ 12/ 2012 139 139 139 139 139 139 139 139 139 139 139 1.7% 23 * Fiesta Inn Tlalnepantla 24/ 06/ 2013 131 131 131 131 131 131 131 131 131 131 1.6% 24 * Fiesta Inn Torreón 19/ 12/ 2012 146 146 146 146 146 146 146 146 146 146 146 1.8% 25 * Fiesta Inn Toluca 30/ 04/ 2013 144 144 144 144 144 144 144 144 144 144 1.8% 26 * Fiesta Inn Xalapa 27/ 03/ 2014 119 119 119 119 119 119 119 1.5% 27 * Real Inn Guadalajara 01/ 08/ 2013 197 197 197 197 197 197 197 197 197 2.4% 28 * Real Inn Mexicali 01/ 07/ 2013 158 158 158 158 158 158 158 158 158 2.0% 29 * Real Inn Morelia 01/ 03/ 2013 155 155 155 155 155 155 155 155 155 155 155 1.9% 30 Gamma Ciudad Obregón (Valle Grande) 30/ 05/ 2014 135 135 135 135 135 135 1.7% 31 Gamma León (Fussion 5) 22/ 05/ 2014 163 159 159 159 159 159 2.0% 32 Gamma Tijuana (Lausana Tijuana) 27/ 07/ 2014 140 140 140 140 140 1.7% Subtotal 2,754 3,029 3,652 3,652 3,771 4,192 4,472 4,627 4,645 4,645 4,645 57.5%

LIMITED SERVICE - MANAGED 33 * One Acapulco 01/ 12/ 2012 126 126 126 126 126 126 126 126 126 126 126 1.6% 34 * One Aguascalientes 01/ 12/ 2012 126 126 126 126 126 126 126 126 126 126 126 1.6% 35 * One Coatzacoalcos 01/ 12/ 2012 126 126 126 126 126 126 126 126 126 126 126 1.6% 36 One Cuernavaca 15/ 12/ 2014 125 125 125 125 1.5% 37 * One Culiacán 01/ 12/ 2012 119 119 119 119 119 119 119 119 119 119 119 1.5% 38 * One Guadalajara Tapatío 24/ 06/ 2013 126 126 126 126 126 126 126 126 126 126 1.6% 39 * One Xalapa 27/ 03/ 2014 108 108 108 126 126 126 126 1.6% 40 One Monclova 01/ 11/ 2014 66 66 66 66 0.8% 41 * One Monterrey 01/ 12/ 2012 126 126 126 126 126 126 126 126 126 126 126 1.6% 42 * One Puebla FINSA 02/ 07/ 2013 126 126 126 126 126 126 126 126 126 1.6% 43 * One Querétaro 21/ 01/ 2013 126 126 126 126 126 126 126 126 126 126 126 1.6% 44 * One Toluca 01/ 12/ 2012 126 126 126 126 126 126 126 126 126 126 126 1.6% 45 * One Patriotismo 21/ 01/ 2013 132 132 132 132 132 132 132 132 132 132 132 1.6% 46 One Perisur 16/ 07/ 2015 144 1.8% 47 * Fairfield Inn Los Cabos 20/ 06/ 2014 128 128 128 128 128 128 1.6% 48 Fairfield Inn & Suites Saltillo 31/ 03/ 2015 103 103 139 1.7% Subtotal 1,007 1,133 1,259 1,259 1,367 1,495 1,495 1,704 1,807 1,807 1,987 24.6%

FULL SERVICE - MANAGED 49 * Fiesta Americana Aguascalientes 15/ 01/ 2014 192 192 192 192 192 192 192 2.4% 50 * Camino Real Puebla 01/ 12/ 2012 153 153 153 153 153 153 153 153 153 153 153 1.9% 51 * Sheraton Ambassador 18/ 11/ 2014 229 229 229 229 2.8% 52 Cacao Playa del Carmen 19/ 11/ 2014 60 60 60 60 0.7% Subtotal 153 153 153 153 345 345 345 634 634 634 634 7.8%

EXTENDED STAY - MANAGED 53 Camino Real Hotel & Suites Puebla 01/ 03/ 2014 149 149 149 121 121 121 121 1.5% 54 Fiesta Inn Lofts Ciudad del Carmen 08/ 09/ 2015 120 1.5% 55 Fiesta Inn Lofts Monclova 01/ 11/ 2014 37 37 37 37 0.5% 56 Fiesta Inn Lofts Querétaro 01/ 11/ 2014 50 50 50 50 0.6% Subtotal - - - - 149 149 149 208 208 208 328 4.1%

LEASED HOTELS 57 * Fiesta Inn Cuautitlán 01/ 12/ 2012 128 128 128 128 128 128 128 128 128 128 128 1.6% 58 * Fiesta Inn Ecatepec 01/ 12/ 2012 143 143 143 143 143 143 143 143 143 143 143 1.8% 59 * Fiesta Inn Perisur 01/ 12/ 2012 212 212 212 212 212 212 212 212 212 212 212 2.6% Subtotal 483 483 483 483 483 483 483 483 483 483 483 6.0%

TOTAL OPERATING ROOMS 4,397 4,798 5,547 5,547 6,115 6,664 6,944 7,656 7,777 7,777 8,077 100.0% TOTAL OPERATING HOTELS 31 34 39 39 43 47 49 56 57 57 59

DEVELOPMENT Opening One Tapatío - Opened 24/ 06/ 2013 126 Camino Real Hotel & Suites Puebla - Opened 01/ 03/ 2014 134 134 149 149 Fiesta Inn Lofts / One Monclova - Opened 01/ 11/ 2014 105 105 103 103 Fiesta Inn Lofts Querétaro - Opened 01/ 11/ 2014 45 50 One Perisur - Opened 16/ 07/ 2015 144 144 144 Fiesta Inn Lofts Ciudad del Carmen - Opened 08/ 09/ 2015 124 124 124 124 120 Fairfield Inn Saltillo [expansion] 30/ 09/ 2015 139 142 39 39 60 Fairfield Inn & Suites Villahermosa 4Q 2015 134 134 134 134 134 134 7.4% 61 Courtyard Ciudad del Carmen 4Q 2015 130 130 130 130 133 133 7.3% 62 Fairfield Inn & Suites Juriquilla 4Q 2015 134 134 134 7.4% 63 Fiesta Americana Grand Monterrey Trebol 4Q 2015 180 180 180 180 180 180 180 180 9.9% 64 Live Aqua Monterrey Trebol 4Q 2015 46 46 46 46 46 46 70 74 4.1% 65 AC By Marriott Torre Americas 1500 4Q 2015 189 189 188 188 10.4% 66 AC By Marriott Antea Querétaro 4Q 2015 175 175 175 175 9.7% 67 One Durango 4Q 2015 126 126 7.0% 68 Courtyard Vallejo 2016 93 93 121 121 121 121 121 121 6.7% 69 Fairfield Inn & Suites Vallejo 2016 152 152 124 124 125 125 125 125 6.9% 70 Courtyard Toreo 2016 130 130 130 130 7.2% 71 Fiesta Inn Los Mochis 1H 2016 125 125 125 125 6.9% 72 Hotel de Servicio Selecto en Veracruz 2016 165 9.1% Increase in rooms inventory - 18 36 36 18 - - - 0.0% TOTAL DEVELOPMENT* 334 334 323 899 768 1,217 1,287 1,883 1,896 1,944 1,810 100.0%

TOTAL FIBRAHOTEL PORTFOLIO 4,731 5,132 5,870 6,446 6,883 7,881 8,231 9,539 9,673 9,721 9,887 NUMBER OF HOTELS 34 37 42 47 50 58 59 69 71 71 72 * 2015 Initial Portfolio (47 stabilized hotels in operation) Agreement with GICSA to be announced for 6 hotels to be developedwith~880 rooms http://www.fibrahotel.com 16 @FibraHotel

BALANCE SHEET As of September 30th, 2015 and December 31st, 2014 (figures in thousands pesos)

Assets 30/09/2015 31/12/2014 Current assets Cash, cash equivalents and restricted cash 675,386 2,091,905 Trade accounts receivable and other receivables 191,905 169,173 Due from related parties 3,190 3,190 Prepaid expenses 13,729 2,614 Recoverable taxes, mainly value-added tax 173,174 234,063 Total currents assets 1,057,384 2,500,946

Non current assets Hotel properties, furniture and operating equip. - Net 6,766,383 6,725,074 Properties under development 2,080,660 773,570 Advance to suppliers 1,694 1,654 Deferred income taxes 7,261 3,995 Total non-current assets 8,855,997 7,504,294

Total assets 9,913,382 10,005,239

Liabilities and partners' equity

Current liabilities: Suppliers and accrued expenses 262,709 233,249 Taxes payable 925 4,370 Other 1,589 631 Total current liabilities 265,223 238,250

Trustors' equity: Contribution from the trustors 9,235,643 9,495,328 Retained earnings 412,515 271,662 Total trustors' equity: 9,648,158 9,766,989

Total liabilities and trustors' equity 9,913,382 10,005,239

http://www.fibrahotel.com 17 @FibraHotel

INCOME STATEMENT From July 1st to September 30th, 2015 and 2015 year to date compared with 2014 (figures in thousands pesos)

3Q 2015 3Q 2014 Year 2015 Year 2014

Revenue: Rooms 390,219 299,513 1,115,730 823,086 Food and beverages 89,282 76,420 265,358 201,608 Leases 20,289 18,106 57,768 51,269 Others 4,411 1,833 15,610 8,293

Total revenue 504,201 395,872 1,454,466 1,084,257

Costs and general expenses Rooms 72,230 48,914 206,351 139,013 Food and beverages 51,314 42,684 157,896 114,926 Administrative expenses 211,665 169,079 609,302 459,254

Total costs and general expenses 335,209 260,677 973,550 713,193

Lodging contribution 168,992 135,195 480,917 371,064

Real estate expenses 6,752 5,248 20,614 15,563 Advisory fee 25,782 25,669 77,437 76,999 Administrative expenses related to FibraHotel 10,606 7,439 29,992 22,156

Depreciation 48,197 40,203 144,131 114,267

Income from operations 77,655 56,635 208,742 142,079

Extraordinary expenses, net 16,262 15,668 37,235 54,797

Adjusted (loss) from operations 61,393 40,967 171,507 87,283

Non operating income 107 75 2,660 12,186 Comprehensive financing result 5,399 22,362 30,086 101,595

Income before taxes 66,899 63,404 204,253 201,064

Tax 1,005 1,561 423 962

Consolidated net (loss) income 65,894 61,843 203,830 200,102

http://www.fibrahotel.com 18 @FibraHotel

CASH FLOW STATEMENT From July 1st to September 30th, 2015 and 2015 year to date compared with 2014 (figures in thousands pesos)

3Q 2015 3Q 2014 Year 2015 Year 2014

Operating Activities Consolidated net income 65,894 61,843 203,830 200,102 Adjustments for non cash items Tax 0 0 0 0 Cost for asset sale (919) (51) (919) 16,232 Depreciation 48,197 40,203 144,131 114,267 Interest income (6,058) (22,356) (31,332) (102,189) Total 107,114 79,639 315,710 228,411

(Increase) decrease in: Trade accounts receivable and others 2,651 (14,706) (8,861) (57,593) Due from related parties 0 0 (0) 508 Recoverables taxes, mainly VAT 33,223 41,098 60,889 82,160 Prepaid expenses 7,493 806 (10,680) (5,804) Other assets (67) (43) (40) (135) Increase (decrease) in: Suppliers and accrued expenses 6,786 2,758 29,461 59,961 Due to related parties 0 (0) 0 (0) Tax payable (2,183) (2,434) (5,753) (2,709) Net cash flow used in operating activities 155,016 107,119 380,726 304,797

Investing activities Business acquired, net of cash received 0 (293,595) 0 (1,176,379) Development portfolio (764,372) (129,580) (1,307,089) (358,374) Acquisition of other assets (62,247) (49,981) (185,471) (220,423) Asset sale 950 51 950 1,189 Interest income 6,058 22,356 31,332 102,189 Net cash flow used in investing activities (819,611) (450,749) (1,460,278) (1,651,798)

Financing activities Ditributions to trustors (108,940) (114,307) (322,661) (317,899) CBIFs issuance 0 0 0 0 Issuance expenses 0 0 0 0 Other (16,401) 0 (14,306) 0 Net cash flow used in financing activities (125,341) (114,307) (336,967) (317,899)

Net increase (decrease) in cash, cash equivalents and restricted cash (789,936) (457,937) (1,416,519) (1,664,900)

Cash, cash equivalents and restricted cash at the beginning of the period 1,465,322 3,580,232 2,091,905 4,787,793

Cash, cash equivalents and restricted cash at the end of the period 675,386 3,122,295 675,386 3,122,893

http://www.fibrahotel.com 19 @FibraHotel

Overview of development hotels currently under construction:

Courtyard by Marriott Ciudad del Carmen: The hotel is currently pre-operating with construction mostly finished. The estimated public opening of the hotel will be during November.

Courtyard Ciudad del Carmen hotel pictures

Hotel Courtyard

http://www.fibrahotel.com 20 @FibraHotel

Fairfield Inn & Suites Villahermosa: The hotel is finishing the equipment phase and about to start pre-operating. The estimated public opening of the hotel will be during November.

Fairfield Inn & Suites Villahermosa hotel pictures

http://www.fibrahotel.com 21 @FibraHotel

Fairfield Inn & Suites Juriquilla: The hotel is finishing the equipment phase and about to start pre-operating. The estimated public opening of the hotel will be during November.

Fairfield Inn & Suites Juriquilla hotel pictures

http://www.fibrahotel.com 22 @FibraHotel

One Durango: The hotel structure is finished and it is currently in the masonry and MEP (mechanical, electrical and plumbing) phase.

One Durango hotel construction pictures to date:

AC by Marriott Torre Américas 1500: The structure of hotel is finished (with a facade progress of 90%), and the hotel is currently in the masonry and MEP (mechanical, electrical and plumbing) phase with 80% progress.

AC by Marriott Guadalajara hotel construction pictures to date: :

http://www.fibrahotel.com 23 @FibraHotel

AC by Marriott Antea Querétaro: The structure of hotel is finished (facade progress of 85%), and the hotel is currently in the masonry and MEP (mechanical, electrical and plumbing) phase with 60% progress.

AC by Marriott Antea Querétaro hotel construction pictures to date::

Trebol Monterrey (Fiesta Americana Grand y Live Aqua): The structure and façade of the hotel tower is completed. Both hotels are in advanced stages of masonry and MEP (mechanical, electrical and plumbing) and beginning equipment stage.

Fiesta Americana Grand and Live Aqua Monterrey hotels construction pictures to date:

http://www.fibrahotel.com 24 @FibraHotel

Fiesta Inn Los Mochis: The hotel is currently in the structure phase with two concrete slabs finished.

Fiesta Inn Los Mochis hotel construction pictures to date:

Via Vallejo (Fairfield Inn & Suites y Courtyard by Marriott):

The structure of the project is under construction, with the hotel construction yet to start.

Via Vallejo construction pictures to date:

http://www.fibrahotel.com 25 @FibraHotel

Pictures of the Fiesta Inn Lofts Ciudad del Carmen hotel opened September 8th, 2015:

http://www.fibrahotel.com 26 @FibraHotel

Conference call invite:

http://www.fibrahotel.com 27 @FibraHotel

About FibraHotel

FibraHotel FibraHotel is a Mexican trust created primarily to acquire, develop and operate business-class hotels in the limited service, selected service, full service and extended-stay segments. Our objective is to provide attractive returns to our CBFI holders, through stable cash distributions and the appreciation of our real estate assets. Also, we will aim to have a high quality hotel portfolio, through the affiliation to different hotel brands and renowned operators, as well as geographic and segment diversification.

Under Mexican laws, Fibras must invest at least 70% of its assets in real estate for lease, among other requisites. Additionally, Fibras must distribute in cash at least once a year 95% of taxable income to its CBFI holders. Such characteristics, together with a solid performance of the real estate market in Mexico and a team with over two decades of real estate and hotel experience, make FibraHotel an attractive investment vehicle.

FibraHotel is internally managed by Fibra Hotelera, S.C., and is externally advised by Administradora Fibra Hotelera Mexicana, S.A. de C.V whose key executives have over 60 years of combined experience in real estate development and operations and hotels in Mexico.

Investor relations contact

Mexico City Guillermo Bravo Tel: +52 (55) 5292 8050 E-mail: [email protected]

http://www.fibrahotel.com 28 @FibraHotel