VALUE CREATION FOR OUR INVESTORS DURING 2014

DISTRIBUTION

SUSTAINED GROWTH

Dividend yield

-%⁽¹⁾

The highest in the publicly held hotel industry

Distribution

Ps. -

millon

29.8% vs. 2013

Acquisitions and Developments⁽²⁾

The acquisition of 13 hotels, representing 1,733 rooms.
The expansion of 4 hotels, representing 304 additional rooms.
The development of 3 properties, representing 645 rooms under construction.
Acquisition cap rates between 10% and 11.2%.
Development cap rates between 11.3% and 12.3%.

Organic Growth

Increase of Room Revenue, 6.4%.
Increase of Average Daily Rate, 7.5%.
Increase of RevPAR, 4.6%.

hotels acquired

Average Daily Rate

RevPAR

OPERATIVE INDICATORS IN COMPARABLE PROPERTIES (22 HOTELS)

	2014	2013	VARIATION
Room Revenue	$ 800.5	$ 752.1	6.4%
Occupancy	59.6%	61.3%	-1.7 pp
Average Daily Rate	$ 1,016.5	$ 945.6	7.5%
RevPar	$ 605.9	$ 579.4	4.6%

(1) Considers the payment of annualized dividends considering the price of the CBFI at Ps. 16.40 at December 31, 2014.
(2) On March 26, 2015, Fibra Inn announced the temporary suspension in the construction of the Fairfield Inn & Suites by Marriott in Ciudad del Carmen due to market changes. Therefore, on the date of presentation of this Annual Report, Fibra Inn has 31 hotels and two in development, representing 5,538 rooms and 465 rooms under construction.

EFFICIENT HOTEL OPERATION

4 Synergies in 8 hotels.
Change of operator in 3 hotels.
Rebranding in 3 hotels.
Addition of 304 rooms.
Operation with 12 international brands and two of national prestige.
Diversified portfolio located throughout 14 states of the nation.
The results reflect the expertise of the Fibra Inn as Hotel Operator:
- NOI margin, 36.4%, the most attractive of the public hotel industry.
- Adjusted EBITDA margin, 30.4%.
- Growth of EBITDA, 37.0% and Adjusted EBITDA, 80.1%.
- EBITDA per room, Ps.74,191⁽¹⁾.

NOI margin

Adjusted EBITDA margin

TAX ADVANTAGES

FIBRAS excluded from the 10% income tax on capital gains.
FIBRAS are not affected by the additional taxes on paid dividends.
FIBRAS do not pay income tax; the taxpayer is the holder (if it is not exempt).

DIVIDENDS

	2014	2013	VARIATION
Dividend per CBFI	0.7996	0.7067	13.1%
Dividend Yield	4.9%	4.1%
Total Distribution	237.1	182.6	29.8%

(1) Calculated based on the number of rooms in operation and considering the Adjusted EBITDA