fibrahotel (“fibrahotel”), the first real estate investment trust … · 2021. 7. 29. · 13...

http://www.fibrahotel.com 1 @FibraHotel

FibraHotel (“FibraHotel”), the first real estate investment trust specialized in hotels in

Mexico, announces its financial results corresponding to the first quarter of 2021. Mexico City, April 21st, 2021 --- FibraHotel (BMV: FIHO 12), the first real estate investment trust specialized in hotels in Mexico announces its financial results corresponding to the first quarter of 2021. Except where noted, all figures included herein were prepared in accordance with IFRS and are stated in nominal Mexican pesos.

2021 First Quarter Highlights

• FibraHotel ended the first quarter of 2021 with 86 hotels and 12,5581 rooms, of which 81

hotels and 11,939 rooms are in operation.

• For the Total FibraHotel Portfolio of 801 properties (excluding the five hotels that are currently

closed and the Fiesta Americana Condesa Cancun hotel), average daily rate (“ADR”) was Ps.

$1,041, occupancy was 36.4% (versus 50.3% of the first quarter of 2020) and revenue per

available room (“RevPAR”) was Ps. $379 representing a (40.4%) decrease against the first

quarter of 2020 of Ps. $637.

• The Fiesta Americana Condesa Cancun hotel had a Net Package ADR2 of Ps. $4,798,

occupancy was 52.4%, and Net Package RevPAR was Ps. $2,514. FibraHotel received lease

revenue from the property of Ps. $45.8 million during the quarter.

• Total revenues for the quarter were Ps. $557 million.

• Lodging contribution3 for the quarter was Ps. $154 million.

• Funds from operations (“FFO”)4 for the quarter was (Ps. $8.1 million).

• Adjusted funds from operations (“AFFO”)5 for the quarter were (Ps. $37.7 million).

• As of March 31st, 2020, FibraHotel had a cash position of Ps. $476 million, a debt position of

Ps. $5,169 million, and a net debt position of Ps. $4,694 million.

• As of March 31st, 2021, total owners´ equity was Ps. $11,339 million.

1 There are five hotels temporarily closed; Limited Service Coatzacoalcos, Limited Service Saltillo, Selected Service Ciudad Obregón, Selected Service

León and Cacao Playa del Carmen. In total they represent 619 rooms and they are excluded from the operational KPIs of the quarter. 2 Fiesta Americana Condesa Cancun is measured with All Inclusive Indicators, considering the package of room and food & beverage. These metrics do

not include upgrades or additional purchases made by the guests. 3 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 (property tax, insurance, taxes, and others) and FibraHotel’s administration expenses. Lodging

contribution is not an IFRS figure. 4 Funds from operation (“FFO”) is based on Amefibra´s definition which has been published by FibraHotel since the second quarter 2020. The main

differences with the FFO previously reported by FibraHotel is that the Amefibra FFO considers adjustments for pre-operating expenses and exchange

rate fluctuations, which were not considered in the FFO FIHO, but were considered in the AFFO FIHO. FFO is not an IFRS figure. 5 Adjusted funds from operation (“AFFO”) is defined as net income plus depreciation plus non-operating and non-cash adjustments less maintenance

capex reserve of the period. AFFO is not an IFRS figure.


“First quarter 2021 results continue to demonstrate the resilience of our portfolio and the progress in

recovering from the impact of the Covid-19 pandemic. We began the quarter with a new wave of infections

in Mexico, including operating restrictions and capacity limits. In January the portfolio had an occupancy

of 32.4%. As the quarter progressed we saw a rapid recovery, achieving occupancies of 35.4% in February

and 42.3% in March. RevPAR grew 40% from March 2021 versus January 2021. March also had the best

monthly result and achieved positive AFFO for the first time since the pandemic was announced. Thanks

to our focus on cost control, EBITDA for the quarter was 81 million pesos. Tourism continues to recover

at a faster pace than business travelers. The Fiesta Americana Condesa Cancun hotel had a 52.4%

occupancy in the quarter and the Live Aqua San Miguel de Allende hotel had a 31% higher hotel

contribution in the quarter versus last year. In line with this trend, I would like to highlight two

announcements made during in the quarter that continue to strengthen our presence in the leisure segment.

First, we announced the signing of our first hotel with Hilton to reopen the hotel in Playa del Carmen as

The Yucatan Resort, Tapestry Collection by Hilton, operated by Playa Hotels & Resorts. Second, we made

the remaining payment to finalize the acquisition of the Fiesta Americana Hacienda Galindo hotel. Even

with a better short term outlook we continue to work on improving our liquidity and balance sheet position.

We have 476 million pesos in cash, an LTV of 30% and have signed agreements to significantly reduce

capital amortizations for the rest of 2021. Finally, I would like to thank our team members, operating

partners, banks and investors for their support in achieving these results.” said Simón Galante, CEO

FibraHotel.


Additional information:

FIHO 19 Holder’s Assembly

On February 3rd, 2021, FibraHotel held a FIHO CBF 19 Holders’ Assembly and all proposals were

passed, including:

A waiver for 2021 regarding a clause that limited new debt issuance if the debt coverage

ratio was lower than 1.5x. With this waiver, FibraHotel is able to issue additional debt

during 2021 for an amount up to Ps. $500 million;

Added a new clause allowing FibraHotel to issue additional debt to refinance existing

debts if it improves the terms and conditions of the existing debt, even when the debt

service coverage ratio is lower than 1.5x.

Signed agreements to reopen the 60-room hotel in Playa del Carmen

FibraHotel signed agreements to reopen the 60-room hotel in Playa del Carmen in the coming

months. The hotel will be branded as The Yucatan Resort Playa del Carmen, Tapestry Collection

by Hilton and will be operated under the all-inclusive concept by Playa Hotels & Resorts. This is

FibraHotel's first hotel under a Hilton brand, a leading hospitality company with a portfolio of

18 world-class brands comprising more than 6,400 properties with nearly one million rooms, in

119 countries and territories. It is also FibraHotel's first hotel operated by Playa Hotels & Resorts,

a leading operator of all-inclusive resorts located in the most popular destinations in Mexico and

the Caribbean. For accounting purposes, upon the opening of the hotel, the hotel will no longer

be considered an Investment Property on the balance sheet and will be considered as Property,

Plant and Equipment.

Payment of the remaining price of the acquisition of the Fiesta Americana Hacienda Galindo

hotel as closing conditions were met

On March 10th, 2021, the closing conditions were met for the purchase of the Fiesta Americana

Hacienda Galindo hotel with 168 full-service rooms operated by Grupo Posadas. As part of the

agreement in 2017, FibraHotel did a full repositioning of the hotel with an investment of Ps. $155

million as part of the purchase price, and the remaining price of Ps. $156 million was paid in

March 2021. The total price for the hotel was Ps. $301 million. As of the closing, the property was

transferred to FibraHotel with an operating agreement with Grupo Posadas.

Disbursed a credit line with Banorte

On March 31st, 2021, FibraHotel disbursed Ps. 250 million of a credit line with Banorte. Capital

amortizations will begin on September 2022 with a maturity in June 2030. The interest rate will

be calculated based on TIIE 91d + 260 bps.


Since the second quarter of 2020 FibraHotel implemented Amefibra´s definition of Funds

From Operation (“FFO”) seeking the standardization of metrics in the sector

Since the second quarter of 2020, FibraHotel has implemented the use of Amefibra´s definition of

Funds from Operation (“FFO”). Amefibra published this definition aiming to standardize certain

metrics in the Real Estate Fibra sector in line with the best international practices. For detailed

information, please refer to Amefibra´s methodology document available at

https://amefibra.com/asg/.

Outstanding CBFIs and operations by the Repurchase Program

As of March 31st, 2021 and as of this date FibraHotel has 783,394,169 outstanding CBFIs with

economic rights. FibraHotel has an authorized Repurchase Program of up to 5% of outstanding

CBFIs during 2020-2021 which was not used in the first quarter of 2021.

Additional information after the end of the quarter:

Change of the lease agreement in the Fiesta Inn Perisur hotel to an operating agreement

Until March 31st, 2021 the Fiesta Inn Perisur hotel had a lease agreement with Grupo Posadas. On

April 1st, 2021 the agreement was terminated and the hotel signed a new management agreement

with the same brand and operator. Beginning in the second quarter of 2021 the hotel will be

considered as a managed hotel. For accounting purposes as of April 1st, 2021, the hotel will no

longer be considered as Investment Property in the balance sheet and will be considered as

Property, Plant and Equipment.

Signing of an amended credit agreement with Sabadell

On April 16th, 2021, an amendment credit agreement was signed with Sabadell to extend the

maturity of the Ps. $200 million revolving credit line by an additional 24 months. As a result of

this agreement, the amortization date of the credit line is extended from May 2021 to May 2023.

The interest rate will be calculated based on TIIE 28d + 210 bps. As a result of this agreement, debt

capital amortizations for the remainder of 2021 are reduced from Ps. $314 million to Ps. $114

million.

https://amefibra.com/asg/


FibraHotel’s Portfolio as of March 31st, 2021

Hotel State Region Rooms Operator Brand Segment

Selected-Service Hotels - Managed

1 Fiesta Inn Aguascalientes Aguascalientes Bajio 125 Grupo Posadas Fiesta Inn Selected-Service

2 Fiesta Inn Buenavista Mexico City Mexico City 129 Grupo Posadas Fiesta Inn Selected-Service

4 Fiesta Inn Ciudad del Carmen (1) (2) Campeche South 253 Grupo Posadas Fiesta Inn Selected-Service

5 Fiesta Inn Ciudad Juárez Chihuahua Northwest 166 Grupo Posadas Fiesta Inn Selected-Service

6 Fiesta Inn Ciudad Obregón Sonora Northwest 141 Grupo Posadas Fiesta Inn Selected-Service

7 Fiesta Inn Chihuahua Chihuahua Northwest 152 Grupo Posadas Fiesta Inn Selected-Service

8 Fiesta Inn Cuautitlán State of Mexico Mexico City 128 Grupo Posadas Fiesta Inn Selected-Service

9 Fiesta Inn Cuernavaca Morelos South 155 Grupo Posadas Fiesta Inn Selected-Service

10 Fiesta Inn Culiacán Sinaloa Northwest 146 Grupo Posadas Fiesta Inn Selected-Service

11 Fiesta Inn Durango Durango Northwest 138 Grupo Posadas Fiesta Inn Selected-Service

12 Fiesta Inn Ecatepec State of Mexico Mexico City 143 Grupo Posadas Fiesta Inn Selected-Service

13 Fiesta Inn Guadalajara Expo Jalisco West 158 Grupo Posadas Fiesta Inn Selected-Service

14 Fiesta Inn Hermosillo Sonora Northwest 155 Grupo Posadas Fiesta Inn Selected-Service

15 Fiesta Inn León Guanajuato Bajio 160 Grupo Posadas Fiesta Inn Selected-Service

16 Fiesta Inn Mexicali BCN Northwest 150 Grupo Posadas Fiesta Inn Selected-Service

17 Fiesta Inn Morelia Michoacan West 155 Grupo Posadas Fiesta Inn Selected-Service

18 Fiesta Inn Los Mochis Sinaloa Northwest 125 Grupo Posadas Fiesta Inn Selected-Service

20 Fiesta Inn Monclova (2) Coahuila Northeast 158 Grupo Posadas Fiesta Inn Selected-Service

22 Fiesta Inn Monterrey La Fe (2) Nuevo Leon Northeast 209 Grupo Posadas Fiesta Inn Selected-Service

23 Fiesta Inn Monterrey Valle Nuevo Leon Northeast 177 Grupo Posadas Fiesta Inn Selected-Service

24 Fiesta Inn Naucalpan State of Mexico Mexico City 119 Grupo Posadas Fiesta Inn Selected-Service

25 Fiesta Inn Nuevo Laredo Tamaulipas Northeast 120 Grupo Posadas Fiesta Inn Selected-Service

26 Fiesta Inn Oaxaca Oaxaca South 145 Grupo Posadas Fiesta Inn Selected-Service

27 Fiesta Inn Perinorte (1) State of Mexico Mexico City 127 Grupo Posadas Fiesta Inn Selected-Service

28 Fiesta Inn Puebla FINSA Puebla South 123 Grupo Posadas Fiesta Inn Selected-Service

30 Fiesta Inn Querétaro (2) Querétaro Bajio 225 Grupo Posadas Fiesta Inn Selected-Service

31 Fiesta Inn Saltillo Coahuila Northeast 149 Grupo Posadas Fiesta Inn Selected-Service

32 Fiesta Inn San Luis Potosí Oriente San Luis Potosí Bajio 140 Grupo Posadas Fiesta Inn Selected-Service

33 Fiesta Inn Tepic Nayarit West 139 Grupo Posadas Fiesta Inn Selected-Service

34 Fiesta Inn Tlalnepantla State of Mexico Mexico City 131 Grupo Posadas Fiesta Inn Selected-Service

35 Fiesta Inn Torreón Galerías Coahuila Northeast 146 Grupo Posadas Fiesta Inn Selected-Service

36 Fiesta Inn Toluca Tollocan State of Mexico South 144 Grupo Posadas Fiesta Inn Selected-Service

37 Fiesta Inn Puerto Vallarta Jalisco West 144 Grupo Posadas Fiesta Inn Selected-Service

38 Fiesta Inn Villahermosa Tabasco South 159 Grupo Posadas Fiesta Inn Selected-Service

39 Fiesta Inn Xalapa Veracruz South 119 Grupo Posadas Fiesta Inn Selected-Service

40 Real Inn Mexicali (1) BCN Northwest 158 Grupo Real Turismo Real Inn Selected-Service

41 Selected-Service Obregón (3) Sonora Northwest 135 Selected-Service

42 Gamma Guadalajara Centro (1) Jalisco West 197 Grupo Posadas Gamma Selected-Service

43 Selected-Service León (3) Guanajuato Bajio 159 Selected-Service

44 Gamma Tijuana (1) BCN Northwest 140 Grupo Posadas Gamma Selected-Service

45 Courtyard Toreo State of Mexico Mexico City 146 Marriott Int'l Courtyard Selected-Service

46 Courtyard Vallejo Mexico City Mexico City 125 Marriott Int'l Courtyard Selected-Service

Sub Total 6,313

(1) Includes retail component

(2) Includes extended stay component

(3) Hotels currently closed (In total, 5 hotels and 619 rooms)


FibraHotel’s Portfolio as of March 31st, 2021 (cont´d)

Hotel State Region Rooms Operator Brand Segment

Limited-Service Hotels - Managed

47 One Acapulco Costera (1) Guerrero South 126 Grupo Posadas One Limited-Service

48 One Aguascalientes Sur (1) Aguascalientes Bajio 126 Grupo Posadas One Limited-Service

49 Limited-Service Coatzacoalcos (3) Veracruz South 126 Limited-Service

50 One Cuautitlan (1) State of Mexico Mexico City 156 Grupo Posadas One Limited-Service

51 One Cuernavaca Morelos South 125 Grupo Posadas One Limited-Service

52 One Culiacán Forum Sinaloa Northwest 119 Grupo Posadas One Limited-Service

53 One Durango Durango Northwest 126 Grupo Posadas One Limited-Service

54 One Guadalajara Tapatío Jalisco West 126 Grupo Posadas One Limited-Service

55 One Monclova Coahuila Northeast 66 Grupo Posadas One Limited-Service

56 One Monterrey Aeropuerto (1) Nuevo León Northeast 126 Grupo Posadas One Limited-Service

57 One Puebla FINSA Puebla South 126 Grupo Posadas One Limited-Service

58 One Querétaro Plaza Galerías Querétaro Bajio 126 Grupo Posadas One Limited-Service

59 One Toluca Aeropuerto State of Mexico South 126 Grupo Posadas One Limited-Service

60 One Ciudad de México Patriotismo Mexico City Mexico City 132 Grupo Posadas One Limited-Service

61 One Perisur Mexico City Mexico City 144 Grupo Posadas One Limited-Service

62 One Xalapa Veracruz South 126 Grupo Posadas One Limited-Service

63 Fairfield Inn & Suites Juriquilla Querétaro Bajio 134 Marriott Int'l Fairfield Inn Limited-Service

64 Fairfield Inn Los Cabos BCS Northwest 128 Marriott Int'l Fairfield Inn Limited-Service

65 Fairfield Inn & Suites Nogales Sonora Northwest 134 Marriott Int'l Fairfield Inn Limited-Service

66 Limited-Service Saltillo (3) Coahuila Northeast 139 Limited-Service

67 Fairfield Inn & Suites Vallejo Mexico City Mexico City 121 Marriott Int'l Fairfield Inn Limited-Service

68 Fairfield Inn & Suites Villahermosa Tabasco South 134 Marriott Int'l Fairfield Inn Limited-Service

Sub Total 2,792

Full-Service Hotels - Managed

69 Fiesta Americana Aguascalientes (1) Aguascalientes Bajio 192 Grupo Posadas Fiesta Americana Full-Service

70 Fiesta Americana Hermosillo Sonora Northwest 220 Grupo Posadas Fiesta Americana Full-Service

71 Fiesta Americana Hacienda Galindo Querétaro Bajio 168 Grupo Posadas Fiesta Americana Full-Service

72 Fiesta Americana Pabellón M Nuevo León Northeast 178 Grupo Posadas Fiesta Americana Full-Service

73 Fiesta Americana México Satélite Estado de México Mexico City 223 Grupo Posadas Fiesta Americana Full-Service

74 Fiesta Americana Viaducto Aeropuerto Mexico City CDMX 260 Grupo Posadas Fiesta Americana Full-Service

75 Grand Fiesta Americana Monterrey Valle Nuevo León Northeast 180 Grupo Posadas Grand Fiesta Americana Full-Service

76 Live Aqua Monterrey Valle Nuevo León Northeast 70 Grupo Posadas Live Aqua Full-Service

77 Live Aqua San Miguel de Allende Guanajuato Bajio 153 Grupo Posadas Live Aqua Full-Service

79 Camino Real Puebla Hotel & Suites (2) Puebla South 274 Grupo Real Turismo Camino Real Full-Service

80 Sheraton Ambassador Monterrey Nuevo León Northeast 229 Marriott Int'l Sheraton Full-Service

81 AC by Marriott Querétaro Querétaro Bajio 175 Marriott Int'l AC by Marriott Full-Service

82 AC by Marriott Guadalajara Jalisco West 188 Marriott Int'l AC by Marriott Full-Service

83 AC by Marriott Veracruz Veracruz South 164 Marriott Int'l AC by Marriott Full-Service

Sub Total 2,674

Leased Hotels

84 Fiesta Inn Perisur Mexico City Mexico City 212 Grupo Posadas Fiesta Inn Selected-Service

85 Hotel Cacao Playa del Carmen (3)* Quintana Roo South 60 Full-Service

86 Fiesta Americana Condesa Cancún Quintana Roo South 507 Grupo Posadas Fiesta Americana Resort

Sub Total 779

Total Operating Rooms as of March 31st, 2021 11,939

Total Rooms as of March 31st, 2021 12,558

* We estimate that the hotel will open in the coming months under the brand name The Yucatan Resort Playa del Carmen, Tapestry Collection by Hilton and

will be operated by Playa Hotels and Resorts

(2) Includes extended stay component

(3) Hotels currently closed (In total, 5 hotels and 619 rooms)

(1) Includes retail component


Selected quarterly information

• The following table shows certain financial indicators for the last four quarters6:

6 Lodging Contribution, EBITDA, Amefibra FFO and AFFO are not IFRS figures.

(In thousand pesos except per CBFI data) 2Q 2020 3Q 2020 4Q 2020 1Q 2021 LTM 1Q 2021

Total revenues 71,663 375,755 545,420 556,795 1,549,633

Revenues - Managed hotels 62,897 340,405 495,512 471,820 1,370,633

% of total revenues 87.8% 90.6% 90.8% 84.7% 88.4%

Lodging contribution (165,126) 46,592 133,965 154,193 169,624

Margin n.a 12.4% 24.6% 27.7% 10.9%

Lodging contribution - Managed hotels (173,892) 11,242 84,057 69,218 (9,375)

Margin n.a 3.3% 17.0% 14.7% n.a

Net Operating Income (225,218) 29,930 111,020 134,706 50,438

Margin n.a 8.0% 20.4% 24.2% 3.3%

Adjusted EBITDA (277,590) (20,379) 59,606 81,409 (156,954)

Margin n.a n.a 10.9% 14.6% n.a

Consolidated net (loss) income (493,316) (241,219) (214,302) (122,007) (1,070,844)

Margin n.a n.a n.a n.a n.a

AMEFIBRA Funds From Operation (371,575) (115,323) (38,195) (8,053) (533,146)

FFO / CBFI with economic rights (0.4743) (0.1472) (0.0488) (0.0103) (0.6805)

Adjusted Funds From Operation (373,451) (115,323) (38,195) (37,734) (564,703)

AFFO / CBFI with economic rights (0.4767) (0.1472) (0.0488) (0.0482) (0.7208)

Distribution - - - - -

Distribution / CBFI with economic rights - - - - -

Financial Debt 4,981,443 4,970,193 4,916,409 5,169,408 5,169,408

Net Debt 4,381,019 4,498,765 4,455,912 4,693,819 4,693,819

Net Debt / LTM Adjusted EBITDA 8.7 x 20.5 x n.a n.a n.a

Loan to Value 28.8% 29.2% 29.2% 30.4% 30.4%


Results for the first quarter of 2021

Total Revenues

During the period, FibraHotel’s total revenues were Ps. $557 million:

Ps. $386 million of room rentals (69.4% of total revenues).

Ps. $84 million of leases comprised of: (i) two leased hotels7, of which Fiesta Americana

Condesa Cancun hotel represented Ps $46 million (ii) ) retail and other leases in hotel

properties, and (iii) other hotel guarantees. Together, these revenues represent 15.2% of

total revenues.

Ps. $78 million of food and beverage (14.0% of total revenues).

Ps. $8 million of other income (1.4% of total revenues).

Compared with the first quarter of 2020, total revenues decreased by (41.3%).

Costs and General Expenses

During this period, FibraHotel’s costs and general expenses were Ps. $403 million:

Ps. $239 million of administrative costs and expenses including payment for brand names

and hotel management (59.5% of costs and general expenses).

Ps. $107 million of room expenses (26.5% of costs and general expenses).

Ps. $57 million of food and beverage expenses (14.1% of costs and general expenses).

Lodging Contribution

Lodging contribution was Ps. $154 million, representing 27.7% of total revenues. In total, Ps. $69

million corresponded to the hotel contribution of the managed hotels and Ps. $85 million

corresponded to the hotel contribution of leases and other income.

Operating Profit

Other operating expenses of Ps. $190 million consisted of:

(i) Depreciation of Ps. $117 million (non-cash);

(ii) Advisory fee of Ps. $36 million8;

(iii) Administrative expenses of Ps. $16 million.

(iv) Real estate expenses of Ps. $19 million.

(v) The CBFI compensation plan for employees of Ps. $0.9 million (non-cash).

The adjusted operating deficit was (Ps. $36 million).

7 Leased hotels for the quarter are Fiesta Inn Perisur and Fiesta Americana Condesa Cancun. 8 As of March 31st, 2021, the accrued provision for the deferral of the advisory fee amounts to Ps. $181 million, of which Ps. $144 million corresponds to

the 2020 advisory fee and is recorded in the balance sheet as an account payable to related parties. The advisory fee for the first quarter of 2021 will be

paid as agreed in the advisory agreement.


Adjusted Operating Profit

During the first quarter of 2021, FibraHotel had non-operating expenses of (Ps. $1.1 million) and

non-operating income of Ps. $0.3 million.

The adjusted operating loss for the quarter was (Ps. $37 million).

Comprehensive Financial Result

FibraHotel ended the quarter with a net debt position of Ps. $4,694 million and a total debt of Ps.

$5,169 million.

During the quarter, the total debt position generated interest expense of Ps. $90 million and the

comprehensive financial result was (Ps. $86) million and is broken down as follows.

As of March 31st, 2021, FibraHotel´s USD 13 million debt had a book value of Ps. $268 million at

an exchange rate of $20.60, versus a Ps. $259 million book value at the beginning of the quarter at

an exchange rate of $19.94.

Despite the foreign exchange loss caused by the debt in dollars, the appreciation of the exchange

rate during the quarter generated a foreign exchange gain of Ps. $5.5 million. During the month

of March, 9 million dollars were sold at an exchange rate of Ps. $21.39 per dollar, generating an

exchange gain of Ps. $13 million (the closing exchange rate for the fourth quarter of 2020 was Ps.

$19.94 per USD).

Consolidated Net Income

During the first quarter of 2021, the consolidated net income was (Ps. $122 million).

Consolidated Comprehensive Income

During the first quarter of 2021, the consolidated comprehensive income was (Ps. $121 million).

The valuation of derivative instruments was Ps. $1.0 million.

Ps.$ Thousands Q1 2020 Q1 2021 Var.

Interest Income 15,946 1,072 (93%)

Interest Expense (100,040) (89,979) (10%)

Bank Fees (3,941) (2,790) (29%)

Exchange Profit/Loss (51,861) 5,492 n.a

Total (139,897) (86,205) (38%)


Funds from Operations (“AMEFIBRA FFO”)9

During the first quarter of 2021, the Funds from Operations were (Ps. $8.1 million).

Adjusted funds from operation (“AFFO”)

During the first quarter of 2021, FibraHotel generated an AFFO of (Ps. $38 million).

Cash flow

During the first quarter of 2021:

The net operating cash flow was Ps. $127 million.

The net cash flow from investment activities was (Ps. $189 million), mainly due to: i)

payment of the Fiesta Americana Hacienda Galindo acquisition for (Ps. $156 million), ii)

capital expenditures during the quarter of (Ps. $31.6 million) of which (Ps. $24.4 million)

correspond to maintenance CAPEX and (Ps. $7.2 million) to investment CAPEX, iii)

investments in properties under development (Ps. $2.2 million), and iv) interest generated

from our cash position of Ps. $1.1 million.

The net cash flow from financing activities was Ps. $77 million, mostly related to i) the

disbursement of the credit line with Banorte of Ps. $250 million, ii) interest payments of

9 Funds from operation (“FFO”) is based on Amefibra´s definition. Amefibra published this definition to standardize certain metrics in the Real Estate

Fibra sector in line with the best international practices. The main differences in FibraHotel´s previous FFO calculation is the inclusion of pre-operating

and exchange rate fluctuations in FFO. FibraHotel previously adjusted them in AFFO.

Ps. $ thousand 1Q 2020 1Q 2021 Variation

Comprehensive Integral Result (46,901) (121,038) n.a

Adjustment to Fair Value of Investment Properties

Depreciation 128,934 117,499

Amortization costs 4,884 1,082

Impairment over asset value

Profit/Loss on property sales

Transactions costs

Property sale tax

Exchange rate fluctuation 51,861 (5,492)

Fluctuation of derivative (6,418) (969)

Fluctuation of financial instruments

Intangible impacts

Costs

Employee CBFIs compensation plan 2,076 865

Interests

AMEFIBRA Funds From Operations 134,437 (8,053) n.a

Ps. $ thousand Q1 2020 Q1 2021 Variation

AMEFIBRA FFO 134,437 (8,053) n.a

(-) CAPEX (49,252) (29,681)

(+) Other adjustments 12,058 -

Adjusted Funds From Operations 97,243 (37,734) n.a


(Ps. $165 million), iii) capital amortizations for (Ps. $6.3 million), and iv) others of (Ps. $2.2

million).

Financial position

FibraHotel ended the first quarter of 2021 with:

A cash position of Ps. $476 million compared to Ps. $460 million as of December 31st, 2020.

Ps. $5,169 million in debt compared to Ps. $4,916million as of December 31st, 2020.

Net debt of Ps. $4,694 million compared to Ps. $4,456 million as of December 31st, 2020.

A cost of debt of 6.95% compared to 7.36% as of December 31st, 2020.

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

The following table presents FibraHotel’s debt position in detail:

On March 31st, 2021, FibraHotel disbursed a Ps. 250 million credit line. Amortizations of this credit

line will begin in September 2022 and a final maturity in June 2030. Interest rate will be calculated

based on TIIE 91d + 260 bps.

The following table presents a detailed amortization schedule of FibraHotel’s debt position (in

Ps. $ millions):

Ps. $ thousand 4Q 2020 Comment

Cash, cash equivalents and restricted cash 475,590

Available cash and cash equiv. - Operation 128,814 Hotels' working capital

Restricted cash and cash equiv. - Operation 30,056 Available for maintenance CapEx

Available cash and cash equiv. - 316,720 Cash available

Cash position without restricted cash 445,534

$ millions 1Q 2021 Currency Interest rate Maturity

BBVA 1 479.8 MXN TIIE 28d + 150bps oct-27

BBVA 1 255.0 MXN TIIE 28d + 150bps oct-27

BBVA 2 252.9 MXN TIIE 28d + 160bps jul-22

BBVA 2* 267.8 USD LIBOR 91d + 180bps ago-23

Sabadell** 200.0 MXN TIIE 28d + 165bps may-21

Banorte 3 983.6 MXN TIIE 91d + 200bps jun-28

Banorte 4 250.0 MXN TIIE 91d + 260bps jun-30

FIHO 19 2,500.0 MXN 8.83% sep-29

Total debt position 5,189.2

* Equivalent in pesos to USD $13 million with an exchange rate of Ps. $20.60

** After the end of the quarter, the revolving credit line was renewed with maturity in 2023.

Interest will be calculated based on the TIIE 28d + 210 bps.

Year Payment %

2021 314.3 6.1%

2022 252.6 4.9%

2023 405.5 7.8%

2024 and after 4,216.8 81.3%

Total 5,189.2 100.0%


Considering the amended credit agreement signed with Sabadell on April 16th, 2021, as of the

date of this report the principal capital amortizations from April 2021 to December 2021 have

been reduced to Ps. $114 million.

As of March 31st, 2021, and in accordance with the credit agreements, FibraHotel has several

derivative instruments to cover variations in the TIIE and LIBOR rates. The costs of these

instruments were paid up-front. These instruments mature in 2021 and have the following

characteristics:

Credit Ratings

As of March 31st, 2021, Fitch Ratings long term credit rating for FibraHotel and of its debt issued

under the ticker “FIHO 19” is ‘A+(mex)'.

As of March 31st, 2021, HR Ratings long term credit rating for FibraHotel and of its debt issued

under the ticker “FIHO 19” is ‘AA-'.

$ millions Interest Rate Currency Nominal Type Floor Strike Limit

Banorte 3* TIIE 91d MXN 746.4 Collar 4.5% 6.0%

BBVA 2 LIBOR 91d USD 13.0 Cap 4.0%

* Derivative instrument is asigned to Banorte 3, as of the date of the report 76% is covered from

initial credit line for Ps. 746 million.


Regulation applicable to FIBRAs

On December 10th, 2020, the National Banking and Securities Commission (“CNBV”) published

amendments to the general provisions applicable to issuers of securities and other securities

market participants, known as the “Circular Unica de Emisoras” (“CUE”) and amendments to

ANNEX AA to the CUE (the “Amendments”).

The Amendments are applicable to FIBRAs and their main purpose is to provide additional

flexibility to FIBRAs financings.

Under the Amendments, the holders’ assembly is granted the powers to establish the financing

rules for each FIBRA. The rules approved by the holders’ assembly shall establish the maximum

leverage limit and debt service coverage ratio to be observed by the FIBRA and must be calculated

in accordance with ANNEX AA of the CUE. In addition, within the amendments realized to

Annex AA, a period of a four quarters (rather than six) has been established to calculate the

maximum leverage and the debt service coverage ratios.

Leverage level (“LTV”)

FibraHotel closed the first quarter of 2021 with Ps. $5,169 million in debt and a total asset value

of Ps. $17 billion, resulting in a 30.4% LTV. The regulation in force prior to the Amendments

established a maximum leverage level of 50% (fifty per cent).

Debt service coverage ratio

The debt service coverage ratio must be higher than 1.0x.

For FibraHotel, the estimated obligations correspond to:

Debt service (principal and interests);

Capital expenditures for the maintenance of hotels; and

Non-discretionary development expenditures (announced development projects).

Available resources correspond to:

Cash and cash equivalents;

Recoverable VAT;

Operating result after distribution payment (including depreciation and interest income);

and

Available credit lines.


In accordance to the formula in Annex AA of the CUE currently in force, as of March 31st, 2021,

FibraHotel’s debt service coverage ratio is 1.62x, and the metrics for its calculation are as

follows:

Obligations for the next four quarters:

o Debt service: Ps. $679 million.

o Estimated capital expenditures: Ps. $111 million.

Available resources for the next four quarters:

o Cash and cash equivalents (excluding restricted cash): Ps. $445 million.

o VAT receivable: Ps. $20.3 million.

o Estimated operating result after distribution payment (including depreciation

and interest income): Ps. $817 million.

Ratios related to the FIHO 19 bond

Secured Debt to total assets limit of 40%

As of March 31st, 2021, FibraHotel's secured debt ratio is 11.9%.

Unencumbered Assets to unencumbered debt greater than 150%

As of March 31st, 2021, FibraHotel's total unencumbered asset ratio was 568%.


Capital Expenditures (“CapEx”)

As of March 31st, 2021, the available maintenance capital expenditures reserve, which is intended

to maintain the state and condition of the hotels in operation and is based on a percentage of the

gross revenues of the hotels under operating contracts, amounted to Ps. $32 million versus Ps.

$25 million as of December 31st, 2020. The maintenance capital expenditures reserve was

temporarily suspended during 2020 in agreement with operators and will return to normal in

2021.

During the first quarter of 2021, the most relevant capital expenditures of FibraHotel were:

Maintenance operating capex of Ps. $14.1 million.

Investment in improvements in Playa del Carmen hotel of Ps. $5.2 million.

Investment in investment CAPEX in the Fiesta Americana Condesa Cancún hotel for Ps.

$11.1 million.

Information regarding outstanding CBFIs

As of the date of this report, FibraHotel has 783’394,169 CBFIs outstanding with economic rights.

Corporate Governance

On April 20th, 2021, there was an Audit Committee, a Practices Committee and a Technical

Committee meeting to, among other things, approve the 2021 first quarter financial results which

were unanimously approved. As of today, FibraHotel’s Technical Committee is comprised by 10

members, four of whom are independent.


Progress in Social, Environmental and Governance Issues

We continue to constantly work to achieve our ESG goals in order to be a better company and in

line with our mission and objectives.

As part of our ongoing initiatives, during the quarter we developed and implemented a series of

new corporate policies at FibraHotel. The policies will be an essential part of the organization and

their objective is to establish guidelines for the operation of the business model, as well as in

investment and operational decision making. These policies are: Sustainability Policy,

Environmental Policy, Human Rights Policy, Diversity Policy, Stakeholder Relations Policy and

Anti-Corruption Policy. These policies reinforce the internal guidelines of respect for diversity,

non-discrimination, anti-corruption and complement our Code of Ethics in accordance with best

practices. Additionally, a new external complaint line was created in order to promote a culture

of compliance in FibraHotel.

During the quarter, we did a survey of workplace conditions to detect areas of opportunity at the

corporate level. The survey had a participation of 100% of employees and according to the results

obtained, 96% of FibraHotel's employees show a high degree of commitment to the company.

For additional information about our ESG initiatives, please refer to the sustainability and

corporate governance section on our webpage: https://www.fibrahotel.com/.

https://www.fibrahotel.com/


Operating Highlights of FibraHotel´s Portfolio

The following graph shows the quarterly evolution, from the first quarter of 2018 to the first

quarter of 2021, of the ADR, the occupancy rate and the RevPAR for FibraHotel’s hotels in

operation10 (excluding the Fiesta Americana Condesa Cancun hotel).

They are not totally comparable since they have different hotels during the period.

As of the 3Q 2020 the graph does not include the hotels (5) that are temporarily closed.

Fiesta Americana Condesa Cancun reported the following during the first quarter of 2021:

Occupancy rate of 52.4%

Net Package ADR of Ps. $4,798

Net Package RevPAR of Ps. $2,514

The following table shows selected operating information of FibraHotel’s hotels for the first

quarter of 2021:

The RevPAR decreased (40.4%) in the first quarter of 2021 vs. the first quarter of 2020.

10 As of today, FibraHotel has five hotels temporarily closed; Limited Service Coatzacoalcos, Limited Service Saltillo, Selected Service Ciudad Obregon,

Selected Service León and Cacao Playa del Carmen. In total they represent 619 rooms and are excluded from the operational KPIs of the quarter. The

Fiesta Americana Mexico Satelite hotel opened in September, 2018, the Live Aqua San Miguel de Allende in November, 2018 and the Fiesta Americana

Viaducto in November, 2019.

1,182 1,202 1,1481,221 1,227

1,2021,206

1,252 1,267

1,0181,091 1,076 1,041

741 776 746 779 747 776 761 789

637

38

265

388379

62.7%64.5% 65.0% 63.8%

60.9%64.5%

63.2%63.0% 50.3%

3.7%

24.3%

36.0%

36.4%

Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021

ADR RevPAR Occupancy

Total Portfolio Total Portfolio

Q1 2021 Q1 2020 Q4 2020 Q1 2021 LTM Q1 2020 LTM

Ocupancy 36.4% 50.3% 36.0% Ocupancy 24.9% 60.3%

ADR 1,041 1,267 1,076 ADR 1,065 1,239

RevPAR 379 637 388 RevPAR 266 747

*Excludes the five hotels that are temporarily closed and Fiesta Americana Condesa Cancún hotel


The following table shows certain operating information for the hotels by segment for the first

quarter of 2020 and 2021 (excluding the Fiesta Americana Condesa Cancun hotel):

The following table shows certain operating information for the hotels by region11 for the first

quarter of 2020 and 2021:

The following table shows certain operating information of Fiesta Americana Condesa Cancun

hotel for the first quarter of 2020 and 2021:

11 Bajío corresponds to the following states: Aguascalientes, Guanajuato, Querétaro and San Luis Potosí. Northeast corresponds to the following states:

Coahuila, Nuevo León and Tamaulipas. Northwest corresponds to the following states: Baja California Norte, Baja California Sur, Chihuahua, Durango,

Sinaloa and Sonora. West corresponds to the following states: Jalisco, Nayarit and Michoacán. South corresponds to the following states: Campeche,

State of Mexico (Toluca), Guerrero, Morelos, Oaxaca, Puebla, Quintana Roo, Tabasco and Veracruz. Mexico City corresponds to the following states:

Mexico City and State of Mexico (excluding Toluca).

Total Portfolio *

1st quarter 2020 1st quarter 2021 Variation

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

Limited-Service 53.7% 949$ 510$ 34.6% 817$ 283$ (1910 pb) (14.0%) (44.6%)

Selected-Service 52.2% 1,153$ 603$ 41.2% 926$ 381$ (1108 pb) (19.7%) (36.8%)

Full-Service 42.4% 1,972$ 836$ 27.1% 1,720$ 467$ (1528 pb) (12.8%) (44.2%)

Total 50.3% 1,267$ 637$ 36.4% 1,041$ 379$ (1384 pb) (17.8%) (40.4%)

*Excludes Fiesta Americana Condesa Cancún and the five temporarily closed hotels.

Total Portfolio *


Region Occup. ADR RevPAR Occup. ADR RevPAR Occup. ADR RevPAR

Bajio 43.9% 1,629$ 716$ 30.2% 1,517$ 458$ (1379 pb) (6.9%) (36.1%)

Northeast 53.1% 1,515$ 805$ 36.7% 1,162$ 426$ (1642 pb) (23.3%) (47.0%)

Northwest 57.2% 1,191$ 682$ 49.4% 981$ 485$ (779 pb) (17.6%) (28.8%)

West 55.9% 1,204$ 673$ 41.0% 979$ 401$ (1494 pb) (18.7%) (40.4%)

South 50.5% 956$ 483$ 35.5% 832$ 295$ (1506 pb) (13.0%) (38.9%)

Mexico City 46.6% 1,228$ 572$ 27.3% 938$ 256$ (1931 pb) (23.6%) (55.3%)

Total 50.3% 1,267$ 637$ 36.4% 1,041$ 379$ (1384 pb) (17.8%) (40.4%)

*Excludes Fiesta Americana Condesa Cancún.

Since the third quarter of 2020, 159 rooms of Bajio, 274 of the Northwest and 186 of the South are not included.

In "Mexico City" region, the hotels located in the Metropolitan Area are included.

Fiesta Americana Condesa Cancún (All Inclusive)


Occup.

Net

Package

ADR

Net

Package

RevPAR

Occup.

Net

Package

ADR

Net

Package

RevPAR

Occup. ADR RevPAR

FACC* 71.1% 5,026$ 3,573$ 52.4% 4,798$ 2,514$ (1868 pb) (4.5%) (29.6%)

* Fiesta Americana Condesa Cancún is reported with All Inclusive metrics different from de rest of the portfolio.


The following table shows the distribution of FibraHotel’s Total Portfolio as of March 31st, 2021

by segment, region, number of hotels and number of rooms:

Quarterly Operating Portfolio Highlights (excluding leased hotels)

SEGMENT Hotels Rooms REGION Hotels Rooms

# % # % # % # %

Limited-Service 22 25.6% 2,792 22.2% Bajio 13 15.1% 1,883 15.0%

Selected-Service 47 54.7% 6,525 52.0% Northeast 15 17.4% 1,947 15.5%

Full-Service 16 18.6% 2,734 21.8% Northwest 16 18.6% 2,333 18.6%

Resort 1 1.2% 507 4.0% West 7 8.1% 1,107 8.8%

TOTAL 86 100.0% 12,558 100.0% South 20 23.3% 2,992 23.8%

Mexico City 15 17.4% 2,296 18.3%

TOTAL 86 100.0% 12,558 100.0%

Year 2021Available

Rooms

Occupied

RoomsOccup.

Room

Revenues Ps. $

Million

ADR RevPAR

1st quarter 1,009,530 371,022 36.8% 386$ 1,041$ 383$

2nd quarter

3rd quarter

4th quarter

Total 1,009,530 371,022 36.8% 386$ 1,041$ 383$

Since the third quarter of 2020, data excludes the five hotels that are temporarily closed.


BALANCE SHEET

As of March 31st, 2021 and December 31st, 2020

(figures in thousands of pesos)

FIBRAHOTEL

Consolidated Balance Sheet

(Thousands of pesos)

Assets

31/03/2021 31/12/2020

Current assets

Cash, cash equivalents and restricted cash 475,590 460,497

Trade accounts receivable and other receivables 207,313 140,677

Due from related parties - -

Prepaid expenses 35,974 18,160

Recoverable taxes, mainly value-added tax 20,317 14,866

Total currents assets 739,194 634,200

Non current assets

Hotel properties, furniture and operating equip. - Net 12,335,786 12,280,635

Investment Properties* 3,822,602 3,806,192

Properties under development 93,433 92,923

Derivative instruments - 0

Advance to suppliers 4,944 4,944

Deferred income taxes 4,129 3,029

Total non-current assets 16,260,894 16,187,722

Total assets 17,000,088 16,821,922

Liabilities and partners' equity

Current liabilities:

Borrowings 322,058 319,297

Suppliers and accrued expenses 292,251 208,062

Due to related parties 180,748 144,492

Taxes payable 11,465 12,161

Other 7,656 82,066

Total current liabilities 814,178 766,078

Long-term banking debt 2,367,189 2,117,534

Long-term debt securities 2,480,161 2,479,578

Trustors' equity:

Contribution from the trustors 10,983,436 10,983,436

Retained earnings 355,123 475,296

Total trustors' equity: 11,338,559 11,458,732

Total liabilities and trustors' equity 17,000,088 16,821,922

*Corresponds to FA Condesa Cancún, Cacao Playa del Carmen hotel and FI Perisur.

- -


INCOME STATEMENT

January 1st, 2021 to March 31st, 2021 compared to the first quarter of 2020


FIBRAHOTEL

Consolidated Statements of Operations

(Thousands of pesos)

1Q 2021 1Q 2020

Revenue:

Rooms 386,179 663,577

Food and beverages 78,184 160,993

Leases 84,382 101,371

Others 8,049 22,873

Total revenue 556,795 948,813

Costs and general expenses

Rooms 106,644 165,639

Food and beverages 56,604 118,697

Administrative expenses 239,354 371,654

Total costs and general expenses 402,602 655,991

Lodging contribution 154,193 292,823

Real estate expenses 19,488 15,869

Advisory fee* 36,256 37,939

Employee CBFIs compensation plan* 865 2,076

Administrative expenses related to FibraHotel 16,175 16,022


Impairment over asset value* - -

Income from operations (36,090) 91,982

Extraordinary expenses, net 1,082 4,884

Adjusted (loss) from operations (37,172) 87,098

Non operating income 269 (461)

Adjustment to Fair Value of Investment Properties* - -

Comprehensive financing result (86,205) (139,897)

Income before taxes (123,108) (53,260)

Tax (1,100) 59

Consolidated net (loss) income (122,007) (53,319)

* Non-Cash Items, applies only 2020 for Advisory Fee


CASH FLOW STATEMENT

January 1st, 2021 to March 31st, 2021 compared to the first quarter of 2020


1Q 2021 1Q 2020

Operating Activities

Consolidated net income (122,007) (53,319)

Adjustments for non cash items

Tax (1,100) 59

Cost for asset sale 169 1,812

Impairment over asset value* - -

Adjustment to fair value of investment properties* - -


Interest income 100,371 156,650

Employee CBFIs compensation plan* 865 2,076

Total 95,797 236,212

(Increase) decrease in:

Trade accounts receivable and others (66,635) 14,060

Due from related parties - -

Recoverables taxes, mainly VAT (5,451) 21,980

Prepaid expenses (17,815) (41,271)

Other assets - 26

Increase (decrease) in:

Suppliers and accrued expenses and others 121,414 (12,201)

Due to related parties - -

Tax payable (571) (11,775)

Net cash flow used in operating activities 126,739 207,031

Investing activities

Business acquired, net of cash received (156,091) -

Development portfolio (2,239) (24,801)

Acquisition of other assets (15,141) (141,242)

Acquisition of other assets (16,410) (4,356)

Asset sale 142 (642)

Interest income 1,072 15,946

Net cash flow used in investing activities (188,667) (155,096)

Financing activities

Ditributions to trustors - (158,035)

Debt Issuance 250,000 366,000

Debt Issuance (6,259) (20,267)

Interests paid and financial expenses (164,514) (155,379)

CBFIs issuance - -

CBFI Repurchase Program - (18,132)

Issuance expenses - -

Other (2,206) (1,608)

Net cash flow used in financing activities 77,021 12,580

Net increase (decrease) in cash, cash equivalents and restricted

cash 15,093 64,515

Cash, cash equivalents and restricted cash at the beginning of the period

460,497 905,887

Cash, cash equivalents and restricted cash at the end of the period

475,590 970,401

* Non-Cash Items


Amefibra FFO

Amefibra published a definition Funds from Operations (“FFO”) metric to standardize reporting

across Real Estate Fibras in Mexico. This metric is voluntary for Fibras and seeks to incorporate

best practices across the sector (for example, in the United States, REITs report the Nareit Funds

from Operations). FibraHotel has determined to report FFO based on Amefibra´s definition

beginning on the third quarter of 2020. The main differences against FibraHotel´s previously

reported FFO is that Amefibra FFO considers adjustments for pre-operating expenses and

currency fluctuation in FFO which were not considered in FibraHotel´s FFO but were considered

in FibraHotel´s AFFO. The following table shows the FFO calculation based on Amefibra´s

definition:

2013 2014 2015 2016 2017 2018 2019 2020 1Q 2021

Consolidated Integral Result 162,753 253,703 233,504 277,004 429,858 599,321 218,025 (1,004,788) (121,038)

Adjustment to Fair Value of Investment Properties - - - - - (143,795) 47,081 (42,744) -

Depreciation 120,041 162,930 213,782 296,930 367,926 419,037 465,817 517,627 117,499

Amortization of capitalized leasing costs 101,862 88,448 77,688 106,931 34,457 71,619 37,056 43,999 1,082

Impairment losses - - - - - 41,890 - 71,603 -

Realized (gains) or losses from sales - - - - - - - - -

Transaction costs - - - - - - - - -

Tax on profits or losses on disposals of properties - - - - - - - - -

Exchange rate fluctuation (956) 3,572 (508) 2,363 6,991 16,128 (7,761) 12,708 (5,492)

Fluctuation of derivative instruments - - 3,072 (63,114) 7,862 15,389 99,061 2,632 (969)

Fluctuation of financial instruments - - - - - - - - -

Impairment of intangibles - - - - - - - - -

Costs - - - - - - - - -

CBFIs Compensation Plan - - - - - 16,612 8,306 8,306 865

Minority interests - - - - - - - - -

AMEFIBRA Funds From Operations 383,701 508,653 527,538 620,114 847,093 1,036,200 867,584 (390,656) (8,053)

CAPEX Reserve (47,225) (75,257) (99,670) (134,571) (172,893) (204,149) (221,964) (51,128) (29,681)

Other Adjustments 589 (9,628) 1,106 8,070 (5,621) 17,335 (7,734) 12,058 -

Adjusted Funds From Operations 337,065 423,768 428,974 493,614 668,579 849,386 637,887 (429,726) (37,734)


Invitation to the 1Q 2021 Results Conference Call


About FibraHotel

FibraHotel is a Mexican trust created primarily to acquire, develop and operate hotels in Mexico. Our objective is to

provide attractive returns to our CBFI holders through 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.

Investor relations contact

Guillermo Bravo

Tel: +52 (55) 5292 8050

E-mail: [email protected]

mailto:[email protected]

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