Company PresentationMarch 2017

1

CONFIDENTIAL

Grupo Hotelero Santa Fe

2

CONFIDENTIAL

Santa Fe at a Glance

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We are one of the leading companies in the hotel industry, with aMexican DNA; our focus is in acquiring, converting, operating ownedand third-party hotels as well as developing.

We are renowned for our operating efficiency and our proprietaryKrystal brand.

We are committed to continue being a Company that is a great place towork, and provides an excellent service to our guests, we respect ourenvironment and generate a high profitability to our shareholders.

We belong to the ranking of “Super Empresas Expansion 2015” and ourpersonnel amounts to over 2,600 staff members.

Owned 2,54548%

Management215341%

Coinvestment 58411%

Stabilized 3,19161%

Maturity Stage 1,13321%

Development 95818 %

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HOTEL Snapshot

HOTEL Overview

Portfolio of 19 hotels: 11 owned and 8 under Management Agreement17 operating and 2 under construction

Figures since IPO (September 2014)

Current Portfolio = 5,282 Keys

Krystal 3,980 75%

Others 1,302 25%

# Keys

PExecutive Team with 6 years in the company, but with more than 20 years working together

P

Urban 2,80353%

Resort 2,479 47%

Segment Category

Grand Tourism

2,04639%5 Stars

1,85535%

4 Stars1,38126%

Brands

# Keys # Keys

Properties Stabilization Stage# Keys# Keys

EBITDA Growth

Revenue Growth

141%

Keys under Management Growth

91%

40%

Hotels Incorporated since the IPO

5

Monterrey AeropuertoSeptember 2015Co-investment @15%

Cancún (expansión)July 2015Management

Paraíso, TabascoOctober 2015Management

Aeropuerto Ciudad de México December 2015Management

Insurgentes, Ciudad de MéxicoDecember 2015Owned @ 50%Under DevelopmentOpens in 2018

Krystal Urban CancúnDecember 2014Owned

Krystal Urban GuadalajaraMarch 2016Owned

SatéliteMaria BárbaraMay 2015Owned

Krystal MonterreyJuly 2016Management

Krystal Suites Insurgentes,Ciudad de MéxicoSeptiembre 2017Owned @ 50%Under DevelopmentOpens in Q32 017

10 Hotels with 1,597 Keys

CONFIDENTIAL 6

Portfolio under Development

Krystal Grand Insurgentes(Mexico City)

• 50% Ownership• 250 Keys• Grand Tourism• Gastro Center• Condo Hotel

Opens: 2S 2018

Krystal Grand Suites Insurgentes (Mexico City)

• 50% Ownership• 200 Keys• 5 Stars

Opens: 3Q 2017

Actualizar

Krystal Grand Punta Cancun Expansion

7

• Expansion of 100 suites meaning an increase of 34% of existing rooms inventory.

• Under Development (Permits and Licensees in place)

• Opens in 3Q 2017

• ¿WHY THE EXPANSION?

• KGPC´s RevPAR is 50% higher than the average RevPAR of the company

• Occupancy in Cancun is in average 18% higher than Mexico as country average (Datatur, 2016)

• Expecting synergies and overhead leverage shall increase operating margins

Artist renderings

Hilton Puerto Vallarta Expansion

8

• Expansion of 192 suites meaning an increase of 74% of existing rooms inventory.

• Under Development (Permits and Licensees in place)

• Opens in 4Q 2017

• ¿WHY THE EXPANSION?

• Hilton Puerto Vallarta´s RevPAR is 40% higher than the average RevPAR of the company

• Occupancy in Puerto Vallarta is in average 10% higher than Mexico as country average (Datatur, 2016)

• Expecting synergies and overhead leverage shall increase operating margins

Artist renderings

CONFIDENTIAL 9

Portfolio of 19 hotels and 5,282 keys

Santa Fe Footprint

Presence in Mexico’s main Urban and Resort destinations.

Note: Figures include owned hotels, third-party managed hotels and projects under construction..

Ciudad Juárez:1. Krystal Urban

Ciudad Juárez

Monterrey:1. Hilton Garden Inn Monterrey2. Hilton Garden Inn Monterrey Aeropuerto @15% ownership

3. Krystal Monterrey

Cancún:1. Krystal Resort Cancún2. Krystal Grand Punta

Cancún (+Expansion)3. Krystal Urban Cancún

Centro

Tabasco:1. Hampton Inn & Suites

Paraíso, TabascoPuerto Vallarta:1. Krystal Resort Puerto Vallarta2. Hilton Puerto Vallarta (+Expansion)

Guadalajara:1. Hilton Guadalajara2. Krystal Urban Guadalajara

Ixtapa:1. Krystal Resort Ixtapa

Acapulco:1. Krystal Beach Acapulco

Under Development

Operating

Zona Metropolitana:1. Krystal Grand Reforma Uno2. Krystal Urban Aeropuerto Ciudad de México

3. Krystal Satélite María Bárbara4. Krystal Grand Suites Insurgentes (Opens in 2017)5. Krystal Grand Insurgentes (Opens in 2018)

Owned Hotels

CONFIDENTIAL 10

Krystal® Brand Architecture

2 Cities

4 Hotels

1,245Rooms

Resort and Urban

Grand Tourism

5 Cities

5 Hotels

1,655Rooms

Resort and Urban

5 Stars

1 City

1 Hotel

400Rooms

Resort

4 Stars

4 Cities

4 Hotels

580Rooms

Urban

4 Stars

Note: Figures include owned hotels, third-party operated hotels and developments.

14Hotels

11

Krystal Urban Guadalajara

Operating Model

Focus in our Krystal brand —value, scale and profitability, over 3 Billion pesos invested in Krystal Assets in the last 36 months by GHSF and third party investors

66% domestic customers. High penetration of the Krystal brand

Balance Portfolio take advantage of seasonalityin destiny´s

Management of different categories, destiny´s and brands: Diversification

Multifunction Model of personnel in the hotels which allows us to get efficiencies. EPAR HOTEL: 0.6

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Flexibility Adaptability Efficiency

P

P

P

P

P

1 EPAR: Employees per Available Room .

Operating Model Focus on profitability with an efficient cost structure

Resort

All Inclusive

Hybrid

Krystal Urban

EuropeanPlan

4 5

Main Focus

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Case 1: Krystal Grand Punta Cancun

Krystal Grand Punta CancunAcquired on September 2013(formerly Hyatt Cancun)

Million Pesos

2013

UAFIDA Hyatt

2014

UAFIDA KGPC

2015

Margen UAFIDA

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Acquired in May 2015

Product Improvement Plan• Renovation of hotel premises (rooms, lobby, restaurants and ball

rooms).

Sales & Marketing Plan• Strategic plan with direct distribution channels, Krystal Rewards loyalty

program, corporate and commercial accounts, OTA’s, and otherdistribution channels.

Operations• Cost and expense analysis.• Processes reengineering and employee training programs.• Operating efficiencies.• Improve quality standards.

Case 2: Turnaround of Krystal Satelite (Greater Mexico City)

• Operating Model which allows:

✓ Reach Efficiencies

✓ Multifunctional personnel

✓ Flexibility and adaptability with our Krystal brand

✓ High Standards of Quality and Service

• Management Team:

✓ Experience with proven track record

✓ Market Knowledge, the markets and customers

✓ High quick reaction capacity (trends, environment and operating conditions)

• Investments:

✓ Capacity to co-invest in properties

✓ Technical Assistance in hotels under development to make investment more efficient

Case 3: Krystal Grand Reforma Uno

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• Renovation and positioning of the hotel through the Krystal Grand brand in March 2014

• From 2013 through 2016:

GOP increase 12 pp

EBITDA increase 70%

Before Renovation After Renovation

CONFIDENTIAL

Solid performance drives profitability.

Occupancy Average Daily Rate (ADR)

Revenue per Available Room (RevPAR) Total Rooms

Key Operating Statistics

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Note: Figures include owned hotels, third-party operated hotels and developments as of September 2016 excluding KPI’s.

+ 10.5%70%

+ 12.6% + 21%

CONFIDENTIAL

Revenue Breakdown

Solid revenue growth and strong EBITDA generation.

EBITDA

Key Financial Indicators

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+ 27% + 34%

- 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000

10,000 11,000 12,000 13,000 14,000 15,000 16,000

Global Follow On Public Offer

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• FOP offer of 215.58 million shares @Ps. 8.5 per share or Ps. 1,832.5 millionto continue execution of expansionplan and with an oversubscription of2X.

• Equity increased 88.1%, strengthening our financial position.

• Shares increased from 275.50 million to491.08 million and float increasedfrom 27.2% to 46.12% or 2.34x interms of number of shares.

• Improvement of ADTV since FO: 13x

VOLUME (THOUSANDS)

HOTEL*.MX vs. Benchmark

Announcement of the results of the US presidential election

Banxico’s statement (starting rate hikes)

FIHOHCITY

FINN

IPC

HOTEL

-50.00%

-45.00%

-40.00%

-35.00%

-30.00%

-25.00%

-20.00%

-15.00%

-10.00%

-5.00%

0.00%

5.00%

10.00%

15.00%

Follow-on

CONFIDENTIAL

GHSF’s Growth Strategy

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Take advantage of our operating capacity and commercialization to accelerate growthand value creation.

• Continue with our focus in providing extraordinary results both in stabilized hotelsand hotels in stabilization stage.

• Create additional revenue opportunities within our properties through active assetmanagement.

• Capitalize our operating capacity and continue our growth via acquisitions,conversions , third-party management and development.

• Continue to increase our Krystal brand’s presence in the 4 and 5 stars in Key Urban& Resort Markets segments.

• Take advantage of the low penetration of hotel chains and increase our presence.

• Increase the number of third-party hotels under management to expand ournetwork.

CONFIDENTIAL

Appendix

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Financial Statements

and Exhibits

CONFIDENTIAL 21

Key Events in Santa Fe history

▪ Santa Fe acquires the AvalonAcapulco, now Krystal BeachAcapulco and the Hyatt RegencyCancun, now Krystal GrandCancun.

▪ A CKD fund acquires the MeliáReforma, now Krystal GrandReforma Uno, an emblematic hotelwith 500 keys, and execute themanagement agreement with SantaFe after a selection process.

▪ Grupo Chartwell joint venturewith Nexxus Capital andWalton St. Capital for thecreation of Grupo HoteleroSanta Fe ("Santa Fe"), keepingthe original management team.

2014

2010

▪ Santa Fe opens the Hilton PuertoVallarta, Mexico, first hoteldeveloped by the Company.

2012

2015

▪ Santa Fe acquires the KrystalBrand from NH Hotels

▪ Santa Fe acquires the HiltonGuadalajara, Hilton GardenInn Monterrey and HiltonGarden Inn Ciudad Juárezhotels from NH Hotels

2013

▪ Santa Fe acquires the MariaBárbara hotel, now KrystalSatélite Maria Bárbara.

▪ Santa Fe makes a co-investment with local partnerfor the development of theKrystal Grand Insurgenteshotel and the KrystalResidences & SuitesInsurgentes.

▪ Santa Fe performs their IPOin the Mexican StockExchange for MX$ 750millions under the tickerHOTEL.

▪ Santa Fe acquires the B2BCancun hotel, now KrystalUrban Cancun Centro.

▪ Opening of the KrystalUrban Guadalajara, firsthotel which representsa use conversion for theCompany.

▪ Santa Fe performs inJune 2016 a Follow Onfor MX$ 1,832.5millions which includesthe exercise of theGreen Shoe

2016

Non-commissionable,

21%

Commissionable, 79%

Hilton Garden Inn

Monterrey

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Diversified Distribution Channels

Commercial Models Examples Diversified Distribution Channels

Urban Hotels 2016

Resorts Hotels 2016

HOTEL has developed different products and concepts which maintain our brands within the preference of domestic and international travelers

European Plan

Hilton

Guadalajara

Krystal Grand

Reforma Uno

Hybrid (European Plan and All Inclusive)

All Inclusive

Krystal Urban

Cancún

Krystal Puerto

Vallarta

Krystal Grand

Punta Cancún

Hilton Puerto

Vallarta

Krystal Beach

Acapulco

Krystal Ixtapa

Krystal Urbano

Ciudad Juárez

Increasing Strength in Non-commissionable Distribution Channels benefits profitability

Non-commissionable,

59%

Commissionable, 41%

Key Financial Highlights – Financial Debt

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• As a result of the FOP offer, for 3Q16 Net Debt was negative Ps. (396.0) million, which represents Net Debt/ LTM EBITDA-0.9x.

• 78.9% of total debt is U.S.-dollar denominated with an average cost of 4.10%, and 21.1% is peso-denominated with anaverage weighted cost of 9.23%. In addition, 90.4% of debt maturities are long-term.

• HOTEL has a dollar-denominated cash balance of Ps. 973.5 million, decreasing its exposure to currency risks.

Figures in thousand Mexican Pesos Denominated in (currency):

Debt* Pesos Dollars Total

Short Term 26,519 111,512 138,031

Long Term 269,103 995,489 1,264,592

Total 295,622 1,107,001 1,402,623

% Total 21.1% 78.9% 100.0%

Average rate of financial liab ilities 9.23% 4.10% 5.18%

Cash and equivalents 816,428 915,158 1,731,587

Restricted cash 9,114 58,373 67,486

Cash and equivalents** 825,542 973,531 1,799,073

Net Debt (529,920) 133,470 (396,450)

Net Debt / LTM EBITDA (as of 4Q16) -0.9x

*Includes accrued interests and effect of financial instruments related to financial debt.

**Includes restricted cash related to bank debt.

Currency Hedging

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• For 4Q16, 32.8% of total revenue and 64.3% of operating cash flow were denominated in USDollars.

• The Company’s YTD dollar-denominated operating cash flow provided an ICR of 12.5x and aDSCR of 3.8x.

Figures in thousand of Mexican Pesos Fourth Quarter 2016 Year-to-date 2016

Currency Hedging Analysis Denominated

in Pesos

Denominated in

USD

Total in

Pesos

Denominated

in Pesos

Denominated

in USD

Total in

Pesos

Total Revenue 214,253 104,374 318,628 832,652 388,512 1,221,165

% of Total Revenue 67.2% 32.8% 100.0% 68.2% 31.8% 100.0%

( - ) Total Costs and Expenses 210,738 37,795 248,532 784,942 122,162 907,104

( - ) Non-recurring Expenses 3,477 - 3,477 24,148 - 24,148

Operating Income 38 66,579 66,618 23,562 266,350 289,913

( + ) Depreciation 36,883 - 36,883 112,058 - 112,058

Operating Cashflow 36,921 66,579 103,501 135,621 266,350 401,971

% of Operating Cashflow 35.7% 64.3% 100.0% 33.7% 66.3% 100.0%

Interest 4,594 5,324 9,918 13,390 33,703 47,093

Principal 2,917 11,993 14,910 9,378 81,108 90,487

Total Debt Service 7,511 17,318 24,828 22,768 114,811 137,579

Interest Coverage ratio1 8.0x 12.5x 10.4x 10.1x 7.9x 8.5x

Debt Service Coverage Ratio2 4.9x 3.8x 4.2x 6.0x 2.3x 2.9x

1) Operating Cashflow / Interest; 2) Operating Cashflow / Total Debt Service

CONFIDENTIAL 25

Income Statement

Figures in thousand Mexican Pesos

Income Statement 2016 2015 $ Var. % Var. 2016 2015 $ Var. % Var.

Room Revenue 183,469 152,937 30,532 20.0 708,014 555,730 152,284 27.4

Food and Beverage Revenue 86,506 75,794 10,712 14.1 332,351 268,851 63,500 23.6

Other Revenue from Hotels 26,880 21,107 5,773 27.4 102,590 84,940 17,651 20.8

Third-party Hotels' Management Fees 21,772 15,051 6,721 44.7 78,209 50,599 27,611 54.6

Total Revenue 318,628 264,889 53,738 20.3 1,221,165 960,119 261,045 27.2

Cost and Operating Expenses 120,714 108,385 12,329 11.4 457,166 384,230 72,936 19.0

Sales and Administrative 86,346 63,551 22,795 35.9 320,489 242,568 77,921 32.1

Other Expenses 4,590 3,852 739 19.2 17,391 14,508 2,883 19.9

Depreciation* 36,883 22,072 14,811 67.1 112,058 87,670 24,388 27.8

Total Costs and Expenses 248,532 197,860 50,673 25.6 907,104 728,977 178,128 24.4

Total Non Recurring Expenses 3,477 5,431 (1,953) (36.0) 24,148 22,185 1,963 8.8

EBITDA 106,978 89,102 17,876 20.1 426,119 318,813 107,305 33.7

EBITDA Margin(%) 33.6% 33.6% 0.0 pt 0.0 pt 34.9% 33.2% 1.7 pt 1.7 pt

Operating Income 66,618 61,599 5,019 8.1 289,913 208,958 80,955 38.7

Operating Income Margin (%) 20.9% 23.3% 2.4 pt 2.4 pt 23.7% 21.8% 1.9 pt 1.9 pt

Net Financing Result (22,163) (25,062) 2,900 (11.6) (94,923) (190,565) 95,642 (50.2)

Undistributed income from subsidiaries, net 771 (44) 815 NA 2,491 48 2,442 NA

Income before taxes 45,226 36,492 8,733 23.9 197,480 18,441 179,039 970.9

Total income taxes (524) 12,025 (12,549) (104.4) 37,262 8,415 28,846 342.8

Net Income 45,587 24,467 21,120 86.3 159,988 10,026 149,962 1,495.7

Net Income Margin (%) 14.3% 9.2% 5.1 pt 5.1 pt 13.1% 1.0% 12.1 pt 12.1 pt

Fourth Quarter 12 months ended December

CONFIDENTIAL

Balance Sheet

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Figures in thousand Mexican Pesos

Balance Sheet Summary Dec-16 Dec-15 Var $ Var %

Cash and cash equivalents 1,731,587 97,729 1,633,858 NA

Accounts receivables and other current assets 122,013 101,750 20,264 19.9%

Creditable taxes 157,205 113,291 43,914 38.8%

Escrow deposit for hotel acquisition 11,570 14,660 (3,091) (21.1%)

Total current assets 2,022,374 327,430 1,694,944 NA

Restricted cash 67,486 56,792 10,695 18.8%

Property, furniture and equipment 3,452,931 2,830,696 622,234 22.0%

Other fixed assets 296,482 294,986 1,496 0.5%

Total non-current assets 3,816,899 3,182,474 634,425 19.9%

Total Assets 5,839,274 3,509,904 2,329,370 66.4%

Current installments of long-term debt 138,031 91,726 46,305 50.5%

Other current liabilities 212,454 163,713 48,741 29.8%

Total current liabilities 350,485 255,439 95,046 37.2%

Long-term debt 1,264,592 1,023,284 241,308 23.6%

Other non-current liabilities 79,263 90,830 (11,567) (12.7%)

Total non-current liabilities 1,343,855 1,114,114 229,741 20.6%

Total Equity 4,144,934 2,140,351 2,004,583 93.7%

Total Liabilities and Equity 5,839,274 3,509,904 2,329,370 66.4%

CONFIDENTIAL

Cashflow

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Figures in thousand Pesos

Cash Flow Statement 2016 2015 % Var. 2016 2015 % Var.

Cashflow from operating activities

Net income 45,587 24,467 86.3 159,988 10,026 1495.7

Depreciation and amortization 36,883 22,072 67.1 112,058 87,670 27.8

Income taxes (524) 12,025 (104.4) 37,262 8,415 342.8

Unrealized gain (loss) in foreign currency exchange 22,748 16,949 34.2 70,530 156,413 (54.9)

Net interest expense 7,646 9,449 (19.1) 33,294 31,764 4.8

Otros costos financieros (430) 1,337 (132.2) 2,608 1,927 35.3

Cashflow before working capital variations 111,370 86,299 29.1 413,480 296,216 39.6

Capital de trabajo 16,694 (10,155) (264.4) 29,276 22,905 27.8

Net operating cashflow 128,064 76,144 68.2 442,756 319,120 38.7

Partidas no recurrentes (19,126) (1,892) 910.9 16,065 19,344 (17.0)

Flujos netos de efectivo de partidas no recurrentes 108,938 74,252 46.7 458,821 338,465 35.6

Actividades de inversión (394,619) (137,227) 187.6 (722,336) (357,354) 102.1

Actividades de financiamiento 86,671 107,903 (19.7) 1,897,373 (232,611) (915.7)

Net (decrease) increase in cash and cash equivalents (199,009) 44,928 (543.0) 1,633,858 (251,501) (749.6)

Cash and cash equivalents at the beginning of the period 1,930,596 52,801 3556.4 97,729 348,133 (71.9)

Cash and cash equivalents at the end of the period 1,731,587 97,729 1671.8 1,731,587 96,632 1691.9

Efectivo en adquisición de negocio - - NA - 1,097 NA

Total Cash at the end of the period 1,731,587 97,729 1671.8 1,731,587 97,729 1671.8

Four Quarter 12 months ended December

69%

28% 21%

31%

72% 79%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

USA Brazil MexicoChain Independent

CONFIDENTIAL 28

Tourism GDP Contribution as of 2015

Mexico ranks # 9 in terms of

arrival of international

travelers worldwide

Mexico ranks # 8 in terms of GDP Tourism contribution worldwide

Mexico ranks # 6 in terms of

Tourism job creation

worldwide

Mexico ranks # 9 in terms of investment in the Tourism

Sector worldwide

Penetration of chains in the Hotel Industry

Sources: WTTC y JLL

Tourism in Mexico

8.50%

2.60%

3.60% 3.50%

MEX EUA UNIÓN EUROPEA BRASIL

7%

14%

17%

36%

26%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Total Population: 120 mm

AB C+ C D+ DE

4,179

10,463

-

2,000

4,000

6,000

8,000

10,000

12,000

2010 2020 E

Middle Class anual expenditure per capita (USD)

CONFIDENTIAL 29

Occupancy: Industry vs HOTEL

Sources: WTTC; DATATUR, CONAPO, INEGI and GHSF

2015 business and pleasure traveling expenditure* Touristic activity expenditure by nationality

Target Market

35mm31%

2016 expected growth:

Leisure: 6.0%Business: 6.5%

2016 expected growth:

Foreign: 9.5%Domestic: 5.6%

International Travelers

Hotel Sector: a big opportunity

Foreign11%

Domestic89%

*

Leisure90%

Business10%

40%

45%

50%

55%

60%

65%

70%

75%

2010 2011 2012 2013 2014 2015

Industry HOTEL

+ 10 pp

CONFIDENTIAL 30

Contact Information

For more information please contact:

Enrique Martínez GuerreroCFOemartinez@gsf-hotels.com+52 (55) 5261-0800

Please visit our website: www.gsf-hotels.com

Maximilian ZimmermannIROmzimmermann@gsf-hotels.com+52 (55) 5261-0800

Legal Note on Forward Looking Statements:The information provided in this report contains certain forward-looking statements and information related to Grupo Hotelero Santa Fe, S.A.B. de C.V. and itssubsidiaries (jointly “Grupo Hotelero Santa Fe”, “HOTEL”, or the “Company”) which are based in the understanding of its managers, as well as in assumptions andinformation currently available for the Company. Such statements reflect the current view of Grupo Hotelero Santa Fe in regard to future events subject to a number ofrisks, uncertainties and assumptions. Several features may cause that the results, performance or current achievements of the Company may differ materially withrespect to future results, performance or attainments of Grupo Hotelero Santa Fe that may be included, expressly or implied within such statements in regard to thefuture, including among others, alterations in the economic general conditions and/or politics, governmental and commercial changes globally or within the countriesin which the Company has any business interests, changes in the interests rates and inflation, exchange rates volatility, changes in the demand and regulations of theproducts marketed by the Company, changes in the price of raw materials and other goods, changes in the business strategies and several other features. If one ormore of this of risks or uncertainties are materialized, or if the assumptions used result to be incorrect, the real results may materially differ from those describedherein as anticipated, believed, expected or envisioned. Grupo Hotelero Santa Fe undertakes no obligation to update or revise any forward-looking statements.