Company PresentationDecember 2015

1

CONFIDENTIAL

GHSF at a Glance

2

We are one of the leading companies in the hotel industry, with aMexican DNA; our focus is in acquiring, converting, developing andoperating owned and third-party hotels.

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

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

69%

28% 21%

31%

72% 79%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

USA Brazil MexicoChain Independent

CONFIDENTIAL 3

Tourism GDP Contribution as of 2014

Mexico ranks #10 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

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 4

Occupancy: Industry vs HOTEL

Sources: WTTC; DATATUR, CONAPO, INEGI and GHSF

2014 business and pleasure traveling expenditure* Touristic activity expenditure by nationality

Target Market

35mm31%

2015 expected growth:

Leisure: 6.0%Business: 6.5%

2015 expected growth:

Foreign: 9.5%Domestic: 5.6%

International Travelers

Hotel Sector: a big opportunity

Foreign11%

Domestic89%

*

40%

45%

50%

55%

60%

65%

70%

2010 2011 2012 2013 2014 Sep-15

Industry HOTEL

Leisure90%

Business10%

CONFIDENTIAL

Grupo Hotelero Santa Fe

5

CONFIDENTIAL

Ownership

Brand

Stabilization Stage

6

Portfolio of 15 hotels and 4,159 rooms

Grupo Hotelero Santa Fe

Presence in Mexico’s main Urban and Resort destinations.

Ciudad Juarez:1. Krystal Business

Ciudad Juarez

Monterrey:1. Hilton Garden Inn

Monterrey2. Hilton Garden Inn

Monterrey Aeropuerto Cancun:1. Krystal Resort

Cancun2. Krystal Grand Punta

Cancun3. Krystal Urban

Cancun Centro

Tabasco:1. Hampton Inn & Suites

Paraíso, TabascoPuerto Vallarta:1. Krystal Resort Puerto

Vallarta2. Hilton Puerto Vallarta

Guadalajara:1. Hilton Guadalajara2. Krystal Urban Guadalajara

(Opening 2015)

Ixtapa:1. Krystal Resort Ixtapa

Acapulco:1. Krystal Beach

Acapulco Development

Operating

Estado de Mexico:1. Krystal Satelite Maria Barbara

Mexico City:1. Krystal Grand

Reforma Uno

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

Owned2,241 54%

Third-party owned

1,784 43%

Co-Investment134 3%

No. of rooms

Krystal3,04973%

Other Brands1,11027%

No. of rooms

Stabilized1,894 46%

In Stabilization Stage2,121

51%

Under Development144 3%

No. of rooms

CONFIDENTIAL

Experienced Hotel Operator

Irreplaceable LocationsSuccessful Acquisitions History

• Our Krystal® Brand has a 35 year presence in Mexico.

• Constant hotel renovation towards younger and moremodern customer.

• Krystal brand well diversified in various segments.

• Acquisition and renovation of hotels.Rebranding when suitable (i.e.:acquisition of Krystal Urban CancunCentro two months after the IPO).

• Development of hotels in strategiclocations and expansion of existingportfolio hotels.

• Reuse conversion of residential andoffice buildings.

Renowned Brand

OtherBrands

• We have and continue to seekirreplaceable locations with uniquecharacteristics.

• Generation of clear entry barriers andcompetitive advantages.

• We participate in Mexico’s main marketsin both urban & resort destinations.

7

Unique Business Model

• We operate our hotels and third party hotels, we can operateinternational brands where markets are suitable.

• Efficient staff management based on multi-function modelwithout compromising service and customers’ experience.

• Centralized support, purchasing and administration areas.

• Proven history of yielding positive results despite adverseenvironment.

CONFIDENTIAL 8

Main Focus on our Krystal® Brand

2Cities

784 Rooms

Resort and Urban

Grand Tourism

4Cities

1,393Rooms

Resort and Urban

5 Stars

1City

400Rooms

Resort

4 Stars

3Cities

472Rooms

Urban

4 Stars

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

9

Krystal Beach AcapulcoAcquired in April 2013

(formerly Marriott & Avalon)

Cases 1 and 2: Krystal Beach Acapulco & Krystal Grand Punta Cancun

Krystal Grand Punta CancúnAcquired in September 2013

(formerly Hyatt Cancún)

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

-

5.00

10.00

15.00

20.00

25.00

30.00

2012 2013 2014 9M14 9M15

Million Pesos

Avalon EBITDA KBA EBITDA EBITDA Margin

△: 3.1x

△: 12%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

-

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

2013 2014 LTM Sep-15

Millon Pesos

Hyatt EBITDA KGPC EBITDA EBITDA Margin

△: 34%

△: 62%

Acquired in December 2014

Product Improvement Plan (in process)• Complete makeover in order to comply with Krystal Urban concept.• Renovation of hotel premises (lobby, restaurant, meeting rooms and

ballroom).

Sales & Marketing (in process)• Strategic plan with direct distribution channels, Krystal Rewards loyalty.

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

• Strong marketing campaign has been implemented along with therenovation process.

Operations (in process)• Implementing our quality program – guest satisfaction improvement.• Operating efficiencies – continuous analysis .• Strengthen Food and Beverage division.

10

Case 3: Krystal Urban Cancun Centro

YE 2014 LTM Sep-15

RevPAR

B2B Krystal

△: 65%

11

Acquired in May 2015

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

rooms).

Sales & Marketing Plan (in process)• Strategic plan with direct distribution channels, Krystal Rewards loyalty

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

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

Case 4: Turnaround of Krystal Satelite (Greater Mexico City)

2Q14 2Q15 3Q14 3Q15

RevPAR

María Bárbara Krystal

△: 26% △: 16%

*Renovation of the hotel began during 3Q15.

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Own Hotels

1,083 1,189

59.6%

61.9%

50.0%

52.0%

54.0%

56.0%

58.0%

60.0%

62.0%

64.0%

700

800

900

1,000

1,100

1,200

1,300

3Q14 3Q15

Pe

sos

Stabilized Owned Hotels

ADR Occupancy

△: 9.8%

646

735

720 720

500

550

600

650

700

750

3Q14 3Q15

Pe

so

s

Stabilized Owned Hotels

RevPAR Number of rooms

△: 13.9%

668

759

901

1,299

-

200

400

600

800

1,000

1,200

1,400

500

550

600

650

700

750

800

3Q14 3Q15

Pe

so

sOwned Hotels in Stabilization Stage

RevPAR Number of rooms

△: 13.7%

42.8

48.7

38

40

42

44

46

48

50

3Q14 3Q15

Mill

ion

Pe

so

s

Stabilized Owned Hotels

Room revenue

△: 13.9%

55.3

90.7

30

40

50

60

70

80

90

100

3Q14 3Q15

Mill

ion

Pe

so

s

Owned Hotels in Stabilization Stage

Room revenue

△: 63.9%

1,103 1,197

60.5%

63.4%

50.0%

52.0%

54.0%

56.0%

58.0%

60.0%

62.0%

64.0%

66.0%

700

800

900

1,000

1,100

1,200

1,300

3Q14 3Q15

Pe

so

s

Owned Hotels in Stabilization Stage

ADR Occupancy

△: 8.6%

CONFIDENTIAL

Solid performance drives profitability.

Occupancy Average Daily Rate (ADR)

Revenue per Available Room (RevPAR Total Rooms

Key Operating Statistics

13

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

57.0%61.3% 59.9%

64.7% 68.2% 65.4%69.9%

2011 2012 2013 2014 Sep-15 2014 2015

Annual LTM 9M

%

+ 4.5 pt

1,022 1,050 1,041 1,135

1,210 1,122

1,222

2011 2012 2013 2014 Sep-15 2014 2015

Annual LTM 9M

Pesos

△: 8.9%

582 643 623

734 825

734

854

2011 2012 2013 2014 Sep-15 2014 2015

Annual LTM 9M

Pesos

△: 16.4%

1,848 2,107

3,292

3,944 4,159 3,732

4,159

2011 2012 2013 2014 Sep-15 2014 2015

Annual LTM 9M

Number of Rooms

△: 11.4%

CONFIDENTIAL

Revenue Breakdown

Solid revenue growth and strong EBITDA generation.

EBITDA

Key Financial Indicators

14

92 92 127

211

289

154

230

33.8% 31.5%

26.5%29.3%

32.7%28.8% 33.0%

-4.0%

1.0%

6.0%

11.0%

16.0%

21.0%

26.0%

31.0%

36.0%

2011 2012 2013 2014 LTM Sep-15 9M14 9M15

-

50

100

150

200

250

300

350Million Pesos

EBITDA EBITDA Margin

CAGR: 27.2%

△: 49.3%

167 159254

407 509

300 403 59 74

141

202

249

146

193

46 59

86

112

125

89

99

2011 2012 2013 2014 LTM Sep-15 9M14 9M15

Million Pesos

Rooms Foods & Beverages Other

△: 29.9%CAGR: 28.1%

14%

58%

28%

CONFIDENTIAL 15

Currency Hedging

Figures in thousand of Mexican Pesos

Currency Hedging Analysis 9M15 % Tot.

Revenue denominated in Pesos 538,196 77.4%

Revenue denominated in dollars 157,034 22.6%

Ingresos Totales 695,230 100.0%

Cost and Expenses denominated in Pesos 403,715 86.7%

Cost and Expenses denominated in dollars 61,804 13.3%

Total Cost and Expenses 465,519 100.0%

Cashflow denominated in Pesos 134,481 58.5%

Cashflow denominated in dollars 95,230 41.5%

Total Cashflow 229,711 100.0%

Interest 24,192

Principal 58,055

Total Debt Service 81,196

Coverage Ratios

Interest Coverage ratio 1 9.5x

Debt Service Coverage Ratio 2 2.8x

Cashflow in dollars / Interest 3 3.9x

Cashflow in dollars / Debts Service 4 1.2x

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

3) Cashflow in dollars / Interest; 4) Cashflow in dollars / Total Debt Service

Note: debt service excludes prepayment of bank loans related to

acquisitions of the Krystal Urban Cancun Centro and Krystal Satelite María

Bárbara hotels, for Ps. 188.0 million in May 2015 and Ps. 55.0 in June

2015, respectively.

CONFIDENTIAL 16

Net Debt and Maturity

Figures in thousand Mexican Pesos Debt 1 Cash and Net

Financing Short Term Long Term Total Equivalents 2 Debt

Total 83,559 920,100 1,003,659 99,925 903,734

Denominated in Pesos - - - 34,641 (34,641)

Denominated in Dollars 83,559 920,100 1,003,659 65,285 938,375

Average rate of financial liab ilities 3.43% 3.43% 3.43%

Net Debt / LTM EBITDA (as of 30 September 2015) 3.1x

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

2) Includes restricted cash related to bank debt.

2.1%

8.0%8.9%

9.8% 9.5% 9.7%

21.8%

6.4%

14.6%

9.3%

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

% T

ota

l D

eb

t

Year

Maturities of Grupo Hotelero Santa Feas of 30 September 2015

CONFIDENTIAL 17

Krystal Urban Guadalajara

100% ownership140 rooms

European Plan

Opening: 4T15

Portfolio under Construction

CONFIDENTIAL

GHSF’s Growth Strategy

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

• Continue with our focus in providing extraordinary results both in stabilizedhotels and hotels in stabilization stage.

• Create additional revenue opportunities within our properties.

• Capitalize our operating capacity and continue our growth via acquisitions,conversions and development.

• Continue to increase our Krystal brand’s presence in the 4 and 5 stars urbansegments.

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

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

CONFIDENTIAL

Appendix

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Financial Statements

CONFIDENTIAL 20

Income Statement

Figures in thousand Mexican Pesos

Income Statement 2015 2014 % Var. 2015 2014 % Var.

Room Revenue 139,427 98,120 42.1 402,793 300,458 34.1

Food and Beverage Revenue 65,957 47,930 37.6 193,057 146,160 32.1

Other Revenue 34,526 29,083 18.7 99,380 88,579 12.2

Total Revenue 239,911 175,133 37.0 695,230 535,198 29.9

Cost and Operating Expenses 94,582 74,836 26.4 275,845 232,862 18.5

Sales and Administrative 64,077 44,652 43.5 179,017 138,755 29.0

Other Expenses 3,644 3,491 4.4 10,657 9,707 9.8

Depreciation and Amortization 23,011 16,273 41.4 65,598 51,950 26.3

Total Costs and Expenses 185,314 139,251 33.1 531,117 433,273 22.6

Total Non Recurring Expenses 3,575 2,894 23.5 16,754 8,509 96.9

EBITDA 77,608 52,155 48.8 229,711 153,875 49.3

EBITDA Margin(%) 32.3% 29.8% 2.6 pt 33.0% 28.8% 4.3 pt

Operating Income 51,022 32,988 54.7 147,360 93,416 57.7

Operating Income Margin (%) 21.3% 18.8% 2.4 pt 21.2% 17.5% 3.7 pt

Net Financing Result (89,235) (40,568) 120.0 (165,503) (53,681) 208.3

Undistributed income from subsidiaries, net (47) 141 NA 93 (19) NA

Total income taxes (7,652) (743) 929.2 (3,610) 3,898 (192.6)

Minority Interest - 4,343 NA - - NA

Net Income (30,608) (2,352) 1,201.5 (14,441) 35,819 (140.3)

Net Income Margin (%) (12.8%) (1.3%) (11.4 pt) (2.1%) 6.7% (8.8 pt)

Third Quarter 9 months ended September

CONFIDENTIAL

Balance Sheet

21

Figures in thousand Mexican Pesos

Balance Sheet Summary Sep-15 Sep-14 Var $ Var %

Cash and cash equivalents 52,801 734,901 (682,101) (92.8%)

Accounts receivables and other current assets 104,467 95,516 8,950 9.4%

Creditable taxes 96,324 102,703 (6,379) (6.2%)

Escrow deposit for hotel acquisition 16,553 - 16,553 NA

Total current assets 270,144 933,120 (662,977) (71.0%)

Restricted cash 47,125 27,841 19,284 69.3%

Property, furniture and equipment 2,696,982 2,089,242 607,740 29.1%

Other fixed assets 320,173 147,873 172,300 116.5%

Total non-current assets 3,064,280 2,264,957 799,323 35.3%

Total Assets 3,334,424 3,198,077 136,347 4.3%

Current installments of long-term debt 83,559 113,655 (30,096) (26.5%)

Ohter current liabilities 160,964 99,765 61,199 61.3%

Total current liabilities 244,523 213,419 31,104 14.6%

Long-term debt 920,100 794,323 125,778 15.8%

Other non-current liabilities 70,832 2,337 68,495 2931.0%

Total non-current liabilities 990,932 796,659 194,273 24.4%

Total Equity 2,098,969 2,187,999 (89,030) (4.1%)

Total Liabilities and Equity 3,334,424 3,198,077 136,347 4.3%

CONFIDENTIAL

Cashflow

22

Figures in thousand Pesos

Cash Flow Statement 2015 2014 2015 2014

Cashflow from operating activities

Net income (30,608) (2,352) (14,441) 35,819

Depreciation and amortization 23,011 16,273 65,598 51,950

Income taxes (7,652) - (3,610) -

Unrealized gain (loss) in foreign currency exchange 83,845 33,239 139,465 26,482

Net interest expense 8,328 7,536 22,315 21,760

Otros costos financieros 110 - 590 -

Minority interest - (4,343) - -

Cashflow before working capital variations 77,034 50,353 209,917 136,011

Working capital 5,565 (3,323) 33,060 8,468

Non recurring items (10,563) - 21,237 (91,238)

Cashflow net from non recurring items 72,036 47,030 264,213 53,241

Investment activities (72,509) (1,882) (224,915) (213,595)

Financing activities (30,580) 654,154 (335,727) 860,260

Net (decrease) increase in cash and cash equivalents (31,053) 699,302 (296,429) 699,906

Cash and cash equivalents at the beginning of the period 83,854 35,599 348,133 34,995

Cash and cash equivalents at the end of the period 52,801 734,901 51,704 734,901

Cash in business acquistion - - 1,097 -

Total Cash at the end of the period 52,801 734,901 52,801 734,901

Third Quarter 9 months ended September

CONFIDENTIAL 23

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

Miguel Bornacini ReynosoIRinversionistas@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 anumber of risks, uncertainties and assumptions. Several features may cause that the results, performance or current achievements of the Company may differmaterially with respect to future results, performance or attainments of Grupo Hotelero Santa Fe that may be included, expressly or implied within suchstatements in regard to the future, including among others, alterations in the economic general conditions and/or politics, governmental and commercial changesglobally or within the countries in which the Company has any business interests, changes in the interests rates and inflation, exchange rates volatility, changes inthe demand and regulations of the products marketed by the Company, changes in the price of raw materials and other goods, changes in the business strategiesand several other features. If one or more of this of risks or uncertainties are materialized, or if the assumptions used result to be incorrect, the real results maymaterially differ from those described herein as anticipated, believed, expected or envisioned. Grupo Hotelero Santa Fe undertakes no obligation to update orrevise any forward-looking statements.