Murano Global Investments Plc 6-K, filed Apr 1, 2025

Murano Global Investments Plc (MRNO)

6-K 2025-04-01 For: 2025-03-31

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Added on April 08, 2026

About this 6-K

Murano Global Investments Plc filed this 6-K on April 1, 2025.

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	Murano Global Investments PLC
	(Registrant)

Date: March 31, 2025	By:	/s/ David Galan
	Name: David Galan
	Title: Chief Financial Officer

EXHIBIT NO.	EXHIBIT DESCRIPTION

99.1	Unaudited Consolidated and Combined Interim Financial Statements of Murano PV, S.A. de C.V. and subsidiaries as of December 31, 2024, and for the years ended December 31, 2024 and 2023.

99.2	Unaudited Financial Statements of Fideicomiso Irrevocable de Emisión, Administración y Pago No. CIB/4323 as December 31, 2024 and for period started April 16, 2024 (incorporation date) to December 31, 2024.

99.3	Unaudited Financial Statements of Fideicomiso Murano 2000 No. CIB/3001 as of December 31, 2024, and for the years ended December 31, 2024 and 2023.

99.4	Unaudited Financial Statements of Operadora Hotelera GI, S.A. de C.V. as of December 31, 2024, and for the years ended December 31, 2024 and 2023.

99.5	Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) for the Hyatt Vivid Grand Island Hotel in Cancun, for the period started April 1, 2024 (opening date) to December 31, 2024.

Table of contents	Page

Consolidated and Combined Statements of Financial Position	3

Consolidated and Combined Statements of Profit or Loss and Other Comprehensive Income	4

Consolidated and Combined Statements of Change in Stockholders’ Equity	5

Consolidated and Combined Statements of Cash Flows	6

Notes to Consolidated and Combined Financial Statements	7 - 26

	Notes		December 31,			December 31,
			2024			2023
			unaudited
Assets
Current Assets:
Cash and cash equivalents and restricted cash		3	$	969,455,648		$	146,369,734
Trade receivables				64,514,013			16,831,611
VAT receivable				366,382,356			242,079,862
Other receivables				29,974,125			28,341,695
Due from related parties		4		-			143,549,146
Prepayments				36,440,784			18,792,796
Inventories				11,463,374			1,415,594
Total current assets				1,478,230,300			597,380,438

Property, construction in process and equipment, net		5		19,975,205,635			17,420,027,969
Investment property		6		1,340,000,000			1,100,491,490
Right of use assets, net				200,165,708			217,037,091
Financial derivative instruments				-			116,923,727
Guarantee deposits				18,753,039			21,480,806
Total non-current assets				21,534,124,382			18,875,961,083

Total assets			$	23,012,354,682		$	19,473,341,521

Liabilities, Stockholders’ Equity and Net Assets
Current Liabilities:
Current instalments of long-term debt		7	$	3,481,380,489		$	2,039,355,678
Trade accounts payable and accumulated expenses				527,437,127			399,163,421
Advance customers				23,459,478			8,263,469
Due to related parties		4		120,634,508			133,002,659
Lease liabilities				46,051,658			30,006,807
Income tax payable				10,665,198			12,135,180
Employees’ statutory profit sharing				2,601,529			2,241,724
Contributions for future net assets				-			3,500,000
Total current liabilities				4,212,229,987			2,627,668,938

Non-current Liabilities:
Long-term debt, excluding current instalments		7		7,692,819,937			4,643,317,136
Due to related parties, excluding current portion		4		73,837,080			87,302,929
Lease liabilities, excluding current portion				160,662,668			177,954,726
Employee benefits				10,175,001			8,766,021
Other liabilities				86,311,531			62,504,424
Deferred tax liabilities				4,438,682,511			4,031,599,864
Total non-current liabilities				12,462,488,728			9,011,445,100

Total liabilities				16,674,718,715			11,639,114,038

Stockholders’ Equity and Net Assets
Net parent investment				-			902,611,512
Common stock		11		900,052,000			-
Accumulated deficit				(3,715,373,485	)		(1,181,044,835	)
Other comprehensive income				9,152,957,452			8,112,660,806
Total Stockholders’ Equity and Net Assets				6,337,635,967			7,834,227,483

Total Liabilities, Stockholders’ Equity and Net Assets			$	23,012,354,682		$	19,473,341,521


	Notes		2024			2023
			unaudited

Revenue		8	$	729,953,807		$	286,651,914
Direct and selling, general and administrative expenses:
Employee benefits				321,062,658			158,777,211
Food & beverage and service cost				98,441,323			50,548,808
Sales commissions				37,592,689			12,047,140
Management fees to hotel operators				23,928,681			6,031,578
Depreciation and amortization				299,397,222			135,498,890
Property tax				12,444,214			10,062,451
Professional fees				200,247,935			81,161,295
Administrative services				17,452,477			16,148,254
Maintenance and conservation				52,727,323			9,676,728
Utility expenses				67,542,771			11,806,600
Advertising				53,064,373			7,326,696
Donations				7,842,770			7,676,660
Insurance				27,333,437			14,820,097
Software				6,948,956			6,744,506
Cleaning and laundry				11,301,594			9,197,151
Supplies and equipment				21,804,534			-
Bank fees				31,081,946			8,317,475
Other costs				106,181,435			62,238,994
Total direct and selling, general and administrative expenses				1,396,396,338			608,080,534

Other income		9		184,760,845			25,560,552
Other expenses							(9,801,077	)
Gain (loss) on revaluation of investment property				239,508,511			(86,598,436	)
Exchange rate (expense) income, net				(1,491,795,021	)		768,699,652
Changes in fair value of financial derivative instruments				(43,348,480	)		(75,868,263	)
Interest income				34,936,828			8,845,532
Interest expense				(796,620,661	)		(303,746,643	)
(Loss) profit before income taxes				(2,539,000,509	)		5,662,697

Income taxes		10		25,615,958			52,130,224

Net (loss) profit for the period			$	(2,513,384,551	)	$	57,792,921

Other comprehensive income:
Items that will not be reclassified subsequently to profit or loss:
Revaluation of property, construction in process and equipment, net of deferred income tax				1,040,280,274			(622,987,642	)
Remeasurements of net defined benefit liability net of deferred income tax				-			87,219
Other comprehensive income (loss) for the period				1,040,280,274			(622,900,423	)

Total comprehensive (loss) income of the period			$	(1,473,104,277	)	$	(565,107,502	)

											Other Comprehensive Income
	Note		Net parent investment			Common Stock		Accumulated Deficit			Revaluation of property, construction in process and equipment net of deferred income tax			Remeasurement of net defined benefit liability net of deferred income tax			Total

Balance as of January 1, 2023			$	902,611,512		$	-	$	(1,238,837,756	)	$	8,737,110,903		$	(1,549,674	)	$	8,399,334,985

Profit for the period									57,792,921									57,792,921
Other comprehensive income for the period				-			-		-			(622,987,642	)		87,219			(622,900,423	)

Balance as of December 31, 2023				902,611,512			-		(1,181,044,835	)		8,114,123,261			(1,462,455	)		7,834,227,483

Reimbursements of net parent investment				(16,363,928	)		-		-			-			-			(16,363,928	)
Capital restructuring		2.b.2		(886,247,584	)		900,052,000		(20,944,099	)		-			-			(7,139,683	)
Loss for the period									(2,513,384,551	)								(2,513,384,551	)
Other comprehensive loss for the period				-			-		-			1,040,296,646			-			1,040,296,646

Balance as of December 31, 2024 (*)			$	-		$	900,052,000	$	(3,715,373,485	)	$	9,154,419,907		$	(1,462,455	)	$	6,337,635,967

Entity	Ownership interest

Murano Management, S. A. de C. V. (“Murano Management”)	100.00%
Murano World, S. A. de C. V. (“Murano World”)	100.00%
Inmobiliaria Insurgentes 421, S. A. de C.V. (“Inmobiliaria Insurgentes 421”)	100.00%
Operadora Hotelera GI, S. A. de C. V. (“Operadora GIC I”)	100.00%
Operadora Hotelera Grand Island II, S. A. de C. V. (“Operadora GIC II”)	100.00%
Operadora Hotelera I421, S. A. de C. V. (“OHI421”)	100.00%
Operadora Hotelera I421 Premium, S. A. de C. V. (“OHI421 Premium”)	100.00%
Fideicomiso Murano 6000 CIB/3109 (“Insurgentes Security Trust”)	100.00%
Fideicomiso Murano 2000 CIB /3001 (“GIC I Trust” or “Fideicomiso Murano 2000”)	100.00%
Fideicomiso Murano 4000 CIB/3288 (“GIC II Trust”)	100.00%
Fideicomiso Murano 1000 CIB /3000	100.00%
Fideicomiso Irrevocable de Emisión, Administración y Pago No. CIB/4323	100.00%
Edificaciones BVG, S. A. de C. V. (“Edificaciones BVG”)	100.00%
Servicios Corporativos BVG, S. A. de C.V. (“Servicios BVG”)	100.00%

	As of
	December 31, 2024		December 31, 2023
	unaudited

Cash	$	1,661,613	$	993,681
Bank deposits ^{(1) (2) (3)}		967,794,035		145,376,053

Total cash and cash equivalents and restricted cash	$	969,455,648	$	146,369,734

				Construction in									Computer			Transportation						Equipment and
	Land			process			Buildings			Elevators			equipment			Equipment			Furniture⁽¹⁾			other assets			Total
Cost:

Balances as of January 1, 2023	$	7,794,417,256		$	9,083,995,555		$			$			$	7,109,323		$	2,874,688		$	5,694,946		$	3,173,881		$	16,897,265,649
Additions		173,992,200			1,388,105,617			-			-			627,269			-			157,205,729			-			1,719,930,815
Disposals		-			-			-			-			-			-			(163,689,130	)		-			(163,689,130	)
Capitalization of FF&E and OS&E, buildings and elevators		-			(1,525,827,023	)		1,348,289,068			10,964,935			-			-			166,573,020			-			-
Revaluation		(21,598,770	)		(2,437,323,707	)		1,568,940,131									-			-			-			(889,982,346	)

Balances as of December 31, 2023	$	7,946,810,686		$	6,508,950,442		$	2,917,229,199		$	10,964,935		$	7,736,592		$	2,874,688		$	165,784,565		$	3,173,881		$	17,563,524,988

Additions		32,387,850			1,296,109,229			-			-			66,597			846,019			25,501			-			1,329,435,196
Capitalization of FF&E and
OS&E, buildings and elevators					(2,254,539,028	)		1,973,759,232			9,489,941									271,289,855			-			-
Revaluation		1,850,230,211			(1,981,481,567	)		1,608,154,834									-						-			1,476,903,478

Balances as of December 31, 2024 (unaudited)	$	9,829,428,747		$	3,569,039,076		$	6,499,143,265		$	20,454,876		$	7,803,189		$	3,720,707		$	437,099,921		$	3,173,881		$	20,369,863,662
				Construction in									Computer			Transportation						Equipment and
	Land			process			Buildings			Elevators			equipment			Equipment			Furniture⁽¹⁾			other assets			Total
Accumulated depreciation:
Balances as of January 1, 2023	$	-		$	-		$	-		$	-		$	(5,892,011	)	$	(2,626,601	)	$	(4,079,955	)	$	(2,183,253	)	$	(14,781,820	)

Depreciation		-			-			(71,580,551	)		(1,096,493	)		(779,108	)		(77,491	)		(55,029,094	)		(152,462	)		(128,715,199	)

Balances as of December 31, 2023		-			-			(71,580,551	)		(1,096,493	)		(6,671,119	)		(2,704,092	)		(59,109,049	)		(2,335,715	)		(143,497,019	)

Depreciation		-			-			(130,571,011	)		(1,807,015	)		(667,608	)		(286,195	)		(117,676,977	)		(152,202	)		(251,161,008	)

Balances as of December 31, 2024 (unaudited)		-			-			(202,151,562	)		(2,903,508	)		(7,338,727	)		(2,990,287	)		(176,786,026	)		(2,487,917	)		(394,658,027	)

Carrying amounts as of:
December 31, 2023	$	7,946,810,686		$	6,508,950,442		$	2,845,648,648		$	9,868,442		$	1,065,473		$	170,596		$	106,675,516		$	838,166		$	17,420,027,969

December 31, 2024 (unaudited)	$	9,829,428,747		$	3,569,039,076		$	6,296,991,703		$	17,551,368		$	464,462		$	730,420		$	260,313,895		$	685,964		$	19,975,205,635

Valuation technique	Significant unobservable inputs	Inter-relationship between significant unobservable inputs and fair value measurement

Land Group directors use the market-based approach to determine the value of the land as described in the valuation reports prepared by the appraisers. In estimating the fair value of the subject assets, the appraiser performed the following: • Researched market data to obtain information pertaining to sales and listings (comps) that are similar to the Subject Asset. • Selected relevant units of comparison (e.g., price per square meter), and developed a comparative analysis for each. • Compared the comps to the Subject Asset using elements of comparison that may include, but are not limited to, market conditions, location, and physical characteristics; and adjusted the comps as appropriate. • Reconciled the multiple value indications that resulted from the adjustment of the comps into a single value indication. • The selected price per square meter is consistent with market prices paid by market participants and/or current asking market prices for comparable properties.	The appraiser compared the comps to the Subject Assets using comparison elements that include market conditions, location, and physical characteristics. • Location (0.80 - 1). • Size (1.08 - 1.20). • Market conditions (0.8 - 1).	The estimated fair value would increase if the adjustments applied were higher.


Construction in process Group directors use the cost approach to determine the value of construction in process as described in the valuation reports prepared by the appraisers. In estimating the fair value of building and site improvements, the appraiser performed the following: • Estimated replacement cost of the building and site improvements, as though new, considering items such as indirect costs. • Estimated and applied deductions related to accrued depreciation, resulting from physical deterioration, and work in progress.		The appraiser used an adjustment factor regarding the status of the construction in process. Work in progress adjustment (0.6 - 0.98).		The estimated fair value would increase if the adjustments applied were higher.

Property	Associated Credit Reference
Unit 1, 2, 4 y 5 / Grand Island	See Note 7 Terms and repayment schedule (1 & 13)
Unit 3 / Grand Island II	See Note 7 Terms and repayment schedule (12)
Beach Club – Playa Delfines	See Note 7 Terms and repayment schedule (8)
Insurgentes Sur 421 Complex	See Note 7 Terms and repayment schedule (3)
Unit 8, No. 56-A-1, Supermanzana A2, Sup. 824.20 M2	See Note 7 Terms and repayment schedule (4, 5 & 6) and Note 4 reference (7)
Unit 9, No. 56-A-1, Supermanzana A2, Sup. 832.94 M2
Plot of land: La Punta Bajamar / Lote 1, Manzana S/M, Sup. 4,117.88 M2	See Note 7 Terms and repayment schedule (7)
Plot of land: La Punta Bajamar / Lote 2, Manzana S/M, Sup. 6,294.08 M2	See Note 7 Terms and repayment schedule (7)
Plot of land: La Punta Bajamar / Lote 3 (Vialidad), Manzana S/M, Sup. 4,117.88 M2	See Note 7 Terms and repayment schedule (7)
Plot of land: La Punta Bajamar / Lote 4, Manzana S/M, Sup. 10,015.68 M2	See Note 7 Terms and repayment schedule (7)
Plot of land: La Punta Bajamar / Lote 5, Manzana S/M, Sup. 11,986.53 M2	See Note 7 Terms and repayment schedule (7)
Plot of land: La Punta Bajamar / Lote 6, Manzana S/M, Sup. 2,912.02 M2	See Note 7 Terms and repayment schedule (7)
Plot of land: La Punta Bajamar / Lote 7, Manzana S/M, Sup. 568.51 M2	See Note 7 Terms and repayment schedule (7)
Plot of land: La Punta Bajamar / Lote 8, Manzana S/M, Sup. 635.25 M2	See Note 7 Terms and repayment schedule (7)

	Currency	Nominal interest rate 2024			Nominal interest rate 2023			Maturity		December 31, 2024 unaudited			December 31, 2023

Fideicomiso Murano 2000 CIB/3001 (subsidiary of Murano World):
Banco Nacional de Comercio Exterior S.N.C. Institución de Banca de Desarrollo (“Bancomext”) ⁽¹⁾	USD	SOFR + 4.0116%			SOFR + 4.0116%			2033		$	-		$	1,013,610,000
Caixabank, S.A. Institución de Banca Múltiple (“Caixabank”) ⁽¹⁾	USD	SOFR + 4.0116%			SOFR + 4.0116%			2033			-			1,013,610,000
Sabadell, S.A. Institución de Banca Múltiple (“Sabadell”) ⁽¹⁾	USD	SOFR + 4.0116%			SOFR + 4.0116%			2033			-			844,675,000
Avantta Sentir Común, S. A. de C.V., SOFOM, E.N.R. (Avantta) ⁽¹⁾	USD	SOFR + 4.0116%				N/A			2033		-
Nacional Financiera, Sociedad Nacional de Crédito, Institución de Banca de Desarrollo (“NAFIN”) ⁽¹⁾	USD	SOFR + 4.0116%			SOFR + 4.0116%				2033		-			1,010,419,654
Bancomext ⁽²⁾	MXN	TIIE 91 + 2.75%			TIIE 91 + 2.75%			See (2)			-			54,441,003
Cost to obtain loans and commissions														(46,187,476	)
Total Fideicomiso Murano 2000											-			3,890,568,181

Inmobiliaria Insurgentes 421:
Bancomext ⁽³⁾	USD	SOFR + 3.5%			SOFR + 3.5%				2037		2,029,066,425			1,687,477,257
Cost to obtain loans and commissions											(17,038,019	)		(18,383,126	)
Total Inmobiliaria Insurgentes 421											2,012,028,406			1,669,094,131

Murano World:
Exitus Capital S.A.P.I de C. V. ENR (“Exitus Capital”) ⁽⁴⁾	USD		15.00	%		15.00	%		2025		-			253,402,500
Exitus Capital ⁽⁵⁾	USD		15.00	%		15.00	%		2025		-			14,862,566
Exitus Capital ⁽⁶⁾	USD		15.00	%		15.00	%		2025		-			18,391,571
Exitus Capital ⁽⁷⁾	USD		15.00	%					2026		373,168,040			-
Arrendadora Fínamo, S.A. de C.V. (“Fínamo”) ⁽⁸⁾	MXN		15.76	%		15.76	%		2027		282,011,355			364,390,142
Administradora de Soluciones de Capital, S.A. de C.V. SOFOM ENR (Finamo) ⁽⁹⁾	MXN		22.00	%		N/A			2025		144,493,360			-
ALG ⁽¹⁰⁾	USD		10	%		10	%		2030		410,206,000			337,870,000
Santander International ⁽¹¹⁾	USD	Best Rate+0.80%			Best Rate+0.80%				2025		30,694,061			25,335,608
Cost to obtain loans and commissions											(7,833,206	)		(11,658,806	)
Total Murano World											1,232,739,610			1,002,593,581

Edificaciones BVG:
Exitus Capital ⁽¹²⁾											4,776,175			12,387,770
Total Edificaciones BVG											4,776,175			12,387,770

Murano PV:
NAFIN ⁽¹³⁾	USD	SOFR + 3.75% first year; second year SOFR +4.00 and third year SOFR + 4.25%							2027		1,126,878,115
Administradora de Soluciones de Capital, S.A. de C.V. SOFOM NR (ASC Finamo) ⁽¹⁴⁾	USD		15	%		-			2030		458,160,522
ASC Finamo ⁽¹⁵⁾	MXN		22	%		-			2025		100,000,000
Cost to obtain loans and commissions											(26,599,533	)		-
Total Murano PV											1,658,439,104			-

Fideicomiso 4323 (issuer trust):
Senior Notes⁽¹⁶⁾	USD	11% plus 2% of PIK capitalized first three years							2031		6,153,090,000
Cost to obtain loans and commissions											(233,007,287	)		-
Total Fideicomiso 4323											5,920,082,713			-

Accrued interest payable											346,134,418			108,029,151
Total debt											11,174,200,426			6,682,672,814

Current instalments											3,481,380,489			2,039,355,678

Long-term debt, excluding current instalments										$	7,692,819,937		$	4,643,317,136

	Number of shares		Amount
Fixed capital:
Series A		50,000	$	50,000

Variable capital:
Series B		900,002,000		900,002,000
Total		900,052,000	$	900,052,000

Table of contents	Page

Statements of Financial Position	3

Statement of Profit or Loss and Other Comprehensive Income	4

Statement of Change in Stockholders’ Equity	5

Statements of Cash Flows	6

Notes to Financial Statements	7 - 12


	2024			2023
	unaudited
Cash flows from operating activities:
(Loss) profit before income taxes	$	(2,539,000,509	)	$	5,662,697
Adjustments for:
Depreciation of property, construction in process and equipment		251,161,008			128,715,199
Depreciation of right of use assets		48,236,214			6,783,691
Equipment disposal		-			6,656,723
Amortization of costs to obtain loans and commissions		66,392,459			8,106,066
Valuation of financial derivative instruments		43,348,480			75,868,263
Valuation of investment properties		(239,508,510	)		86,598,436
Interest expense		775,322,534			300,463,958
Interest expense lease liability		21,298,127			3,282,685
Interest income		(34,936,828	)		(8,845,532	)
Effect on changes in foreign exchange rates		1,569,653,732			(756,380,690	)
		(38,033,293	)		(143,088,504	)
Changes in:
Increase in VAT and other receivables		(124,302,494	)		(13,310,332	)
Increase in trade receivables		(47,682,402	)		(16,831,611	)
Increase in other receivable		(1,632,430	)		(2,935,229	)
(Increase) decrease in prepayments		(17,647,988	)		24,307,603
(Increase) decrease in inventory		(10,047,780	)		496,924
Decrease (increase) in other assets		2,727,767			(21,480,806	)
Increase in trade payables and taxes		145,720,453			275,492,241
Increase in employee benefits		1,425,354			2,149,082
Increase in other liabilities		23,807,107			62,504,425
Increase in employees’ statutory profit sharing		359,805			101,082
Income tax paid		(7,645,321	)		(2,198,538	)-
Net cash flows (used in) from operating activities		(72,951,222	)		165,206,337

Cash flows used in investing activities:
Acquisition of property, construction in process and equipment		(1,329,435,196	)		(1,719,930,815	)
Disposal of equipment		-			157,032,407
Loans collected from (granted to) related parties		143,549,146			(136,784,815	)
Interest received		108,512,075			2,081,201
Net cash flows used in investing activities		(1,077,373,975	)		(1,697,602,022	)

Cash flows from financing activities:
Reimbursements of net parent investment		(16,363,928	)		-

	Notes		December 31,			April 16,
			2024			2024
			unaudited			unaudited
Assets
Current Assets:
Cash and cash equivalents and restricted cash		3	$	351,043,211		$	10,000
Total current assets				351,043,211			10,000

Due from related parties		4		5,828,197,825			-
Total non-current assets				5,828,197,825			-

Total assets			$	6,179,241,036		$	10,000

Liabilities and Stockholders’ Equity
Current Liabilities:
Current instalments of long-term debt		5	$	239,970,510		$	-
Due to related parties		4		15,773,081			-
Tax payable				34,451,082
Contributions for future net assets				365,038			-
Total current liabilities				290,559,711			-

Non-current Liabilities:
Long-term debt, excluding current instalments		5		5,920,082,713			-
Total non-current liabilities				5,920,082,713			-

Total liabilities				6,210,642,424			-

Stockholders’ Equity
Common stock				10,000			10,000
Accumulated deficit				(31,411,388	)		-
Total Stockholders’ Equity				(31,401,388	)		10,000

Total Liabilities and Stockholders’ Equity			$	6,179,241,036		$	10,000

	Notes		For the period commencing April 16 to December 31, 2024
			unaudited

Operating expenses:

Bank fees			$	33,733
Costs to obtain loans				8,020,924
Taxes				249,600
Total direct and selling, general and administrative expenses				(8,304,257	)

Exchange rate income, net				(4,942,684	)
Interest income		4		218,216,893
Interest expense		5		(236,381,340	)
Loss before income taxes				(23,107,131	)

Income taxes				-

Net loss for the period			$	(31,411,388	)

Total comprehensive loss for the period			$	(31,411,388	)

Note	Common Stock		Retained earnings			Total

Initial capital contribution April 16, 2024 (incorporation date)	$	10,000				$	10,000
Loss for the period		-		(31,411,388	)		(31,411,388	)

Balance as of December 31, 2024 (unaudited)	$	10,000	$	(31,411,388	)	$	(31,401,388	)

	December 31 2024			April 16, 2024 (incorporation date)
	unaudited			unaudited
Cash flows from operating activities:
Loss before income taxes	$	(31,411,388	)	$	-
Adjustments for:
Amortization of costs to obtain loans		8,020,924
Interest income		(218,216,893	)
Interest expense		236,381,340
Effect on changes in foreign exchange rates		264,759,353			-
		259,533,336			-
Changes in:
Increase in related parties		(227,878,241	)
Increase in tax payable related parties		34,451,082-			--
Net cash flows from operating activities		66,106,177			-

Cash flows used in investing activities:
Interest received		3,630,296
Loans granted to related parties		(5,398,702,484	)		-
Net cash flows used in investing activities		(5,395,072,188	)		-

Cash flows from financing activities:
Initial capital contribution		-			10,000
Contributions for future common stock increase		365,038			-
Loan proceeds		5,900,910,000			-
Borrowing costs paid		(221,275,816	)		-
Net cash flows from financing activities		5,679,999,222			10,000

Net increase in cash and cash equivalents and restricted cash		351,033,211			10,000

Cash and cash equivalents and restricted cash at the beginning of the period		10,000			-

Cash and cash equivalents and restricted cash at the end of the period	$	351,043,211		$	10,000

	As of
	December 31, 2024		April 16, 2024
	unaudited		unaudited

Bank deposits ⁽¹⁾	$	351,043,211	$	10,000

Total cash and cash equivalents and restricted cash	$	351,043,211	$	10,000

				As of
Currency		Nominal interest rate 2024	Maturity	December 31, 2024			April 16, 2024
				unaudited			unaudited

Fideicomiso 4323 (issuer trust):								-
Senior Notes⁽¹⁾	USD	11% plus 2% of PIK capitalized first three years	2031	$	6,153,090,000
Cost to obtain loans and commissions					(233,007,287	)		-
Total Fideicomiso 4323					5,920,082,713			-

Accrued interest payable					239,970,510			-
Total debt					6,160,053,223			-

Current instalments					239,970,510			-

Long-term debt, excluding current instalments				$	5,920,082,713		$	-

	Common Stock		Retained earnings (accumulated deficit)			Other Comprehensive Income Revaluation of property, construction in process and equipment net of deferred income tax			Total

Balance as of January 1, 2023	$	213,191,683	$	400,536,645		$	6,343,812,237			6,957,540,565

Total comprehensive (loss) income		-		272,553,018			(798,241,265	)		(525,688,247	)

Balance as of December 31, 2023		213,191,683		673,089,663			5,545,570,972			6,431,852,318

Total comprehensive (loss) income		-		(1,663,385,841	)		1,216,958,204			(446,427,637	)

Balance as of December 31, 2024 (unaudited)	$	213,191,683	$	(990,296,178	)	$	6,762,529,176		$	5,985,424,681


Construction in process Trust directors use the cost approach to determine the value of construction in process as described in the valuation reports prepared by the appraisers. In estimating the fair value of building and site improvements, the appraiser performed the following: • Estimated replacement cost of the building and site improvements, as though new, considering items such as indirect costs. • Estimated and applied deductions related to accrued depreciation, resulting from physical deterioration, and work in progress.		The appraiser used an adjustment factor regarding the status of the construction in process. Work in progress adjustment (0.6 - 0.98).		The estimated fair value would increase if the adjustments applied were higher.

	Notes		2024 unaudited			2023

Revenue		6	$	530,096,709		$	33,844,956
Direct and selling, general and administrative expenses:
Employee benefits				138,874,466			10,292,109
Depreciation and amortization				147,429,568			3,929,118
Marketing				37,810,917			-
Utility expenses				30,880,858			358,054
Other equipment				19,894,620			-
Maintenance and conservation				15,955,229			-
Food for employees				13,921,292			38,540
Insurance				11,595,589			214,597
Food & beverage and service cost				62,829,233			-
Licenses and permits				10,331,006			-
Other cost				9,861,929			575,654
Transport				8,513,274			-
Management fees to hotel operators				14,689,937			52,293
Bank fees				6,776,082			5,500
Sales commissions				5,698,732			-
Cleaning and laundry				5,543,463			-
Other taxes				4,125,286			329,132
Software				3,090,647			-
Professional fees				1,614,827			-
Employees’ statutory profit sharing				-			59,032
Lease				100,372			80,121
Other				59,448			3,656
Total direct and selling, general and administrative expenses				549,596,775			15,937,806

Exchange rate (expense) income, net				(3,525,956	)		47,153
Interest (expense) income, net				(92,718,793	)		(2,086,793	)
(Loss) profit before income taxes				(115,744,815	)		15,867,510

Income taxes		7		18,064,612			5,014,515

Net (loss) profit for the period			$	(97,680,203	)	$	10,852,995

Total comprehensive (loss) income			$	(97,680,203	)	$	10,852,995

							Other Comprehensive Income
	Note	Common Stock		Retained earnings (Accumulated Deficit)			Remeasurement of net defined benefit liability net of deferred income tax			Total

Balance as of January 1, 2023		$	260,001	$	(12,244	)	$	-			247,757

Profit for the period			-		10,852,995			(32,554	)		10,820,441

Balance as of December 31, 2023			260,001		10,840,751			(32,554	)		11,068,198

Loss for the period			-		(97,680,203	)		(552,917	)		(98,233,120	)

Balance as of December 31, 2024 (unaudited)		$	260,001	$	(86,839,452	)	$	(585,471	)	$	(87,164,922	)

	For the years ended December 31,
	2024			2023
Cash flows from operating activities:	unaudited
(Loss) profit before income taxes	$	(115,744,815	)	$	15,867,510
Adjustments for:
Depreciation of property, construction in process and equipment		41,581			-
Depreciation of right of use assets		147,387,987			3,929,118
Interest expense lease liability		92,283,174			2,086,793
		123,967,927			21,883,421
Changes in:
Increase in VAT and other receivables		(8,797,269	)		(201,731	)
Increase in trade receivables		(49,132,929	)		(4,870,138	)
Increase decrease in related parties, net		2,939,402			5,258,378
Increase in prepayments		(5,019,032	)		(8,004,732	)
Increase in inventory		(8,861,561	)		-
Increase in trade payables and tax payable		158,050,514			1,749,901
Increase in employee benefits		1,314,485			89,765
Decrease in employees’ statutory profit sharing		-			57,845
Income tax paid		(2,030,661	)		(274,471	)
Net cash flows from operating activities		212,430,876			15,688,238

Cash flows used in investing activities:
Acquisition of transportation equipment		(673,606	)		-
Net cash flows used in investing activities		(673,606	)		-

Cash flows from financing activities:
Payments of leasing liabilities		(201,786,313	)		(14,717,426	)
Net cash flows from financing activities		(201,786,313	)		(14,717,426	)

Net increase in cash and cash equivalents and restricted cash		9,970,957			970,812

Cash and cash equivalents and restricted cash at the beginning of the period		1,068,277			97,465

Cash and cash equivalents and restricted cash at the end of the period	$	11,039,234		$	1,068,277

December 31, 2024 (unaudited)	Hotel Equipment ⁽¹⁾⁽³⁾			Sub lease ⁽²⁾			Total

Balance as of January 1,	$	199,957,781		$	-		$	199,957,781
Addition to right-of-use-assets		31,364,829			414,102,168			445,466,997
Depreciation charge for the year		(43,862,445	)		(103,525,542	)		(147,387,987	)

Balance as of December 31,	$	187,460,165		$	310,576,626		$	498,036,791

December 31, 2023	Hotel Equipment ⁽¹⁾

Balance as of January 1,	$	-
Addition to right-of-use-assets		203,886,899
Depreciation charge for the year		(3,929,118	)

Balance as of December 31,	$	199,957,781

	December 31, 2024 unaudited

Lease liability for hotel equipment	$	527,220,124
Current portion of lease liability	$	131,996,089
Lease liability excluding current portion	$	395,224,035

	December 31, 2023

Lease liability for hotel equipment	$	191,256,266
Current portion of lease liability	$	26,666,962
Lease liability excluding current portion	$	164,589,304

	For the years ended December 31,
	2024 unaudited		2023
Amounts recognized in profit and loss
Interest on lease liabilities	$	92,283,174	$	2,086,792

	$	92,283,174	$	2,086,792

Amounts recognized in the statement of cash flow
Total cash outflow	$	109,192,837	$	14,717,425

- Average daily rate (ADR) (per room)	$ 3,834 (U.S.$209)
- Occupancy rate	53.58%
- Revenue per available room (RevPar) (per room)	$ 2,053 (U.S.$112)
- Rooms available	110,000
- Rooms sold	58,936

Indicator	January 2025			February 2025
ADR (gross per room)	$	4,771	(US$232)	$	5,214	(US$254)
Occupancy rate		81.5	%		79.79	%
RevPar (per room)	$	3,871	(US$188)	$	4,074	(US$199)