v3.26.1
Property, construction in process and equipment (Tables)
 12 Months Ended
Dec. 31, 2025
Property, construction in process and equipment [Abstract]  
Reconciliation of Carrying Amount
Reconciliation of carrying amount


 		        
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       -       -       415,378       846,019       2,074,071       -       1,331,832,547  
Capitalization of FF&E and OS&E, buildings
and elevators
     -       (2,354,555,747 )     1,973,759,232       9,489,941       -       -       371,306,574       -       -  
Revaluation
     1,505,153,788       (1,981,481,567 )     811,137,367       -       -       -       -       -       334,809,588  
                                                                         
Balances as of December 31, 2024
   $ 9,484,352,324     $ 3,469,022,357     $ 5,702,125,798     $ 20,454,876     $ 8,151,970     $ 3,720,707     $ 539,165,210     $ 3,173,881     $ 19,230,167,123  
                                                                         
   Additions
     -       280,974,678
       -       -       -       590,734
       1,073,184
       -       282,638,596
  
Disposals (2)
     -       -       -       -       (4,907,636 )     (1,952,409 )     (3,536,350 )     (1,587,774 )     (11,984,169 )
Assets held for sale (3)
     (2,263,767,616 )     -       -       -       -       -       -       -       (2,263,767,616 )
   Revaluation
     (2,012,498,357 )     (1,570,973,151 )     (200,472,635 )     -       -       -       -       -       (3,783,944,143 )
                                                                         
Balances as of December 31, 2025
   $ 5,208,086,351     $ 2,179,023,884     $ 5,501,653,163     $ 20,454,876     $ 3,244,334     $ 2,359,032     $ 536,702,044     $ 1,586,107     $ 13,453,109,791  
                                                                         




       
Construction in
                
Computer
    
Transportation
          
Equipment and
        
 
  
Land
    
process
    
Buildings
    
Elevators
    
equipment
    
Equipment
    
Furniture(1)
    
other assets
    
Total
  
Accumulated depreciation:
                                                      
 
                                                      
Balances as of December 31, 2022
   $ -     $ -     $ -     $ -    
$
(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
)
    
(731,312
)
    
(286,195
)
    
(137,984,866
)
    
(152,202
)
    
(271,532,601
)
 
                                                                        
Balances as of December 31, 2024
     -       -      
(202,151,562
)
    
(2,903,508
)
    
(7,402,431
)
    
(2,990,287
)
    
(197,093,915
)
    
(2,487,917
)
    
(415,029,620
)
 
                                                                        
Depreciation
    -       -      
(113,757,059
)
    
(2,045,488
)
    
(516,181
)
    
(182,663
)
    
(120,997,417
)
    
(152,202
)
    
(237,651,010
)
 
                                                                        
Disposals (2)
    -       -       -       -      
4,908,446
      
1,952,405
      
3,535,532
      
1,587,774
      
11,984,157
  
 
                                                                        
Balances as of December 31, 2025
    -       -      
(315,908,621
)
    
(4,948,996
)
    
(3,010,166
)
    
(1,220,545
)
    
(314,555,800
)
    
(1,052,345
)
    
(640,696,473
)
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
  
$
9,484,352,324
    
$
3,469,022,357
    
$
5,499,974,236
    
$
17,551,368
    
$
749,539
    
$
730,420
    
$
342,071,295
    
$
685,964
    
$
18,815,137,503
  
 
                                                                        
December 31, 2025
  
$
5,208,086,351
    
$
2,179,023,884
    
$
5,185,744,542
    
$
15,505,880
    
$
234,168
    
$
1,138,487
    
$
222,146,244
    
$
533,762
    
$
12,812,413,318
  

 
(1)
Includes  FF&E and OS&E  assets.
 
(2)
Completely depreciated assets
 
(3)
As  result of the advance negotiation with   NAFIN  related to  a partial payment of the balance with this lender and the negotiation with FINAMO to pay the debt balance in full,   the Company classified  the  private units  3 and 5 of the Cancun Complex, as assets held for sale. Management  considered a high likelihood  to close these negotiations in the next few months after the issuance of these consolidated and combined financial statements.
Non-cash and Cash Transactions in Property, Construction in Process and Equipment
Non-cash and cash transactions in Property, construction in process and equipment
   
As of December 31,
  
   
2025
    
2024
     2023  
                   
Balances as of January 1
  
$
19,230,167,123
    
$
17,563,524,988
    
$
16,897,265,649
  
Non-cash transactions:
                        
Revaluation of land and construction in process
    
(3,783,944,143
)
     334,809,588       (889,982,346 )
Reclassification to assets held for sale
    
(2,263,767,616
)
     -       -  
Disposal of assets
   
(11,984,169
)
    
-
      
-
  
Total non-cash transactions
     (6,059,695,928 )     334,809,588       (889,982,346 )
                         
Cash transactions:
                        
Construction in process and equipment
    
282,638,596
      
1,028,389,379
      
1,281,108,214
  
Capitalized borrowing costs
     -      
303,443,168
      
275,133,471
  
Total cash transactions
    
282,638,596
      
1,331,832,547
      
1,556,241,685
  
                         
Balances as of December 31
  
$
13,453,109,791
    
$
19,230,167,123
    
$
17,563,524,988
  
Valuation Technique and Significant Unobservable Inputs
The following table shows the valuation technique used in measuring the fair value of the land,   construction in process and buildings, as well as the significant unobservable inputs used.  The revaluation (loss)  surplus for the years ended December 31, 2025, 2024 and 2023 were $(2,380,702,844), $334,809,588 and $(889,982,346), respectively.


 
 Valuation technique
 
 Significant unobservable inputs
 
Inter-relationship between
significant unobservable
inputs and fair value
measurement
Land
 
     
 
 
 
 
 		 The appraiser compared the comps to the Subject Assets using comparison elements that include market conditions, location, and physical characteristics.
 
     
 
 
 
 
 
The estimated fair value would increase if the adjustments applied were higher.
 
Company 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:
•   Location (0.80 - 1).
•   Size (1.08 - 1.20).
•   Market conditions (0.8 - 1).
   
 
 
 
•
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 rates paid by market participants and/or current asking market prices rates for comparable properties.

Valuation technique
  
Significant unobservable inputs
  
Inter-relationship between
significant unobservable
inputs and fair value
measurement
Construction in process
 
Company 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:
 
  
 
 
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 decrease if the adjustments applied were higher.
• 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.

Building
  
Company directors use the fair market value based on the discounted cashflow approach  to determine the value buildings in current operation that Management considers are in the final stage of ramp up as described in the valuation reports prepared by the appraisers (Insurgentes 421 complex), as well as use the cost approach to determine the value of buildings in current operation that has beginning their ramp up period (Cancun Complex/Hotel Vivid portion).
In estimating the fair value of building and site improvements, the appraiser performed the following:
 
  
 
 
The appraiser used the discounted cashflow approach to determine the value of the buildings:
Expected market rental growth 2025 – 8.9% and 4.6% long term.
Discount rate – 12.5%
Occupancy rate – 2025 68% and once stabilized 70.0% and 72.5% after 2029
 
 
  
 
 
The estimated fair value would increase if the adjustments applied were higher.
• Estimated and applied deductions related to accrued depreciation, resulting from physical deterioration.
• Estimated incomes based in the trends of historical operations
•
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.        

Land and Construction in Process Measured on a Historical Cost Basis
If the Company’s land, construction in process and buildings had been measured on a historical cost basis, the carrying amounts would have been as shown in the next page.
 
As of December 31,
  
 
2025
 
2024
 
         
Land
  
$
705,682,511
    
$
705,682,511
  
Construction in process
    
2,976,385,681
      
2,708,804,812
  
Buildings
 		   
3,322,048,299
      
3,574,609,548
  
Total
  
$
7,004,116,491
    
$
6,989,096,871
  
Properties Subject to Registered Debenture that Forms Security for Certain Loans
As of December 31, 2025 and 2024, properties with carrying amount of $15,065,644,136, and $18,817,329,303, respectively, were subject to mortgages or security trusts that form part of the security for certain bank loans. A list of the properties granted and the related loans is as follows:

2025

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

2024

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

Assets held for sale
In September 2025, Management committed to a plan to make a payment in kind to NAFIN in order to reduce the balance of the NAFIN Loan. Accordingly, the plan is transfer to sell to NAFIN the private unit 5 of the Cancun Complex. The Company expects that this transaction will be concluded in the second quarter of 2026. As result of the above, the Company reclassified the private unit 5 from property, plant and equipment financial statements line to assets held for sale.
In Octuber 2025, as described in note 19g., Finamo initiated a commercial enforcement proceeding (juicio oral mercantil) against some subsidiaries of the Company, in connection with the alleged failure to make (i) principal and interest payments under the Finamo Loans (note 10) and (ii) sale and lease back payments under the Finamo Sale and Lease Back Agreements.  Management plans include a potential payment in kind to Finamo in order to pay in full the remaining debt balance in the next few months after the issuance of these consolidated and combined financial statements.
As of December 31, 2025 the assets held for sale were at fair value less cost of disposition and comprised the following assets:
   
December 31, 2025
  
       
Land – Private unit 3 of the Cancun Complex
  
$
1,159,032,975
  
Land – Private unit 5 of the Cancun Complex
    
1,104,734,641
  
Assets held for sale
  
$
2,267,767,616
  

Cumulative income or expense including in OCI
There is a cumulative surplus included in OCI as part of the valuation of the private units 3 and 5 described above in the amount of $2,050,842,184, this amount is presented net of the deferred income tax in the amount of $615,252,655.
Measurement of fair value
The Company engages third-party qualified appraisers to perform the valuation of the land, annually. The technical committee works closely with qualified external appraisers to establish the appropriate valuation techniques and inputs to the model.  The fair value measurement for the land has been categorized as a Level 3 fair value based on the inputs to the valuation technique used. Changes in fair value are recognized in Other Comprehensive Income (OCI) or profit or loss to the extent losses exceed any revaluation gains.
Valuation technique
 
Significant unobservable inputs
 
Inter-relationship between
significant unobservable
inputs and fair value
measurement

Land of assets held for sale
 
Company 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:
 

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.
•
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, rates paid by market participants and/or current asking market prices rates for comparable properties.
 
 
 
 
Assets held for sale
As of December 31, 2025 the assets held for sale were at fair value less cost of disposition and comprised the following assets:
   
December 31, 2025
  
       
Land – Private unit 3 of the Cancun Complex
  
$
1,159,032,975
  
Land – Private unit 5 of the Cancun Complex
    
1,104,734,641
  
Assets held for sale
  
$
2,267,767,616