Codec Capital: Q3 2025 Investor Update

Written By Antony Salili

Executive Summary

In our previous update, we highlighted how Quintana Roo’s tourism fundamentals remained resilient, even amidst a modest decline in total arrivals. We also shared how Codec’s proactive management ensured that AMARI Uptown Tulum and our broader portfolio continued to outperform market benchmarks in occupancy, rates, and returns.

This quarter, continuity remains the key theme: the region is doubling down on infrastructure upgrades, foreign capital inflows, and premium hospitality demand. These are not isolated events but a direct extension of the trend lines we identified earlier in 2025 - a steady shift toward quality-driven tourism, wellness-focused travel, and long-term value creation in real estate.

Codec Capital is well-positioned to capture this momentum. With AMARI Uptown Tulum gaining global visibility on platforms like Expedia, supported by new municipal infrastructure investments and a $2 billion wave of foreign capital into Tulum, we see our strategy not just validated but accelerated.

We are excited to share the latest update on our investment in AMARI Uptown Tulum. Recent advancements in Tulum’s infrastructure and positive shifts in the investment landscape further strengthen AMARI’s growth prospects and long-term value.

Market Snapshot

Tulum continues to consolidate its position as Mexico’s fastest-growing premium real estate hub, supported by three structural drivers:

  • $2 billion in new foreign investment in 2025, directed into real estate, tourism, hospitality, and renewable energy.

  • Critical infrastructure upgrades, including the launch of the municipality’s first ambulance base, signaling improved safety and livability.

  • Global recognition of high-end developments like AMARI Uptown Tulum, now listed on Expedia and positioned to capture wellness-luxury travelers worldwide.

These developments reinforce Codec Capital’s strategic focus: demand for quality-driven, wellness-focused assets in Tulum is accelerating, driving both property appreciation and short-term rental performance.

Key Updates

New Ambulance Base Opens in Tulum: Elevating Health & Safety

Tulum has inaugurated its first municipal ambulance base, now providing 24/7 emergency response across the urban and tourist zones. This marks a major step forward in public health and safety infrastructure.

For years, Tulum’s emergency response system operated on an improvised basis, relying heavily on goodwill and borrowed resources. The establishment of a permanent municipal service marks a significant shift, reinforcing the community's commitment to its residents. This is a clear message that lives in Tulum matters, not just the flow of tourism revenue.

What it means for AMARI?

  • Enhances residential and guest safety in surrounding high-end communities, including AMARI Uptown Tulum.

  • Demonstrates municipal commitment to livability, reducing potential risk and increasing investor confidence.

  • Supports Codec Capital’s portfolio value proposition by aligning assets with cities actively upgrading essential infrastructure.

Tulum Secures $2 Billion in Foreign Investments: A Powerful Growth Signal

Tulum has secured US $2 billion in new foreign direct investments in 2025. Key sectors attracting this investment include real estate, tourism, hospitality, and renewable energy infrastructure. This investment continues the broader trend of nearly US $180 billion invested across Mexico since 2023, demonstrating sustained international confidence in the region.

Impact on Amari:

  • Reinforces Tulum as a high-growth investment destination, driving demand for premium real estate.

  • Enhances property value appreciation and liquidity for Codec Capital assets.

  • Increases municipal and private investment in infrastructure and services, benefiting long-term operational stability and profitability for AMARI and other fund assets.

AMARI Uptown Tulum: Delivering on Wellness & Modern Hospitality

AMARI Uptown Tulum is now listed on Expedia, increasing global visibility among luxury travelers and wellness enthusiasts.

The development features private pools, spa facilities, gyms, co-working spaces, fiber-optic internet, and concierge services - all highlighting its integrated luxury-wellness experience.

Positioned as both a short-term rental (STR) and long-stay destination, AMARI combines strong hospitality revenue potential with residential value appreciation.

Enhancements Underway at Amari Flavors to Boost Guest Experience and Engagement

As part of Codec Capital’s commitment to delivering integrated wellness and hospitality experiences, Amari flavors is undergoing targeted enhancements designed to deepen guest engagement, elevate the community experience, and reinforce Amari Uptown Tulum’s positioning as a premium lifestyle destination.

Key Initiatives:

  • Outdoor Seating Expansion: We are increasing seating capacity by introducing nature-integrated outdoor tables. This initiative enhances the wellness ambiance, offering guess a tranquil, open-air environment that complements Amari’s eco-luxury ethos.

  • Social Activation Zone: To foster community interaction and extend dwell the, we are curating a selection of board games - including chess, Jenga, and dominoes - within a shared lounge area. This supports Codec’s placemaking strategy, transforming Amari Flavors into a vibrant social hub for both residents and visitors.

  • Experience-Driven Hospitality: These enhancements are part of a broader effort to align Amari Flavors with global trends in experiential hospitality, where atmosphere, engagement, and wellness converge to drive repeat visits and brand loyalty.

Strategic Impact

  • Elevates rental and occupancy potential, capturing global demand for wellness-luxury accommodations.

  • Strengthens brand equity for Codec Capital, demonstrating the successful execution of our eco-luxury and wellness investment thesis.

  • Reinforces investor confidence in AMARI Uptown Tulum as a flagship asset within the portfolio, creating a model for future acquisitions.

We look forward to sharing further updates as these enhancements come to life and continue to drive value across both guest experience and investor returns.

Q1-Q2 2025 + July 2025 Performance

Codec continues to monitor tourism and real estate trends in Quintana Roo and Tulum to anticipate market shifts and optimize projects. While Q1 2025 showed a modest dip in visitor arrivals, Q2 2025 data indicates stabilization in overall tourism and ongoing strength in premium accommodations. Short-term rental (STR) occupancy in Tulum has softened due to seasonal fluctuations and supply growth, but Codec-managed properties continue to outperform.

A. Visitor & Tourism Performance

TREND

Total Visitors (Quintana Roo) - Seasonal pickup in July; Q2 strongest quarter

Air passengers (Cancun) - Small increase in July vs Q1 and Q2 monthly average

Air passengers (Tulum) - July growth continues; Tulum airport expanding connectivity

Cruise passengers - Seasonal dip; consistent with summer cruise patterns

Hotel occupancy (Riviera Maya) - Seasonal dip; consistent with summer cruise patterns

B. Short-Term Rentals (STR) - Tulum

Supply continues to increase

Stable; slight July seasonal peak

Soft but improving in July

Slight increase with seasonal ADR

Slight improvement in July; continues to outperform market

Slight improvement in July; continues to outperform market

Slight improvement in July; continues to outperform market

Investor Outlook

  • Short Term: Despite headwinds earlier this year, premium demand has held firm, with Tulum now adding safety infrastructure (ambulance base) that enhances confidence for both residents and investors. AMARI’s superior STR performance continues to highlight the importance of management quality in driving returns.

  • Mid Term: With $2B in fresh foreign investment and connectivity upgrades (Tulum Airport scaling, Maya Train ridership expanding), we expect stronger tailwinds for liquidity, asset appreciation, and operational stability.

  • Long Term: Codec Capital’s focus on eco-luxury, wellness, and connectivity-linked assets positions our portfolio to deliver resilient appreciation, recurring cash flow, and a model for replicable growth in comparable global lifestyle markets.

Summary

  • This quarter reinforces the trajectory we highlighted in our previous report: while total arrivals showed some softness earlier in the year, the luxury and premium segments continue to thrive, supported by structural tailwinds.

  • The launch of Tulum’s first municipal ambulance base, the influx of $2B in foreign investment, and AMARI Uptown Tulum’s expanded global visibility on Expedia all point to the same conclusion - Codec’s focus on eco-luxury, wellness, and hospitality-linked assets is not only resilient but gaining strength.

  • Our ability to outperform the STR market, even in challenging conditions, continues to underscore the importance of active management and disciplined positioning. With Quintana Roo’s tourism base diversifying, its infrastructure scaling, and global demand shifting toward quality and wellness, we are confident that Codec’s portfolio remains well ahead of the curve, delivering both stability and growth for our investors.

Sources:

Antony Salili

Antony Salili is a member of Codec Capital’s Investor Relations team, supporting investor onboarding, reporting, and compliance-related processes. He brings experience in fund administration and audit across the private equity and real estate sectors. Antony plays an important role in maintaining institutional-grade investor operations, controls, and reporting standards at Codec Capital.

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