Codec Capital Update - Aug 29 2025

Aug 28

The latest tourism sector update for Quintana Roo provides a comprehensive snapshot of key performance indicators through April 2025, including year-over-year comparisons, evolving tourism trends, infrastructure developments, and transportation metrics.

Executive Overview

At Codec, keeping a close pulse on tourism trends is part of how we shape and strengthen our projects. Beyond informing individual developments, this perspectives allows us to anticipate changes in the market and remain at the forefront of the sector. Quintana Roo remains the leading tourism hub in Latin America, welcoming 20.9 million tourists in 2024, generating $19.5 billion USD in tourism revenue, and sustaining a hotel occupancy of nearly 75%.

While the first four months of 2025 show a modest -3.8% dip in total tourist arrivals, we are seeing increasing demand for premium accommodations, with hotel occupancy rising to 79.3% and luxury destinations such as Cancun, Isla Mujeres, and Riviera Maya exceeding 80%.

For our investors, this reinforces that the luxury segment continues to outperform, ensuring that our real estate development remain highly attractive and resilient.

2024 Closing Overview: Quintana Roo

20.9 million tourists visited Quintana Roo in 2024
32.7 million airport passengers handled
Average hotel occupancy of 74.7%
Tourism revenue reached $19.5B USD
Strategic markets: US (35.3%), Mexico (35.3%), Canada (9.9%), Colombia (1.5%), Argentina (1.4%), and UK (1.5%)

April 2025 Executive Summary

Tourist influx (Jan-Apr 2025): 6.99M visitors (-3.8% YoY)
Passenger traffic (air): -2.7% YoY
Cruise arrivals: +1.2% YoY with nearly 2.95M passengers
Hotel occupancy: 79.3% (above 2024 levels)
Archaeological sites: +22.2% visits, boosted by site reopenings
Connectivity: 119 cities across 27 countries, strong global reach

AMARI Short-Term Rentals: Management Matters

Tulum’s short-term rental (STR) market has faced headwinds in 2025 - oversupply, seasonal demand drops, and heavy price competition. Many condo owners are struggling with low occupancy and failing returns.

AMARI’s villas, however, continue to outperform the market. Through careful management, premium positioning, and targeting affluent travellers, long-stay guests, and digital nomads, our properties have achieved exceptional results from November 2024 to July 2025:

These results are based on a fair market comparison, where each property is benchmarked against nearby, similar listings rather than the entire STR market. This ensures a meaningful, apples-to-apples comparison.

This performance underscores how proper STR management protects our investor value, even when the broader market faces turbulence we have turned a challenging STR landscape into a point of strength.

Performance Comparison: April 2024 vs 2025

Overall Performance Insight

Air and hotel arrivals dipped slightly year-over-year, though there’s resilience in the performance of cruise and cultural tourism.

Tourism Composition & Passenger Movement (Airports & Cruise Ships) - January to April 2025

Tourist origin (Jan - Apr 2025) are predominantly from the US
Cancun with a 0.7% YoY
Tulum Airport exceeded 335K passengers, accelerating growth in the southern Riviera. Passenger movement by airport (Jan - Apr 2025)
Cozumel and Chetumal airports have shown mixed performance results, though their declines are effectively counterbalanced by the strong growth demonstrated at the new Tulum airport.

This validates our focus on Tulum and Riviera Maya as prime growth corridors for luxury homes, branded residences, and hospitality-linked development

Hotel Occupancy & Infrastructure Update

Hotel occupancy across Quintana Roo has reached 79.3% for the first four months of 2025, with premium destinations performing exceptionally well.

Key Performance Highlights

Premium destinations exceeded 80% occupancy - Isla Mujeres, Cancun, Riviera Maya
Current hotel infrastructure includes 1,478 hotels with 135,961 rooms
Majority of properties are in the 4-5 star category, indicating premium market dominance

Room Distribution

The highest concentration of room supply is located in the following:

Riviera Maya
Tulum
Cancun

Key Transport Highlights: Air Connectivity & Mayan

Maya Train

Moved 337,553 passenger pening new inland tourism and residential opportunities.
Over 4,500 train trips in April alone.
Improving regional mobility and access to emerging destinations.

Tulum International Airport

rapidly scaling up, creating a new high-potential hub for luxury real estate.
With direct connectivity to 119 cities, we continue to attract affluent global travellers who seek investment and lifestyle opportunities in Quintana Roo
41 (US), 21 (Canada), 25 (Mexico), 15 (LATAM), 17 (Europe)

Visitor Insights: Archaeological Sites & Green Angels Operation

Cruise arrivals approached 3M visitors in four months, reinforcing demand in coastal markets like Cozumel and Mahahual.
Archaeological tourism grew +22.2%, with new reopenings such as Ichkabal expanding our cultural and experiential appeal.

For us, this diversification reduces reliance on beach-only demand, supporting year-round occupancy and long-term rental yield stability.

Tourism Training & Certification Progress

Training

Quintana Roo supported 52 training with 4,139 participants, ensuring service standards remain world class.

Certification

A total of 220 certifications and badges were awarded — including the prestigious “H” distinction and the National Code of Conduct — further strengthening Quintana Roo’s competitive edge in delivering high-quality, safe, and service-driven luxury experiences.

We see this as a direct contribution to maintaining Quintana Roo’s premium reputation, safeguarding property values and investor returns.

Investment Outlook

Short-term: While total arrivals dipped slightly, premium demand remains strong, high occupancy rates and stable cruise traffic signal strong tourism fundamentals ensuring consistent rental yields and property values.
Medium-term: Infrastructure projects (Maya Train, Tulum Airport, PROMEZA archaeological program) are unlocking new growth corridors beyond coastal resorts where we are positioning ourselves early.
Long-term: With Quintana Roo’s status as Latin America’s prime destination for tourism investment across hotels, cultural attractions, and transport-linked services, our luxury real estate portfolio is set to deliver sustained appreciation and resilient cash flows.

Project Update - Cosmos & Uptown

While sales in the broader market have been slow, both projects remain strong and continue to move forward. We see this as a great opportunity to sharpen our strategy and position ourselves ahead of the curve.

Rather than overspending on high-cost talent, we are building something smarter - an Inner Circle of top-performing brokers who are highly motivated to bring us the right buyers. This gives Codec direct access to the market’s most qualified clientele.

We have just signed a non-exclusive listing with COMPASS, and on September 4th we launch our first AMARI Inner Circle Broker Event. This is an exclusive event with first-look access, unique incentives, and competitive advantages reserved for those in the room.

We are confident this focused, relationship-driven strategy will accelerate sales momentum and position both projects for strong success as the market improves.

Summary

While 2025 began with a mild downturn in overall arrivals, Quintana Roo’s diversified tourism mix (beach, cultural, cruise, and new transport infrastructure) positions it for sustained medium-term growth, particularly in hospitality, transport, and cultural tourism infrastructures.

And while short-term rentals in Tulum have struggled broadly, Codec’s proactive management ensures our villas continue to outperform the market, as reflected in MPI, ADR, and RevPAR indices above market averages, reinforcing the strength of our premium-focused strategy and our ability to maximise both occupancy and revenue.

At Codec, we continue to leverage Quintana Roo’s strength in tourism, connectivity, and premium demand to secure long-term value creation for our investors.

SOURCE:

Q. SITUR. (n.d.). https://www.siturq.gob.mx/

Rhekka Meglahus

Rhekka Maglahus is part of Codec Capital’s investor relations team, where she focuses on strengthening communications, supporting reporting, and ensuring a seamless experience for our investors.

She brings a strong foundation in financial planning and accounting, with professional experience in client communications, portfolio reporting, and CRM management in the Australian financial services industry. Rhekka graduated cum laude with a degree in Management Accounting and holds the Certified Management Accountant (CMA) designation, a globally recognized credential in financial planning, analysis, control, and decision support.

At Codec, Rhekka applies her technical expertise and organizational discipline to investor outreach, reporting processes, and relationship management, helping to align our investor community with the firm’s long-term vision.