The Opportunity

The Riviera Maya is Mexico's highest-performing hotel corridor - a destination that consistently attracts international leisure visitors and supports premium room pricing year-round. Within this market, beachfront boutique hotels with a stable guest profile represent a distinct category of hospitality asset. The Carmen Hotel offers structured access to this asset class through a tokenized preferred equity structure. Eligible participants may gain exposure to a hotel in one of Latin America's well-known resort destinations. The offering is available to accredited participants under Reg D and to international participants under Reg S, through a SEC-regulated platform.

Asset Overview

PROPERTY SPECIFICATIONS The Carmen Hotel is a 4-star, adults-only boutique beachfront property located at Calle 8 Nte #876, Col Centro, Playa del Carmen, Q.Roo 77710, Mexico. The hotel offers 37 suites across 7 room categories, all with direct beach access and ocean views. The property operates on a fully stabilised, year-round basis. ROOM CATEGORIES The hotel offers seven accommodation categories: Reef Suite King (city view), Reef Suite King (ocean view), Grand Ocean Suite, Sunrise Suite, Coral Suite, Owner's Suite, and Captain's Suite. All rooms are equipped with Smart TV, mini-bar, Wi-Fi, A/C, safety box, room service, private bathroom, and bathtub/shower. F&B & FACILITIES The property operates two on-site dining venues. Deck 5 Roof Top is a rooftop bar and restaurant open daily from 12pm to 8pm. Sand Bar Beach House is the property's beachside restaurant, currently closed for renovation. Additional facilities include a rooftop infinity pool, American breakfast à la carte, and 24h reception and concierge services. LOCATION & ACCESSIBILITY The hotel is located in the centre of Playa del Carmen, steps from Quinta Avenida - the city's main commercial and leisure strip - with direct beach access to the Caribbean Sea. The property operates on an adults-only basis, with no access for guests under 18. ASSET ENHANCEMENT STRATEGY The Sand Bar Beach House renovation is expected to be completed within the hold period. The property is managed under institutional standards - with detailed reporting, compliance with international hospitality benchmarks, and revenue optimisation.

Property Heritage & Design

PROPERTY HISTORY The Carmen Hotel opened in December 2016 on the site of the former Hotel Alhambra - one of Playa del Carmen's first beachfront hotels, originally built in 1986. The Alhambra was acquired in 2013 and demolished in 2014 to make way for the entirely new concept. The architectural project was developed by Victor Sanzpont of sanzpont [arquitectura], with a design concept inspired by the vibrant coral reefs of the Caribbean Sea. ARCHITECTURE & AWARDS The hotel's architecture received two international awards: a Silver A' Design Award in the Architecture, Building and Structure Design category (2016–2017), and First Place in the Hotel Category at the Peninsula Award for Architecture and Interior Design, AAI México (2017). The property also holds a TripAdvisor Travelers' Choice Award, placing it among the top 10% of properties globally on the platform worldwide. SUSTAINABILITY & CONSTRUCTION The building was constructed using a high-density polyurethane system that provides full thermal insulation and minimises the need for air conditioning. Guest rooms are oriented at 30 degrees to the prevailing Caribbean winds, enabling natural cross-ventilation throughout the property. The building uses LED lighting throughout and operates separate treatment systems for sewage and grey water.

Investment Terms**

Revenue Model

The property generates income across three streams: ROOM REVENUE The property operates year-round, supported by its beachfront location and the adults-only boutique positioning, which sustains a consistent premium guest profile throughout all seasons. FOOD & BEVERAGE • Deck 5 Roof Top - rooftop bar and restaurant. • Sand Bar Beach House - beachside dining venue. LIFESTYLE & ANCILLARY Curated lifestyle events and high-margin ancillary services offered throughout the year.

Why This Market

THE RIVIERA MAYA MARKET Playa del Carmen is the highest-performing hotel market in Mexico. In the first half of 2024, the city recorded an average hotel occupancy rate of 89% - the highest among all 70 monitored tourist centres in the country, according to Mexico's Secretary of Tourism. The broader Riviera Maya region welcomed over 10.3 million tourists in 2023, with average hotel occupancy of 77.4%, according to Quintana Roo's Secretaría de Turismo (Sedetur). Cancún International Airport - Mexico's busiest international airport - with flights to over 100 cities across the Americas and Europe. THE CARMEN'S POSITION The hotel is located a 4-minute walk from Quinta Avenida and 9 minutes on foot from Playa del Carmen Main Beach. Playacar Beach and Playa del Carmen Maritime Terminal are each approximately 0.6 miles from the property. MARKET MOMENTUM 2025–2026 In the first half of 2025, the Average Daily Rate (ADR) in the Riviera Maya grew by 15%, according to CBRE data. At the start of 2026, Quintana Roo concentrated 58 active tourism investment projects with a projected total investment of USD 8.3 billion - equivalent to 20% of Mexico's national total, with reported investment in the state growing by 222% in a single year. The 2026 FIFA World Cup, hosted across Mexico, the United States, and Canada, has further reinforced the region's international visibility. Uruguay's national team selected Playa del Carmen as its World Cup training base, and the airport maintains direct connections to all 16 host cities of the tournament.

*Target only. Not a guaranteed or promised return **All figures, percentages, and returns shown in the infographics are targets only and are not guaranteed.