O p e r a t i n g & F i n a n c i a l R e s u l t s : F i r s t Q u a r t e r 2 0 2 4
Grupo Posadas, S.A.B. de C.V. & Subsidiaries
Mexico City, April 25, 2024.
Information presented with respect to the same quarter of previous year under IFRS accounting standards (figures in MXN):
- Hotel occupancy rate was 63%, 1 pp higher year-over-year.
- RevPAR (revenue per available room) increased by 1% despite the appreciation of the MXN vs. USD of 8% QoQ.
- Q1 revenue was $2,7021 million, 1% lower QoQ, which includes $327 million from advertising and marketing recoverable revenue.
- 1Q EBITDA was $496 million, 3% lower QoQ.
- 1Q net income was $70 million, including a foreign exchange gain of $66 million.
- Pipeline includes 21 new hotels with 3,719 rooms, 12% growth.
- Cash available as of March 31, 2024 was $2,001 million (70% denominated in USD), 19% higher than in 1Q23.
Million pesos as of | 1Q24 | Var. | ||||||
March 31, 2024 | $ | % | YY % | |||||
Total Revenues | 2,702.5 | 100 | (1.0) | |||||
EBIT | 303.3 | 11.2 | 1.6 | |||||
EBITDA | 496.4 | 18.4 | (2.8) | |||||
Relevant Events
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We recorded strong occupancy rates in all segments during the first quarter. As a result of the fact that the MXN/USD exchange rate appreciated by 8% QoQ, the results in MXN of dollar denominated hotels were impacted by the depreciation of the U.S. dollar. This was mainly in Resorts located in coastal destinations.
The occupancy rate was 63%, with an ADR (available daily rate) of $2,174. This resulted in RevPAR of $1,360, which was 1% higher than in 1Q23.
Coastal hotels (Resorts) had an occupancy rate of 84% (+1pp vs 1Q23) and an available daily rate of $7,737. This yielded a RevPAR of $6,476, 2% lower than 1Q23. The variation is mainly due to the strength of the peso (MXN) against the USD (8% vs. 1Q23 average exchange rate). When we compare the performance of these hotels in USD, the same occupancy with the ADR of US$456 (+6% QoQ), resulted in a RevPAR of US$381, 6% higher than in 1Q23.
In the Upscale & Luxury segment, occupancy was 58%, and the available daily rate was $2,634. This resulted in a RevPAR of $1,537, a similar performance than in 1Q23.
Midscale & Economy urban hotels had occupancy and available daily rate of 62% and $1,284, respectively, resulting in a RevPAR of $791. This compares favorably with the previous year, 5% higher than the same quarter of 2023.
The net sales for the Loyalty segment recorded a similar performance QoQ.
For the purposes of comparison, it is important to highlight that the 20 sales rooms located in different locations compensated for the lack of that resulted from the temporary closure of the salesroom located in the Fiesta Americana Condesa Acapulco hotel. When comparing sales in USD, a 3% increase was recorded, QoQ.
Access Fiesta Rewards net operating sales remained flat, representing 46% of current operating sales of $267 million for both comparable periods.
Operating sales of FAVC (Fiesta Americana Vacation Club) and LARC (Live Aqua Residence Club) represented 54% of net sales in 1Q24, decreasing marginally compared to the same period last year.
1: Includes $327.1 million from advertising, marketing, commissions and centralized services recoverable revenue.
compared to the same period last year. It is important to highlight that the other 20 sales rooms compensated for the lack of sales that resulted from the temporary closure of the salesroom in the Fiesta Americana Condesa Acapulco hotel.
Hotel Fiesta Americana Condesa Acapulco sustained significant damage from OTIS, which had 560 rooms impacted. The cost to remodel is expected to be $670 million, with15% financed by Posadas and the remaining 85% reimbursed by insurance. We expect that the hotel to partially reopen operations during the fourth quarter of 2024, with nine out of 19 floors and the remaining rooms expected to be operational by the end of 1Q25.
The outstanding balance of vacation club receivables was $6,929 million, as of March 31, 2024, representing an increase of 5.2% compared to the previous year.
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Investor Relations: | Gerardo de Prevoisin | Atziri Medina |
Tel.: (52) 55 5326-6757 | investor.relations@posadas.com | |
gerardo.deprevoisin@posadas.com |
> Hotel Development
As of March 31, 2024, the Company continues its development plan comprised of agreements to operate 21 new hotels with 3,719 rooms. Of the total investment for these projects worth $14,527 million (US$871 million), Posadas will contribute 2% of the resources, with 98% contributed by other investors. This will increase the supply of rooms by 12%. Notably, 65% of these rooms will be developed in coastal destinations.
These hotel openings will begin in the second half of 2024, and according to the commitments assumed by the owners of these properties, we estimate that all of them will be in operation by 2026. The average life of these operating contracts is more than 15 years.
New Hotels by Brand | Mexico | Caribbean | Total | % | |||||||||
Hotels | Rooms | Hotels | Rooms | Hotels | Rooms | ||||||||
Live Aqua | 5 | 1,176 | 5 | 1,176 | 31.6 | ||||||||
Live Aqua Residence Club | 1 | 33 | 1 | 33 | 0.9 | ||||||||
Grand Fiesta Americana | 1 | 600 | 1 | 600 | 16.1 | ||||||||
Fiesta Americana | 2 | 324 | 2 | 324 | 8.7 | ||||||||
Curamoria Collection | 1 | 50 | 1 | 50 | 1.3 | ||||||||
Fiesta Inn | 1 | 40 | 1 | 40 | 1.1 | ||||||||
Fiesta Inn Loft/Express | |||||||||||||
Gamma | 2 | 222 | 2 | 222 | 6.0 | ||||||||
One | 7 | 776 | 7 | 776 | 20.9 | ||||||||
IOH | |||||||||||||
Others | 1 | 498 | 1 | 498 | 14.5 | ||||||||
Total | 20 | 3,221 | 1 | 498 | 21 | 3,719 | 100 |
We end the quarter with a total of 197 hotels and 29,849 rooms, in more than 60 destinations.
Openings LTM | No. of rooms | Type of Contract |
Gamma Querétaro | 116 | Franchised |
Tres79 | 14 | Franchised |
El Hotel Casona142 | 8 | Franchised |
One Mazatlán Zona Dorada | 144 | Managed |
Gamma Los Cabos | 33 | Franchised |
Kempinski Cancún | 363 | Franchised |
Fiesta Inn Mazatlán Zona Dorada | 138 | Managed |
One Irapuato | 126 | Franchised |
Gamma Puebla Hotel Señorial | 78 | Franchised |
One Morelia Acueducto | 90 | Franchised |
Sumiya Cuernavaca | 163 | Managed |
Total | 1,273 |
In the first quarter of 2024, we stopped operating the following three hotels: IOH Mérida MID Center, Gamma Acapulco Copacabana and Ilo Rojo San Miguel de Allende.
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> EBITDA
EBITDA IFRS-16 in the quarter was $496 million, while in the same quarter of the previous year it was $510 million on a comparable basis, a 3% decrease.
> Comprehensive Financial Results
At the end of the quarter, the net coverage ratio was 3.7 times on an LTM basis. LTM Net Debt to EBITDA was 4.1x, 1.1 times lower than in 1Q23.
The exchange gain in 1Q24 was $66 million (including leases) because of a 1.3% appreciation of the MXN/USD compared to the previous quarter. Compared to the same period of the previous year (March 31, 2024 v. March 31, 2023), the end of period exchange rate appreciated 7.9%. For 1Q23, the foreign exchange gain was $401 million.
Concept | 1Q24 | 1Q23 |
Interest Income | (34,159) | (32,174) |
Accrued interest | 123,099 | 98,285 |
Exchange (gain) loss, net | (45,304) | (291,422) |
Exchange (gain) loss, from lease payments | (20,704) | (109,637) |
Accrued interest from lease payments | 77,825 | 70,368 |
Other financial costs (products) | (6,230) | 0 |
Other financial expenses | 15,185 | 16,585 |
Total | 109,712 | (247,995) |
Figures in thousands of pesos |
> Capital Expenses
In 2024, capital expenditures were $66 million, comprised of investments in hotels, vacation properties and in corporate.
> Net Majority Income
As a result of the above, net income in the quarter was $70 million versus $279 million for the prior year.
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> Indebtednes
Concept
(Figures in millions)
FX eop:
EBITDA LTM
Asset Sale
EBITDA with sales
Cash
Indebtedness: Interests Senior Notes 2027 Secured Loan Subsidiary
Issuance expenses (IFRS)
Total
Net Debt to EBITDA
Lease liabilities
Leases LTM
Adjusted Net Debt to EBITDA
1Q24 | |
US$ | MXN |
16.6780 | |
1,063 | |
1,063 | |
2,001 | |
117 | |
381 | 6,349 |
693
(209)
386 6,351
4.1
3,211
708
4.3
1Q23
US$ MXN
18.1052
1,047
1,047
1,682
94
393 7,120
7127
(260)
400 7,081
5.2
2,997
700
4.8
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As of March 31, 2024, the outstanding balance of the "Senior Notes Due 2027" was US$380.7 million after having repurchased US$5.0 million on the market (OMR) during the quarter. This liability is recorded as long-term.
The $210 million secured bank loan drawn in June 2017 in our subsidiary that holds the Fiesta Americana Mérida hotel has an outstanding balance of $93 million after amortizing $8 million in the quarter. The outstanding balance is recorded as a short-term liability since the loan matures in June 2024 and is being refinanced prior to maturity
The corporate rating assigned by the S&P Global agency is "B".
In compliance with Article 4.033.02 Section VIII of the Mexican Stock Exchange rules, Grupo Posadas coverage is provided by:
- BBank of America Merrill Lynch, analyst: Anne Milne anne.milne@bofa.com(1-646)855-4096
- BCP Securities, LLC, analyst: Ben Hough bhough@bcpsecurities.com(1-203) 629 2181
> Grupo Posadas as of March 31st, 2024.
Posadas is the leading hotel operator in Mexico that owns, leases, franchises and manages 197 hotels and 29,849 rooms in the most important and visited urban and coastal destinations in Mexico. Urban hotels represent 86% of total rooms and coastal hotels represent 14%. Posadas operates the following brands: Live Aqua Beach Resort, Live Aqua Urban Resort, Live Aqua Boutique Resort, Live Aqua Residence Club, Curamoria Collection, Grand Fiesta Americana, Fiesta Americana, Fiesta Americana Vacation Club, The Explorean, Fiesta Inn, Fiesta Inn LOFT, Fiesta Inn Express, Gamma y One Hoteles.
Posadas has been trading on the Mexican Stock Exchange since 1992.
Distribution by Rooms
Leased | 3,168 rooms |
Managed | 20,112 rooms |
Owned | 3,387 rooms |
Franchise | 3,182 rooms |
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Brand | Mexico | Caribbean | Total | ||||
Hotels | Rooms | Hotels | Rooms | Hotels | Rooms | ||
Live Aqua | 4 | 726 | 1 | 347 | 5 | 1,073 | |
Live Aqua Residence Club | 2 | 160 | 2 | 160 | |||
Grand Fiesta Americana | 9 | 2,073 | 9 | 2,073 | |||
Curamoria | 6 | 126 | 6 | 126 | |||
Fiesta Americana | 14 | 3,951 | 14 | 3,951 | |||
The Explorean | 2 | 96 | 2 | 96 | |||
FAVC | 5 | 1,774 | 5 | 1,774 | |||
Fiesta Inn | 71 | 10,316 | 71 | 10,316 | |||
Fiesta Inn Loft | 4 | 388 | 4 | 388 | |||
Fiesta Inn Express | 3 | 378 | 3 | 378 | |||
Gamma | 24 | 2,771 | 24 | 2,771 | |||
One | 51 | 6,380 | 51 | 6,380 | |||
Kempinski | 1 | 363 | 1 | 363 | |||
Total | 196 | 29,502 | 1 | 347 | 197 | 29,849 | |
% | 99% | 1% | 100% | ||||
>Income Statement IFRS (million pesos)
Concepto | 1Q24 | 1Q23 | Var % | |||
$ | % | $ | % | |||
Total Revenues | 2,702.5 | 100.0 | 2,729.2 | 100.0 | (1.0) | |
Owned & Leased Hotels | ||||||
Revenues | 1,295.2 | 100.0 | 1,286.4 | 100.0 | 0.7 | |
Direct cost | 1,006.0 | 77.7 | 988.0 | 76.8 | 1.8 | |
Business Contribution | 289.2 | 22.3 | 298.5 | 23.2 | (3.1) | |
Managed | ||||||
Revenues | 682.4 | 67.6 | 662.2 | 68.3 | 3.1 | |
Advertising and marketing revenues | 82.2 | 8.1 | 76.0 | 7.8 | 8.2 | |
Centralized services revenues | 244.9 | 24.3 | 231.1 | 23.8 | 6.0 | |
Total revenues managed | 1,009.5 | 100.0 | 969.2 | 100.0 | 4.2 | |
Direct cost | 397.2 | 39.3 | 386.7 | 39.9 | 2.7 | |
Advertising and marketing cost | 82.2 | 8.1 | 76.0 | 7.8 | 8.2 | |
Centralized services cost | 242.7 | 24.0 | 230.9 | 23.8 | 5.1 | |
Total cost managed | 722.1 | 71.5 | 693.5 | 71.6 | 4.1 | |
Business Contribution IFRS managed | 287.4 | 28.5 | 275.7 | 28.4 | 4.3 | |
Business Contribution IFRS non recoverable | 285.2 | 41.8 | 275.5 | 41.6 | 3.5 | |
expenses | ||||||
Vacation Properties | ||||||
Revenues | 375.4 | 100.0 | 453.6 | 100.0 | (17.2) | |
Direct cost | 338.3 | 90.1 | 407.8 | 89.9 | (17.0) | |
Business Contribution | 37.1 | 9.9 | 45.8 | 10.1 | (18.9) | |
Other Businesses (1) | ||||||
Revenues | 22.3 | 100.0 | 20.0 | 100.0 | 11.4 | |
Direct cost | 7.8 | 34.9 | 7.0 | 35.0 | 10.9 | |
Business Contribution | 14.5 | 65.1 | 13.0 | 65.0 | 11.7 | |
Corporate Expenses | 118.5 | 4.4 | 116.7 | 4.3 | 1.6 | |
Depreciation/Amortization and asset | 218.1 | 8.1 | 222.0 | 8.1 | (1.8) | |
impairment | ||||||
Other expenses (revenue) | (11.7) | (0.4) | (4.3) | (0.2) | 174.6 | |
Other | 0.0 | 0.0 | 0.0 | 0.0 | na | |
Operating Profit | 303.3 | 11.2 | 298.5 | 10.9 | 1.6 | |
EBITDA | 521.4 | 19.3 | 520.5 | 19.1 | 0.2 | |
Special operations | (25.0) | (0.9) | (10.0) | (0.4) | 150.0 | |
EBITDA IFRS | 496.4 | 18.4 | 510.5 | 18.7 | (2.8) | |
Comprehensive financing cost | 109.7 | 4.1 | (248.0) | (9.1) | na | |
Other | 0.0 | 0.0 | 0.0 | 0.0 | na | |
Part. in results of Associated Companies | 0.0 | 0.0 | 0.0 | 0.0 | na | |
Profit Before Taxes | 168.6 | 6.2 | 536.5 | 19.7 | (68.6) | |
Discontinued Operations | 0.0 | 0.0 | 0.0 | 0.0 | na | |
Income taxes | 1.9 | 0.1 | 6.1 | 0.2 | (69.1) | |
Deferred taxes | 93.8 | 3.5 | 246.6 | 9.0 | (61.9) | |
Net Income before Minority | 72.9 | 2.7 | 283.8 | 10.4 | (74.3) | |
Minority Interest | 3.2 | 0.1 | 4.6 | 0.2 | (30.2) | |
Net Majority Income | 69.7 | 2.6 | 279.2 | 10.2 | (75.0) | |
(1) Includes third parties operations for Conectum, Konexo.
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Consolidated Balance Sheet as of March 31st, 2024 and December 31st,
2023 IFRS (million pesos)
CONCEPT | MAR-24 | % | DEC-23 | % | VAR. % | |
ASSETS | ||||||
Current Assets | ||||||
Cash and cash equivalents | 2,001.1 | 10.6 | 1,841.2 | 10.1 | 8.7 | |
Trade and other current receivables | 3,220.2 | 17.0 | 2,877.0 | 15.8 | 11.9 | |
Current tax assets, current | - | 0.0 | - | - | - | |
Other current financial assets | - | 0.0 | - | - | - | |
Current inventories | 315.9 | 1.7 | 304.2 | 1.7 | 3.8 | |
Other current non-financial assets | 190.2 | 1.0 | 177.7 | 1.0 | 7.0 | |
Total | 5,727.3 | 30.2 | 5,200.1 | 28.5 | 10.1 | |
Assets held for sale | - | 0.0 | - | - | ||
Total current assets | 5,727.3 | 30.2 | 5,200.1 | 28.5 | 10.1 | |
Non current assets | ||||||
Trade and other non-current receivables | 4,667.9 | 24.6 | 4,696.1 | 25.7 | (0.6) | |
Non-current inventories | - | 0.0 | - | 0.0 | - | |
Other non-current financial assets | - | 0.0 | - | - | - | |
Investments in subsidiaries, joint ventures and associates | 129.1 | 0.7 | 129.1 | 0.7 | 0.0 | |
Property, plant and equipment | 3,742.6 | 19.7 | 3,761.4 | 20.6 | (0.5) | |
Right-of-use assets that do not meet definition of investment property | 2,997.7 | 15.8 | 2,646.3 | 14.5 | 13.3 | |
Intangible assets other than goodwill | 777.3 | 4.1 | 803.1 | 4.4 | (3.2) | |
Deferred tax assets | 920.0 | 4.9 | 1,013.9 | 5.6 | (9.3) | |
Other non-currentnon-financial assets | - | 0.0 | - | - | - | |
Total non-current assets | 13,234.6 | 69.8 | 13,049.8 | 71.5 | 1.4 | |
Total assets | 18,961.9 | 100.0 | 18,249.9 | 100.0 | 3.9 | |
LIABILITIES | ||||||
Current Liabilities | ||||||
Trade and other current payables | 2,687.9 | 14.2 | 2,326.2 | 12.7 | 15.5 | |
Current tax liabilities, current | 1.1 | 0.0 | 0.0 | 0.0 | - | |
Other current financial liabilities | 91.8 | 0.5 | 100.5 | 0.6 | (8.7) | |
Current lease liabilities | 417.5 | 2.2 | 419.9 | 2.3 | (0.6) | |
Other current non-financial liabilities | 1,500.5 | 7.9 | 1,407.9 | 7.7 | 6.6 | |
Current provisions for employee benefits | 146.5 | 0.8 | 204.2 | 1.1 | (28.3) | |
Total current liabilities other than liabilities included in disposal groups | 4,845.2 | 25.6 | 4,458.7 | 24.4 | 8.7 | |
classified as held for sale | ||||||
Liabilities included in disposal groups classified as held for sale | - | 0.0 | - | 0.0 | - | |
Total current liabilities | 4,845.2 | 25.6 | 4,458.7 | 24.4 | 8.7 | |
Non Current Liabilities | ||||||
Trade and other non-current payables | 1,825.6 | 9.6 | 1,774.8 | 9.7 | 2.9 | |
Non-current lease liabilities | 2,793.6 | 14.7 | 2,444.9 | 13.4 | 14.3 | |
Bank loans | 0.0 | 0.0 | - | |||
Stock market loans | 6,141.8 | 32.4 | 6,297.6 | 34.5 | (2.5) | |
Other non-current financial liabilities | 6,141.8 | 32.4 | 6,297.6 | 34.5 | (2.5) | |
Non-current provisions for employee benefits | 336.8 | 1.8 | 321.6 | 1.8 | 4.7 | |
Other non-current provisions | - | 0.0 | - | - | - | |
Total non-current provisions | 336.8 | 1.8 | 321.6 | 1.8 | 4.7 | |
Deferred tax liabilities | 678.8 | 3.6 | 684.9 | 3.8 | (0.9) | |
Total non-current liabilities | 11,776.6 | 62.1 | 11,523.8 | 63.1 | 2.2 | |
Total liabilities | 16,621.8 | 87.7 | 15,982.5 | 87.6 | 4.0 | |
EQUITY | ||||||
Total equity attributable to owners of parent | 2,146.2 | 11.3 | 2,076.7 | 11.4 | 3.3 | |
Non-controlling interests | 193.9 | 1.0 | 190.7 | 1.0 | 1.7 | |
Total equity | 2,340.1 | 12.3 | 2,267.4 | 12.4 | 3.2 | |
Total equity and liabilities | 18,961.9 | 100.0 | 18,249.9 | 100.0 | 3.9 |
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>Consolidated Cash Flow Statement - IFRS
(Million pesos from January 1st to March 31, 2024 & 2023)
STATEMENT OF CASH FLOWS
1Q24 | 1Q23 | |
Cash flows from (used in) operating activities | ||
Profit (loss) | 72.9 | 283.8 |
Adjustments to reconcile profit (loss) | ||
Discontinued operations | 0.0 | 0.0 |
Adjustments for income tax expense | 95.7 | 252.7 |
Adjustments for finance costs | 171.4 | 148.6 |
Adjustments for depreciation and amortisation expense | 218.1 | 222.0 |
Adjustments for unrealised foreign exchange losses (gains) | (103.4) | (603.7) |
Adjustments for fair value losses (gains) | 0.0 | 0.0 |
Adjustments for losses (gains) on disposal of non-current assets | (0.8) | (0.4) |
Participation in associates and joint ventures | 0.0 | 0.0 |
Adjustments for decrease (increase) in inventories | (11.7) | 22.2 |
Adjustments for decrease (increase) in trade accounts receivable | (159.0) | (81.9) |
Adjustments for decrease (increase) in other operating receivables | (156.7) | (131.4) |
Adjustments for increase (decrease) in trade accounts payable | 92.2 | (121.2) |
Adjustments for increase (decrease) in other operating payables | 250.5 | 372.1 |
Other adjustments for which cash effects are investing or financing cash flow | 0.0 | 0.0 |
Other adjustments to reconcile profit (loss) | 0.0 | (6.4) |
Total adjustments to reconcile profit (loss) | 396.4 | 79.1 |
Cash flows from (used in) operations | 469.3 | 362.8 |
Income taxes paid (refund), classified as operating activities | 0.3 | 416.1 |
Cash flows from (used in) operating activities | 469.0 | (53.3) |
Other cash payments to acquire interests in joint ventures, classified as investing activities | 0.0 | 0.0 |
Proceeds from sales of property, plant and equipment, classified as investing activities | 1.2 | 1.1 |
Purchase of property, plant and equipment, classified as investing activities | 51.5 | 40.6 |
Purchase of intangible assets, classified as investing activities | 14.5 | 8.2 |
Interest received, classified as investing activities | 34.2 | 32.2 |
Other inflows (outflows) of cash, classified as investing activities | 0.0 | 0.0 |
Cash flows from (used in) investing activities | (30.6) | (15.6) |
Proceeds from borrowings, classified as financing activities | 0.0 | 0.0 |
Repayments of borrowings, classified as financing activities | 86.5 | 8.1 |
Payments of lease liabilities | 188.4 | 177.1 |
Dividends paid, classified as financing activities | 0.0 | 0.0 |
Interest paid, classified as financing activities | 3.7 | 3.1 |
Income taxes paid (refund), classified as financing activities | 0.0 | 0.0 |
Other inflows (outflows) of cash, classified as financing activities | 0.0 | 0.0 |
Cash flows from (used in) financing activities | (278.5) | (188.2) |
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes | 159.9 | (257.1) |
Effect of exchange rate changes on cash and cash equivalents | 0.0 | 0.0 |
Increase (decrease) in cash and cash equivalents | 159.9 | (257.1) |
Cash and cash equivalents at beginning of period | 1,841.2 | 1,938.9 |
Cash and cash equivalents at end of period | 2,001.1 | 1,681.8 |
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R e s u l t s : F i r s t Q u a r t e r 2 0 2 4
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Grupo Posadas SAB de CV published this content on 26 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 April 2024 14:36:30 UTC.