Results 1 st Quarter 2004

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1 Grupo Posadas, s, S.A. de C.V. & Subsidiaries April 30 th, 2004 Results 1 st Quarter 2004 Consolidated revenue decreased 1.3%. Revenew and Conectum progress is on track in order to improve the profitability of hotels given the competitive environment Another good quarter for Club Vacacional The development plan continues; 19 hotels under construction. Relevant Figures Grupo Posadas Today Country Million pesos as of March 31st Q04 % YoY Var % Net Sales 1, (1) Operating Profit (0) EBITDA (4) Majority Net Income Fiesta Americana Fiesta Inn Caesar Park Caesar Business Other Total Hotels Rooms Hotels Rooms Hotels Rooms Hotels Rooms Hotels Rooms Hotels Rooms Mexico 22 6, , ,340 USA ,011 Brazil , ,784 Argentina Total 22 6, , , , ,305 % Country Urban Coastal Hotels Rooms Hotels Rooms Mexico 48 8, ,527 USA Brazil 8 1, Argentina Total 61 11, ,186 % FA includes 300 rooms of FAVC ROOM DISTRIBUTION 13% Managed (5,778) Leased (2,055) Owned 38% (7,472) 49% For more information please contact: investorrelations@posadas.com.mx Oliver Iriarte Tel.: oiriarte@posadas.com.mx Cicialli Rivas Tel.: crivasm@posadas.com.mx Jorge Martínez Tel.: jmartinezm@posadas.com 1

2 Owned Hotels Statistics Owned Hotels Total Urban Coastal % Real Var. % Real Var. % Real Var. 1Q04 Average No. of Rooms 9, , ,885 0 Average Daily Rate 930 (5) 848 (1) 1,254 (14) Occupancy 59 (1) 59 (1) 60 (0) REVPAR 552 (7) 502 (3) 750 (15) Numbers shown include Owned and Leased Hotels The 1T04 was difficult for our hotels in Los Cabos, particularly in the groups and conventions sector, which has typically represented 70% of the Fiesta Americana Grand hotel s revenue. This situation caused a 14% decrease in the Average Daily Rate (ADR) of our coastal hotels. On the contrary, our hotels in Cancun continued to recover mainly driven by better results at the FA Condesa Cancun, as a result of last year s remodeling, that placed the hotel in a more competitive position. In this sense, occupancy increased by 7 percentage points (pp) while the ADR in US dollars increased 9% in the quarter. In terms of urban hotels, the phenomenon of over-investment in rooms continues to have an impact on ADR s and occupancy, although, we have observed a trend toward recovery Facing this low growth and increased competition phenomenon, during the quarter, we continued to concentrate on putting the technological projects on which we have been working over the last two years into full operation. With this projects we expect to achieve higher profitably in each hotel operated by Posadas. As we have mentioned in prior quarters, with Revenew, we are optimizing the room inventory by using the Posadas Central Inventory technology, which is already operating in real time. Moreover, with Conectum, we are creating a competitive advantage through centralized administration. 2

3 Management Statistics Management Total Urban Coastal % Real Var. % Real Var. % Real Var. 1Q04 Average No. Of Rooms 14, , ,544 0 Average Daily Rate 993 (4) 849 (2) 1,443 (7) Occupancy 58 (2) 58 (2) 58 (2) REVPAR 579 (8) 496 (5) 839 (10) In the first quarter of last year, we canceled the management contract of the Fiesta Inn Puebla La Noria before the termination date, which implied US$ 1.6 million income for the company. To a great extent, this explains the 13.3% decrease in the management division s income in the quarter. Moreover, we continued with the rationalization and the expenditures control of this division, which translated into a margin 49.3%. Vacational Club Vacation Club sales, once again, showed a significant growth when compared to 1Q04 going from US$ 11 million to US$ 15.1 million in 1Q04. As had happened in prior quarters, through Vacation Club, the Company continues to benefit from new trends experienced by the lodging industry; wich in part arose from the terrorist incidents and the crisis in the aviation industry. In particular, the fact of having entered this business five years ago, has meant that Posadas has opportunely captured a marked travel trend toward the use of hotel property through membership schemes. Also, the hotel business combination with Club Vacacional has allowed Posadas to produce more stable occupancy rates in hotels, thus reducing the impact of seasonality and creating a loyal customer base. 3

4 Financial Evolution It should be mentioned that the restatement of the results of foreign subsidiaries of the first quarter of 2003 to constant Mexican pesos of March of 2004, reflect an inflation rate of 6.5% and 1.9% observed in the period in Brazil and Argentina, respectively. Also, the restatement, according to Bulletin B-15, assumes a depreciation of 19% of the Mexican peso against the Brazilian real and the Argentinean peso. In the first quarter of 2004, the consolidated debt closed at US$345.2 million, with an average life of 2.7 years. In this sense, we are defining the best alternatives to extend the life of the debt. Net debt closed at US$ 324 million, same as in December Accrued interest in the last 12 months were US$ 26 million; which represents an interest coverage of 3.2 times, the highest level in the last ten years. Item 1Q04 1Q03 Interest Earned (1,712) (2,848) Interest Paid 71,338 89,203 Foreign Exchange Loss (Gain) (11,025) 58,024 Gains from Monetary Position (56,696) (30,473) Total Financing Cost 1, ,906 Growth In terms of development, we continue to achieve the goals defined in our opening plan. During the first days of the year, two new Fiesta Inns were opened (already reported on our 4Q03 report), and in March a Caesar Business was opened in Sao Paulo, all of this with a minimum Company investment. With this, the Fiesta Inn brands confirms its leadership position in Mexico, As for South America, we expect that the openings scheduled for will place us in a similar position in the business travel segment. Our current global development plan includes more than 30 openings, of which 19 are already under construction, also backed by third party investment. Country Fiesta Americana Fiesta Inn Caesar Park Caesar Business Total Hotels Rooms Hotels Rooms Hotels Rooms Hotels Rooms Hotels Rooms Mexico , ,629 Brazil ,209 Total , ,838 %

5 Distribution by type of contract Total Investment US$ 346M Leased Managed Owned Posadas Third Parties 59% 6% 7% 93% 35% Openings Last 12 Months Hotel No. of Rooms Type FI Centro Histórico 140 Leased FI Orizaba 103 Management FI Insurgentes Viaducto 210 Leased CB Botafogo 110 Management FA Querétaro 173 Management CB Belo Horizonte 158 Leased FI Celaya 124 Management FI Culiacán 142 Leased CB Paulista 400 Management Total 1,560 Grupo Posadas has specialized for more than 30 years in providing high quality hotel services aiming at covering the more specific needs of hotel guests. Currently, the Company operates 79 hotels and more than 15,000 rooms in the most important and visited urban and coastal destinations in Mexico, the United States and South America. Grupo Posadas operates under the Fiesta Americana, Fiesta Americana Grand, Fiesta Americana Vacation Club, Fiesta Inn, Caesar Park, Caesar Business and The Explorean brands. Grupo Posadas shares are quoted and traded on the Mexican Stock Exchange since 1992 under the ticker names POSADASA & POSADASL; in addition, series A & L are quoted and traded in the U.S. in the PORTAL system under the ticker names GRPALP y GRPYP, respectively. 5

6 Financial Statements 1 st Quarter 2004 Income Statement 1Q04 1Q03 (constant million pesos as of Var% $ % $ % March 31st 2004) Total Revenue 1, , (1.3) Owned Hotels Revenue (10.0) Direct cost (7.4) Contribution (16.4) Leased Hotels Revenue Direct cost Contribution (68.1) Hotel Management Revenue (13.3) Direct cost (6.9) Contribution (19.1) Other Businesses Revenue Direct cost Contribution Corporate expenses (37.5) Depreciation/amortization (11.1) Goodwill amortization, net (0.7) (0.1) (1.6) (0.2) (57.9) Operating Profit (0.2) EBITDA (3.7) Integral cost of financing (98.3) Other expenses (revenue) (74.8) Extraordinary expenses na Profit Before Taxes ISR & PTU (9.2) Deferred taxes (8.1) (0.8) na Part. in results of assoc. companies (0.0) (0.0) (0.2) (0.0) na Net Income before Minority Minority Interest Net Majority Income

7 Financial Statements 1 st Quarter 2004 Consolidated Balance Sheet as of March 31st & 2003 (Constant million pesos as of March 31st. 2004) Mar-04 % Mar-03 % Var. (%) ASSETS Current Cash & marketable securities (8.5) Notes & accounts receivable Inventories (8.9) Other assets (20.3) Total current assets 1, , Long-term Long-term notes receivable Long-term investments (10.9) Other investments (100.0) Prop. & Equip., net 7, , (2.0) Deferred assets Total Assets 10, , LIABILITIES Current Suppliers Short-term debt (23.5) Other current liabilities Total current liabilities 1, , (3.0) Long-term Long-term debt 3, , (0.2) Other long-term liabilities Deferred credits 1, , Total Liabilities 6, , Majority stockholders' equity 3, , (2.0) Minority interest 1, , Total stockholders' equity 4, , (1.2) Total Liabilities & Stockholders' Equity 10, ,

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