Results 1 st Quarter 2005

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1 Grupo Posadas, s, S.A. de C.V. & Subsidiaries April 28, 2005 Results 1 st Quarter 2005 Total revenues increase 13% in the quarter Higher demand in urban hotels Better results in coastal hotels 3 openings in the quarter, 21 in last two years Country Relevant Figures Million pesos as of March 31st Q05 % Grupo Posadas as of Mar. 31 st 05 Real Var. % Net Sales 1, Operating Profit EBITDA Majority Net Income 70 6 (46) Fiesta Americana Fiesta Inn Caesar Park Caesar Business FA Vacation Club Other Total Hotels Rooms Hotels Rooms Hotels Rooms Hotels Rooms Hotels Rooms Hotels Rooms Hotels Rooms Mexico 22 6, , ,036 USA ,060 Brazil , ,129 Argentina Total 22 6, , , , ,395 % 35% 43% 5% 8% 2% 6% 100% Country Urban Coastal Hotels Rooms Hotels Rooms Mexico 57 9, ,351 USA Brazil 10 1, Argentina Total 72 12, ,059 % 71% 29% Room Distribution by Contract Owned (7,763 rooms) Managed (6,771 rooms) 45% Leased (2,861 rooms) 39% 16% For more information please contact: Oliver Iriarte Tel.: (5255) oiriarte@posadas.com Javier Cataño Tel.: (5255) jcatano@posadas.com 1

2 Total Revenues The Company s consolidated revenue increased 13.3% with respect to 1Q04, mainly due to a 29.5% increase in the revenue of the management business. In addition, the combined revenue from owned and leased hotels grew 20.1% with respect to 1Q04, as a result of a 15% increase in REVPAR and an 8% increase in average rooms. Owned Hotels Statistics Owned Hotels Total Urban Coastal % Real Var. % Real Var. % Real Var. 1Q05 Average No. of Rooms 9, , ,977 5 Average Daily Rate , Occupancy REVPAR , Includes owned and leased hotels In terms of occupancy, the table shows the favorable trend seen since the second quarter of In general, urban hotels continued to show a more dynamic demand (as measured by rooms occupied in the location) over supply for the hotels located in western, central and southern Mexico. In addition, the average daily rate (ADR) in urban hotels increased 1% in real terms, which, together with an increase in occupancy of 1 percentage point (pp), resulted in a REVPAR growth of 3%. The data in the table include the impact of four urban hotel openings (three leased and one owned) that took place during the last 12 months. Excluding these openings, the occupancy growth for the quarter would have been of 3 pp and of 7% in REVPAR. For owned coastal hotels, the marketing strategies implemented, an important increase in supply and the higher utilization of proprietary distribution channels continue to produce a better business mix, which was reflected in a 10 pp increase in occupancy and a 48% increase in REVPAR. While there is a seasonality effect in the results of coastal hotels given that the Holy Week in 2004 happened during the month of April (second quarter), the tendency in coastal hotel occupation has been of continued growth since the second quarter of On the other hand, the growth in revenue from leased hotels was mainly driven by the new openings under this model during the last 12 months, which include the Caesar Park Faria Lima (Sao Paulo, Brasil), the Fiesta Inn San Luis Potosí Oriente, the Fiesta Inn Cuautitlán and the Fiesta Americana Grand Aqua (Cancún, México). The results of this last one have been very positive since its opening in December

3 Management Statistics Management Total Urban Coastal % Real Var. % Real Var. % Real Var. 1Q05 Average No. of Rooms 16, , ,658 3 Average Daily Rate 1, (1) 1, Occupancy REVPAR , Includes owned, leased and managed hotels The factors mentioned in the above section also contributed to a 3pp increase in hotel occupancy on a chainwide level, with a 1% decrease in ADR, in real terms. This decrease in rate is a result of the impact of 12 openings made within the last year, 10 of them of urban hotels under the Fiesta Inn and Caesar Business brands, the relative relevance of which within our business mix continues to grow. The income of this division grew 29.5% mainly as a result of (i) an increase in the fees due to improvements in REVPAR and margins in the hotels we operate, as well as to the larger number of hotels operated by the Company, and (ii) the growth of our loyalty program. On the other hand, costs in this division increased 23.0%, after inflation, mostly as a result of (i) the strengthening of our sales structure (mainly abroad), to increase the coverage of our distribution channels so as to ensure the results of our hotels, and (ii) the increase in the redemption of prizes related to Fiesta Rewards. It is important to underline that Fiesta Rewards contributes with approximately 34% and 30% of the occupancy of our Fiesta Inn and Fiesta Americana urban hotels, respectively. In addition, last year it produced more than 760,000 sold rooms in our hotels, becoming one of the most important generators of rooms for us. All of the above translated into a 36.6% increase in the EBITDA of this business and an improvement in the profit margin of 47.4% in the 1Q04 to 50.0% in the 1Q05. 3

4 Comprehensive Financing Cost Item 1Q05 1Q04 Interest income (5,985) (1,782) Interest expense 96,240 74,436 Currency exchange fluctuations 8,467 (11,493) Monetary position gain (26,151) (59,275) Total Financing Cost 72,571 1,886 The increase in interest paid is mainly due to the impact of higher domestic and international interest rates on the consolidated debt. The Libor rate increased an average 2.8 pp from 1Q04 to 1Q05. On the other hand, the 28-day TIIE was an average 9.4% for the quarter, compared to 5.9% for the corresponding quarter in the previous year. Interest coverage closed the quarter in 3.4 times. Foreign exchange loss was a result of the effect on the debt of a 0.3% depreciation of the Mexican peso over the US dollar during the quarter, compared to a 0.5% appreciation in 1Q04. Regarding the monetary position result, the decrease in income is a result of lower inflation in 1Q05 of 0.8%, compared to a 1.6% inflation in 1Q04. During the quarter the Company maintained an average debt mix of 67% in US dollars and 33% in Mexican pesos. Financial Position On January 21, 2005, the Company successfully placed US$75 million in 8¾ senior unsecured notes due October These notes are in addition to the US$150 million issued on October 4, The issue price was % plus interest accrued from October 4, 2004, which means that, as of the pricing date, investors received a yield of 7.54%, equivalent to a 362 basis point differential with respect to the United States Treasury Bills with comparable maturities. The net proceeds from this transaction are being used by the Company to repay outstanding debt. In light of the above, the net debt at the close of the first quarter of 2005 stood at US$317 million (including the effect of applying Bulletin C-12), with which the net debt to EBIDTA ratio was of 3.2 times, vs. 3.8 times in the first quarter of On the other hand, after applying the resources from the issuance referred above, the short-term debt, including the current portion of the long-term debt, represents 14% of the total debt at the close of the quarter. 4

5 Development We maintained our characteristic growth rhythm during the quarter with the opening of three new hotels: Fiesta Inn Poza Rica with 107 rooms, Fiesta Inn Torreón with 146 rooms and a Fiesta Inn in La Paz, Baja California Sur with 120 rooms. These 3 hotels are managed hotels. In the last 2 years the Company has opened a total of 21 hotels. The Company currently has 19 hotels with over 2,600 rooms under development, whether under construction or with management agreements already signed, to be opened within the next two years. We estimate that this development plan will imply a total investment of US$185 million, of which the Company will contribute 5%, as the majority of these openings will be under management and lease agreements. Openings Fiesta Americana Fiesta Inn Caesar Park Caesar Business Total Hotels Rooms Hotels Rooms Hotels Rooms Hotels Rooms Hotels Rooms Mexico , ,286 Brazil Total , ,635 % Room distribution by contract Leased Managed Owned Inversión Total Investment Total US$ US$ M Posadas Third P arties 54% 6% 5% 95% 40% 5

6 Opening Last 12 Months (as of Mar. 31 st 05) Hotel No. of Rooms Type CB São Paulo Faria Lima 213 Managed CP São Paulo Faria Lima 131 Leased FI Colima 105 Managed FI Villahermosa 145 Managed FI Mexicali 150 Owned FI San Luis Potosí Oriente 140 Leased FI Nogales 107 Managed FI Cuautitlán 128 Leased FA Grand Aqua (Cancún) 407 Leased FI Poza Rica 107 Managed FI Torreón Galerías 146 Managed FI La Paz 120 Managed Total 1,899 New C-10 C Bulletin Since January 1, 2005 Bulletin C-10 issued by the Mexican Institute of Public Accountants (Instituto Mexicano de Contadores Públicos) regarding the accounting registry of derivative financial instruments and hedging transactions, came into effect. In general terms, Bulletin C-10 sets forth that in reasonable value hedges, the fluctuation in the reasonable value, both of the derivative as well as of the open-risk position, must be recognized in the results of the period in which it happens, while in cash flow hedges the effective portion of the fluctuations of reasonable value must be recognized in the integral income account within the net worth, while the ineffective portion must be recognized in the results of the period. Regarding derivative financial instruments, Bulletin C-10 sets forth the requirements to be considered as such, and improves and adds certain definitions. Provisions regarding the elements of hedge transactions are added, including the formal documentation prior to the start of coverage and the measuring of the effectiveness of the hedge, among others, classifies hedges in three types: (a) reasonable value, (b) cash flow, and (c) foreign currency, and provides specific rules, for each type, for its valuation, recognition, presentation and disclosure. As of March 31, 2005, the Company applied Bulletin C-10 in the registry of its derivative financial transactions and in some lease agreements that qualify as embedded derivatives according to the criteria set forth in such Bulletin. 6

7 Income Statement 1Q05 1Q04 (constant million pesos as of Var% $ % $ % March 31st 2005) Total Revenues 1, , Owned Hotels Revenues Direct cost Contribution Management Revenues Direct cost Contribution FA Vacation Revenues (15.3) Direct cost (14.0) Contribution (18.3) Other Businesses Revenues (68.5) Direct cost Contribution (1.7) (18.2) na Corporate expenses Depreciation/amortization (1.9) Goodwill amortization, net (0.0) (0.0) (0.7) (0.1) (99.4) Operating Profit EBITDA Comprehensive financing cost ,747.9 Other expenses (revenue) Profit Before Taxes (39.6) Income taxes Deferred taxes (73.2) Part. in results of assoc. companies (0.1) (0.0) (0.0) (0.0) Net Income before Minority (40.7) Minority Interest Net Majority Income (45.8) 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 89 hotels and approximately 17,400 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. 7

8 Consolidated Balance Sheets as of March 2005 & 2004 (Constant million pesos as of March 31st. 2005) Mar-05 % Mar-04 % Var. (%) ASSETS Current Cash & marketable securities Notes & accounts receivable Inventories (21.5) Other assets (10.6) Total current assets 1, , Long-term Long-term notes receivable Long-term investments Prop. & Equip., net 8, , (2.6) Deferred assets (8.8) Other long-term assets na Total Assets 11, , LIABILITIES Current Suppliers (2.6) Short-term debt (10.6) Other current liabilities (5.4) Total current liabilities 1, , (6.6) Long-term Long-term debt 3, , (1.7) Other loans na Other long-term liabilities (49.0) Deferred credits 1, , Total Liabilities 6, , Majority stockholders' equity 3, , Minority interest 1, , (7.4) Total stockholders' equity 4, , Total Liabilities & Stockholders' Equity 11, , Other loans include the application of bulletin C-12 (Mexican GAAP) for $56.9 million. 8

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