Fibra Hotel: Soft 2Q; World Cup Tailwind Fails to Offset Cancún Drag; Decreasing PT and Estimates

Research evidence excerpt

Fibra Hotel: Soft 2Q; World Cup Tailwind Fails to Offset Cancún Drag; Decreasing PT and Estimates

J P M O R G A N Latin America Equity Research

16 July 2026

Fibra Hotel Underweight

FIHO12.MX, FIHO12 MM

Soft 2Q; World Cup Tailwind Fails to Offset Cancún Price (16 Jul 26):Ps7.43

Drag; Decreasing PT and Estimates ▼Price Target (Dec-27):Ps7.50 Prior (Dec-26):Ps8.00

We are adjusting our 2H26 estimates to reflect the poor set of results, a still-

soft operating environment, and a run-rate broadly consistent with 1H26, LatAm Real Estate

which saw NOI/EBITDA decline -15%/-18% y/y. The 1H26 weakness was Adrian E Huerta AC

demand-driven rather than rate-driven: while ADR held up on the World Cup (52-81) 8152-8720

boost, occupancy fell to multi-year lows across several markets, compounded by adrian.huerta@jpmorgan.com

J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P.

peso appreciation, a sharp Cancún contraction, and displaced corporate and group Morgan Grupo Financiero

travel. We expect these pressures to persist into 2H26, as management has flagged Felipe Barragan Sanchez

a seasonally weak 3Q with soft forward bookings and no demand inflection (52-55) 5283-1666

expected before 4Q, ongoing peso and USMCA uncertainty, and the Condesa felipe.barragan@jpmorgan.com

Cancún now guided to only its fixed rent for the balance of the year. Thus, we are J.P.MorganMorganGrupoCasaFinancierode Bolsa, S.A. de C.V., J.P.

establishing a Dec-27 PT of Ps7.50 (vs. Dec-26 of Ps 8.00) and maintaining our

Marcelo Motta

UW rating, as we see limited structural catalysts to change the earnings trajectory (55-11) 4950-6712

given persistent demand softness, structurally higher labor costs, and FX marcelo.g.motta@jpmorgan.com

headwinds that continue to weigh on Cancún and border-market performance. Banco J.P.