Promotora de Hoteles Norte 19: Trimming Estimates on a Soft 1Q and a Fading World Cup Tailwind

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Promotora de Hoteles Norte 19: Trimming Estimates on a Soft 1Q and a Fading World Cup Tailwind

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

18 June 2026

Promotora de Hoteles Norte 19 Neutral

HCITY.MX, HCITY* MM

Trimming Estimates on a Soft 1Q and a Fading World Price (17 Jun 26):Ps6.10

Cup Tailwind Price Target (Dec-26):Ps6.50

We are lowering our HCITY estimates following a disappointing 1Q and a LatAm Real Estate

ACmaterially weaker-than-expected World Cup demand setup, which together Adrian E Huerta

undercut the rate-led recovery that had anchored our prior model. 1Q (52-81) 8152-8720

confirmed the rate pressure we had flagged, with portfolio ADR down -1.6% y/y adrian.huerta@jpmorgan.com

as management leaned into volume over price to counter aggressive competitive J.P.MorganMorganGrupoCasaFinancierode Bolsa, S.A. de C.V., J.P.

discounting, explicitly redirecting its commercial efforts toward occupancy rather

Felipe Barragan Sanchez

than tariff. More importantly, the +7% 26e ADR growth that the company had (52-55) 5283-1666

budgeted was largely founded on a concentrated surge of World Cup tourism across felipe.barragan@jpmorgan.com

its Mexico City, Guadalajara, and Monterrey corridors; with that inflow now J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P.

Morgan Grupo Financiero

tracking well below expectations, the demand tailwind we were already

discounting has failed to materialize. While our last update had already moderated Marcelo Motta

(55-11) 4950-6712

ADR growth to +2% for 26e, we are cutting further and now pencil in just +1% marcelo.g.motta@jpmorgan.com

ADR growth for 26e, with 27e ADR also trimmed on a weaker comp. We maintain Banco J.P. Morgan S.A.

our Neutral rating and Dec-26 PT of Ps6.5 on HCITY, as the optically Jonathan S. Koutras