FibraHotel's 2024 fourth quarter and year-end earnings conference call. FibraHotel issued its quarterly report on Wednesday. If you did not receive a copy via email, you can find it at www.fibrahotel.com or email me at a.cardenas@fibrahotel.com. Before we begin the call today, I would like to remind you that forward-looking statements made during today's conference call do not account for future economic circumstances, industry conditions, company performance, and financial results. On this note, all figures included herein were prepared in accordance with international financial reporting standards and are stated in nominal Mexican pesos. Joining us from FibraHotel are Mr. Simón Galante, CEO; Mr. Eduardo López, General Manager; Mr. Edouard Boudrant, CFO; and Mr. Guillermo Bravo, CIO. With that, I will turn the call over to Simón Galante. Thank you, Antonio, and good morning, everyone. I am going to begin today's call by providing an overview of the fourth quarter and year-end 2024 results, and will then turn the call over to Edouard Boudrant, our CFO, who will discuss our financial results in more detail, and we will then open the call for questions and answers. I am pleased to announce that during the fourth quarter of 2024, FibraHotel managed portfolio had a year-on-year RevPAR growth of 7.5%, with ADR increasing 10.3% and occupancy lower by 165 basis points. For the full year 2024, the portfolio had a year-on-year RevPAR growth of 5.9%, with ADR increasing 8.7% and occupancy lower by 162 basis points. Strategically, we continue to focus on driving rate growth above occupancy growth. The fourth quarter of the year is generally the strongest for business and group travel. Thanks to the increase in demand, we were able to optimize rates and drive ADR growth. For example, Mexico City, which had the Formula 1 Grand Prix race, and where we had 2,296 rooms, had an ADR increase of 11.3%. The Bajío region, where Querétaro had the Torneo de la Amistad event and where we have 660 rooms, had an ADR increase of 15.7%. The Northeast region, driven by Monterrey, where we have 1,167 rooms, had an 11.1% ADR growth. In Cancún, we saw a better quarter-on-quarter results, but the market conditions are still relatively challenging, as more than 3,000 new rooms were recently added, and there are fewer passenger arrivals to the destination. The Fiesta Americana Condesa Cancún Hotel had a RevPAR decrease in dollars of 13%, mainly due to occupancy, which was lower by 860 basis points, with a rate 3% down. Lease revenue for the quarter was MXN 80 million, similar to the fourth quarter of last year, as the peso depreciation offset the decrease in revenue. At this point, the booking pace for Q1 2025 looks similar but slightly lower than 2024, and in line with our expectations. Overall, total revenues for the fourth quarter was MXN 1,454 million where we recorded a record for FibraHotel. EBITDA of MXN 397 million was nearly in line with all-time high. An AFFO of MXN 222 million was the highest number post-pandemic for the full year 2024. Revenues were MXN 5.4 million. EBITDA was MXN 1.37 billion, and AFFO was MXN 702 million. These results continue to demonstrate the quality and diversification of our portfolio. The EBITDA margin of 27.3% in the fourth quarter was the highest in 2024, and 31 basis points higher than the same quarter in 2023. This margin reflects operating leverage for the increase in ADR, along with the cost control strategies implemented throughout the year. While this is a positive number and it reverses a trend of EBITDA margin compression, we are still facing cost headwinds, especially from the increase in labor cost. We are vigilant of the situation as we are operating in an uncertain environment, where we have no control over political events such as tariffs and macroeconomic conditions like growth. We continue progress on the Ritz-Carlton Cancún, Punta Nizuc project to date. We have invested MXN 353 million and will have more information as the project advances. We are also in the process of remodeling the Fiesta Inn Monterrey Valle and the Fiesta Inn Monterrey La Fe. We continue to execute an ambitious ESG strategy, and during the quarter, we received EDGE certification at five hotels in our portfolio, which are Live Aqua Monterrey, Grand Fiesta Americana Monterrey, Courtyard Vallejo, Fairfield Inn & Suites Vallejo, and Fiesta Inn Oaxaca. Additionally, we are installing solar panels in several hotels and will have additional news over the following quarters. We have a solid balance sheet with an LTV of 24.4% and a net debt position of MXN 3,657 million, and continue to improve our capital structure through our refinancing at better rates. For the fourth quarter of 2024, FibraHotel will make a distribution of MXN 0.1375 per CBPI. I would like to thank all our partners and team members for their work and commitment to FibraHotel. I will now pass the call over to Edouard Boudrant, our CFO of FibraHotel, to discuss the financial and operating results of the third quarter. Thank you, Simón, and good morning, everyone. After two complicated quarters, FibraHotel ended the year with a strong operational and financial performance, thanks to steady ADR growth and strong cost control, leading to historical records both in terms of revenues and adjusted funds from operation. We closed the fourth quarter with 85 hotels opened. The occupancy rate of managed hotels for the quarter was 63%, compared to 65% for the fourth quarter of 2023. Average daily rate was MXN 1,621, increasing 10% compared to the fourth quarter of 2023. Quarterly RevPAR was MXN 1,027, representing an 8% increase compared to the fourth quarter of 2023. The Fiesta Americana Condesa Cancún had an occupancy rate of 73%, compared to 81% one year ago. The hotel had a net package ADR of MXN 6,551, and the net package RevPAR was MXN 4,767, decreasing 1% compared to the fourth quarter of 2023. In dollars, at the rate is sold in dollars, ADR decreased by 3% from $328 to $319, and RevPAR decreased 13% from $267 to $232, compared to the fourth quarter of 2023. Total revenues for the quarter were MXN 1,454 million, compared to MXN 1,373 million for the fourth quarter of 2023, a 6% increase. The total rent collected by the Hotel Fiesta Americana Condesa Cancún represented MXN 80 million, which is 6% of our total revenues, decreasing 4% versus last year. During the fourth quarter of 2023, the total rent collected was MXN 83 million and represented 6% of the total revenues. Lodging contribution for the quarter was MXN 501 million, compared to MXN 472 million for the fourth quarter of 2023, a 6% increase. The margin of lodging contribution for the managed hotels was 30.2%, compared to 29.6% for the fourth quarter of the year 2023. Real estate expenses were MXN 25 million, compared to MXN 21 million for the fourth quarter of 2023. Corporate expenses were MXN 79 million, compared to MXN 80 million during the fourth quarter of 2023. EBITDA for the quarter was MXN 397 million, compared to MXN 371 million for the fourth quarter of 2023. In terms of EBITDA margin, it slightly increased from 27% to 27.3%. We closed the quarter with a net debt of MXN 3.7 billion, decreasing MXN 124 million versus the end of last year. Gross debt amounted to MXN 4.3 billion, and the LTV ratio is very conservative at 24%. In October, we shortened MXN 100 million of an available revolving facility. As of today, our debt structure is extremely healthy. Only 8% is maturing during the next 12 months. The average cost of debt is 9.3%. U.S. denominated debt represents 18% of FibraHotel's total debt, 18% at the end of last year, or $38 million. During the quarter, the debt position generated a financing cost of MXN 103 million. The net financial income was - MXN 125 million, considering a MXN 30 million foreign exchange loss, non-cash item, mainly related to the U.S. dollar denominated debt. We closed the quarter with a MXN 630 million cash position, compared with MXN 608 million at the end of last year. During the fourth quarter, we deployed MXN 239 million of investment, Maintenance CapEx and expansion 77 million pesos for Maintenance CapEx, MXN 75 million in the Ritz-Carlton Cancún, Punta Nizuc Hotel, MXN 30 million in the remodeling of the Fiesta Inn Monterrey Valle and Fiesta Inn Monterrey La Fe, MXN 25 million in a building in Perinorte, MXN 21 million on improvement in the Fiesta Americana Condesa Cancún, and MXN 12 million in other hotels of the portfolio. For the quarter, Funds From Operations and Adjusted Funds From Operations were + MXN 303 million and MXN 222 million. Please note that in accordance with the distribution policy decided by our technical committee in April of last year, we will pay for the fourth quarter of 2024 a distribution of MXN 0.1375 per certificate. Total distribution per certificate for the year is $0.55 per certificate, increasing 10% versus last year. At this point, I would like to open the floor for the Q&A session. Antonio, we are ready to take any questions. Thank you, Eduardo. To ask a question, please raise your hand or send a message, and we will open your microphone. The first question comes from Natalia Leo from JP Morgan. Hi, good morning, everyone. Thank you for taking my question. I actually have two. So I just wanted to check up on you. You mentioned that cost pressures continue despite the margin improvement we saw in the fourth quarter. So I just wanted to get a sense of how do you expect margins to behave on 2025, and also on that, and demand trends and what you're seeing. I just wanted to understand how you're seeing occupancy next year as well. Hi, Natalia. Many thanks for the question. So basically, as everyone knows, the main cost of our cost structure is related to the staff and the labor cost. And we still are in the position that the government is willing to increase the wages of the Mexican salaries. So basically, it will still be a burden for us for next year. In terms of occupancy, what we see for 2025, it's a quite flat occupancy rate if we compare to 2024. In terms of ADR increase, we still are seeing a high single-digit increase in terms of ADR, so also in RevPAR. And at the end of the day, with this increase in organic growth and with the increase also in some operating costs at the FibraHotel level, what we see is that we anticipate margin being quietly stable between this year and next year. So this is the budget that we have. We see still an increase in top line, but also an increase in operating costs. So at the end of the year, we should have a quite stable margin for 2025. Perfect. That's great. Thank you so much. The next question comes from Felipe Barragán from BTG. Hey, guys. Good morning. Thanks for the call and for taking my question. Mine is on the Bajío region. So there was a big uptick in the ADR, 16%, and the occupancy stayed quite flat. I'm just curious if there's any dynamic in the Bajío region that's driving this, or if it was only the Torneo de la Amistad that you guys were mentioning earlier. Thank you, guys. Hi, Felipe. I think I can add. We already mentioned the Torneo de la Amistad. Cyclically, it's also coming off of a lower base, but I would also like to highlight that there was a very solid performance of the Live Aqua San Miguel de Allende Hotel. That also performed around 20% above where it was last year. We've been implementing a strategy to not only drive rate, but also to drive occupancy, specifically at that hotel, for groups in the week, during the week, not weekend. And so on top of the regular dynamics in the Bajío region, we did have a favorable impact of the San Miguel de Allende hotel. Overall, we don't see a systemic shift in demand in the region. We do see San Miguel de Allende continuing at these levels, but in the rest, I think it's more of a one-time. But we continue to be positive about the Bajío because it was still coming off of lower numbers than the rest of the country. And we've seen less normalization there. So there's still some potential in the Bajío region. But I don't think it's something that we can expect to continue, at least at these levels. Got it. That was very clear. Thank you. Thank you. The next question comes from Bernardo Malpica from Santander Asset Management. Hey, there. Thank you for taking my question. My question is regarding the current geopolitical climate and the situation between Mexico and the U.S. Have you observed any shifts in your customer mix, particularly regarding American tourist arrivals? I know you mentioned something about less tourists. And if so, are there any specific regions where this is a bit more pronounced? And that's my question. Thank you. I can start. I think that in terms of tourism, we don't see a large impact, and especially where our hotels are located. I think it's a less elastic customer. So we don't see less tourism or less willingness to spend. We do see more competition in the Cancún region. We saw a lot of hotels opening, specifically branded hotels near where the Condesa Cancún Hotel is. So we'll see. So we'll continue to see some time for that supply to be absorbed by the market. But we don't see anything geopolitically that's important in tourism. I do think that, on the other hand, the spread of tariffs and the general uncertainty has led to some investments not being made. We've already seen that it's not only this quarter. We've seen it throughout the year that there's been a normalization in several cities like Tijuana and Ciudad Juárez and Mexicali, where there has been less demand because there was a lot of investment coming into the market the past couple of years. And this year, we've seen less demand, specifically in those sectors. Monterrey has continued to perform well in terms of new travelers coming into the city. But we have seen the less investment has driven less demand at our hotels. They're still very healthy numbers, but that's what we can say. And really, we don't have a good answer on anything political or macroeconomic. Yeah, but there's something that it's important to discuss. You see our numbers in the second quarter and third quarter. The geopolitical issues and elections and all of that maybe was one of the drivers of the lower results on those two quarters, as we mentioned on both calls. I think the great possibility of FibraHotel, as I always have said, is the diversification of drivers, markets, currency, brands, operators, and geography. I think that's an asset of what you can see in this quarter, and you have seen all through these years. I believe that there's going to be a climate that, more than anything, is uncertain. But we will continue working day by day, week by week, and month by month, and on getting all the costs right because the cost pressures are still very tough and large. But we are going to be well-positioned because of all that I mentioned of diversification. So this is something for everybody to consider, and we believe on the basics and the long term of FibraHotel. Perfect. That is very clear. Thanks, everyone. There are no further questions. Thank you for participating in FibraHotel's 2024 fourth quarter and year-end results conference call. If you have any further questions, please do not hesitate to visit www.fibrahotel.com or contact us. This concludes today's call. Thank you and have a good day.