Almost no one publishes a hotel’s financial statements before selling. We have one: a 20-room boutique hotel in Tulum Centro, with results from 2021 to 2025. We’re posting them here exactly as provided by the seller—what they show and what they don’t.
The asset
It’s the Hotel
Arcoíris Tulum, at Av. Tulum 110 Ote., about three kilometers from the coast. According to its fact sheet:
- 20 rooms in five room types and 27 bathrooms.
- 1.300 m² built, across four levels. The land is listed as 398
m² in the sheet and as 370 m² in another document from the same seller. - Built in 2018 and opened in March 2019, with no closures since.
- Restaurant with a liquor license, pool and rooftop solarium, gym, and an on-site water treatment plant.
- Asking price: 990.000 USD, including land, building, and the
license, through the title-holding company.
Of the 20 rooms, 18 are marketed; the other two are reserved year-round for the partners.
The five years, in Mexican pesos
- 2021: revenue 4.008.927 · expenses 1.702.088 · net profit
2.306.839 - 2022: revenue 4.126.060 · expenses 1.853.921 · net profit
2.272.138 - 2023: revenue 5.376.203 · expenses 1.649.600 · net profit
3.726.603 - 2024: revenue 5.560.000 · expenses 1.849.600 · net profit
3.710.400 - 2025: net profit 2.983.200; the document does not include revenue or expenses for that year
In total, the five years’ net profits add up to 14.999.180 pesos.
Across the four years with revenue and expenses, the math checks out: revenue minus expenses equals the profit the document states, off by one peso in 2022.
What we see
A jump in 2023. Revenue rose from 4,1 to 5,4 million and net profit from 2,27 to 3,73 million, while expenses fell. Net margin increased from 55% in 2022 to 69% in 2023.
A plateau in 2024. Revenue increased to 5,56 million, but expenses rose more and profit was essentially flat at 3,71 million. Margin slipped to 67%.
A drop in 2025. Net profit fell to 2,98 million, 20% less than in 2024. Average daily rate went from 730 to 680 pesos, down 7%. The document doesn’t explain why, and we’re not going to make it up.
A very stable breakeven. Breakeven per room per day moved only between 251 and 282 pesos over the five years. With a rate of 680, the hotel covers its expenses with less than half of what it charges.
What doesn’t add up—and what to ask
An honest review includes the questions. Here’s what we’d ask before making an offer:
- The average rate. In 2021 and 2022, revenue divided by 18 rooms and 365 days gives 610 and 628 pesos: exactly the “average rate” the document states. That means the figure is really revenue per available room, not what’s charged at the desk. In 2023 and 2024 the math gives 818 and 846, versus the 718 and 730 stated. Ask for actual occupancy and actual rate.
- Incomplete 2025. Without revenue or expenses you can’t calculate margin or explain the drop. Ask for the full year.
- Long-term contracts. In 2021, 38% of available room-nights were sold on long-term contracts. There’s no disclosure of how much of later-year revenue comes from those.
- Typos in the document. The 2024 section mentions “2023” in two sentences. It’s likely a drafting error—confirm in writing.
- Whether profit is before or after taxes. The document doesn’t say.
- Unaudited financials. These are the seller’s figures. Before buying, request the filings with Mexico’s Tax Administration Service (SAT) and the bank statements that support them.
What return that would imply
Using 2025 profit (2.983.200 pesos) and the 990.000 USD price, annual return on price would be, depending on the exchange rate used, between 15% and 18%.
Calculated with exchange rates of 17 to 20 pesos per dollar, which are indicative: the rate on the day of the transaction changes the result. It’s a reference figure based on unaudited numbers and does not deduct taxes, renovations, or acquisition costs. It is not a promise of return.
Where the seller sees growth
The presentation points to three more rooms on the terrace, with infrastructure already in place, which—added to the two private ones—would take the hotel to 23 keys and, according to the seller, to an additional 40% increase in revenue. The sheet also mentions a rooftop of about 140 m² prepared for solar panels. These are the seller’s projections: if they interest you, ask for the budget and permits before counting them in your model.
A legal detail that changes the deal
The hotel is not being sold as a standalone property: it’s sold through the company that holds title to the land, the building, the permits, and the liquor license. That’s an advantage—everything transfers together—and a consequence: buying the company means inheriting its history. So, beyond the numbers, have a Mexican attorney review liabilities, labor obligations, taxes current, and the validity of each license before transferring anything.
What to request in due diligence
- Annual tax returns and provisional payments for the five years.
- Monthly occupancy and rate reports, pulled from the booking platforms.
- Bank statements that support the revenue.
- Payroll, staff contracts, and lengths of service.
- Current licenses and permits, with their renewal dates.
How to read a hotel before buying it
These five years show what any hotel does: the value isn’t the list price but the time series. A profit line that rises, levels off, and falls says more than a single figure, and uncomfortable questions are worth more than the brochure. In a hotel asset, the number that matters is the one you can reconstruct from documents.
If you want to review this hotel or any other asset in Tulum, write to us:
we’ll send the full sheet and the financials, and help you build the question list for the seller.
Figures taken from the seller’s documents for Hotel Arcoíris Tulum
(2021-2025 financial results and fact sheet), not audited or independently verified. Returns are an indicative calculation using an exchange rate of 17 to 20 pesos per dollar. They do not constitute financial advice or a guarantee of return.
Versión en español: Un hotel boutique de Tulum Centro: los números de 2021 a 2025 · Versão em português: Um hotel boutique no Centro de Tulum: os números de 2021 a 2025 · Version française: Un hôtel-boutique au centre-ville de Tulum : les chiffres 2021-2025
