Exhibit 15.1

UNAUDITED PRO FORMA COMBINED FINANCIAL INFORMATION

Introduction

The following unaudited pro forma combined financial information is being provided to aid you in your analysis of the financial aspects of the merger defined in the Business Combination Agreement.

The unaudited pro forma combined statement of financial position as of June 30, 2023 gives pro forma effect to the Business Combination, as described and defined below, as if it had been consummated as of that date. The unaudited pro forma combined statement of profit and loss and other comprehensive income for the six months ended June 30, 2023 give pro forma effect to the Business Combination as if it had occurred as of January 1, 2022.

This information should be read together with the Combined Financial Statements of Murano Group and their related notes and HCM’s respective audited financial statements, “Management’s Discussion and Analysis of Financial Condition and Results of Operations of Murano,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations of HCM” and other financial information, which is incorporated by reference to the Prospectus.

The unaudited pro forma combined statement of financial position as of June 30, 2023 has been prepared using the following:

•	Murano Group’s historical condensed combined interim statement of financial position as of June 30, 2023, incorporated by reference to the Prospectus.

•	HCM’s historical balance sheet as of June 30, 2023, incorporated by reference to the Prospectus.

The unaudited pro forma combined statement of operations for the six months ended June 30, 2023 has been prepared using the following:

•	Murano Group’s historical condensed combined interim statement of profit or loss and other comprehensive income for the six-month period ended June 30, 2023, incorporated by reference to the Prospectus.

•	HCM’s historical statement of operations for the six-month period ended June 30, 2023, incorporated by reference to the Prospectus.

The unaudited pro forma combined statement of operations for the twelve months ended December 31, 2022 has been prepared using the following:

•	Murano Group’s historical combined statement of profit or loss and other comprehensive income for the twelve-month period ended December 31, 2022, incorporated by reference to the Prospectus.

•	HCM’s historical statement of operations for the twelve-month period ended December 31, 2022, incorporated by reference to the Prospectus.

The Condensed Combined Interim Financial Statements have been prepared in accordance with IAS 34 and the Combined Financial Statements of Murano Group have been prepared in accordance with IFRS and in its functional and presentation currency of Mexican Pesos. The historical financial statements of HCM have been prepared in accordance with U.S. GAAP in its functional and presentation currency of U.S. dollars. The financial statements of HCM have been adjusted to give effect to the differences between U.S. GAAP and IFRS for the purposes of the unaudited pro forma combined financial information (see below) and have been adjusted based on the requirements and guidance of International Accounting Standard 21. The Effects of Changes in Foreign Exchange Rates from functional currency U.S. dollar to presentation currency Mexican Pesos, i.e., assets and liabilities were translated based on the exchange rate as of June 30, 2023 and items of income and expense, capital transactions and cash flows relating to transactions in a previous period are translated using the exchange rate prevailing at the transaction date or at an appropriate average rate.

Unaudited Pro Forma Combined Statement of Financial Position

As of June 30, 2023

(In Mexican pesos, except for share data)

	Murano Group Historical As of June 30, 2023	HCM Historical As of June 30, 2023 (After IFRS and Currency Conversion Adjustments)	Transaction Accounting Adjustments	Footnote reference	Pro Forma Combined
Assets
Current Assets:
Cash and cash equivalents and restricted cash	325,002,736	2,163,722	(294,208,182)	[1], [2], [4]	32,958,276
Trade receivables	6,928,278				6,928,278
VAT receivable	182,724,218	—	—		182,724,218
Other receivables	30,387,475	—	—		30,387,475
Due from related parties	66,261,192				66,261,192
Prepayments	11,870,889	2,285,514	—		14,156,403
Inventories	638,433	—	—		638,433
Total current assets	623,813,221	4,449,236	(294,208,182)		334,054,275
Cash and marketable securities held in trust account	—	745,703,782	(745,703,782)	[1]	—
Property, construction in process and equipment	17,660,920,329	—	—		17,660,920,329
Investment property	1,187,089,926	—	—		1,187,089,926
Prepayments	—	—	—		—
Right of use assets	410,908	—	—		410,908
Financial derivative instruments	168,888,524	—	—		168,888,524
Other assets	—	—	—		—
Guarantee deposits	12,839,795	—	—		12,839,795
Total assets	19,653,962,703	750,153,018	(1,039,911,964)		19,364,203,757
Liabilities and Net assets
Current Liabilities:
Current installments of long-term debt	3,606,018,842	—			3,606,018,842
Trade accounts payable and accumulated expenses	149,994,097	49,537,652			199,531,749
Due to related parties	95,778,980	7,312,586			103,091,566
Lease liabilities	175,015	—	—		175,015
Income tax payable	26,698,381	—	—		26,698,381
Employees’ statutory profit sharing	1,330,845	—	—		1,330,845
Contributions for future net assets	3,500,000	—	—		3,500,000
Accrued offering costs		—	—		—
Total current liabilities	3,883,496,160	56,850,238	—		3,940,346,398

	Murano Group Historical As of June 30, 2023	HCM Historical As of June 30, 2023 (After IFRS and Currency Conversion Adjustments)	Transaction Accounting Adjustments	Footnote reference	Pro Forma Combined
Non-current Liabilities:
Long-term debt, excluding current installments	2,447,566,381	—	—		2,447,566,381
Due to related parties, excluding current portion	150,843,473	—			150,843,473
Deferred revenue - long term	34,016,156				34,016,156
Lease liabilities, excluding current portion	—	—	—		—
Employee benefits	7,865,691	—	—		7,865,691
Deferred tax liabilities	4,317,084,818	—			4,317,084,818
Warrant liabilities	—	9,346,920	(4,065,600)	[7]	5,281,320
Deferred underwriting fee payable	—	51,216,000	—		51,216,000
Other liabilities	—	745,703,782	(745,703,782)	[2], [3]	—
Total liabilities	10,840,872,679	863,116,940	(749,769,382)		10,954,220,237
Equity
Common stock	—	20,381	2,958,436,077	[3],[4],[5],[6]	2,958,456,458
Net parent investment	902,611,512	—	(902,611,512)	[6]	—
Additional paid-in capital	—	213,585,356			213,585,356
Accumulated Deficit	(825,082,716)	(366,499,933)	(2,345,967,147)	[2],[4],[5],[7]	(3,537,549,796)
Other comprehensive income	8,735,561,228	39,930,274	—		8,775,491,502
Total equity	8,813,090,024	(112,963,922)	(290,142,582)		8,409,983,520
Total liabilities and net assets	19,653,962,703	750,153,018	(1,039,911,964)		19,364,203,757

Unaudited Pro Forma Statement of Profit or Loss and Comprehensive Income

For the six-month period ended June 30, 2023

(In Mexican pesos, except for share data)

	Murano Group Historical For the six-month period ended June 30, 2023	HCM Historical For the year ended December 31, 2022	Transaction Accounting Adjustments	Footnote reference	Pro Forma Combined
Revenue	107,345,787	—	—		107,345,787
		—	—
Direct and selling, general and administrative expenses:		—	—
Employee Benefits	76,418,979	—	—		76,418,979
Development contributions to local area	—	—	—		—
Depreciation	14,475,472				14,475,472
Property tax	9,780,872	—			9,780,872
Fees	37,236,737	—	—		37,236,737
Management fees	2,694,553	—	—		2,694,553
Maintenance and conservation	4,526,294	—	—		4,526,294
Energetics	6,461,275	—	—		6,461,275
Advertising	8,236,255	—	—		8,236,255
Donations	5,951,130	—	—		5,951,130
Insurance	4,121,519	—	—		4,121,519
Software	4,506,780	—	—		4,506,780
Cleaning and laundry	4,127,309	—	—		4,127,309
Food and beverage	30,780,790	—	—		30,780,790
Bank fees	2,413,473	—	—		2,413,473
Sales commissions	3,922,916	—	—		3,922,916
Other costs	39,572,783	—	42,624,830	[A]	82,197,613
Operating and formation costs	—	42,624,830	(42,624,830)	[A]	—
Total direct and selling, general and administrative expenses	255,227,137	42,624,830	—		297,851,967
Interest income	2,029,494	—	—		2,029,494
Interest expense	(137,796,876)	—	—		(137,796,876)
Exchange rate income, net	678,078,298	—	—		678,078,298
Valuation of financial derivative instruments	(23,903,466)	—	—		(23,903,466)
Other income	9,350,566	—	5,409,796	[A]	14,760,362
Other expenses	(156,974)	—	—		(156,974)
Interest income – bank	—	55,125	—		55,125
Reduction of deferred underwriting fee	—	5,409,796	(5,409,796)	[A]	—
Interest earned on marketable securities held in Trust Account	—	75,831,533	(75,831,533)	[B]	—
Unrealized gain on marketable securities held in Trust Account	—	—	—		—
Change in fair value of warrant liabilities	—	—	—		—
Transaction cost incurred in connection with Initial Public Offering	—	—	—		—
Profit before income taxes	379,719,692	38,671,624	(75,831,533)		342,559,783
Income taxes	23,802,249	—	—		23,802,249
Net profit (loss) for the period	355,917,443	38,671,624	(75,831,533)		318,757,534

	Murano Group Historical For the six-month period ended June 30, 2023	HCM Historical For the year ended December 31, 2022	Transaction Accounting Adjustments	Footnote reference	Pro Forma Combined
Other comprehensive income:
Revaluation of Property, construction in process and equipment, net of deferred income tax	—	—	—		—
Remeasurement of net defined benefit liability, net of deferred income tax	—	—	—		—
Foreign currency translation adjustment	—	27,706,300	—		27,706,300
Other comprehensive income for the period	355,917,443	66,377,924	(75,831,533)		346,463,834
Basic and diluted weighted average shares outstanding		29,407,687	49,835,186		79,242,873
Basic and diluted net income (loss) per share		1.32			4.02

Unaudited Pro Forma Statement of Profit or Loss and Comprehensive Income

For The Year Ended December 31, 2022

(In Mexican pesos, except for share data)

	Murano Group Historical For the year ended December 31, 2022	HCM Historical For the year ended December 31, 2022	Transaction Accounting Adjustments	Footnote reference	Pro Forma Combined
Revenue	6,431,022	—	—		6,431,022

Direct and selling, general and administrative expenses:
Employee Benefits	53,944,188	—	—		53,944,188
Development contributions to the local area	25,862,069	—	—		25,862,069
Property tax	15,605,504	—	—		15,605,504
Fees	67,534,391	—	111,918,569	[A], [C]	179,452,960
Maintenance and conservation	10,218,739	—	—		10,218,739
Advertising	9,806,261	—	—		9,806,261
Insurance	3,891,189	—	—		3,891,189
Inventory	1,167,596	—	—		1,167,596
Other costs	62,602,777	—	38,551,932	[A]	101,154,709
Operating and formation costs	—	38,551,932	(38,551,932)	[A]	—
Total direct and selling, general and administrative expenses	250,632,714	38,551,932	111,918,569		401,103,215
Increase in fair value of investment property	298,089,926	—	—		298,089,926
Interest income	555,638	—	—		555,638
Interest expense	(86,485,683)	—	—		(86,485,683)
Exchange rate income, net	276,747,870	—	—		276,747,870
Valuation of financial derivative instruments	200,739,870	—	262,934,550	[A],[E]	463,674,420
Other income	33,514,903	—	—		33,514,903
Other expenses	(3,874,125)	—	(2,255,469,302)	[D]	(2,259,343,427)
Interest earned on marketable securities held in Trust Account	—	86,682,956	(86,682,956)	[B]	—
Unrealized gain on marketable securities held in Trust Account	—	1,228,225	(1,228,225)	[B]	—
Change in fair value of warrant liabilities	—	258,868,950	(258,868,950)	[A]	—
Transaction cost incurred in connection with Initial Public Offering	—	(10,788,143)	10,788,143	[A]	—
Profit before income taxes	475,086,707	297,440,056	(2,440,445,309)		(1,667,918,546)
Income taxes	170,487,446	—	—		170,487,446
Net profit (loss) for the period	304,599,261	297,440,056	(2,440,445,309)		(1,838,405,992)
Other comprehensive income:
Revaluation of Property, construction in process and equipment, net of deferred income tax	4,206,327,541	—	—		4,206,327,541

	Murano Group Historical For the year ended December 31, 2022	HCM Historical For the year ended December 31, 2022	Transaction Accounting Adjustments	Footnote reference	Pro Forma Combined
Remeasurement of net defined benefit liability, net of deferred income tax	(1,788,136)	—	—		(1,788,136)
Foreign currency translation adjustment	—	12,223,974	—		12,223,974
Other comprehensive income for the period	4,509,138,666	309,664,030	(2,440,445,309)		2,378,357,387
Basic and diluted weighted average shares outstanding		36,753,425	42,489,448		79,242,873
Basic and diluted net income (loss) per share		8.09			(23.20)

NOTES TO UNAUDITED PRO FORMA COMBINED FINANCIAL INFORMATION

Description of the Pre-closing of Murano, the Business Combination and Other Investments

On August 2, 2023, Murano, HCM, the Seller, PubCo, Dutch Murano, Dutch HoldCo, and New CayCo entered into the Amended & Restated Business Combination Agreement. Pursuant to the Amended & Restated Business Combination Agreement, and on December 31, 2023, a further amended to the Amended & Restated Business was signed, where among other things:

•	The Subscriptions (as defined in the Business Combination Agreement) will be undertaken in which:

•	Murano will reimburse the Seller for 16,413,927 shares of Murano Ordinary Shares in consideration of Ps.$16,413,927;

•	ESC will subscribe for additional shares in PubCo for a cash subscription price of US$1,500,000 (the “Cash Subscription”) in consideration for the issuance by PubCo of 69,100,000 PubCo Ordinary Shares;

•

PubCo will subscribe for a number of shares in Murano, such that after giving effect to such subscription PubCo will hold 99.99% of Murano Ordinary Shares in consideration for cash in the amount of the Cash Subscription and the remaining 0.001% of Murano will be held by Murano Management S.A. de C.V, in accordance with requirements of Mexican law;

•	the Sponsor has agreed to transfer 1,250,000 HCM Class A Ordinary Shares to certain vendors of Murano and forfeit all of its Private Placement Warrants upon the Closing.

•	the Murano Parties will effect an internal reorganization of certain of their assets and Subsidiaries; and

•	New CayCo will merge with and into HCM with HCM being the surviving corporation in the Merger and a wholly-owned subsidiary of PubCo.

For more information about the transaction, see The Business Combination Agreement. A copy of the Amended & Restated Business Combination Agreement is attached to this proxy statement/prospectus.

Business Combination

By virtue of the Merger, the HCM Ordinary Shares issued and outstanding as of immediately prior to the Effective Time shall be automatically canceled and extinguished and in exchange therefore, each holder of HCM Ordinary Shares will be entitled to the Merger Shares. Also, as contemplated by the Amended & Restated Business Combination Agreement, HCM will become a direct wholly-owned subsidiary of PubCo.

Basis of Presentation

The historical financial information has been adjusted to give pro forma effect to events that are directly attributable to the Business Combination, are factually supportable and are expected to have a continuing impact on the results of operations of the combined company. The adjustments presented on the pro forma Combined Financial Statements have been identified and presented to provide an understanding of the combined company upon consummation of the Business Combination for illustrative purposes.

The following pro forma combined financial information is for illustrative purposes only. The financial results may have been different had the companies always been combined.

You should not rely on the unaudited pro forma combined financial information as being indicative of the historical results that would have been achieved had the companies have always been combined or the future results that the combined company will experience. There were no preexisting relationships between Murano Parties and HCM prior to the Merger. Accordingly, no pro forma adjustments were required to eliminate activities between the companies.

The following unaudited pro forma combined financial information has been prepared in accordance with Article 11 of Regulation S-X as amended by the final rule, Release No. 33-10786 “Amendments to Financial Disclosures about Acquired and Disposed Businesses.”

Murano has elected not to present Management’s Adjustments and will only be presenting Transaction Accounting Adjustments in the following unaudited pro forma combined financial information.

The pro forma adjustments do not have an income tax effect as they are either (i) incurred by legal entities that are not subject to a corporate income tax, or (ii) permanently nondeductible or nontaxable based on the laws of the relevant jurisdiction.

Accounting for the Amended & Restated Business Combination Agreement

The merger defined in the Amended & Restated Business Combination Agreement will be accounted for as a capital reorganization in accordance with IFRS. Murano will apply IFRS 2 Share-based payment. Under this method of accounting, there is no acquisition accounting and no recognition of goodwill or intangible assets, as HCM does not meet the definition of a “business” pursuant to IFRS 3 Business Combinations given it consisted predominantly of cash in the Trust Account. Under this method of accounting, HCM will be treated as the “acquired” company for financial reporting purposes, and Murano Group will be the accounting “acquirer”. This determination was primarily based on (i) the assumption that Murano’s shareholders will hold a majority of the voting power of PubCo, (ii) Murano’s operations will substantially comprise the ongoing operations of the combined company, (iii) Murano’s designees are expected to comprise a portion of the governing body of PubCo, and (iv) Murano’s senior management will comprise the senior management of PubCo.

In accordance with IFRS 2, the difference in the fair value of the shares issued by Murano over the identifiable net assets of HCM at historical cost will be accounted for as share-based payment expense.

U.S. GAAP to IFRS and currency conversion of HCM’s Balance Sheets as of June 30, 2023

	GAAP Historical U.S. balances	Conversion Adjustments	Footnote reference	After conversion	After currency conversion to Ps.
	(in U.S. dollars)				(in Ps.)⁽²⁾
ASSETS
Cash and cash equivalents	126,741	—		126,741	2,163,722
Prepaid expenses	133,875	—		133,875	2,285,514
Total Current Assets	260,616	—		260,616	4,449,236
Cash and marketable securities held in trust account	43,679,931	—		43,679,931	745,703,782
Total assets	43,940,547	—		43,940,547	750,153,018
		—
LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO REDEMPTION AND SHAREHOLDERS’ DEFICIT
Current liabilities
Accrued expenses	2,901,690	—		2,901,690	49,537,652
Promissory note – related party	428,338			428,338	7,312,586
Total current liabilities	3,330,028	—		3,330,028	56,850,238
Warrant liabilities	547,500	—		547,500	9,346,920
Deferred underwriting fee payable	3,000,000	—		3,000,000	51,216,000
Other liabilities	—	43,679,931	(1)	43,679,931	745,703,782
Total liabilities	6,877,528	43,679,931		50,557,459	863,116,940
CLASS A ORDINARY SHARES SUBJECT TO REDEMPTION
Class A ordinary shares subject to possible redemption; 28,750,000 and 0 shares issued and outstanding at redemption value at December 31, 2022 and 2021, respectively	43,679,931	(43,679,931)	(1)	—	—
Shareholders’ Deficit
Preference shares, U.S.$0.0001 par value; 5,000,000 shares authorized; none issued and outstanding	—	—		—	—
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 9,987,500 and no issued and outstanding (excluding 4,079,406 shares subject to possible redemption) at June 30, 2023	999	—		999	17,986
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 75,000 shares issued and outstanding at June 30, 2023	7	—		7	2,395
Additional paid in capital	11,827,938			11,827,938	213,585,356
Accumulated deficit	(18,445,856)	—		(18,445,856)	(366,499,933)
Other Comprehensive Income	—	—		—	39,930,274
Total shareholders’ Deficit	(6,616,912)	—		(6,616,912)	(112,963,922)
Total liabilities, Class A ordinary shares subject to redemption and shareholders’ deficit	43,940,547	—		43,940,547	750,153,018

(1)	To reclassify and present redeemable ordinary shares of HCM as other liabilities under IFRS, as shareholders have the right to require HCM to redeem the ordinary shares and HCM has an irrevocable obligation to deliver cash for such redemption.

(2)

To present the HCM’s balance sheet translated into Mexican Pesos (presentation currency for Murano Group) for purposes of having pro forma combined financial information. The translation from functional currency U.S. dollar to presentation currency followed the requirements and guidance of International Accounting Standard 21 The Effects of Changes in Foreign Exchange Rates.

Adjustments to Unaudited Pro Forma Combined Statement of Financial Position as of June 30, 2023

The pro forma notes and adjustments, based on preliminary estimates that could change materially as additional information is obtained, are as follows:

(1)	To reflect the release and reclassification of Ps.$745.7 million of the remaining cash from marketable securities held in the trust account.

(2)

To reflect the withdrawal of cash to fund the redemption of 2,460,044 of HCM’s redeemable shares in connection with HCM’s Extraordinary Meeting on January 16, 2024, and to fund the redemption of 1,538,989 of HCM’s redeemable shares in connection with HCM’s Extraordinary Meeting on March 5, 2024, leaving 80,373 of HCM’s redeemable shares outstanding. HCM withdrew U.S. $27,613,660 and U.S.$ 17,267,457 equivalent to Ps.$465,511,088 and Ps.$293,921,466, respectively, from the Trust Account in connection with each redemption.

(3)	To reclassify other liabilities related to HCM’s outstanding redeemable shares to permanent equity at the closing of the Business Combination.

(4)

To reflect the estimated payment of an aggregate of Ps. $179.3 million in direct and incremental transaction costs related to the issuance of Murano shares that is comprised of (i) legal fees of Ps.$163.8 million, and (ii) other professional advisor fees of Ps.$15.5 million, as well as listing expenses of Ps. $101.1 million that are not direct and incremental transaction costs, which are to be expended, and to reclassify direct and incremental transaction costs accrued in accumulated losses to common stock.

(5)

The merger is accounted for under IFRS 2. The difference in the fair value of equity instruments deemed issued by Murano to HCM Holders over the fair value of identifiable net assets of Murano represents a share-based payment of services related to the listing of Murano equity and is accounted for as a share-based payment in accordance with IFRS 2 in equity. The cost of the service is estimated as follows:

		(in Mexican pesos)
Fair value of Murano Group	<A>	13,358,400,000
Equity interest in the Company that will be issued to shareholders of HCM and Vendor Participation Shares	<B>	12.80%
Equity interest in the Company of the Company’s shareholders after the Business Combination	<C>	87.20%
Deemed cost of shares issued by Company	<B>/<C>x<A>	1,960,866,055
Less: HCM net liabilities as of December 31, 2022		(294,603,247)
Share-based payment for listing expense		2,255,469,302

(6)	To reclassify the Murano’s Group net parent investment to common stock.

(7)	To reflect the Sponsor’s agreement to forfeit 10,500,000 of its HCM’s Private Placement Warrants upon the Closing. At a fair value of U.S.$210,000, equivalent to Ps.$4,065,600.

Adjustments to Unaudited Pro Forma Statement of profit or loss and other comprehensive income for the Six Months Period Ended June 30, 2023

(A)	To reflect the reclassification adjustment to align HCM’s historical statement of operations with the presentation of Murano’s statement of profit and other comprehensive income.

(B)	To reflect the elimination of interest income on marketable securities held in the trust account.

Adjustments to Unaudited Pro Forma Statement of profit or loss and other comprehensive income for the Year Ended December 31, 2022

(A)

To reflect the reclassification adjustment to align HCM’s historical statement of operations with the presentation of Murano’s statement of profit and other comprehensive income, resulting in the reclassification from Change in fair value of warrant liabilities of Ps.$258,868,950 to Valuation of financial derivative instruments; Operating and formation costs of Ps.$38,551,932 to Other costs; and Transaction cost incurred in connection with Initial Public Offering of Ps.$10,788,143 to Fees.

(B)	To reflect the elimination of interest income on marketable securities held in the trust account.

(C)

To reflect Ps.$101.1 million of legal and professional fees that will be paid as of the Closing of the Merger that are not direct and incremental due to the issuance of PubCo’s shares and not accrued for in the consolidated statement of profit and other comprehensive income of the Company or the statements of operations of HCM.

(D)	To reflect the share-based payment for the Company’s equity listing expense as detailed in item (5) of the pro forma balance sheet adjustments above.

(E)	To reflect the forfeit of HCM's Private Warrants upon the Closing, as detailed in item (7).

(F)	The reconciliation of pro forma weighted average shares outstanding for basic loss per share is as follows:

Weighted average shares calculation
HCM public shares			8,812,500
HCM founder shares			80,373
Vendor Participation Shares			1,250,000
Combined Company shares issued in Business Combination			69,100,000
Weighted average of outstanding shares – basic			79,242,873

COMPARATIVE PER SHARE DATA

The following table sets forth the historical comparative share information for Murano and HCM on a stand-alone basis and pro forma combined per share information after giving effect to the Business Combination.

The Combined Financial Statements of Murano have been prepared in accordance with IFRS as issued by the IASB and in its functional and presentation currency of the Mexican peso. The historical financial statements of HCM have been prepared in accordance with U.S. GAAP in its functional and presentation currency of U.S. dollars. The financial statements of HCM have been adjusted to give effect to the differences between U.S. GAAP and IFRS, and have been translated into Mexican Pesos for purposes of having pro forma combined financial information.

The historical information should be read in conjunction with the information in the sections entitled “Selected Historical Financial of HCM” and “Selected Historical Combined Financial and Other Data of Murano” and the historical financial statements of HCM and the Combined Financial Statements of Murano included elsewhere in this proxy statement/prospectus. The pro forma combined per share information is derived from, and should be read in conjunction with, the information contained in the section of this proxy statement/prospectus entitled “Unaudited Pro Forma Combined Financial Information.”

The pro forma combined share information below does not purport to represent what the actual results of operations or the earnings per share would been had the companies been combined during the periods presented, nor to project the Combined Company’s results of operations or earnings per share for any future date or period. The pro forma combined shareholders’ equity per share information below does not purport to represent what the value of HCM and Murano would have been had the companies been combined during the periods presented.

	Murano Group (Historical)	HCM (Historical)	Combined Pro Forma
For the six-month period ended December 31, 2022
Net profit (loss)	304,599,261	297,440,056	(1,838,405,992)
Weighted average shares:
Weighted average of outstanding shares – basic and diluted	16,413,928	36,753,425	79,242,873
Earnings (loss) per share:
Earnings (loss) per outstanding shares, basic and diluted		8.09	(23.20)

Notes:—

(1)	Book value per share is calculated using the formula: Total shareholder’s equity divided by shares outstanding.

(2)	Weighted average of outstanding HCM Ordinary Shares represents weighted average of redeemable HCM Ordinary Shares outstanding.

Not applicable	Bailiwick of Jersey
(Translation of Registrant’s name into English)	(Jurisdiction of incorporation or organization)

Title of each class	Trading Symbol(s)	Name of exchange on which registered
Ordinary shares, no par value	MRNO	The NASDAQ Stock Market LLC
Warrants, each exercisable for one ordinary share at an exercise price of $11.50 per ordinary share	MRNOW	The NASDAQ Stock Market LLC

Large accelerated filer	☐	Accelerated filer	☐	Non-accelerated filer	☒

				Emerging growth company	☒

U.S. GAAP ☐	International Financial Reporting Standards as issued	☒	Other ☐
	by the International Accounting Standards Board


	Page
EXPLANATORY NOTE		1
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS		2
PART I
Item 1. Identity of Directors, Senior Management and Advisers		4
Item 2. Offer Statistics and Expected Timetable		4
Item 3. Key Information		4
Item 4. Information on the Company		5
Item 4A. Unresolved Staff Comments		6
Item 5. Operating and Financial Review and Prospects		7
Item 6. Directors, Senior Management and Employees		7
Item 7. Major Shareholders and Related Party Transactions		7
Item 8. Financial Information		8
Item 9. The Offer and Listing		9
Item 10. Additional Information		9
Item 11. Quantitative and Qualitative Disclosures About Market Risk		11
Item 12. Description of Securities Other Than Equity Securities		11
PART II		12
PART III		13
Item 17. Financial Statements		13
Item 18. Financial Statements		13
Item 19. Exhibits		13

	•	the benefits of the Business Combination;

	•	our business and financial performance following the Business Combination;

	•	the ability to obtain or maintain the listing of our Ordinary Shares and Warrants on Nasdaq;

	•	changes in our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans;

	•	our ability to successfully develop existing properties under development and to maintain its properties;

	•	our ability to grow its business in a cost-effective manner and to obtain financing;

	•	our property development timeline, budget and expected cost and expenditure;

	•	the implementation, market acceptance and success of our business model;

	•	developments and projections relating to Murano’s competitors and industry;

	•	our approach and goals with respect to the hospitality sector and the evolving demands of its customers;

	•	the impact of the COVID-19 pandemic on our business and properties, including those under development;

	•	our compliance with applicable laws and regulations, including ability to obtain and maintain construction licenses and environmental permits, and changes in applicable laws or regulations; and

	•	the outcome of any known and unknown litigation and governmental or regulatory proceedings.

	•	the outcome of any legal proceedings that may be instituted against us or HCM following the closing of the Business Combination;

	•	the ability to obtain or maintain the listing of our Ordinary Shares on Nasdaq following the Business Combination;

	•	the risk that the Business Combination has disrupted our current plans and operations;

	•	our ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition and our ability to grow and manage growth profitably following the Business Combination;

	•	costs related to the Business Combination;

	•	changes in applicable laws or regulations;

	•	the effects of the COVID-19 pandemic on our business and properties under development;

	•	the risks that uncertainty and instability resulting from the conflict between Russia and Ukraine could adversely affect our business, financial condition and operations, in addition to global macroeconomic indications;

	•	the ability to implement business plans, forecasts, and other expectations following the closing of the Business Combination, and identify and realize additional opportunities;

	•	the risk of downturns and the possibility of rapid change in the highly competitive industry in which we operate;

	•	the risk that we and our current and future collaborators are unable to successfully develop and commercialize our properties, or experience significant delays in doing so;

	•	the risk that we may never achieve or sustain profitability;

	•	the risk that we will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all;

	•	the risk that we experience difficulties in managing its growth, finding and developing new properties, and expanding operations;

	•	the risk that third-party suppliers, including management companies, are not able to fully and timely meet their obligations;

	•	the risk that we are unable to secure or protect its intellectual property;

	•	the possibility that we or HCM may be adversely affected by other economic, business, and/or competitive factors; and

	•	other risks and uncertainties described in the proxy statement/prospectus, filed on February 23, 2024, as amended and supplemented by Prospectus Supplement No. 1 filed on March 20, 2024 (together, the “Prospectus”), including those under the section entitled ”Risk Factors.”

		in Mexican pesos

	Cash and cash equivalents	32,958,276
	Trade receivables	6,928,278
	Other current assets	294,167,721
	Total current assets	334,054,275
	Total non-current assets	19,030,149,482
	Total assets	19,364,203,757


	Total current liabilities	3,940,346,398
	Total non-current liabilities	7,013,873,839
	Total liabilities	10,954,220,237

	Equity
	Common stock	2,958,456,458
	Additional paid-in capital	213,585,356
	Accumulated losses	(3,537,549,796)
	Accumulated other comprehensive income, net of income tax	8,775,491,502
	Total equity	8,409,983,520
	Total liabilities and equity	19,364,203,757

Beneficial Owners⁽¹⁾	Number of Ordinary Shares		Percentage of all Ordinary Shares
5% shareholders:
Elias Sacal Cababie		69,100,000	87.2%
Shawn Matthews⁽²⁾		8,737,500	11.0%
Directors and Executive Officers
Elias Sacal Cababie		69,100,000	87.2%
Marcos Sacal Cohen		–	*
Shawn Matthews⁽²⁾		8,737,500	11.0%
David James Galan		–	*
Keith Graeme Edelman		–	*
Joanne Faye Sonin		–	*
Patrick Joseph Goulding		–	*
All directors and executive officers as a group		77,837,500	98.2%

(*)	Less than 1% individually.
(1)	Unless otherwise noted, the business address of each of our shareholders is 25 Berkeley Square, London W1J 6HN.
(2)	HCM Investor Holdings, LLC (the “Sponsor”) is the record holder of such shares. Mr. Matthews is the managing member of the Sponsor. As such, each of the Sponsor and Mr. Matthews may be deemed to share beneficial ownership of the ordinary shares held directly by the Sponsor. Mr. Matthews disclaims any beneficial ownership of the ordinary shares held directly by the Sponsor, and disclaims any beneficial ownership of such shares other than to the extent of any pecuniary interest he may have therein, directly or indirectly.

No.		Description
1.1		Memorandum and Articles of Association†
2.1		Private Placement Warrants Purchase Agreement, dated January 20, 2022, by and between HCM Acquisition Corp and the Underwriter (incorporated by reference to Exhibit 10.3(b) on Form 8-K filed on January 25, 2022)
2.2		Warrant Agreement, dated January 20, 2022, by and between HCM Acquisition Corp and Continental Stock Transfer & Trust Company, as warrant agent (incorporated by reference to Exhibit 4.4 to Form 8-K filed on January 25, 2022)
4.1		Initial Business Combination Agreement, dated March 13, 2023, by and among HCM Acquisition Corp, MURANO PV, S.A. DE C.V., Elías Sacal Cababie, ES Agrupación, S.A. de C.V., Murano Global B.V., MPV Investment B.V., and Murano Global Cayman (incorporated by reference to Exhibit 2.1 to the Form 8-K filed on March 15, 2023)
4.2		Amended & Restated Business Combination Agreement, dated August 2, 2023, by and among HCM Acquisition Corp, MURANO PV, S.A. DE C.V., Elías Sacal Cababie, ES Agrupación, S.A. de C.V., Murano Global B.V., MPV Investment B.V., and Murano Global Cayman (incorporated by reference to Exhibit 2.1 to the Form 8-K filed on August 7, 2023)
4.3		Amendment to the Amended & Restated Business Combination Agreement, dated December 31, 2023, by and among HCM Acquisition Corp, and MURANO PV, S.A. DE C.V. (incorporated by reference to Exhibit 2.1 to the Form 8-K filed on January 5, 2024)
4.4		Second Amendment to Amended and Restated Memorandum and Articles of Association (incorporated by reference to Exhibit 3.1 on the Form 8-K filed on January 23, 2024)
4.5		Registration Rights Agreement, dated January 20, 2022, by and among the HCM Acquisition Corp, the Sponsor and the Underwriter (incorporated by reference to Exhibit 10.2 on Form 8-K filed on January 25, 2022)
4.6		Sponsor Support Agreement, dated August 2, 2023, by and among HCM Investor Holdings, LLC, the other holders of HCM Class B Ordinary Shares, and Murano PV, S.A. de C.V. (incorporated by reference to Exhibit 10.1 to the Form 8-K filed on August 7, 2023)
4.7		Amendment to Sponsor Support Agreement, dated December 31, 2023, by and among HCM Investor Holdings, LLC, the other holders of HCM Class B Ordinary Shares, and Murano PV, S.A. de C.V. (incorporated by reference to Exhibit 10.1 to the Form 8-K filed on January 5, 2024)
4.8		U.S. dollar-denominated syndicated secured mortgage loan agreement, dated October 4, 2019, among Fideicomiso Murano 2000 and Banco Nacional de Comercio Exterior, S.N.C Institución de Banca de Desarrollo, Caixabank, S.A. Institución de Banca Múltiple, Sabadell, S.A. Institución de Banca Múltiple and Nacional Financiera, Sociedad Nacional de Crédito, Institución de Banca de Desarrollo (the “2019 Sabadell Loan Agreement”) (incorporated by reference to Exhibit 10.7 to the Form F-4 filed on January 30, 2024)
4.9		Peso-denominated loan agreement, dated as of October 16, 2019, between Fideicomiso Murano 2000 and Banco Nacional de Comercio Exterior, S.N.C Institución de Banca de Desarrollo (incorporated by reference to Exhibit 10.8 to the Form F-4 filed on January 11, 2024)
4.10		Amendment to the 2019 Sabadell Loan Agreement, dated August 24, 2023 (incorporated by reference to Exhibit 10.9 to the Form F-4 filed on January 30, 2024)
4.11		Lease Agreement, dated February 3, 2023, between Arrendadora Finamo, S.A. de C.V., as lessor, and Murano World (incorporated by reference to Exhibit 10.10 to the Form F-4 filed on January 11, 2024)
4.12		Amended and Restated Bancomext Loan Agreement, dated May 25, 2023, among Inmobiliaria Insurgentes 421, as borrower, Operadora Hotelera I421, S.A. de C.V. and Operadora Hotelera I421 Premium, S.A. de C.V., as joint obligors entered into certain loan agreement with Banco Nacional de Comercio Exterior, S.N.C., Institución de Banca de Desarrollo, as lender (incorporated by reference to Exhibit 10.13 to the Form F-4 filed on January 11, 2024)
4.13		Grand Island I Hotel Management Agreement, dated September 10, 2019, between Operadora Hotelera G I, S.A. de C.V. and AMR Operaciones MX, S. de R.L. de C.V. (incorporated by reference to Exhibit 10.14 to the Form F-4 filed on January 11, 2024)

4.14		Amendment to Grand Island I Hotel Management Agreement, dated July 11, 2023, between Operadora Hotelera G I, S.A. de C.V. and AMR Operaciones MX, S. de R.L. de C.V. (incorporated by reference to Exhibit 10.15 to the Form F-4 filed on January 11, 2024)
4.15		Hyatt Hotel Management Agreement, dated May 11, 2022, between Operadora Hotelera I421, S.A. de C.V. and Hyatt of Mexico, S.A. de C.V. (incorporated by reference to Exhibit 10.16 to the Form F-4 filed on January 11, 2024)
4.16		Mondrian Hotel Management Agreement, dated May 11, 2022, between Operadora Hotelera I421 Premium, S.A. de C.V. and Ennismore Holdings US Inc. (incorporated by reference to Exhibit 10.17 to the Form F-4 filed on December 1, 2023)
4.17		Loan Agreement, dated as of March 29, 2023, by and among Murano World, S.A. DE C.V., as borrower, and ALG Servios Financieros Mexico, S.A. DE C.V., Sofom E.N.R, Sofom, as creditor (incorporated by reference to Exhibit 10.18 to the Form F-4 filed on January 11, 2024)
4.18		Amended and Restated Lease Agreement, dated October 10, 2018, by and among Inmobiliaria Insurgentes 421 and Operadora Hotelera I421, S. A. de C.V. (incorporated by reference to Exhibit 10.19 to the Form F-4 filed on January 11, 2024)
4.19		Second Amendment to Peso-denominated loan agreement, dated February 14, 2023, between Fideicomiso Murano 2000 and Banco Nacional de Comercio Exterior, S.N.C Institución de Banca de Desarrollo (incorporated by reference to Exhibit 10.20 to the Form F-4 filed on January 11, 2024)
4.20		Third Amendment to Peso-denominated loan agreement, dated December 11, 2023, between Fideicomiso Murano 2000 and Banco Nacional de Comercio Exterior, S.N.C Institución de Banca de Desarrollo (incorporated by reference to Exhibit 10.21 to the Form F-4 filed on January 30, 2024)

4.21		Counter Guarantee dated as of September 11, 2019, executed by Operadora Hotelera GI, S.A. de C.V. in favor of AMR Operaciones MX, S. de R.L. de C.V.†
4.22		Counter Guarantee, dated as of August 23, 2021, executed by Operadora Hotelera Grand Island II, S.A. de C.V. in favor of AMR Operaciones MX, S. de R.L. de C.V.†
4.23		Memorandum of Understanding, dated as of March 30, 2023, by and among Elías Sacal Cababie, Murano World, S.A. de C.V., Operadora Hotelera GI, S.A. de C.V., and Operadora Hotelera Grand Island II, S.A. de C.V.†
4.24		First amendment to the Counter Guarantee, dated as of September 11, 2019, executed on March 30, 2023†
4.25		First amendment to the Counter Guarantee, dated as of August 23, 2021, executed on March 30, 2023†
4.26		Second amendment to the Counter Guarantee, dated as of September 11, 2019, executed on August 22, 2023†
4.27		Second amendment to the Counter Guarantee, dated as of August 23, 2021, executed on August 22, 2023†
8.1		Subsidiaries of the registrant (incorporated by reference to Exhibit 21.1 to the Form F-4 filed on November 8, 2023)
15.1		Unaudited Pro Forma Condensed Combined Financial Statements of Murano†

†	Filed herewith
#	Certain schedules, annexes and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K, but will be furnished supplementally to the SEC upon request.

	MURANO GLOBAL INVESTMENTS PLC

Date: March 27, 2024	By:	/s/ David Galan
	Name:	David Galan
	Title:	Chief Financial Officer

PRELIMINARY	1
INTERPRETATION	1
SHARE CAPITAL	7
RIGHTS ATTACHED TO SHARES	7
UNISSUED SHARES	9
REDEMPTION AND PURCHASE OF SHARES	10
COMMISSIONS AND BROKERAGE	10
TRUSTS NOT RECOGNISED	10
RENUNCIATION OF ALLOTMENT	10
VARIATION OF RIGHTS	11
ALTERATION OF SHARE CAPITAL	12
SHARE CERTIFICATES AND TITLE TO SHARES	12
CALLS ON SHARES	13
FORFEITURE AND LIEN	14
TRANSFER OF SHARES	16
TRANSMISSION OF SHARES	18
UNTRACED SHAREHOLDERS	19
GENERAL MEETINGS	20
NOTICE OF GENERAL MEETINGS	20
QUORUM AT GENERAL MEETINGS	21
VOTING	24
VOTES OF MEMBERS	25
PROXIES AND CORPORATE REPRESENTATIVES	26
MEMBERS' WRITTEN RESOLUTIONS	29
DIRECTORS	30
APPOINTMENT AND RETIREMENT OF DIRECTORS	32
ALTERNATE DIRECTORS	35
PROCEEDINGS OF DIRECTORS	36

DIRECTORS' INTERESTS AND CONFLICTS OF INTEREST	37
DIRECTORS' FEES	39
DIRECTORS' EXPENSES	39
BORROWING POWERS	39
GENERAL POWERS OF DIRECTORS	40
SECRETARY	41
THE SEAL	42
AUTHENTICATION OF DOCUMENTS	42
DISTRIBUTIONS AND DIVIDENDS	42
RESERVES	45
CAPITALISATION OF RESERVES	46
RECORD DATES	48
REGISTER	48
MINUTES AND BOOKS	49
ACCOUNTS	49
AUDITORS	49
COMMUNICATIONS	50
WINDING UP	55
INDEMNITY AND INSURANCE	55


			Phase 1	Phase 2
		# Habs	1000	2000	TOTAL
Phase 1	Phase 2	2021	$ -	$ -	$ -
		2022
1^st Year of Operation		2023	$11,161,425.00		$11,161,425.00
2^nd Year of Operation	1^st Year of Operation	2024	$18,523,343.00	$25,000,000.00	$43,523,343.00
3^rd Year of Operation	2^nd Year of Operation	2025	$25,572,368.00	$25,000,000.00	$50,572,368.00
4^th Year of Operation	3^rd Year of Operation	2026	$25,471,581.00	$25,000,000.00	$50,471,581.00
5^th Year of Operation	4^th Year of Operation	2027	$25,805,823.00	$25,000,000.00	$50,805,823.00
6^th Year of Operation	5^th Year of Operation	2028	$25,666,107.00	$25,000,000.00	$50,666,107.00
7^th Year of Operation	6^th Year of Operation	2029	$25,492,568.00	$25,000,000.00	$50,492,568.00
8^th Year of Operation	7^th Year of Operation	2030	$25,297,855.00	$25,000,000.00	$50,297,855.00
9^th Year of Operation	8^th Year of Operation	2031	$25,070,098.00	$25,000,000.00	$50,070,098.00
10^th Year of Operation	9^th Year of Operation	2032	$24,804,170.00	$25,000,000.00	$49,804,170.00
11^th Year of Operation	10^th Year of Operation	2033	$17,861,800.00	$25,000,000.00	$42,861,800.00
12^th Year of Operation	11^th Year of Operation	2034		$25,000,000.00	$25,000,000.00

MEMORANDO DE ENTENDIMIENTO Y LIBERACIÓN DE RESPONSABILIDAD	MEMORANDUM OF UNDERSTANDING AND LIABILITY RELEASE

El presente Memorando de Entendimiento (en adelante denominado como “MDE”) se celebra el día 30 de marzo de 2023, en la Ciudad de México, México entre:	This Memorandum of Understanding (hereinafter referred to as “MOU”) is executed on March 30th, 2023 in Mexico City, Mexico, between:

Por una Parte:	On One Part:

ELÍAS SACAL CABABIE (en lo sucesivo “ESC”), una persona física con capacidad de ejercicio bajo las Leyes de la República Mexicana, teniendo como domicilio el ubicado en Av. Paseo de las Palmas 1270, Col. Lomas de Chapultepec, México, Alcaldía Miguel Hidalgo, C.P. 1270, Ciudad de México, México representado por su propio derecho.	ELÍAS SACAL CABABIE (hereinafter “ESC”), an individual with legal capacity under the Laws of the Mexican Republic, residing at Av. Paseo de las Palmas 1270, Col. Lomas de Chapultepec, Mexico, Miguel Hidalgo Delegation, C.P. 1270, Mexico City, Mexico, representing himself.

Por otra Parte:	On the Other Part:

MURANO WORLD, S.A. DE C.V., OPERADORA HOTELERA G I, S.A. DE C.V y OPERADORA HOTELERA GRAND ISLAND II, S.A. DE C.V., (en lo sucesivo “MURANO”, compañías constituida bajo las Leyes de la República Mexicana, teniendo como domicilio para efectos del presente documento el ubicado en Bucareli No.42 Int.101, Cuauhtémoc, C.P. 06040, Ciudad de México, México representadas en su conjunto, y en este acto por María Norma Lucio Landín.	MURANO WORLD, S.A. DE C.V., OPERADORA HOTELERA G I, S.A. DE C.V., and OPERADORA HOTELERA GRAND ISLAND II, S.A. DE C.V., (hereinafter “MURANO”), companies established under the Laws of the Mexican Republic, with their address for the purposes of this document at Bucareli No. 42 Int.101, Cuauhtémoc, C.P. 06040, Mexico City, Mexico, collectively represented by María Norma Lucio Landín.

En lo sucesivo denominadas individualmente como “Parte” y/o según se definen anteriormente ESC y MURANO en su conjunto se les denominará como las “Partes”.	Hereinafter individually referred to as a “Party,” and/or as defined above, ESC and MURANO collectively referred to as the “Parties.”

A N T E C E D E N T E	B A C K G R O U N D

ÚNICO. En referencia A LOS CONTRATOS DE CONTRAGARANTÍA (“CONTRATO”) CELEBRADOS POR UNA PARTE POR AMR OPERACIONES MX, S. DE R.L. DE C.V.(“AMR”), POR OTRA PARTE OPERADORA HOTELERA G I, S.A. DE C.V, OPERADORA HOTELERA GRAND ISLAND II, S.A. DE C.V., (“PROPIETARIO”), CON LA COMPARENCENCIA DE MURANO WORLD, S.A. DE C.V., ELIAS SACAL CABABIE Y MARCOS SACAL COHEN (“OBLIGADOS SOLIDARIOS”), BAJO EL CUAL EL PROPIETARIO Y LOS OBLIGADOS SOLIDARIOS SE OBLIGAN A PAGAR A AMR CUALQUIER CANTIDAD QUE AMR O SUS FILIALES ESTUVIEREN OBLIGADOS A PAGAR BAJO LA GARANTÍA.	UNIQUE. In reference to the Counter-Guarantee Contracts (“Contract” entered into by AMR OPERACIONES MX, S. DE R.L. DE C.V. (“AMR”, on one part, and OPERADORA HOTELERA G I, S.A. DE C.V., OPERADORA HOTELERA GRAND ISLAND II, S.A. DE C.V., (“OWNER”), with the participation of MURANO WORLD, S.A. DE C.V., ELIAS SACAL CABABIE, and MARCOS SACAL COHEN (“JOINT OBLIGORS”), under which the OWNER and JOINT OBLIGORS undertake to pay AMR any amount that AMR or its subsidiaries are obligated to pay under the guarantee.

D E C L A R A C I O N E S Declaran las Partes que: I. Se reconocen la confidencialidad de toda la información y/o documentación que integran el presente documento y que constituye la Información Confidencial. II. Es su deseo celebrar el presente documento en los términos que se precisan en el mismo. III. En virtud de lo anterior, las Partes considerando el Antecedente y lo antes declarado acuerdan sujetarse a las siguientes:	D E C L A R A T I O N S The Parties declare that: I. They acknowledge the confidentiality of all information and/or documentation comprising this document and constituting Confidential Information. II. It is their desire to enter into this document on the terms specified herein. III. In light of the foregoing, the Parties, considering the Background and the foregoing statements, agree to be bound by the following:

ESC ELIAS SACAL CABABIE		MURANO MURANO WORLD, S.A. DE C.V., OPERADORA HOTELERA G I, S.A. DE C.V y OPERADORA HOTELERA GRAND ISLAND II, S.A. DE C.V

	/s/ Elias Sacal Cababie		/s/ Laura Isabel Castillo Solis
POR SU PROPIO DERECHO		LAURA ISABEL CASTILLO SOLÍS REPRESENTANTE LEGAL

30 de marzo de 2023 Sr. Ruben Reyes Gil AMR Operaciones MX. S. de R.L. de C.V. Blvd, Kukulcan km 9.5 s/n Zona Hotelera, C.P. 77500 Cancún, Quintana Roo, México	March 30, 2023 Mr. Ruben Reyes Gil AMR Operaciones MX. S. de R.L. de C.V. Blvd, Kukulcan km 9.5 s/n Hotel Zone, C.P. 77500 Cancún, Quintana Roo, México

Estimado Sr. Reyes: Hacemos referencia a *(i)* el Contrato de Prestación de Servicios de Operación y Administración de Hotel, celebrado entre AMR OPERACIONES MX, S. DE R.L. DE C.V. (“AMR”) y OPERADORA HOTELERA GI, S.A. DE C.V. (el “Propietario”), de fecha 10 de septiembre de 2019 (según el mismo fue modificado el 11 de septiembre de 2019 y el 28 de marzo de 2021, y según sea adicionalmente modificado de tiempo en tiempo, el “Contrato”), por medio del cual AMR se compromete a prestar servicios de operación a los hoteles a desarrollarse dentro del proyecto de Grand Island Cancún (primera etapa turística), localizado en Blvd. Kukulcan km 16.5, lote 56-A-1 y 56-A-2, Zona Hotelera, C.P. 77500, Cancún, Quintana Roo, México, copia del cual se adjunta a la presente como Anexo “A”; y *(ii)* la carta de contra garantía de fecha 11 de septiembre de 2019, firmada entre el Propietario y AMR (la “Contra Garantía”), copia de la cual se adjunta a la presente como Anexo “B”. Los términos utilizados en la presente con mayúscula inicial que no se encuentren aquí expresamente definidos tendrán el significado que se les atribuye a dichos términos en el Contrato y en la Contra Garantía.	Dear Mr. Reyes, Reference is made to *(i)* the Hotel Operation and Management Agreement, entered into by AMR OPERACIONES MX. S. DE R.L. DE C.V. (“AMR”) and OPERADORA HOTELERA GI, S.A. DE C.V. (the “Owner”) on September 10, 2019 (as amended on September 11, 2019 and on March 28, 2021, and as may be further amended from time to time, the “Agreement”), pursuant to which AMR undertakes to provide operating services to the hotels to be developed within the project known as the Grand Island Cancún (first touristic stage), located in Blvd. Kukulcan km 16.5, lote 56-A-1 and 56-A-2, Hotel Zone, C.P. 77500, Cancún, Quintana Roo, México, a copy of which is attached hereto as Exhibit “A”; and *(ii)* the counter guarantee letter dated on September 11, 2019, entered into between the Owner and AMR ( the “Counter Guaranty”), a copy of which is attached hereto as Exhibit “B”. Capitalized terms not otherwise herein, shall have the meaning ascribed to them in the Agreement and in the Counter Guaranty.

El Propietario por medio de este acto irrevocablemente acuerda y conviene que es su voluntad modificar (i) parcialmente el Contrato, mediante convenio modificatorio previamente acordado entre el Propietario y AMR, para, entre otros, modificar determinadas secciones del Contrato; y (ii) la Contra Garantía, para que (a) el Propietario no tenga obligaciones de pago bajo la Contra Garantía y la presente Carta; (b) incluir a Murano World, S.A. de C.V. (“Murano”), el señor Marcos Sacal Cohen (“MS”) y el señor Elías Sacal Cababie (“ES”, y junto con MS y Murano, los “Obligados Solidarios”), como obligados solidarios bajo la Contra Garantía conforme a los términos del presente; y (c) los Obligados Solidarios otorguen garantías adicionales respecto a sus obligaciones derivadas de la presente Carta.	The Owner hereby irrevocably agrees that it intends to amend (i) partially, by means of an amendment and restatement agreement to be executed on this same date, the Agreement previously agreed between the Owner and AMR, to, among others, amend certain sections of the Agreement; and (ii) the Counter Guaranty, in order to (a) remove any payment obligations from the Owner under the Counter Guaranty and this Letter; (b) include Murano World, S.A. de C.V. (“Murano”), Mr. Marcos Sacal Cohen (“MS”) and Mr. Elías Sacal Cababie (“ES”, and jointly with MS and Murano, the “Joint Obligors”), as joint obligors under the Counter Guaranty pursuant to the terms hereof; and (c) the Joint Obligors to grant additional guarantees with respect to their obligations hereunder.

En virtud de lo anterior, el Propietario y los Obligados Solidarios por su propio derecho irrevocablemente se obligan y garantizan lo siguiente:	By virtue of the foregoing, the Owner and the Joint Obligors hereby irrevocably undertake and guarantee the following:

1. Para el caso de que en cualquier Ejercicio Fiscal durante la Vigencia de la garantía a que hace referencia el párrafo (G) de la Cláusula Séptima del Contrato, AMR no alcance la Utilidad Operativa Bruta por el monto de hasta USD $25,805,823.00 (Veinticinco Millones Ochocientos Cinco Mil Ochocientos Veintitrés Dólares 00/100 Moneda de Curso Legal en los Estados Unidos de América), según los montos establecidos para cada Ejercicio Fiscal de conformidad con la tabla adjunta como Anexo “C” y tuviere que pagar cualquier diferencial (la “Garantía”), los Obligados Solidarios convienen en este acto de manera irrevocable pagar a AMR cualquier cantidad que AMR y/o sus filiales estuvieren obligados a pagar bajo la Garantía; en el entendido que, dicho pago deberá ser efectuado a AMR por cualquiera de los Obligados Solidarios, sin necesidad de requerimiento previo de pago alguno, a más tardar en los 15 (quince) días naturales previos a la fecha en la que AMR tuviere que pagar al Propietario las cantidades acordadas bajo la Garantía, en la siguiente cuenta bancaria: Beneficiario: AMR Operaciones Mx, S. de R.L. de C.V. Cuenta: 82500844646 Moneda: Dólares, USA Número de CLABE interbancaria: 014691825008446466 Banco: Banco Santander, S.A., Institución de Banca Múltiple, Grupo Financiero Santander	1. In the event that in any Fiscal Year during the Term of the guarantee set forth under paragraph (G) of Clause Seventh of the Agreement, AMR does not reach the Gross Operating Profit, for the amount of up to USD $25,805,823.00 (Twenty Five Million Eight Hundred and Five Thousand Eight Hundred Twenty Three dollars 00/100 legal currency of the United States of America), pursuant to the amounts set forth for each Fiscal Year pursuant to the table attached hereto as Exhibit “C”, and as a result thereof AMR is required to pay any differential amount (the “Guaranty”), the Joint Obligors hereby irrevocably agree to pay AMR any amount that AMR and/or its affiliates may be obligated to pay under the Guaranty; provided, however, that such payment shall be made to AMR by any of the Joint Obligors, without the need for any prior payment request, no later than fifteen (15) calendar days prior to the date on which AMR is required to pay the Owner any amounts agreed to under the Guaranty, on the following bank account: Beneficiary: AMR Operaciones MX. S. de R.L. de C.V. Account: 82500844646 Currency: Dollars, USA Number of interbank CLABE: 014691825008446466 Bank: Banco Santander, S.A., Institución de Banca Múltiple, Grupo Financiero Santander

2. El Propietario irrevocablemente acepta y reconoce que (i) lo que suceda primero entre (a) el décimo primer Ejercicio Fiscal completo o bien (b) la liquidación del Financiamiento por el Propietario, en cualquiera de esos dos casos la Garantía se tendrá por automáticamente extinguida, terminada y sin efectos, sin responsabilidad y sin necesidad de declaración judicial alguna, y AMR ya no quedará obligado a garantizar ningún monto bajo el Contrato, de tal forma que el Propietario (y/o cualquier cedente o cesionario del Propietario), no podrá exigir o demandar su cumplimiento, eximiendo a AMR de cualquier tipo de responsabilidad bajo la misma; y (ii) la Garantía podrá ser extinguida y terminada en cualquier momento, sin responsabilidad y sin necesidad de declaración judicial alguna por AMR, mediante notificación previa y por escrito de AMR al Propietario en el domicilio señalado en el Contrato.	2. Owner irrevocably agrees and acknowledges that (i) whichever occurs earlier between (a) the eleventh complete Fiscal Year, or (b) the payment in full of the Financing by Owner, the Guaranty shall be deemed automatically extinguished, terminated and void, without liability and without the need for any judicial declaration, and AMR shall no longer be obligated to guarantee any amount under the Agreement, such that the Owner (and/or any assignor or assignee of the Owner), shall not be able to enforce or demand performance, releasing AMR from any type of liability under the same; and (ii) the Guaranty may be extinguished and terminated at any time, without liability and without the need for any judicial declaration, by AMR, by means of a prior written notice delivered by AMR to the Owner at the address set forth in the Agreement.

3. Los Obligados Solidarios irrevocablemente garantizan y convienen en que si cualquier cantidad por ellos adeudada bajo la presente no es cubierta en su totalidad a AMR en la fecha en que sea exigible, la Garantía quedará automáticamente extinguida, terminada y sin efectos, sin responsabilidad y sin necesidad de declaración judicial alguna, y AMR quedará irrevocablemente liberado de dar cumplimiento a la misma, de tal forma que el Propietario (y/o cualquier cedente o cesionario del Propietario), no podrán exigir o demandar su cumplimiento, eximiendo a AMR de cualquier tipo de responsabilidad bajo la misma.	3. The Joint Obligors irrevocably warrant and agree that if any amount owed by them hereunder is not paid in full to AMR on the date it becomes due, the Guaranty shall be automatically extinguished, terminated and void, without liability and without the need for any judicial declaration, and AMR shall be irrevocably released from the performance thereof, in which case Owner (and/or any assignor or assignee of Owner), shall be unable to enforce or demand performance thereof, and AMR shall be relieved of any liability whatsoever thereunder.

4. Murano por medio de la presente irrevocablemente garantiza y acepta que tendrá la obligación de proporcionar sus propios estados financieros respecto del ejercicio fiscal inmediato anterior, según le sea solicitado por escrito en cualquier momento por AMR a Murano; en el entendido que, si Murano incumpliere con dicha obligación de proporcionar a AMR sus estados financieros dentro de un plazo mayor a 5 (cinco) días hábiles siguientes a ser solicitados, la Garantía quedará automáticamente extinguida, terminada y sin efectos, sin responsabilidad y sin necesidad de declaración judicial alguna, y AMR quedará irrevocablemente liberado de dar cumplimiento a la misma, de tal forma que el Propietario (y/o cualquier cedente o cesionario del Propietario), no podrán exigir o demandar su cumplimiento, eximiendo a AMR de cualquier tipo de responsabilidad bajo la misma.	4. Murano hereby irrevocably warrants and agrees that it shall be obligated to provide annual financial statements for the immediately preceding fiscal year as may be requested from Murano in writing at any time by AMR; provided, however, that if Murano fails to comply with such obligation to furnish AMR with its financial statements within five (5) business days after such request, the Guaranty shall automatically be extinguished, terminate and become null and void, without liability and without the need for any judicial declaration whatsoever, and AMR shall be irrevocably released from the performance thereof, such that the Owner (and/or any assignor or assignee of the Owner), shall be unable to enforce or demand performance thereof, and AMR shall be relieved of any liability whatsoever thereunder.

5. Los Obligados Solidarios irrevocablemente garantizan y convienen que, si los estados financieros de Murano proporcionados conforme al párrafo 4 anterior, muestran, a discreción de AMR, que Murano no tiene los activos suficientes para hacer frente a sus obligaciones bajo la presente Carta, el Propietario y los Obligados Solidarios tendrán la obligación de suscribir, dentro de los siguientes 2 (dos) días hábiles siguientes a la fecha en la que les fue informada por escrito dicha deficiencia, un documento en virtud del cual se sustituirá a Murano como Obligado Solidario, por otra entidad que, a discreción de AMR, sí tenga suficientes activos o bienes para hacer frente a sus obligaciones bajo la presente Carta; en el entendido que, cualquier incumplimiento por parte de los Obligados Solidarios a lo establecido en el presente párrafo tendrá como resultado la cancelación, terminación y/o extinción automática de la Garantía, sin necesidad de declaración judicial alguna y sin responsabilidad para AMR, y AMR quedará irrevocablemente liberado de dar cumplimiento a la misma, de tal forma que el Propietario (y/o cualquier cedente o cesionario del Propietario), no podrán exigir o demandar su cumplimiento, eximiendo a AMR de cualquier tipo de responsabilidad bajo la misma.	5. The Joint Obligors irrevocably guarantee and agree that, if the financial statements of Murano provided pursuant to paragraph 4 above, at AMR’s discretion, provide that Murano does not have sufficient assets to meet its obligations under this Letter, the Owner and the Joint Obligors shall be obligated to execute, within two (2) business days following the date on which they were informed in writing of such deficiency, a document substituting Murano as Joint Obligor, for another entity which, in AMR’s discretion, has sufficient assets or property to meet its obligations hereunder; provided that, any failure by the Joint Obligors to comply with the provisions of this paragraph shall automatically extinguish, terminate and/or expiration of the Guaranty, without the need for any judicial declaration and without liability to AMR, and AMR shall be irrevocably released from the performance thereof, such that the Owner (and/or any assignor or assignee of the Owner), shall be unable to enforce or demand performance thereof, and AMR shall be relieved of any liability whatsoever thereunder.

6. El Propietario irrevocablemente reconoce y acepta que el Financiamiento es contratado directamente por el Propietario y que AMR no asume ninguna obligación o responsabilidad relacionada con o derivada de dicho Financiamiento. Cualquier incumplimiento al Financiamiento por parte del Propietario (i) será en todo momento responsabilidad única y exclusiva del Propietario, irrevocablemente liberando mediante este acto a AMR y sus filiales de cualquier tipo de responsabilidad; y (ii) automáticamente dejará sin efectos la Garantía y se dará por terminada sin responsabilidad para AMR y necesidad de declaración judicial alguna.	6. The Owner irrevocably acknowledges and agrees that the Financing is being sought directly by the Owner and that AMR assumes no obligation or liability in connection with or arising from such Financing. Any breach of the Financing by Owner (i) shall at all times be the sole and exclusive responsibility of Owner, hereby irrevocably releasing AMR and its affiliates from any and all liability; and (ii) shall automatically render the Guaranty null and void and terminate without liability to AMR and without the need for any judicial declaration.

7. El Propietario y/o cada Obligado Solidario en este acto (i) garantizan a AMR, a sus accionistas, filiales, directores, funcionarios, empleados, agentes o asesores (incluyendo abogados y contadores y cualesquiera representantes de dichos asesores) que, para el supuesto de que cualquier tercero iniciare acciones de cualquier naturaleza para el cobro de la Garantía y AMR, sus accionistas, filiales, directores, funcionarios, empleados, agentes o asesores (incluyendo abogados y contadores y cualesquiera representantes de dichos asesores) y se vieren afectados y/u obligados a efectuar pagos o erogación alguna al respecto, el Propietario y/o cada Obligado Solidario estarán obligados a pagar y/o reembolsar a AMR, sus accionistas, filiales, directores, funcionarios, empleados, agentes o asesores (incluyendo abogados y contadores y cualesquiera representantes de dichos asesores) así como todas las cantidades que éste tuviera que erogar por tal concepto, incluyendo los costos y gastos legales aplicables y cualesquier daños y perjuicios que AMR, sus accionistas, filiales, directores, funcionarios, empleados, agentes o asesores (incluyendo abogados y contadores y cualesquiera representantes de dichos asesores) sufran directamente o indirectamente; y (ii) se obligan a indemnizar y dejar en paz y a salvo a AMR, sus accionistas, filiales, directores, funcionarios, empleados, agentes o asesores (incluyendo abogados y contadores y cualesquiera representantes de dichos asesores) por cualquier demanda, acción o procedimiento en el que AMR, sus accionistas, filiales, directores, funcionarios, empleados, agentes o asesores (incluyendo abogados y contadores y cualesquiera representantes de dichos asesores) se viera involucrado, directa o indirectamente, con motivo de la Garantía, del ejercicio de la misma por cualquier tercero, de la terminación del Contrato o cualquier otro motivo relacionado con la presente Carta, Garantía o el Contrato.	7. The Owner and/or each Joint Obligor hereby (i) guarantees to AMR, its shareholders, affiliates, directors, officers, employees, agents or advisors (including attorneys and accountants and any representatives of such advisors) that, in the event any third party brings any action of any nature seeking performance of the Guaranty and AMR, its shareholders, affiliates, directors, officers, employees, agents or advisors (including attorneys and accountants and any representatives of such advisors) are affected and/or obligated to make any payment or disbursement in connection therewith, the Owner and/or each Joint Obligor hereby shall be obligated to pay and/or reimburse AMR, its shareholders, affiliates, directors, officers, employees, agents or advisors (including attorneys and accountants and any representatives of such advisors) all amounts so incurred by AMR, its shareholders, affiliates, directors, officers, employees, agents or advisors (including attorneys and accountants and any representatives of such advisors), including any applicable legal fees and expenses and any damages suffered directly or indirectly by AMR, its shareholders, affiliates, directors, officers, employees, agents or advisors (including attorneys and accountants and any representatives of such advisors); and (ii) shall indemnify and hold AMR, its shareholders, affiliates, directors, officers, employees, agents or advisors (including attorneys and accountants and any representatives of such advisors) harmless from and against any claim, action or proceeding in which AMR, its shareholders, affiliates, directors, officers, employees, agents or advisors (including attorneys and accountants and any representatives of such advisors) may suffer, directly or indirectly; resulting from the Guaranty, the enforcement of such Guaranty by any third party, the termination of the Agreement or any other matter relating to this Letter, the Guaranty or the Agreement.

8. En caso de incumplimiento a cualquiera de las obligaciones establecidas en esta Carta, (i) el Propietario irrevocablemente acepta que se considerará un evento de incumplimiento al Contrato y por lo tanto AMR estará facultado a dar por terminado anticipadamente y sin responsabilidad de AMR y sin necesidad de declaración judicial alguna el Contrato, quedando obligado el Propietario a pagar la pena convencional establecida en la Cláusula Vigésima Primera Inciso B) del Contrato; y (ii) el Propietario y los Obligados Solidarios irrevocablemente aceptan en liberar de responsabilidad e indemnizar y sacar en paz y a salvo a AMR y/o a cualquier accionista, filial, director, funcionario, empleado, agente o asesor (incluyendo abogados y contadores y cualesquier representantes de dicho asesores) de AMR, conforme a lo establecido en la Sección 7 de la presente Carta que pudiese resultar como consecuencia terminación de la presente Carta o del Contrato.	8. In the event of default to any of obligations set forth herein, (i) the Owner hereby irrevocably agrees that such default shall be considered an event of default of the Agreement and therefore AMR shall have the right to terminate the Agreement without any liability and without the need for any judicial declaration, and the Owner shall be obligated to pay the penalty set forth in clause Twenty-First Paragraph B) of the Agreement; and (ii) the Owner and the Joint Obligors irrevocably agree to hold AMR and/or any shareholder, subsidiary, director, officer, employee, agent or advisor (including attorneys and accountants and any representatives of such advisors) of AMR, harmless and indemnify AMR and/or any shareholder, subsidiary, director, officer, employee, agent or advisor (including attorneys and accountants and any representatives of such advisors) of AMR, pursuant to Section 7 of this Letter which may result as a consequence of the termination of this Letter or the Agreement.

9. Ni la presente ni cualquier derecho u obligación de las Partes, en términos de la presente, podrá ser cedido, en todo o en parte, sin el consentimiento previo y por escrito de todas las Partes de este documento.	9. Neither hereunder nor any right or obligation of the Parties hereunder may be assigned, in whole or in part, without the prior written consent of the Parties hereto.

10. Salvo por el Financiamiento, en cuyo caso ninguna de las Partes podrá divulgar el contenido y/o cualquier tipo de información relacionada con la presente Carta sin el consentimiento previo y por escrito de la otra Parte; las Partes por medio del presente irrevocablemente acuerdan y aceptan que cualquier parte podrá divulgar el contenido y/o los acuerdos contenidos en la presente, a cualquier tercero sin el previo consentimiento de la otra Parte; en el entendido que, AMR podrá divulgar el contenido y/o cualquier tipo de información relacionada con la presente Carta a cualquier tercero, incluyendo algún tercero que hubiere otorgado el Financiamiento a solicitud de algún representante del otorgante del Financiamiento y/o agente del Financiamiento o como parte de cualquier investigación y/o procedimiento judicial, arbitral, administrativo y/o iniciado por cualquier autoridad relacionado con el Financiamiento o relacionado con el cumplimiento o ejecución de lo establecido en la presente Carta.	10. Other than for purposes of the Financing, in which case neither Party may disclose the contents and/or any information relating hereto without the prior written consent of the other Party; the Parties hereby irrevocably warrant and agree that either Party may disclose the contents and/or the agreements contained herein to any third party without the prior consent of the other Party; provided, however, that AMR may disclose the contents and/or any information relating hereto to any third party, including any third party who has granted the Financing at the request of any representative of party granting the Financing and/or agent of the Financing or as part of any investigation and/or judicial, arbitration, administrative and/or other proceedings initiated by any authority relating to the Financing or relating to the performance or enforcement of the terms set forth herein.

11. AMR señala como domicilio convencional para recibir cualesquiera notificaciones relacionadas con la presente Carta el ubicado en: Dirección: Av. Tulum Supermanzana 9, manzana 1, lote 2, piso 11, Cancún, Benito Juárez, Quintana Roo, C.P. 77504. Teléfono: + 52 (998) 891 46 46 Correo electrónico: ruben.reyes@hyattic.com; lvelazquez@applelg.net En atención de: Rubén Reyes Gil y Luis Velázquez Montes El Propietario señala como domicilio convencional para recibir cualesquiera notificaciones relacionadas con la presente Carta el ubicado en: Dirección: Avenida Paseo de las Palmas No. 1270, Lomas de Chapultepec, C.P. 11000, Ciudad de México. Teléfono: 555292 0100 Correo electrónico: marcos@murano.com.mx En atención de: Marcos Sacal Cohen Los Obligados Solidarios señalan como domicilio convencional para recibir cualesquiera notificaciones relacionadas con la presente Carta el ubicado en: Dirección: Paseo de las Palmas 1270, Col Lomas de Chapultepec, Miguel Hidalgo, C.P. 11000. Teléfono: 555292 0100 Correo electrónico: marcos@murano.com.mx En atención de: Marcos Sacal Cohen	11. AMR appoints as its conventional address to receive any notices related to this Letter the one located at: Address: Av. Tulum Supermanzana 9, manzana 1, lote 2, piso 11, Cancún, Benito Juárez, Quintana Roo, C.P. 77504. Telephone: + 52 (998) 891 46 46 Email: ruben.reyes@hyattic.com; lvelazquez@applelg.net In attention of: Ruben Reyes Gil and Luis Velazquez Montes The Owner appoints as its conventional address to receive any notices related to this Letter the one located at: Address: Avenida Paseo de las Palmas No. 1270, Lomas de Chapultepec, C.P. 11000, Mexico City. Telephone: 555292 0100 Email: marcos@murano.com.mx In attention of: Mark Sacal Cohen The Joint Obligors appoint as their conventional address to receive any notices related to this Letter the one located at: Address: Paseo de las Palmas 1270, Col Lomas de Chapultepec, Miguel Hidalgo Zip code. 11000 Phone: 5552920100 Email: marcos@murano.com.mx In attention of: Marcos Sacal Cohen

Todos los comunicados, avisos, escritos y demás similares bajo la presente Carta deberán ser enviadas y notificadas en dos de las siguientes formas: (i) en forma personal con acuse de recibo firmado por el representante legal de la parte en cuestión; y (ii) por mensajería con acuse de recibo, correo certificado o trasmitidas por facsímil, así como por correo electrónico, las cuales entrarán en vigor al momento de su recepción.	Any communication, notice, writing and similar document delivered hereunder must be sent and notified in two of the following ways: (i) in person with acknowledgment of receipt signed by the legal representative of the relevant party; and (ii) by courier with acknowledgment of receipt, registered mail or transmitted by facsimile, as well as by email, which notice be effective upon receipt.

Las Partes, mediante notificación por escrito, podrán designar otro domicilio al cual deban notificarse cualesquiera comunicados, avisos, escritos y demás similares bajo la presente Carta. Cualquier cambio en los datos proporcionados por las partes deberá ser notificado a la otra con 5 (cinco) días naturales de anticipación a la fecha en que quiera que surta efectos ese cambio. Sin este aviso, todas las comunicaciones hechas conforme a los datos proporcionados en la presente cláusula se entenderán válidamente hechas. Las Partes expresamente convienen que las comunicaciones y notificaciones que se realicen a través de los medios electrónicos pactados en esta cláusula, tendrán pleno valor y fuerza legal.	The Parties, by written notice, may provide for another address to which any communications, notices, writings and similar documents must be served under this Letter. Any change in the information provided by the parties must be notified to the other 5 (five) calendar days in advance of the date on which such party wishes for that change to take effect. Without providing the aforementioned notice, every communication made in accordance with the information provided herein shall be validly made. The Parties expressly agree that communications and notifications made through the electronic means agreed in this clause shall have full legal force and effect.

No obstante lo anterior, los señores Marcos Sacal Cohen y Elías Sacal Cababie por este medio acuerdan emitir un pagaré por el Monto Afianzado en favor de AMR en términos del formato que se adjunta al presente como Anexo “D”, el cual será sustituido por la fianza mencionada en el párrafo anterior, por lo que dicho pagaré sólo podrá ser cancelado únicamente en el momento en que AMR reciba dicha fianza a su entera satisfacción.	Notwithstanding the foregoing, Messrs. Marcos Sacal Cohen and Elías Sacal Cababie hereby agree to subscribe a promissory note for the Bond Amount in favor of AMR in terms of the form attached hereto as Exhibit “D”, which will be substituted by the surety bond mentioned in the paragraph above, and thus said promissory note may be cancelled only at the moment when AMR receives said surety bond at its entire satisfaction.

14. En caso de incumplimiento de la presente Carta, de la Contra Garantía o del Contrato, AMR estará autorizada, en cualquier momento, en la medida en que lo permita la ley aplicable, a compensar y aplicar todas las cantidades que AMR posea en cualquier momento en beneficio del Propietario contra todas las obligaciones existentes del Propietario y de los Obligados Solidarios en virtud de la presente Carta, de la Contra Garantía o del Contrato, independientemente de que AMR haya exigido o no el cumplimiento bajo la presente Carta.	14. Upon the occurrence of default under this Letter, the Counter Guaranty and the Agreement, AMR is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set-off and apply any and all amounts at any time held by AMR for the benefit of Owner against any and all of the obligations of Owner and the Joint Obligors existing under this Letter, the Counter Guaranty or the Agreement, irrespective of whether or not AMR shall have made any demand under this Letter.

15. Las obligaciones de garantizar establecidas en la presente Carta son obligaciones irrevocables, absolutas y continuas de pago y cumplimiento, y no sólo son garantías de pago. El hecho de que en cualquier momento o de vez en cuando las obligaciones creadas en virtud de esta Carta aumenten o disminuyan, no liberará o eximirá la obligación del Propietario y de los Obligados Solidarios a AMR del cumplimiento de las obligaciones establecidas en esta Carta.	15. The guarantee obligations in this Letter are an irrevocable, absolute, and continuing guaranty of payment and performance, and is not a guaranty of collection. The fact that at any time or from time to time the obligations under this Letter may be increased or reduced shall not release or discharge the obligation of Owner and the Joint Obligors to AMR with respect to the obligations set forth in this Letter.

16. Las obligaciones del Propietario y de los Obligados Solidarios en virtud de la presente Carta sobrevivirán a la terminación de la Garantía y del Contrato.	16. The obligations of the Owner and the Joint Obligors under this Letter shall survive the termination of the Guaranty and the Agreement.

17. Es la intención expresa e inequívoca del Propietario y de cada uno de los Obligados Solidarios que el Propietario y cada uno de los Obligados Solidarios estarán obligados a pagar y cumplir con las obligaciones bajo esta Carta a su vencimiento, a pesar de cualquier acontecimiento, circunstancia, evento, acción u omisión, ya sea contemplado o no, y ya sea o no descrito de manera particular en el presente.	17. It is the unambiguous and unequivocal intention of Owner and each Joint Obligor that the Owner and each Joint Obligor shall be obligated to pay and perform the obligations under this Letter when due, notwithstanding any occurrence, circumstance, event, action or omission whatsoever, whether contemplated or uncontemplated, and whether or not otherwise or particularly described herein.

18. El Propietario y cada uno de los Obligados Solidarios hacen las siguientes declaraciones y garantías a AMR, según corresponda:	18. Each of Owner and Joint Obligors makes the following representations and warranties to AMR as applicable:

a) El Obligado Solidario es una filial del Propietario y se espera que el valor de la Garantía beneficie al Obligado Solidario directa o indirectamente;	a) The Joint Obligor is an affiliate of Owner and the value of the Guaranty is expected to benefit Joint Obligor either directly or indirectly;

b) Cada uno de los Propietarios y Obligado Solidario que sea una entidad está debidamente constituido, tiene una existencia válida y está en regla bajo las leyes de su estado de constitución, y tiene el poder, la autoridad y el derecho legal necesarios para ejecutar y entregar y cumplir con las obligaciones y disposiciones de esta carta; cualquier Obligado Solidario que sea una persona física está celebrando esta Carta por su propio derecho libremente y sin coerción con la intención de estar legalmente obligado por las disposiciones de esta Carta;	b) Each of Owner and any Joint Obligor which is an entity is duly organized, validly existing and in good standing under the laws of its state of organization, and has the requisite power, authority and legal right to execute and to deliver and to perform and observe the obligations and provisions of this Letter; any Guarantor which is an individual is entering into this Letter freely and without coercion with the intent of being legally bound by the provisions of this Letter;

c) Esta Carta ha sido debidamente autorizada, ejecutada y entregada por el Propietario y cada uno de los Obligados Solidarios, y las disposiciones de esta Carta constituyen obligaciones válidas y vinculantes de cada uno de los Obligados Solidarios, ejecutables contra dicho Obligado Solidario conforme a los términos de la misma, en cada caso, sujeto a las leyes aplicables de quiebra, insolvencia, concurso, transferencia fraudulenta, reorganización, moratoria y leyes similares aplicables ahora o en el futuro que afecten a los derechos de los acreedores en general; y	c) This Letter has been duly authorized, executed and delivered by Owner and each Joint Obligor, and the provisions of this Letter constitute the valid and binding obligations of each Joint Obligor, enforceable against such Joint Obligor in accordance with the terms hereof, in each case, subject to applicable bankruptcy, insolvency, concurso, fraudulent conveyance, reorganization, moratorium and similar applicable laws now or hereafter in effect affecting creditors’ rights generally; and

d) No se requiere ningún consentimiento, aprobación u otra autorización, ni registro, declaración o presentación ante ninguna autoridad gubernamental u otra persona para la debida ejecución y entrega de esta Carta, ni para el cumplimiento o la validez o exigibilidad de esta Carta frente a cada uno de los Obligados Solidarios.	d) No consent, approval or other authorization of, or registration, declaration or filing with, any governmental authority or other person is required for the due execution and delivery of this Letter, or for the performance by or the validity or enforceability of this Letter against each Joint Obligor.

19. La presente Carta y los derechos y obligaciones de las Partes contempladas en el presente documento, serán interpretados y regidos por las leyes federales de México, sin tomar en cuenta sus principios sobre conflictos de leyes. Cualquier disputa que surja bajo la presente, será exclusivamente y finalmente resuelta por los Tribunales Judiciales Federales competentes ubicados en la ciudad de Cancún, Quintana Roo, o en la Ciudad de México, por lo que las Partes irrevocablemente e incondicionalmente se someten a dicha jurisdicción, renunciando expresamente a cualquier otra jurisdicción que pudiera corresponderles en virtud de sus domicilios presentes o futuros o por cualquier otra razón.	19. This Letter and the rights and obligations of the Parties hereunder shall be construed in accordance with and governed by the federal laws of Mexico, without regard to its conflict of laws principles. Any dispute arising hereunder shall be exclusively and finally resolved by the competent Federal Judicial Courts located in the city of Cancun, Quintana Roo, or Mexico City, whereby the Parties irrevocably and unconditionally submit to such jurisdiction, expressly waiving any other jurisdiction that may correspond to them by virtue of their present or future domiciles or for any other reason.

20. Los Obligados Solidarios mantendrán, hasta el momento en que se extinga la Garantía y todas las obligaciones en virtud de esta Carta, un patrimonio neto suficiente para hacer frente a todas las cantidades adeudadas en virtud de la Contra Garantía y de esta Carta.	20. The Joint Obligors will, until such time as the Guaranty is terminated and all obligation under this Letter are extinguished shall maintain a net worth sufficient to pay all amounts due under the Counter Guaranty and this Letter.

21. La falta de ejercicio, y el retraso en el ejercicio, por parte de AMR, de cualquier derecho en virtud del presente documento no supondrá una renuncia al mismo, ni el ejercicio único o parcial del mismo impedirá cualquier otro ejercicio o el ejercicio de cualquier otro derecho. Ninguna notificación o demanda dada en cualquier caso constituirá una renuncia al derecho de tomar otras acciones en el mismo, similar u otros casos sin dicha notificación o demanda.	21. No failure to exercise, and no delay in exercising, on the part of AMR, any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right. No notice or demand given in any case shall constitute a waiver of the right to take other action in the same, similar or other instances without such notice or demand.

22. Los contratos, las obligaciones, las garantías y las declaraciones de los Obligados Solidarios bajo la presente son independientes de las obligaciones del Propietario y, en el caso de que cualquier obligación sea exigible en virtud de la presente, se podrá interponer una acción o acciones separadas contra cada uno de los Obligados Solidarios, independientemente de que el Propietario esté unido a ellos o de que se interponga una acción o acciones separadas contra el Propietario.	22. The agreements, obligations, warranties and representations of the Joint Obligors hereunder are independent of the obligations of Owner, and, in the event of any obligation becoming due hereunder, a separate action or actions may be brought and prosecuted against each and any Joint Obligor whether or not Owner is joined therein or a separate action or actions is brought against Owner.

23. Si alguna disposición de esta Carta se considera ilegal, inválida o inaplicable en virtud de las leyes presentes o futuras vigentes durante la vigencia de esta Carta, dicha disposición será independiente y esta Carta se interpretará y aplicará como si dicha disposición ilegal, inválida o inaplicable nunca hubiera formado parte de esta Carta, y las restantes disposiciones de esta Carta seguirán en pleno vigor y efecto y no se verán afectadas por la disposición ilegal, inválida o inaplicable o por su separación de esta Carta, a menos que la continuidad de la eficacia de esta Carta, tal y como ha sido modificada, sea contraria a los acuerdos e intenciones básicas de las Partes tal y como se expresan en ella.	23. If any provision of this Letter is held to be illegal, invalid, or unenforceable under present or future laws effective during the term of this Letter such provision shall be fully severable and this Letter shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Letter, and the remaining provisions of this Letter shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Letter, unless such continued effectiveness of this Letter, as modified, would be contrary to the basic understandings and intentions of the Parties as expressed herein.

24. La presente Carta sólo podrá ser modificada mediante un instrumento escrito ejecutado por la parte o un representante autorizado de la parte contra la que se pretende hacer valer dicha modificación.	24. This Letter may be amended only by an instrument in writing executed by the party or an authorized representative of the party against whom such amendment is sought to be enforced.

25. Esta Carta, junto con la Contra Garantía, representa el acuerdo final del Propietario, de cada uno de los Obligados Solidarios y de AMR con respecto a las obligaciones relacionadas con la Garantía y sustituye todos y cada uno de los compromisos, acuerdos, declaraciones y entendimientos anteriores, ya sean escritos u orales, relacionados con el objeto de la misma. El Propietario, cada uno de los Obligados Solidarios y AMR pretenden que esta Carta, junto con la Contra Garantía, sea una expresión final y completa de los términos de las obligaciones establecidas en esta Carta, y no se utilizará ninguna prueba de acuerdos o discusiones orales anteriores, contemporáneas o posteriores, ni alguna otra prueba extrínseca de cualquier naturaleza para contradecir, variar, complementar o modificar cualquier término de esta Carta. No existe ningún acuerdo verbal entre el Propietario y cada uno de los Obligados Solidarios relacionado con las obligaciones de esta Carta.	25. This Letter together with the Counter Guaranty embodies the final, entire agreement of Owner, each Joint Obligor and AMR with respect to the obligations related to the Guaranty and supersedes any and all prior commitments, agreements, representations, and understandings, whether written or oral, relating to the subject matter hereof. This Letter together with the Counter Guaranty is intended by Owner, each Joint Obligor and AMR as a final and complete expression of the terms of the obligations set forth in this Letter, and no evidence of prior, contemporaneous or subsequent oral agreements or discussions or other extrinsic evidence of any nature of any shall be used to contradict, vary, supplement or modify any term of this Letter. There are no oral agreements among Owner, each Joint Obligor related to the obligations under this Letter.

26. En caso de que AMR inicie, presente, instituya o lleve a cabo cualquier litigio u otra acción judicial, arbitraje o procedimiento adjudicativo similar para hacer valer sus derechos en virtud de la presente Carta, todos los honorarios, costos y gastos, incluidos, sin limitación, los honorarios razonables de los abogados y las costas judiciales, de la parte que prevalezca en dicha acción, pleito o procedimiento, correrán a cargo de la parte contra cuyos intereses se dicte la sentencia o decisión.	26. If any litigation or other court action, arbitration or similar adjudicatory proceeding is sought, taken, instituted or brought by AMR to enforce its rights under this Letter, all fees, costs and expenses, including, without limitation, reasonable attorneys’ fees and court costs, of the prevailing party in such action, suit or proceeding shall be borne by the party against whose interest the judgment or decision is rendered.

27. Para facilitar la ejecución, esta Carta puede ser ejecutada en tantas contrapartes como sea conveniente o necesario. Todas las contrapartes constituirán colectivamente un único instrumento. No será necesario, para probar la existencia de esta carta, presentar o dar cuenta de más de una sola contraparte que contenga las respectivas firmas de, o en nombre de, cada una de las partes.	27. To facilitate execution, this Letter may be executed in as many counterparts as may be convenient or required. All counterparts shall collectively constitute a single instrument. It shall not be necessary in making proof of this Letter to produce or account for more than a single counterpart containing the respective signatures of, or on behalf of, each of the parties hereto.

En virtud de lo anteriormente expuesto y sin que al efecto medie dolo, error, lesión, violencia, mala fe o cualquier otro vicio del consentimiento, sin más por el momento, quedamos a sus órdenes.	By virtue of the foregoing and without any fraud, error, injury, violence, bad faith or any other defect of consent, without further ado, we remain at your service.

[INTENCIONALMENTE DEJADO EN BLANCO SIGUE HOJAS DE FIRMAS]	[INTENTIONALLY LEFT BLANK FOLLOWS SIGNATURE PAGES]

“El Propietario”/ “The Owner” OPERADORA HOTELERA GI, S.A. DE C.V.
	/s/ Marcos Sacal Cohen
Por/By: Marcos Sacal Cohen Cargo/Charge: Apoderado/Attorney