44383 - Grupo Xcaret

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Summary of Investment Information

Project Number

44383

Company Name

PROMOTORA XCARET S.A.P.I. DE C.V.

Date SPI Disclosed

Nov 17, 2020

Country

Mexico

Region

Latin America and the Caribbean

Projected Board Date

Dec 18, 2020

Environmental Category

B - Limited

Status

Completed

Last Updated Date

Jan 22, 2026

Department

Regional Industry - MAS LAC

Industry

Tourism, Retail and Property

Previous Events

Approved : Dec 17, 2020
Signed : May 28, 2021
Invested : Aug 3, 2021

Sector

Other (Including Restaurants, Amusement Parks, etc.)

Project Description

Grupo Xcaret S.A.P.I. de C.V. (Xcaret or the Group) is a group of companies focused on tourism in the Rivera Maya (Mexico). Founded in 1985, its first eco-archaeological park opened in 1990 and since then, the Group has steadily grown to become the largest tourism group in this area of Mexico with several parks, guided tours, and hospitality. In December 2017, the Group opened its first hotel (Hotel Xcaret Mexico) with 900 rooms, reaching high occupancy rates in its first year of operations.

The tourism sector is one of the most seriously impacted by the COVID-19 pandemic as countries placed travel bans and lockdown periods to contain the spread of the virus. In Mexico, the state of Quintana Roo, home of Cancun and the Riviera Maya, is the most affected region due to the importance of tourism. From March to May 2020, all hotels and parks were closed, which has significantly impacted Xcaret Group’s liquidity.

The Group is looking for US$100mn financing to mitigate the financial impact from the COVID-19 crisis (the “Project”).

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	75.0
Equity

Development Impact

Grupo Xcaret has been a prominent tourism operator in Cancun/Riviera Maya. IFC's financing will provide the needed additional liquidity to ensure that Xcaret can sustain the ongoing situation, support the reopening of parks and complete the construction of Hotel Xcaret Arte. IFC's financing will help to (i) preserve thousands of jobs and support future recruitment; (ii) finance the additional expenses needed for reopening; and (iii) maintain Xcaret's significant local value-chain.

- Financing Structure: the COVID-19 pandemic has negatively impacted financing to the tourism sector, especially regarding longer tenors. Through the Project, IFC will be providing seven-year loan that can be used for working capital or liquidity needs in the upcoming months. - Resource Mobilization: IFC will help mobilize a total of US$25 million in syndicated loans or parallel loans in order to mitigate the financial impact from the COVID-19 crisis. IFC's relationships with commercial banks and international financial institutions around the world will help attract additional financing for the Company that otherwise would not be available in the current situation.

E&S Category Rationale / Risks and Mitigation

This is a Category B project according to IFC’s Policy on Environmental and Social Sustainability because a limited number of specific environmental and social impacts may result which can be avoided or mitigated by adhering to generally recognized performance standards, guidelines or design criteria.

Key E&S risks and issues identified for the project include: the company’s capacity to assess and manage E&S risks and impacts related to its existing and proposed operations in compliance with legal requirements as well as IFC PSs and applicable World Bank Group (WBG) EHS Guidelines; assurance of fair, safe and healthy working conditions during both construction and operation; potential retrenchment of workers and the company’s COVID-19 response; resource efficiency and management of wastes and emissions; life and fire safety (LFS) management including emergency preparedness and response; impacts on biodiversity and stakeholder engagement.

Contacts

For Inquiries About the Project, Contact

Grupo Xcaret S.A.P.I. de C.V.
José María Flores Marcos
Chief Financial Officer
+52 984 100 0113
jflores@xcaret.com
Zona Hotelera de Cancún, Quintana Roo, Cancún, México 77500
www.grupoxcaret.com

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2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

Local Access of Project Documentation

Grupo Xcaret S.A.P.I. de C.V.

Boulevard Kukulcan, km 2.7, D-1-A

Zona Hotelera de Cancún, Quintana Roo

Cancún, México 77500

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. Its purpose is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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