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Combined statements of profit or loss and other comprehensive income - MXN ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Combined statements of profit or loss and other comprehensive income [Abstract]
Revenue	$ 286,651,914	$ 6,431,022	$ 1,529,063
Direct and selling, general and administrative expenses:
Employee Benefits	158,777,211	53,944,188	18,978,039
Food & Beverage and service cost	50,548,808	1,167,596	0
Sales commissions	12,047,140	0	0
Management fees operators	6,031,578	0	0
Depreciation and amortization	135,498,890	1,808,833	0
Development contributions to the local area	0	25,862,069	0
Property tax	10,062,451	15,605,504	6,578,460
Fees	81,161,295	67,534,391	42,344,526
Administrative fees	16,148,254	1,784,617	0
Maintenance and conservation	9,676,728	10,218,739	0
Utility expenses	11,806,600	2,386,067	0
Advertising	7,326,696	9,806,261	2,657,102
Donations	7,676,660	1,000,000	0
Insurance	14,820,097	3,891,189	2,599,879
Software	6,744,506	2,226,283	0
Cleaning and laundry	9,197,151	1,622,716	0
Bank commissions	8,317,475	6,700,414	0
Other costs	62,238,994	45,073,847	20,353,208
Total direct and selling, general and administrative expenses	608,080,534	250,632,714	93,511,214
(Loss) gain on revaluation of investment property	(86,598,436)	298,089,926	60,907,125
Interest income	8,845,532	555,638	851,178
Interest expense	(303,746,643)	(86,485,683)	(50,527,066)
Exchange rate income, net	768,699,652	276,747,870	306,286
Valuation of financial derivative instruments	(75,868,263)	200,739,870	75,846,728
Other income	25,560,552	33,514,903	33,656,776
Other expenses	(9,801,077)	(3,874,125)	(28,708,322)
Profit before income taxes	5,662,697	475,086,707	350,554
Income taxes	52,130,224	(230,709,407)	(105,858,981)
Net profit (loss) for the period	57,792,921	244,377,300	(105,508,427)
Items that will not be reclassified subsequently to profit or loss:
Revaluation of Property, construction in process and equipment net of deferred income tax	(622,987,642)	4,206,327,542	167,293,063
Remeasurement of net defined benefit liability net of deferred income tax	87,219	(1,788,136)	659,303
Other comprehensive (loss) income for the period	(622,900,423)	4,204,539,406	167,952,366
Total comprehensive (loss) income	$ (565,107,502)	$ 4,448,916,705	$ 62,443,939

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

The Group leases equipment, office space and vehicles. Lease terms vary from contract to contract. Information on leases in which the Group is a lessee is presented below.

Right-of-use assets

Right-of-use assets related to leased properties that do not meet the definition of investment property.

2023	Hotel Equipment⁽¹⁾			Offices			Vehicles			Total

Balance as of January 1,	$	-		$	-		$	591,039		$	591,039
Additions		203,886,899			17,094,898			2,247,946			223,229,743
Depreciation charge for the year		(3,929,118	)		(1,840,989	)		(1,013,584	)		(6,783,691	)

Balance as of December 31,	$	199,957,781		$	15,253,909		$	1,825,401		$	217,037,091

(1)	On November 8, 2023, Operadora Hotelera GI, S. A. de C. V. entered into a leasing agreement with Arrendadora Coppel, S.A.P.I. de C.V. for hotel equipment for a period of 5 years, rent payments are fixed throughout the contract.

2022	Vehicles

Balance as of January 1,	$	1,131,681
Depreciation charge for the year		(540,642	)

Balance as of December 31,	$	591,039

2021	Vehicles

Balance as of January 1,	$	1,430,449
Depreciation charge for the year		(536,173	)
Addition to right-of-use-assets		237,405

Balance as of December 31,	$	1,131,681

Amounts recognized in profit or loss

	For the Years Ended December 31,
	2023		2022		2021
Amounts recognized in profit and loss
Interest on lease liabilities	$	3,282,685	$	49,704	$	77,665
Expenses related to short-term leases		1,506,962		319,498		319,498

	$	4,789,647	$	369,202	$	397,163

Amounts recognized in the combined statement of cash flow

Total cash outflow	$	19,175,084	$	586,399	$	581,924

Guarantee deposits

As part of the hotel equipment lease, the Group provided a guarantee deposit of $4,870,138, as of December 31, 2023.

Employee benefits, Movement in Net Defined Benefit Liability (Details) - MXN ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee benefits, Movement in net defined benefit liability [Abstract]
Beginning balance	$ 6,654,318	$ 3,415,458	$ 3,332,454
Included in profit and loss [Abstract]
Current service cost	1,706,150	428,469	841,579
Interest cost	544,326	255,911	183,286
Net defined benefit resulting in profit or loss	8,904,794	4,099,838	4,357,319
Included in OCI [Abstract]
Remeasurement in loss (gain)	(124,616)	2,554,480	(941,861)
Payments [Abstract]
Benefits paid	(14,157)	0	0
Ending balance	$ 8,766,021	$ 6,654,318	$ 3,415,458

Revenue

12 Months Ended

Dec. 31, 2023

Revenue [Abstract]

Revenue

14.

Revenue

	For the Year Ended December 31,
	2023		2022		2021
Revenue from contracts with customers	$	284,890,018	$	4,392,585	$	-
Revenue for administrative services with related parties		1,761,896		2,038,437		1,529,063

Total revenue	$	286,651,914	$	6,431,022	$	1,529,063

Revenue Streams

The Group generates revenue primarily from its owned hotels. Other minor sources of revenue include administrative services that the Group provides to related parties.

Disaggregation of revenue from contracts with customers

In the following table, revenue from contracts with customers is disaggregated by primary major products and service lines and timing of revenue recognition.

	For the year ended
	December 31,
	2023		2022		2021
Major products/service lines
Room rentals	$	169,417,278	$	1,103,206	$	-
Food and beverage		104,813,372		2,520,105		-
Laundry		4,818,864		-		-
Private events		-		21,120		-
Spa services		3,127,449		18,600		-
Other services		2,713,055		729,554		-
Total revenue from contracts with customers		284,890,018		4,392,585		-

Administrative services to related parties		1,761,896		2,038,437		1,529,063

Total revenue		286,651,914		6,431,022		1,529,063

Timing of revenue recognition
Services and products transferred at a point in time		117,234,636		5,327,816		1,529,063
Services transferred over time		169,417,278		1,103,206		-
Total revenue from contracts with customers	$	286,651,914	$	6,431,022	$	1,529,063

Income tax, Reconciliation of Effective Tax Rate (Details) - MXN ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income tax [Abstract]
Profit before income taxes	$ 5,662,697	$ 475,086,707	$ 350,554
Tax using the Company's domestic tax rate	30.00%	30.00%	30.00%
Income tax at legal tax rate	$ 1,698,809	$ 142,526,012	$ 105,166
Tax effect of [Abstract]
Annual adjustment inflation	86,082,320	72,595,223	66,939,657
Non-deductible expenses	5,970,038	7,751,565	895,711
Change in allowance for NOL's	(145,881,392)	7,836,607	37,918,447
Total tax expense	$ (52,130,224)	$ 230,709,407	$ 105,858,981

- Definition

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

+ References + Details

Long-term debt, Terms and Repayment Schedule (Details)

1 Months Ended

12 Months Ended

Feb. 28, 2023

Dec. 31, 2019

Dec. 31, 2023

MXN ($)

Dec. 31, 2022

MXN ($)

Dec. 31, 2023

USD ($)

Nov. 30, 2023

MXN ($)

Oct. 31, 2023

MXN ($)

Aug. 24, 2023

USD ($)

Jun. 26, 2023

USD ($)

May 31, 2023

USD ($)

Apr. 30, 2023

USD ($)

Oct. 10, 2022

USD ($)

Oct. 18, 2018

USD ($)

Terms and repayment schedule [Abstract]

Accrued interest payable

$ 108,029,151

$ 71,398,277

Total loans

6,682,672,814

5,563,175,004

Current installments

2,039,355,678

3,795,787,027

Long-term debt, excluding current installments

4,643,317,136

1,767,387,977

Guarantee deposits

$ 14,769,966

Banco Nacional de Comercio Exterior S.N.C. Institucion de Banca de Desarrollo ("Bancomext") [Member]

Terms and repayment schedule [Abstract]

Credit line

$ 100,000,000

$ 75,000,000

Sabadell, S.A. Institucion de Banca Multiple ("Sabadell") [Member]

Terms and repayment schedule [Abstract]

Credit line

$ 10,000,000

Sabadell, S.A. Institucion de Banca Multiple ("Sabadell") [Member] | SOFR [Member]

Terms and repayment schedule [Abstract]

Nominal interest rate

4.0116%

Bancomext [Member]

Terms and repayment schedule [Abstract]

Maturity

36-month

Credit line

$ 31,480,000

Loan amount payable period

18 months

Exitus Capital S.A.P.I de C. V. ENR ("Exitus Capital") [Member]

Terms and repayment schedule [Abstract]

Credit line

30,000,000

Exitus Capital [Member]

Terms and repayment schedule [Abstract]

Total loans

$ 972,300

Exitus Capital [Member]

Terms and repayment schedule [Abstract]

Total loans

$ 18,391,571

1,088,677

Credit line

$ 200,000,000

2,500,000

Finamo [Member]

Terms and repayment schedule [Abstract]

Sale and lease back agreement

$ 60,000,000

Termination period

48 months

Santander International [Member]

Terms and repayment schedule [Abstract]

Credit line

1,500,000

Exitus Capital [Member]

Terms and repayment schedule [Abstract]

Termination period

36 months

Syndicated Secured Mortgage Loan [Member]

Terms and repayment schedule [Abstract]

Maturity

February 5, 2033

Credit line

$ 160,000,000

$ 45,000,000

Fideicomiso Murano [Member]

Terms and repayment schedule [Abstract]

Cost to obtain loans and commissions

$ (46,187,476)

(36,375,839)

Total loans

$ 3,890,568,181

3,679,169,487

Fideicomiso Murano [Member] | Banco Nacional de Comercio Exterior S.N.C. Institucion de Banca de Desarrollo ("Bancomext") [Member]

Terms and repayment schedule [Abstract]

Currency

^[1]

USD

Maturity

^[1]

2033

Borrowings gross

^[1]

$ 1,013,610,000

$ 1,161,690,000

Fideicomiso Murano [Member] | Banco Nacional de Comercio Exterior S.N.C. Institucion de Banca de Desarrollo ("Bancomext") [Member] | SOFR [Member]

Terms and repayment schedule [Abstract]

Nominal interest rate

^[1]

4.0116%

Fideicomiso Murano [Member] | Ciaxabank, S.A. Institucion de Banca Multiple ("Caixabank") [Member]

Terms and repayment schedule [Abstract]

Currency

^[1]

USD

Maturity

^[1]

2033

Borrowings gross

^[1]

$ 1,013,610,000

$ 1,161,690,000

Fideicomiso Murano [Member] | Ciaxabank, S.A. Institucion de Banca Multiple ("Caixabank") [Member] | SOFR [Member]

Terms and repayment schedule [Abstract]

Nominal interest rate

^[1]

4.0116%

Fideicomiso Murano [Member] | Sabadell, S.A. Institucion de Banca Multiple ("Sabadell") [Member]

Terms and repayment schedule [Abstract]

Currency

^[1]

USD

Maturity

^[1]

2033

Borrowings gross

^[1]

$ 844,675,000

$ 774,460,000

Fideicomiso Murano [Member] | Sabadell, S.A. Institucion de Banca Multiple ("Sabadell") [Member] | SOFR [Member]

Terms and repayment schedule [Abstract]

Nominal interest rate

^[1]

4.0116%

Fideicomiso Murano [Member] | Nacional Financiera, Sociedad Nacional de Credito, Institucion de Banca de Desarrollo [Member]

Terms and repayment schedule [Abstract]

Currency

^[1]

USD

Maturity

^[1]

2033

Borrowings gross

^[1]

$ 1,010,419,654

$ 580,845,000

Fideicomiso Murano [Member] | Nacional Financiera, Sociedad Nacional de Credito, Institucion de Banca de Desarrollo [Member] | SOFR [Member]

Terms and repayment schedule [Abstract]

Nominal interest rate

^[1]

4.0116%

Fideicomiso Murano [Member] | Bancomext [Member]

Terms and repayment schedule [Abstract]

Currency

^[1]

MXN

Borrowings gross

^[1],[2]

$ 54,441,003

$ 36,860,326

Fideicomiso Murano [Member] | Bancomext [Member] | TIIE [Member]

Terms and repayment schedule [Abstract]

Nominal interest rate

^[2]

2.75%

Borrowings tenor

^[2]

91 days

Inmobiliaria Insurgentes [Member]

Terms and repayment schedule [Abstract]

Cost to obtain loans and commissions

$ (18,383,126)

$ (10,899,869)

Total loans

$ 1,669,094,131

1,418,480,159

Inmobiliaria Insurgentes [Member] | Bancomext [Member]

Terms and repayment schedule [Abstract]

Currency

^[3]

USD

Maturity

^[3]

2037

Borrowings gross

^[3]

$ 1,687,477,257

$ 1,429,380,028

Inmobiliaria Insurgentes [Member] | Bancomext [Member] | SOFR [Member]

Terms and repayment schedule [Abstract]

Nominal interest rate

^[3]

3.50%

Inmobiliaria Insurgentes [Member] | Syndicated Secured Mortgage Loan [Member]

Terms and repayment schedule [Abstract]

Total loans

$ 7,500,000

$ 49,753,000

Credit line

$ 100,000,000

$ 25,000,000

Murano World [Member]

Terms and repayment schedule [Abstract]

Cost to obtain loans and commissions

$ (11,658,806)

$ 0

Total loans

$ 1,002,593,581

$ 363,996,183

Murano World [Member] | Exitus Capital S.A.P.I de C. V. ENR ("Exitus Capital") [Member]

Terms and repayment schedule [Abstract]

Currency

^[4]

USD

Nominal interest rate

^[4]

15.00%

Maturity

^[4]

2025

Borrowings gross

^[4]

$ 253,402,500

$ 290,422,500

Murano World [Member] | Exitus Capital [Member]

Terms and repayment schedule [Abstract]

Currency

^[5]

USD

Nominal interest rate

^[5]

15.00%

Maturity

^[5]

2025

Borrowings gross

^[5]

$ 14,862,566

Murano World [Member] | Exitus Capital [Member]

Terms and repayment schedule [Abstract]

Currency

^[6]

USD

Nominal interest rate

^[6]

15.00%

Maturity

^[6]

2025

Borrowings gross

^[6]

$ 18,391,571

$ 0

Murano World [Member] | Exitus Capital [Member] | TIIE [Member]

Terms and repayment schedule [Abstract]

Currency

^[7]

MXN

Nominal interest rate

^[7]

12.55%

Borrowings tenor

^[7]

28 days

Maturity

^[7]

2024

Borrowings gross

^[7]

$ 0

$ 73,573,683

Murano World [Member] | Finamo [Member]

Terms and repayment schedule [Abstract]

Currency

^[8]

MXN

Nominal interest rate

^[8]

15.76%

Maturity

^[8]

2027

Borrowings gross

^[8]

$ 364,390,142

Murano World [Member] | ALG [Member]

Terms and repayment schedule [Abstract]

Currency

^[9]

USD

Nominal interest rate

^[9]

10.00%

Maturity

^[9]

2030

Borrowings gross

^[9]

$ 337,870,000

Murano World [Member] | Santander International [Member]

Terms and repayment schedule [Abstract]

Currency

^[10]

USD

Maturity

^[10]

2025

Borrowings gross

^[10]

$ 25,335,608

Murano World [Member] | Santander International [Member] | Best rate [Member]

Terms and repayment schedule [Abstract]

Nominal interest rate

^[10]

0.80%

Edificaciones BVG [Member]

Terms and repayment schedule [Abstract]

Total loans

$ 12,387,770

30,130,898

Edificaciones BVG [Member] | Exitus Capital [Member]

Terms and repayment schedule [Abstract]

Total loans

^[11]

$ 12,387,770

$ 30,130,898

[1]	Syndicated secured mortgage loan for up to U.S.$160,000,000. Operadora GIC I is jointly liable for this loan as well as Murano World. On July 11, 2022 NAFIN joined to the loan under the same terms as the other lenders, granting U.S.$34,811,150 to Fideicomiso 2000. On August 24, 2023 the Group restructured the related syndicated loan to increase the credit line by U.S.$45,000,000, NAFIN is funding U.S.$35,000,000 and Sabadell is funding the other U.S.$10,000,000 to Fideicomiso Murano 2000.
[2]	Secured loan under a credit line up to U.S. $31,480,000 to finance VAT receivable with a 36-month maturity or early on collection of such VAT receivables from Mexican Authorities, with unpaid balances, if any, after 36 months payable in 18 months. On December 18, 2023 the Company and the lender extended the maturity period of this loan to December 2024.
[3]	On October 18, 2018, Inmobiliaria Insurgentes 421 obtained a U.S.$49,753,000 unsecured loan. This loan was renegotiated to U.S.$7,500,000 on October 10, 2022, with this loan, the Group repaid fully the first loan, including interest. This loan is secured by the Insurgentes Complex with OHI421 and OHI421 Premium jointly liable. In May 2023, the Group restructured this loan with an increase of U.S.$25,000,000 giving a total credit line of U.S.$100,000,000.
[4]	Syndicated secured mortgage loan for U.S.$30,000,000 with the major shareholders as joint obligors.
[5]	Loan agreement for U.S.$972,300 signed on June 26, 2023.
[6]	Loan agreement for U.S.$2,500,000 with the major shareholders as joint obligors. As of December 31, 2023, the total amount drawn is $18,391,571 (U.S. $1,088,677).
[7]	Syndicated secured mortgage loan for $200,000,000 with the major shareholders as joint obligors. On August 24 and September 14, 2023, the Group paid the outstanding balances of this loan.
[8]	Sale and lease back agreement signed with Fínamo signed on February 2023 with a 48-month termination period. The Group signed a new sale and lease back agreement for $60,000,000 in October and November 2023.
[9]	Loan to purchase and development of the beach club, which guarantees this loan in second place and at first the syndicated loan described in number (1) above.
[10]	Revolving loan with “Best rate” interest for preferred clients.
[11]	Sale and lease back agreement signed with Exitus Capital in December 2019 with a 36-month termination period.

Employee benefits, Principal Actuarial Assumption (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Principal actuarial assumption [Abstract]
Weighted-average defined benefit obligation	15 years	15 years
Discount Rate [Member]
Principal actuarial assumption [Abstract]
Principal actuarial assumption	9.20%	9.01%
Salary Growth [Member]
Principal actuarial assumption [Abstract]
Principal actuarial assumption	5.50%	5.50%
Future Salary Growth [Member]
Principal actuarial assumption [Abstract]
Principal actuarial assumption	5.50%	5.50%

Income tax, Unrecognized Deferred Tax Assets (Details) - MXN ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income tax [Abstract]
Income tax losses, gross amount	$ 707,357,588	$ 1,201,013,037
Income tax losses, tax effect	$ 212,207,276	$ 360,303,911

Related-party transactions and balances (Tables)

12 Months Ended

Dec. 31, 2023

Transactions Carried out with Related Parties

ii.

Outstanding balances with related parties as of December 31, 2023 and 2022 are shown as follows:

	As of December 31,
	2023		2022
Receivable
Affiliate:
Elías Sacal Cababie⁽¹⁾	$	104,029,840	$	-
E.S. Agrupación, S. A. de C. V.⁽²⁾		35,582,383		-
Marcos Sacal Cohen⁽³⁾		540,031		-
Edgar Armando Padilla Pérez ⁽⁴⁾		1,700,466		-
Rubén Álvarez Laris⁽⁵⁾		1,696,426		-
Total related parties receivable		143,549,146		-

Payable:
Affiliate:
Impulsora Turística de Vallarta, S. A. de C. V. ⁽⁶⁾		39,121,151		58,078,077
Sofoplus S.A.P.I de C. V., SOFOM ER ⁽⁷⁾		-		71,179,852
Sofoplus S.A.P.I de C. V., SOFOM ER ⁽⁸⁾		171,153,445		145,231,418
BVG Infraestructura, S. A. de C. V. ⁽⁹⁾		10,030,992		-
Total related parties payable		220,305,588		274,489,347

Current portion		133,002,659		68,343,487

Long term portion	$	87,302,929	$	206,145,860

(1)

This balance is composed of several loan agreements as follows:

(a)

On April 14, 2023, Murano P.V. granted a short-term loan of $2,000,000 with a maturity of a year and accrues interest at a rate of TIIE 28 days plus a spread of 3%;

(b)

On April 14, 2023, Murano P.V. granted a short-term loan of U.S.$438,611 with a maturity of a year and accrues interest at a rate of 3M SOFR plus a spread of 3%;

(c)

On February 9, 2023, Murano World granted a short-term loan of $7,900,000 with a maturity of a year and accrues interest at a rate of TIIE 28 days plus a spread of 3%;

(d)

On February 10, 2023, Murano World granted a short-term loan of U.S.$2,865,000 with a maturity of a year and accrues interest at a rate of 3M SOFR plus a spread of 3%;

(e)

On September 26, 2023, Murano World granted a short-term loan of U.S.$3,200,000 with a maturity of a year and accrues interest at a rate of 3M SOFR plus a spread of 3%.

(2)

This balance is composed of several loan agreements as follows:

(a)

On May 5, 2023, Murano P.V. granted a short-term loan of $30,000 with a maturity of a year and accrues interest at a rate of TIIE 28 days plus a spread of 3%;

(b)

On April 14, 2023, Murano P.V. granted a short-term loan of U.S.$359,368 with a maturity of a year and accrues interest at a rate of 3M SOFR plus a spread of 3%;

(c)

On February 10, 2023, Murano World granted a short-term loan of $9,620,660 with a maturity of a year and accrues interest at a rate of TIIE 28 days plus a spread of 3%;

(d)

On March 31, 2023, Murano World granted a short-term loan of U.S.$453,000 with a maturity of a year and accrues interest at a rate of 3M SOFR plus a spread of 3%;

(e)

On November 9, 2023, Murano World granted a short-term loan of $10,000,000 with a maturity of a year and accrues interest at a rate of TIIE 28 days plus a spread of 3%.

(3)

Short-term loan agreement for $492,000 dated on May 5, 2023 with a maturity of a year and accrues interest at a rate of TIIE 28 days plus a spread of 3%.

(4)

This balance is composed of a couple of loan agreements as follows: On May 5, 2023 Murano Management, S. A. de C. V. granted a short-term loan of $1,546,669 (Mexican pesos) with a maturity of a year and accrues interest at a rate of TIIE 28 days plus a spread of 3% and on May 5, 2023 Murano Management, S. A. de C. V. granted a short-term loan of $4,400 (Mexican pesos) with a maturity of a year and accrues interest at a rate of TIIE 28 days plus a spread of 3%.

(5)

Short-term loan agreement granted by Murano Management, S. A. de C. V. for $1,547,609 dated on May 5, 2023 with a maturity of a year and accrues interest at a rate of TIIE 28 days plus a spread of 3%.

(6)

Loan agreement signed on May 2, 2021 with a 36-month termination period. The amount of the loan is $97,500,000 and it causes interest at the annual rate of 17.75%.

(7)

Syndicated secured mortgage loan for up to $200,000,000 which matures in 2024 and causes interest at the annual rate of 16.75% for which the major shareholders are joint obligors. On September 14, 2023 the outstanding balance of this loan was paid to the lender.

(8)

Syndicated secured mortgage loan for up to U.S.$30,000,000 which matures in 2025 and causes interest at the annual rate of 15.00% for which the major shareholders are joint obligors.

(9)

On March 1, 2023, Inmobiliaria Insurgentes granted a short-term loan of U.S.$2,865,000 with a maturity of a year and accrues interest at a rate of 3M SOFR plus a spread of 3%.

Reconciliation of Movements of Liabilities to Cash Flows Arising from Financing Activities

Reconciliation of movements of liabilities to cash flows arising from financing activities

	Long-term debt

Balances as of January 1, 2023	$	274,489,347
Payments		(96,693,781	)
Interest paid		(37,140,328	)
Proceeds from loans		60,581,457
Accrued interest		39,901,733
Total changes from financing cash flows		241,138,428

Effect on changes in foreign exchange rates		(20,832,840	)

Balances as of December 31, 2023	$	220,305,588

	Long-term debt

Balances as of January 1, 2022	$	188,122,066
Payments		(72,493,961	)
Interest paid		(43,078,341	)
Proceeds from loans		165,363,750
Accrued interest		41,738,642
Total changes from financing cash flows		279,652,156

Effect on changes in foreign exchange rates		(5,162,809	)

Balances as of December 31, 2022	$	274,489,347

Employee benefits, Defined Benefit Obligation by the Amounts (Details) - MXN ($)	Dec. 31, 2023	Dec. 31, 2022
Increase [Member]
Defined benefit obligation by the amount [Abstract]
Increase (decrease) in defined benefit obligation	$ (1,121,519)	$ (851,804)
Decrease [Member]
Defined benefit obligation by the amount [Abstract]
Increase (decrease) in defined benefit obligation	1,298,516	986,487
Discount Rate [Member] \| Increase [Member]
Defined benefit obligation by the amount [Abstract]
Increase (decrease) in defined benefit obligation	(1,121,519)	(851,804)
Discount Rate [Member] \| Decrease [Member]
Defined benefit obligation by the amount [Abstract]
Increase (decrease) in defined benefit obligation	$ 1,298,516	$ 986,487

Income tax (Tables)

12 Months Ended

Dec. 31, 2023

Income tax [Abstract]

Major Components of Income Tax Expenses

	For the Year Ended December 31,
	2023				2022			2021
Current tax (benefit) expense
Current income tax		$	3,025,179			$	3,406,827	$	13,942
Deferred income tax			(55,155,403	)			227,302,580		105,845,039
		$	(52,130,224	)		$	230,709,407	$	105,858,981

Amount Recognized in Other Comprehensive Income

Amounts recognized in OCI

	As of December 31, 2023												As of December 31, 2022												As of December 31, 2021
	Before				Tax (expense)				Net of				Before				Tax (expense)				Net of				Before			Tax (expense)				Net of
	tax				benefit				tax				tax				benefit				tax				tax			benefit				tax
Items that will not be reclassified to profit and loss
Remeasurements of defined benefit liability		$	124,599			$	(37,380	)		$	87,219			$	(2,554,480	)		$	766,344			$	(1,788,136	)		$	941,861		$	(282,558	)		$	659,303
Revaluation of property, construction in process and equipment			(889,982,346	)			266,994,704				(622,987,642	)			6,009,039,347				(1,802,711,804	)			4,206,327,543				238,990,089			(71,697,026	)			167,293,063

		$	(889,857,747	)		$	266,957,324			$	(622,900,423	)		$	6,006,484,867			$	(1,801,945,460	)		$	4,204,539,407			$	239,931,950		$	(71,979,584	)		$	167,952,366

Reconciliation of Effective Tax Rate

Reconciliation of effective tax rate

	For the Year Ended December 31,
	2023			2022			2021

Profit before income tax	$	5,662,697		$	475,086,707		$	350,554
Tax using the Company´s domestic tax rate		30	%		30	%		30	%
Income tax at legal tax rate		1,698,809			142,526,012			105,166
Tax effect of:
Annual adjustment inflation		86,082,320			72,595,223			66,939,657
Non-deductible expenses		5,970,038			7,751,565			895,711
Change in allowance for NOL’s		(145,881,392	)		7,836,607			37,918,447

Total tax expense	$	(52,130,224	)	$	230,709,407		$	105,858,981

Income Tax Movement in Deferred Tax Balance

Movement in deferred tax balances

2023	Net balance as of January 1,			Recognized in profit and loss			Recognized in OCI			Final balance

Prepayments	$	(1,422,966	)	$	(2,576,735	)		-		$	(3,999,701	)
Property, plant and equipment		236,862			(40,054,941	)		-			(39,818,079	)
PP&E Surplus		(3,744,476,101	)		5,750,177			266,994,704			(3,471,731,220	)
PP&E (capitalized foreign exchange rate and interest expense)		(226,499,908	)		(4,542,890	)		-			(231,042,798	)
Investment properties		(326,498,611	)		25,979,531			-			(300,519,080	)
Right of use of assets		-			(65,111,127	)		-			(65,111,127	)
Derivatives		(57,837,597	)		22,760,479			-			(35,077,118	)
Accruals		147,482			3,223,403			-			3,370,885
Advance customers		-			46,637,589			-			46,637,589
Lease liabilities		-			62,388,460			-			62,388,460
Employees’ benefits		1,996,298			670,889			(37,380	)		2,629,807
Employees’ statutory profit sharing		641,950			30,568			-			672,518

	$	(4,353,712,591	)	$	55,155,403		$	266,957,324		$	(4,031,599,864	)

2022	Net balance as of January 1,			Recognized in profit and loss			Recognized in OCI			Final balance

Prepayments	$	(628,022	)	$	(794,944	)	$	-		$	(1,422,966	)
Property, plant and equipment		(1,941,698,749	)		171,314			(1,802,711,804	)		(3,744,239,239	)
PP&E (capitalized foreign exchange rate and interest expense)		(152,392,186	)		(74,107,722	)		-			(226,499,908	)
Investment properties		(237,071,633	)		(89,426,978	)		-			(326,498,611	)
Derivatives		2,384,364			(60,221,961	)					(57,837,597	)
Accruals		3,691,418			(3,543,936	)		-			147,482
Employees’ benefits		1,024,636			205,318			766,344			1,996,298
Employees’ statutory profit sharing		225,621			416,329			-			641,950

	$	(2,324,464,551	)	$	(227,302,580	)	$	(1,801,945,460	)	$	(4,353,712,591	)

2021	Net balance at January 1,			Recognized in profit and loss			Recognized in OCI			Final Balance

Prepayments	$	(431,516	)	$	(196,506	)	$	-		$	(628,022	)
Property, plant and equipment		(1,870,096,086	)		94,363			(71,697,026	)		(1,941,698,749	)
PP&E FCI		(88,466,300	)		(63,925,886	)		-			(152,392,186	)
Investment properties		(218,799,495	)		(18,272,138	)		-			(237,071,633	)
Derivatives		25,138,382			(22,754,018	)					2,384,364
Accruals		4,795,362			(1,103,944	)		-			3,691,418
Employees’ benefits		999,736			307,458			(282,558	)		1,024,636
Employees’ statutory profit sharing		219,989			5,632			-			225,621

	$	(2,146,639,928	)	$	(105,845,039	)	$	(71,979,584	)	$	(2,324,464,551	)

Income Tax Unrecognized Deferred Tax Balance

Deferred tax assets have not been recognized in respect of the following items, because it is not probable that future taxable profit will be available against which the Group can use the benefits therefrom.

	As of December 31, 2023				As of December 31, 2022
	Gross amount		Tax effect		Gross amount		Tax effect

Income tax losses	$	707,357,588	$	212,207,276	$	1,201,013,037	$	360,303,911

Tax Losses Carried Forward

Tax losses for which no deferred tax assets was recognized expire as follows:

	Gross		Expire
Year	amount		rate

2016	$	25,155,567		2026
2018		585,980,790		2028
2021		12,404,940		2031
2022		10,296,375		2032
2023		73,519,916		2033

Total income tax losses	$	707,357,588

Long-term debt (Tables)

12 Months Ended

Dec. 31, 2023

Long-term debt [Abstract]

Long Term Debt

	As of December 31,
	2023		2022
Current liabilities:
Current portion of secured bank loans	$	1,866,499,269	$	3,704,429,770
Unsecured bank loans		64,827,258		19,958,980
Interest		108,029,151		71,398,277

Total current liabilities	$	2,039,355,678	$	3,795,787,027

Non-current liabilities:
Secured bank loan	$	4,641,315,619	$	338,735,900
Unsecured bank loans		2,001,517		1,428,652,077

Total non-current liabilities	$	4,643,317,136	$	1,767,387,977

Terms and Repayment Schedule

Terms and repayment schedule

									As of December 31,
	Currency	Nominal interest rate 2023			Nominal interest rate 2022			Maturity	2023			2022
Fideicomiso Murano 2000 CIB/3001 (subsidiary of Murano World):
Banco Nacional de Comercio Exterior S.N.C. Institución de Banca de Desarrollo (“Bancomext”) (1)	USD	SOFR + 4.0116%			SOFR + 4.0116%			2033	$	1,013,610,000		$	1,161,690,000
Caixabank, S.A. Institución de Banca Múltiple (“Caixabank”) (1)	USD	SOFR + 4.0116%			SOFR + 4.0116%			2033		1,013,610,000			1,161,690,000
Sabadell, S.A. Institución de Banca Múltiple (“Sabadell”) (1)	USD	SOFR + 4.0116%			SOFR + 4.0116%			2033		844,675,000			774,460,000
Nacional Financiera, Sociedad Nacional de Crédito, Institución de Banca de Desarrollo (“NAFIN”) (1)	USD	SOFR + 4.0116%			SOFR + 4.0116%			2033		1,010,419,654			580,845,000
Bancomext (2)	MXN	TIIE 91 + 2.75%			TIIE 91 + 2.75%			See (2)		54,441,003			36,860,326
Cost to obtain loans and commissions										(46,187,476	)		(36,375,839	)
Total loans Fideicomiso Murano 2000										3,890,568,181			3,679,169,487

Inmobiliaria Insurgentes 421:
Bancomext (3)	USD	SOFR + 3.5%			SOFR + 3.5%			2037		1,687,477,257			1,429,380,028
Cost to obtain loans and commissions										(18,383,126	)		(10,899,869	)
Total loans Inmobiliaria Insurgentes 421										1,669,094,131			1,418,480,159

Murano World:
Exitus Capital S.A.P.I de C. V. ENR (“Exitus Capital”) (4)	USD		15.00	%		15.00	%	2025		253,402,500			290,422,500
Exitus Capital (11)	USD		15.00	%		N/A		2025		14,862,566			-
Exitus Capital (5)	MXN	TIIE 28 + 12.55			TIIE 28 + 12.55			2024		-			73,573,683
Exitus Capital (6)	USD		15.00	%		N/A		2025		18,391,571			-
Fínamo (7)	MXN		15.76	%		N/A		2027		364,390,142			-
ALG (8)	USD		10	%		N/A		2030		337,870,000			-
Santander International (9)	USD	Best Rate+0.80%				N/A		2025		25,335,608			-
Cost to obtain loans and commissions										(11,658,806	)		-
Total loans Murano World										1,002,593,581			363,996,183

Edificaciones BVG:
Exitus Capital (10)										12,387,770			30,130,898
Total Edificaciones BVG										12,387,770			30,130,898

Accrued interest payable										108,029,151			71,398,277
Total debt										6,682,672,814			5,563,175,004

Current installments										2,039,355,678			3,795,787,027

Long-term debt, excluding current installments									$	4,643,317,136		$	1,767,387,977

(1)

Syndicated secured mortgage loan for up to U.S.$160,000,000. Operadora GIC I is jointly liable for this loan as well as Murano World. On July 11, 2022 NAFIN joined to the loan under the same terms as the other lenders, granting U.S.$34,811,150 to Fideicomiso 2000. On August 24, 2023 the Group restructured the related syndicated loan to increase the credit line by U.S.$45,000,000, NAFIN is funding U.S.$35,000,000 and Sabadell is funding the other U.S.$10,000,000 to Fideicomiso Murano 2000.

(2)

Secured loan under a credit line up to U.S. $31,480,000 to finance VAT receivable with a 36-month maturity or early on collection of such VAT receivables from Mexican Authorities, with unpaid balances, if any, after 36 months payable in 18 months. On December 18, 2023 the Company and the lender extended the maturity period of this loan to December 2024.

(3)

On October 18, 2018, Inmobiliaria Insurgentes 421 obtained a U.S.$49,753,000 unsecured loan. This loan was renegotiated to U.S.$7,500,000 on October 10, 2022, with this loan, the Group repaid fully the first loan, including interest. This loan is secured by the Insurgentes Complex with OHI421 and OHI421 Premium jointly liable. In May 2023, the Group restructured this loan with an increase of U.S.$25,000,000 giving a total credit line of U.S.$100,000,000.

(4)

Syndicated secured mortgage loan for U.S.$30,000,000 with the major shareholders as joint obligors.

(5)

Syndicated secured mortgage loan for $200,000,000 with the major shareholders as joint obligors. On August 24 and September 14, 2023, the Group paid the outstanding balances of this loan.

(6)

Loan agreement for U.S.$2,500,000 with the major shareholders as joint obligors. As of December 31, 2023, the total amount drawn is $18,391,571 (U.S. $1,088,677).

(7)

Sale and lease back agreement signed with Fínamo signed on February 2023 with a 48-month termination period. The Group signed a new sale and lease back agreement for $60,000,000 in October and November 2023.

(8)

Loan to purchase and development of the beach club, which guarantees this loan in second place and at first the syndicated loan described in number (1) above.

(9)

Revolving loan with “Best rate” interest for preferred clients.

(10)

Sale and lease back agreement signed with Exitus Capital in December 2019 with a 36-month termination period.

(11)

Loan agreement for U.S.$972,300 signed on June 26, 2023.

Reconciliation of Liabilities to Cash Flows Arising from Financing Activities

Reconciliation of movements of liabilities to cash flows arising from financing activities

	Long-term debt

Balances as of January 1, 2023	$	5,563,175,004
Payments		(272,136,923	)
Interest paid		(286,015,329	)
Interest paid and capitalized (see note 7)		(275,133,471	)
Proceeds from loans		2,116,176,076
Accrued interest		601,125,111
Amortization of cost to obtain loans and commissions		8,106,066
Costs to obtain loans and commissions		(37,075,869	)
Total changes from financing cash flows		7,418,220,665

Effect on changes in foreign exchange rates		(735,547,851	)

Balances as of December 31, 2023	$	6,682,672,814

	Long-term debt

Balances as of January 1, 2022	$	3,795,309,906
Payments		(220,572,529	)
Interest paid and capitalized (see note 7)		(247,025,739	)
Proceeds from loans		2,237,181,037
Accrued interest		289,735,943
Amortization of cost to obtain loans and commissions		3,884,065
Costs to obtain loans and commissions		(19,249,547	)
Total changes from financing cash flows		5,839,263,136

Effect on changes in foreign exchange rates		(276,088,132	)

Balances as of December 31, 2022	$	5,563,175,004

Basis of preparation (Details)						12 Months Ended
Basis of preparation (Details)	Apr. 09, 2024 MXN ($)	Feb. 01, 2024 USD ($)	Jan. 18, 2024 MXN ($)	Jan. 18, 2024 USD ($)	Jan. 05, 2024 MXN ($)	Dec. 31, 2023 MXN ($) Segment	Dec. 31, 2022 MXN ($)	Dec. 31, 2021 MXN ($)	Mar. 27, 2024 USD ($)	Dec. 31, 2023 USD ($)	Aug. 24, 2023 USD ($)
Going Concern Basis [Abstract]
Percentage of total combined assets						16.20%
Proceeds from borrowings						$ 2,116,176,076	$ 2,237,181,037	$ 1,108,741,445
Segments [Abstract]
Number of segments \| Segment						1
Subsequent Events [Member]
Going Concern Basis [Abstract]
Proceeds from borrowings				$ 26,000,000	$ 350,000,000
Annual interest rate			15.00%	15.00%	17.00%
Repayments of loans			$ 350,000,000
Debt Holder Entities [Member]
Going Concern Basis [Abstract]
Percentage of total combined assets						83.80%
Tranche C, Syndicated Loan [Member]
Going Concern Basis [Abstract]
Credit line, maximum borrowing capacity										$ 160,000,000	$ 45,000,000
Debt maturity						February 5, 2033
Tranche C, Syndicated Loan [Member] \| Subsequent Events [Member]
Going Concern Basis [Abstract]
Proceeds from borrowings		$ 6,000,000
Santander International [Member]
Going Concern Basis [Abstract]
Credit line, maximum borrowing capacity										$ 1,500,000
Santander International [Member] \| Subsequent Events [Member]
Going Concern Basis [Abstract]
Credit line, maximum borrowing capacity									$ 2,000,000
Finamo [Member]
Going Concern Basis [Abstract]
Debt maturity						6 months
Finamo [Member] \| Subsequent Events [Member]
Going Concern Basis [Abstract]
Proceeds from borrowings	$ 100,000,000
Annual interest rate	22.00%

Financial instruments - Fair value and risk management

12 Months Ended

Dec. 31, 2023

Financial instruments - Fair value and risk management [Abstract]

Financial instruments - Fair value and risk management

13.	Financial instruments - Fair value and risk management

Accounting classification

The following table shows the carrying amounts of financial assets and financial liabilities. It does not include fair value information for financial assets and financial liabilities not measured at fair value since the carrying amount is a reasonable approximation of fair value.

	As of December 31, 2023
	Mandatory at FVTPL		Financial assets at amortized cost		Other financial assets (liabilities)			Total

Financial assets measured at fair value
Interest rate swaps (Level 2)	$	116,923,727	$	-	$	-		$	116,923,727

Financial assets not measured at fair value
Cash and cash equivalents and restricted cash (Level 1)		-		146,369,734		-			146,369,734

Financial liabilities not measured at fair value
Secured bank loan		-		-		(6,614,983,870	)		(6,614,983,870	)
Unsecured bank loan		-		-		(67,688,944	)		(67,688,944	)

	As of December 31, 2022
	Mandatory at FVTPL		Financial assets at amortized cost		Other financial assets (liabilities)			Total

Financial assets measured at fair value
Interest rate swaps (Level 2)	$	192,791,990	$	-	$	-		$	192,791,990

Financial assets not measured at fair value
Cash and cash equivalents and restricted cash (Level 1)		-		240,754,805		-			240,754,805

Financial liabilities not measured at fair value
Secured bank loan		-		-		(4,308,870,061	)		(4,308,870,061	)
Unsecured bank loan		-		-		(1,528,794,290	)		(1,528,794,290	)

Measurement of fair values

Valuation techniques and significant unobservable inputs

The following table shows the valuation technique used in measuring Level 2 fair value of financial instruments in the statements of financial position.

Financial instruments measured at fair value

	Type	Valuation technique
	Interest rate swaps	FV is determined using market participant assumptions to measure these derivatives. Market participants’ assumptions include the risk inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable.

ii.

Transfers between levels

There were no transfers between Level 1 and 2 during the current or prior year. There were no transfers to Level 3 during the current or prior year.

Financial risk managements

The Group has exposure to the following risks arising from financial instruments:

Liquidity risk

Market risk

Risk management framework

Management of the Group has overall responsibility for the establishment and oversight of the Group’s risk management framework. Management is responsible for developing and monitoring the Group’s risk management policies and reports regularly to the board of directors on its activities.

The Group’s risk management policies are established to identify and analyze the risks faced by the Group, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group’s activities. The Group, through its training and management standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations.

Liquidity risk

Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group´s objective when managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group´s reputation.

The Group uses the activity-based costing to cost its products and services, which assists in monitoring cash flow requirements and optimizing its cash return on investment.

The Group aims to maintain the level of its cash and cash equivalents at an amount in excess of expected cash outflows on financial liabilities (other than trade payables) over the next 60 days.

The Group also monitors the level of expected cash inflows on trade and other receivables together with expected cash outflows on trade and other payables.

Exposure to liquidity risk

The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted, and include contractual interest payments and exclude the impact of netting agreements:

	Contractual cash flows
As of December 31, 2023	Carrying amount		2-12 Months		1-5 Years		More than 5 Years		Total

Derivative financial assets
Derivatives (Interest rate swaps)	$	-	$	116,923,727	$	-	$	-	$	116,923,727

Total derivative financial assets	$	-	$	116,923,727	$	-	$	-	$	116,923,727

Non-derivative financial liabilities
Secured bank loans	$	54,268,025	$	1,919,400,225	$	1,635,476,776	$	3,005,838,844	$	6,614,983,870
Unsecured bank loans		854,763		64,832,664		2,001,517		-		67,688,944
Lease liabilities		-		30,006,807		177,954,726		-		207,961,533
Trade payables		87,022,467		312,140,955		-		-		399,163,422

Total non-derivative financial liabilities	$	142,145,255	$	2,326,380,651	$	1,815,433,019	$	3,005,838,844	$	7,289,797,769

	Contractual cash flows
As of December 31, 2022	Carrying amount		2-12 Months		1-5 Years		More than 5 Years		Total

Derivative financial assets
Derivatives (Interest rate swaps)	$	-	$	192,791,990	$	-	$	-	$	192,791,990

Total derivative financial assets	$	-	$	192,791,990	$	-	$	-	$	192,791,990

Non-derivative financial liabilities
Secured bank loans	$	17,707,910	$	279,613,581	$	2,038,359,482	$	1,973,189,088	$	4,308,870,061
Unsecured bank loans		22,044,602		59,372,314		341,726,892		1,105,650,482		1,528,794,290
Lease liabilities		-		387,617		236,572		-		624,189
Trade payables		36,820,831		87,764,666		-		-		124,585,497

Total non-derivative financial liabilities	$	76,573,343	$	427,138,178	$	2,380,322,946	$	3,078,839,570	$	5,962,874,037

As disclosed in Note 10, the Group has secured bank loans that contain certain covenants. A breach of covenant may require the Group to repay the loan earlier than indicated in the above table.

The interest payments on variable interest rate loans in the table above reflect market forward interest rates at the reporting date and these amounts may change as market interest rate change. The future cash flows on derivative instruments may be different from the amount in the above table as interest rates and exchange rates or the relevant conditions underlying the contingency change. Except for these financial liabilities, it is not expected that the cash flows included in the maturity analysis could occur significantly earlier, or at significantly different amounts.

For further information regarding our liquidty risk, please see note 2 (c).

Market risk

Market risk is the risk that changes in market prices - e.g. foreign exchange rates, interest rates and equity prices - will affect the Group’s income or the value of its holdings of financial instruments. The objective of market risk managements is to manage and control market risk exposures within acceptable parameters, while optimizing the return.

The Group uses derivatives to manage market risks. All such transactions are carried out within the guidelines set by the risk management committee.

Managing interest rate benchmark reforms and associated risks

Overview

A fundamental reform of major interest rate benchmarks is being undertaken globally, including the replacement of some interbank offered rates (IBORs) with alternative nearly risk-free rates (referred to as “IBOR reform”). In 2021, the Group undertook amendments to most financial instruments with contractual terms indexed to IBORS such that they incorporate new benchmark rates, e.g. SONIA. As at 31 December 2022, the Group’s remaining IBOR exposure is indexed to US dollar LIBOR. The alternative reference rate for US dollar LIBOR is the Secured Overnight Financing Rate (SOFR). The Group finished the process of implementing appropriate fallback clauses for all US dollar LIBOR indexed exposures in 2021. These clauses automatically switch the instrument from USD LIBOR to SOFR as and when USD LIBOR ceases. As announced by the Financial Conduct Authority (FCA) in early 2022, the panel bank submissions for US dollar LIBOR ceased in mid-2023.

The risk management committee monitors and manages the Group’s transition to alternative rates. The committee evaluates the extent to which contracts reference IBOR cash flows, whether such contracts will need to be amended as a result of IBOR reform and how to manage communication about IBOR reform with counterparties. The committee reports to the Company’s board of directors quarterly and collaborates with other business functions as needed. It provides periodic reports to management of interest rate risk and risks arising from IBOR reform.

Non-derivative financial liabilities

The Group modified all of its floating-rate liabilities indexed to sterling LIBOR to reference SOFR during the year ended December 31, 2021. As a result, the Group’s IBOR exposures to non-derivative financial liabilities as of December 31, 2023 and 2022 were secured bank loans indexed to SOFR.

Derivatives

The Group holds interest rate swaps for risk management purposes. The interest rate swaps have floating legs that are indexed to SOFR. The Group’s derivative instruments are governed by contracts based on the International Swaps and Derivatives Association (ISDA)’s master agreements.

Currency risk

The Group is exposed to transactional foreign currency risk to the extent that there is a mismatch between the currencies in which sales, purchases, receivables and borrowings are denominated and the respective functional currencies of Group companies. The functional currency of the Group companies is MXN. The currencies in which these transactions are primarily USD.

Exposure to currency risk

The summary quantitative data about the Group’s exposure to currency risk as reported to the management of the Group is as follows.

	Dollars
	As of December 31,
	2023			2022
Assets:
Cash and cash equivalents and restricted cash	$	7,232,698		$	9,236,161
Trade receivables		419,351			-
Related parties		6,835,274			-
Other receivables		1,512,021			-
Prepayments		168,229			-

Liabilities:
Current installments of long-term debt		(16,665,975	)		(11,868,777	)
Long-term debt		(354,024,085	)		(275,684,063	)
Trade accounts payable		(6,118,017	)		(3,374,626	)
Related parties		(709,429	)		-
Other liabilities		(4,473,499	)		-

Net position	$	(365,823,432	)	$	(281,691,305	)

The exchange rates of MXN/USD as of the date of the Combined Financial Statements and their issuance date are as follows:

	As of December 31,				As of April 30,
	2023		2022		2024

One U. S. dollar	$	16.8935	$	19.3615	$	17.1552

Sensitivity analysis

The strengthening or weakening of the U.S. dollar, with respect to the Mexican peso as of December 31, 2023 and 2022, would have affected the gains or losses capitalized in construction in progress for the amounts shown below. This analysis is based on changes in the exchange rate that the Group considered reasonably possible at the end of the reporting period. This analysis assumes that the rest of the variables remain constant.

The analysis is performed on the same basis for 2023 and 2022, although the reasonably possible variations in the exchange rate were different, as indicated below:

	Capitalized in construction in process					Profit and loss
	Strengthening			Weakening		Strengthening			Weakening

December 31, 2023 USD (5% movement)	$	(313,112,626	)	$	313,112,626	$	4,110,719		$	(4,119,719	)

December 31, 2022 USD (5% movement)	$	-		$	-	$	(272,698,311	)	$	272,698,311

Interest rate risks

The Group adopts a policy of ensuring that 70% of its interest rate risk exposure with Banco Sabadell, S. A. Institución de Banca Multiple and Caixabank, S. A. Institución de Banca Multiple is at fixed rate. This is achieved partly by entering into interest rate swaps. The Group applies a hedge ratio of 1:1.

Exposure to interest rate risk

The interest rate profile of the Group’s interest-bearing financial instruments as reported to the management of the Group is as follows:

	As of December 31, 2023
	FV hierarchy	Nominal amount USD		Carrying amount		Effects recognized in P&L
Financial assets measured at fair value
Interest rate swap - Sabadell	Level 2		73,376,432	$	68,146,850	$	(45,855,988	)
Interest rate swap - Caixabank	Level 2		57,438,000		48,776,877		(30,012,275	)

Total				$	116,923,727	$	(75,868,263	)

	As of December 31, 2022
	FV hierarchy	Nominal amount USD		Carrying amount		Effects recognized in P&L
Financial assets measured at fair value
Interest rate swap - Sabadell	Level 2		76,367,805	$	114,002,838	$	119,432,687
Interest rate swap - Caixabank	Level 2		60,000,000		78,789,152		81,307,183

Total				$	192,791,990	$	200,739,870

Fair value sensitivity analysis for fixed-rate instruments

The Group does not account for any fixed-rate financial assets or financial liabilities, at FVPL, and the Group does not designate derivatives (interest rate swaps) as hedging instruments under a fair value hedge accounting model. Therefore, a change in interest rates at the reporting date would not affect profit or loss.

Interest rate sensitivity

The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected. With all other variables held constant, the Group’s combined income before income taxes is affected through the impact of floating rate borrowings (debt) as follows:

				Effect on
	Increase/decrease in %			combined income before income taxes
As of December 31, 2023
US dollar		1	%	$	601,345
US dollar		(1	)%		(601,345	)

As of December 31, 2022
US dollar		1	%	$	458,569
US dollar		(1	)%		(458,569	)

Master netting or similar agreements

The Group enters into derivative transactions under ISDA master agreements. The ISDA agreement do not meet the criteria for offsetting in the combined statement of financial position. This is because the Group does not have any currently legally enforceable right to offset recognized amounts.

Income tax, Tax Losses Carried Forward (Details) - MXN ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Tax expense (income) of discontinued operation [abstract]
Gross amount	$ 707,357,588	$ 1,201,013,037
2016 [Member]
Tax expense (income) of discontinued operation [abstract]
Gross amount	$ 25,155,567
Expire rate	2026
2018 [Member]
Tax expense (income) of discontinued operation [abstract]
Gross amount	$ 585,980,790
Expire rate	2028
2021 [Member]
Tax expense (income) of discontinued operation [abstract]
Gross amount	$ 12,404,940
Expire rate	2031
2022 [Member]
Tax expense (income) of discontinued operation [abstract]
Gross amount	$ 10,296,375
Expire rate	2032
2023 [Member]
Tax expense (income) of discontinued operation [abstract]
Gross amount	$ 73,519,916
Expire rate	2033

Subsequent events (Details)									12 Months Ended
Subsequent events (Details)	Apr. 09, 2024 MXN ($)	Mar. 26, 2024 USD ($)	Mar. 20, 2024 MXN ($) shares	Feb. 26, 2024 USD ($)	Feb. 01, 2024 USD ($)	Jan. 26, 2024 USD ($)	Jan. 18, 2024 USD ($)	Jan. 05, 2024 MXN ($)	Dec. 31, 2023 MXN ($)	Dec. 31, 2022 MXN ($)	Dec. 31, 2021 MXN ($)	Apr. 11, 2024 MXN ($)	Apr. 09, 2024 USD ($)	Mar. 27, 2024 USD ($)	Dec. 31, 2023 USD ($)
Loans Transaction [Abstract]
Proceeds from borrowings									$ 2,116,176,076	$ 2,237,181,037	$ 1,108,741,445
Loans									$ 6,682,672,814	$ 5,563,175,004
Exitus [Member]
Loans Transaction [Abstract]
Credit line															$ 2,500,000
Bancomext [Member]
Loans Transaction [Abstract]
Credit line															$ 31,480,000
Maturity									36-month
Subsequent Events [Member]
Loans Transaction [Abstract]
Proceeds from borrowings							$ 26,000,000	$ 350,000,000
Annual interest rate							15.00%	17.00%
Ordinary shares outstanding (in shares) \| shares			79,242,873
Warrants outstanding (in shares) \| shares			16,875,000
Percentage of original shareholder obtained			87.20%
Percentage of sponsor obtained			11.10%
Percentage of vendors obtained			1.60%
Percentage of remaining sponsor obtained			0.10%
Recognition of goodwill			$ 0
Recognition of intangible assets			$ 0
Subsequent Events [Member] \| Finamo [Member]
Loans Transaction [Abstract]
Proceeds from borrowings							$ 26,000,000	$ 350,000,000
Annual interest rate							15.00%	17.00%
Loans								$ 350,000,000
Subsequent Events [Member] \| Exitus [Member]
Loans Transaction [Abstract]
Proceeds from borrowings		$ 311,000		$ 316,000		$ 70,000
Subsequent Events [Member] \| S. A. de C. V. [Member]
Loans Transaction [Abstract]
Proceeds from borrowings	$ 100,000,000
Annual interest rate													22.00%
Credit line		$ 1,500,000												$ 2,000,000
Maturity	6 months
Subsequent Events [Member] \| Bancomext [Member]
Loans Transaction [Abstract]
Credit line												$ 137,615,652
Subsequent Events [Member] \| Tranche C [Member]
Loans Transaction [Abstract]
Proceeds from borrowings					$ 6,000,000
Percentage of original shareholder obtained	60.00%
Loan commitment													$ 6,000,000

Combined statements of changes in net assets - MXN ($)	12 Months Ended
Combined statements of changes in net assets - MXN ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes in net assets
Balances	$ 8,399,334,985	$ 4,248,763,603	$ 4,224,990,154
Reimbursements of net parent investment		(298,773,702)	(45,721,041)
Contributions to net parent investment		428,378	7,050,551
Profit (Loss) for the period	57,792,921	244,377,300	(105,508,427)
Other comprehensive income (loss) for the period	(622,900,423)	4,204,539,406	167,952,366
Balances	7,834,227,483	8,399,334,985	4,248,763,603
Net Parent Investment [Member]
Changes in net assets
Balances	902,611,512	1,200,956,836	1,239,627,326
Reimbursements of net parent investment		(298,773,702)	(45,721,041)
Contributions to net parent investment		428,378	7,050,551
Profit (Loss) for the period	0	0	0
Other comprehensive income (loss) for the period	0	0	0
Balances	902,611,512	902,611,512	1,200,956,836
Accumulated Deficit [Member]
Changes in net assets
Balances	(1,238,837,756)	(1,483,215,056)	(1,377,706,629)
Reimbursements of net parent investment		0	0
Contributions to net parent investment		0	0
Profit (Loss) for the period	57,792,921	244,377,300	(105,508,427)
Other comprehensive income (loss) for the period	0	0	0
Balances	(1,181,044,835)	(1,238,837,756)	(1,483,215,056)
Other Comprehensive Income - Revaluation of Property, Construction in Process and Equipment Net of Deferred Income Tax [Member]
Changes in net assets
Balances	8,737,110,903	4,530,783,361	4,363,490,298
Reimbursements of net parent investment		0	0
Contributions to net parent investment		0	0
Profit (Loss) for the period	0	0	0
Other comprehensive income (loss) for the period	(622,987,642)	4,206,327,542	167,293,063
Balances	8,114,123,261	8,737,110,903	4,530,783,361
Other Comprehensive Income - Remeasurement of Net Defined Benefit Liability Net of Deferred Income Tax [Member]
Changes in net assets
Balances	(1,549,674)	238,462	(420,841)
Reimbursements of net parent investment		0	0
Contributions to net parent investment		0	0
Profit (Loss) for the period	0	0	0
Other comprehensive income (loss) for the period	87,219	(1,788,136)	659,303
Balances	$ (1,462,455)	$ (1,549,674)	$ 238,462

Material accounting policies, Property, Construction in Process and Equipment (Details)	12 Months Ended
	Dec. 31, 2023
Buildings [Member]
Useful life for the major assets [Abstract]
Estimated useful life	40 years
Elevators [Member]
Useful life for the major assets [Abstract]
Estimated useful life	10 years
Furniture Fixtures and Equipment ("FF&E") [Member]
Useful life for the major assets [Abstract]
Estimated useful life	5 years
Operating Supplies and Equipment ("OS&E") [Member]
Useful life for the major assets [Abstract]
Estimated useful life	2 years
Transportation Equipment [Member]
Useful life for the major assets [Abstract]
Estimated useful life	4 years
Furniture [Member]
Useful life for the major assets [Abstract]
Estimated useful life	10 years
Equipment and Other Assets [Member]
Useful life for the major assets [Abstract]
Estimated useful life	10 years
Minimum [Member] \| Computer Equipment [Member]
Useful life for the major assets [Abstract]
Estimated useful life	3 years
Maximum [Member] \| Computer Equipment [Member]
Useful life for the major assets [Abstract]
Estimated useful life	4 years

Leases (Details) - MXN ($)

12 Months Ended

Nov. 08, 2023

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Right-of-use assets [abstract]

Balance

$ 591,039

Additions

223,229,743

Depreciation charge for the year

(6,783,691)

$ (540,642)

$ (536,173)

Balance

217,037,091

591,039

Amounts recognized in profit and loss [Abstract]

Interest on lease liabilities

3,282,685

49,704

77,665

Expenses related to short-term leases

1,506,962

319,498

Amounts recognized in profit and loss

4,789,647

369,202

397,163

Amounts recognized in the combined statement of cash flow [Abstract]

Total cash outflow

19,175,084

586,399

581,924

Guarantee deposits

4,870,138

Arrendadora Coppel, S.A.P.I. de C.V [Member]

Right-of-use assets [abstract]

Period of hotel equipment contract

5 years

Hotel Equipment [Member]

Right-of-use assets [abstract]

Balance

^[1]

Additions

^[1]

203,886,899

Depreciation charge for the year

^[1]

(3,929,118)

Balance

^[1]

199,957,781

Offices [Member]

Right-of-use assets [abstract]

Balance

Additions

17,094,898

Depreciation charge for the year

(1,840,989)

Balance

15,253,909

Vehicles [Member]

Right-of-use assets [abstract]

Balance

591,039

1,131,681

1,430,449

Additions

2,247,946

237,405

Depreciation charge for the year

(1,013,584)

(540,642)

(536,173)

Balance

$ 1,825,401

$ 591,039

$ 1,131,681

[1]	On November 8, 2023, Operadora Hotelera GI, S. A. de C. V. entered into a leasing agreement with Arrendadora Coppel, S.A.P.I. de C.V. for hotel equipment for a period of 5 years, rent payments are fixed throughout the contract.

Long-term debt

12 Months Ended

Dec. 31, 2023

Long-term debt [Abstract]

Long-term debt

10.	Long-term debt

	As of December 31,
	2023		2022
Current liabilities:
Current portion of secured bank loans	$	1,866,499,269	$	3,704,429,770
Unsecured bank loans		64,827,258		19,958,980
Interest		108,029,151		71,398,277

Total current liabilities	$	2,039,355,678	$	3,795,787,027

Non-current liabilities:
Secured bank loan	$	4,641,315,619	$	338,735,900
Unsecured bank loans		2,001,517		1,428,652,077

Total non-current liabilities	$	4,643,317,136	$	1,767,387,977

The secured bank loans are secured over land and construction in process with a carrying amount of $15,922,158,231 and $15,200,566,623 as of December 31, 2023 and 2022, respectively (see Note 7 and Note 8 Security).

Information about the Group’s exposure to interest rate, foreign currency and liquidity risks is included in Note 13.

Terms and repayment schedule

									As of December 31,
	Currency	Nominal interest rate 2023			Nominal interest rate 2022			Maturity	2023			2022
Fideicomiso Murano 2000 CIB/3001 (subsidiary of Murano World):
Banco Nacional de Comercio Exterior S.N.C. Institución de Banca de Desarrollo (“Bancomext”) (1)	USD	SOFR + 4.0116%			SOFR + 4.0116%			2033	$	1,013,610,000		$	1,161,690,000
Caixabank, S.A. Institución de Banca Múltiple (“Caixabank”) (1)	USD	SOFR + 4.0116%			SOFR + 4.0116%			2033		1,013,610,000			1,161,690,000
Sabadell, S.A. Institución de Banca Múltiple (“Sabadell”) (1)	USD	SOFR + 4.0116%			SOFR + 4.0116%			2033		844,675,000			774,460,000
Nacional Financiera, Sociedad Nacional de Crédito, Institución de Banca de Desarrollo (“NAFIN”) (1)	USD	SOFR + 4.0116%			SOFR + 4.0116%			2033		1,010,419,654			580,845,000
Bancomext (2)	MXN	TIIE 91 + 2.75%			TIIE 91 + 2.75%			See (2)		54,441,003			36,860,326
Cost to obtain loans and commissions										(46,187,476	)		(36,375,839	)
Total loans Fideicomiso Murano 2000										3,890,568,181			3,679,169,487

Inmobiliaria Insurgentes 421:
Bancomext (3)	USD	SOFR + 3.5%			SOFR + 3.5%			2037		1,687,477,257			1,429,380,028
Cost to obtain loans and commissions										(18,383,126	)		(10,899,869	)
Total loans Inmobiliaria Insurgentes 421										1,669,094,131			1,418,480,159

Murano World:
Exitus Capital S.A.P.I de C. V. ENR (“Exitus Capital”) (4)	USD		15.00	%		15.00	%	2025		253,402,500			290,422,500
Exitus Capital (11)	USD		15.00	%		N/A		2025		14,862,566			-
Exitus Capital (5)	MXN	TIIE 28 + 12.55			TIIE 28 + 12.55			2024		-			73,573,683
Exitus Capital (6)	USD		15.00	%		N/A		2025		18,391,571			-
Fínamo (7)	MXN		15.76	%		N/A		2027		364,390,142			-
ALG (8)	USD		10	%		N/A		2030		337,870,000			-
Santander International (9)	USD	Best Rate+0.80%				N/A		2025		25,335,608			-
Cost to obtain loans and commissions										(11,658,806	)		-
Total loans Murano World										1,002,593,581			363,996,183

Edificaciones BVG:
Exitus Capital (10)										12,387,770			30,130,898
Total Edificaciones BVG										12,387,770			30,130,898

Accrued interest payable										108,029,151			71,398,277
Total debt										6,682,672,814			5,563,175,004

Current installments										2,039,355,678			3,795,787,027

Long-term debt, excluding current installments									$	4,643,317,136		$	1,767,387,977

(1)

(2)

(3)

(4)

Syndicated secured mortgage loan for U.S.$30,000,000 with the major shareholders as joint obligors.

(5)

Syndicated secured mortgage loan for $200,000,000 with the major shareholders as joint obligors. On August 24 and September 14, 2023, the Group paid the outstanding balances of this loan.

(6)

Loan agreement for U.S.$2,500,000 with the major shareholders as joint obligors. As of December 31, 2023, the total amount drawn is $18,391,571 (U.S. $1,088,677).

(7)

(8)

Loan to purchase and development of the beach club, which guarantees this loan in second place and at first the syndicated loan described in number (1) above.

(9)

Revolving loan with “Best rate” interest for preferred clients.

(10)

Sale and lease back agreement signed with Exitus Capital in December 2019 with a 36-month termination period.

(11)

Loan agreement for U.S.$972,300 signed on June 26, 2023.

The loan agreements referred to above include covenants and restrictions that require, among other things, to provide quarterly and annually the lenders with the Company’s internal financial statements and compliance with certain ratios. Noncompliance with such requirements constitutes an event of default under which the respective loan may become immediately due and payable.

As of December 31, 2023, the Group complied with all terms and covenants included in the loan agreements, except for the following:

Inmobiliaria Insurgentes I421

As of December 31, 2023, the additional debt service reserve fund of the Bancomext loan was not fully funded, the Group requested a waiver from the lender in connection with the funding obligations of the debt service reserve funds. As described in note 18, on April 4, 2024, the Group obtained an event of default waiver provided by Bancomext which cured the situation, so the lender will not call the debt. The Group classified the outstanding balance of this loan as a current liability as of December 31, 2023 due to the waiver being obtained after year-end.

Fideicomiso Murano 2000 CIB/3001 (subsidiary of Murano World)

The Group anticipated that it might not have the debt service reserve account fully funded as of December 31, 2023 and requested a waiver from the lenders, such waiver was received on December 29, 2023 as a consequence the breach was cured as of December 31, 2023.

As of December 31, 2022, the Group complied with all terms and covenants included in the loan agreements, except for the following:

Fideicomiso Murano 2000 CIB/3001 (subsidiary of Murano World)

Under the syndicated loan agreement with Bancomext, Caixabank, Sabadell and NAFIN, the Group must maintain an interest reserve fund equivalent to a minimum of one quarterly interest payment, as of December 31, 2022, the Group did not have such reserve fully funded. The lender did not request accelerated repayment of the loan and the terms of the loan were not changed. Management has reviewed the Group’s settlement procedures to ensure that such circumstances do not recur. As a result, on January 6, 2023 the Group refunded the outstanding amount to be in compliance with such covenant. As described in Note 10, on August 24, 2023, the Group restructured the syndicated loan to increase the credit line by U.S.$45,000,000 and included a statement recognizing that there are no early termination causes, providing comfort that the lenders will not call the debt.

Guarantee deposits

As part of the agreements with Fínamo, see numeral (7) above, the Group provided several guarantee deposits, totalling $14,769,966 as of December 31, 2023.

Reconciliation of movements of liabilities to cash flows arising from financing activities

	Long-term debt

Balances as of January 1, 2023	$	5,563,175,004
Payments		(272,136,923	)
Interest paid		(286,015,329	)
Interest paid and capitalized (see note 7)		(275,133,471	)
Proceeds from loans		2,116,176,076
Accrued interest		601,125,111
Amortization of cost to obtain loans and commissions		8,106,066
Costs to obtain loans and commissions		(37,075,869	)
Total changes from financing cash flows		7,418,220,665

Effect on changes in foreign exchange rates		(735,547,851	)

Balances as of December 31, 2023	$	6,682,672,814

	Long-term debt

Balances as of January 1, 2022	$	3,795,309,906
Payments		(220,572,529	)
Interest paid and capitalized (see note 7)		(247,025,739	)
Proceeds from loans		2,237,181,037
Accrued interest		289,735,943
Amortization of cost to obtain loans and commissions		3,884,065
Costs to obtain loans and commissions		(19,249,547	)
Total changes from financing cash flows		5,839,263,136

Effect on changes in foreign exchange rates		(276,088,132	)

Balances as of December 31, 2022	$	5,563,175,004

Other income and other expenses (Tables)

12 Months Ended

Dec. 31, 2023

Other income and other expenses [Abstract]

Disclosure of Other Income and Other Expenses

	For the Year Ended December 31,
	2023		2022		2021
Other income
Gain on sale of property, plant and equipment	$	100	$	203,909	$	25,863
Income on extraordinary maintenance						13,815,641
Expanses reimbursement		-		12,610,139		-
Land repurchase bonus		-		7,848,211		-
Rent		-		4,326,241		-
VAT revaluation		4,283,151		8,511,228		2,946,612
Insurance recovery		1,549,313		-		-
Key Money Amortization		1,705,089		-		-
Others		18,022,899		15,175		16,868,660

Total other income	$	25,560,552	$	33,514,903	$	33,656,776

	For the Year Ended December 31,
	2023			2022			2021
Other expenses
Penalties on land acquisition	$	-		$	-		$	(28,364,700	)
Other expenses		(9,801,077	)		(3,874,125	)		(343,622	)
Total other expenses	$	(9,801,077	)	$	(3,874,125	)	$	(28,708,322	)

Basis of preparation

12 Months Ended

Dec. 31, 2023

Basis of preparation [Abstract]

Basis of preparation

2.	Basis of preparation

These combined financial statements have been prepared for purposes of including them in a filing with the U.S. Securities and Exchange Commission. During 2024, the Group conducted a capital restructuring that resulted in Murano Global becoming the ultimate parent company of the Group and Murano PV, S. A. de C. V. as an intermediate holding company of the Group of the companies included in these combined financial statements and a subsidiary of Murano Global.

Statement of compliance

The Group has prepared these combined financial statements in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), in effect as of December 31, 2023.

Basis of measurement

The combined financial statements have been prepared on the historical cost basis, except for derivative financial instruments, net defined benefit liability and certain items of property, construction in process and equipment such as land, buildings and construction in process, which are measured at fair value at the end of each reporting period.

Going concern basis

These combined financial statements have been prepared assuming the companies included will continue as a going concern. However, management has identified material uncertainties that may cast significant doubt on the ability of certain companies included in these Combined Financial Statements to continue as a going concern. As a result, certain of these companies may be unable to realize their assets and discharge their liabilities in the normal course of business.

The combined operations of the Group are that of an early-stage and emerging growth company. Fideicomiso Murano 2000, Inmobiliaria Insurgentes 421 and Murano World (collectively the “Debt Holder Entities”) have incurred significant debt primarily to fund operating expenses and finance the construction projects mentioned in note 1 (a). In addition, a covenant related to the debt held by Fideicomiso Murano 2000, which was in compliance as of December 31, 2023, was breached subsequent to year end. On March 19, 2024, a temporary waiver for this covenant breach was obtained until May 1, 2024. The Debt Holder Entities represent 83.8% of the Group’s total combined assets.

In addition, as of December 31, 2023, the companies comprising the remaining 16.2% of the total combined assets of the Group have incurred recurring losses and negative operating cash flows since their inception. As of December 31, 2023, total current liabilities exceed the amount of the total current assets on the combined statement of financial position. Based upon the Group’s current plans, management believes that financial resources to fund the operations of those entities as well as the Debt Holder Entities above for the twelve months subsequent to the authorization and issuance of these combined financial statements may be insufficient.

As a result of these conditions, substantial doubt exists about the ability of those entities as well as the Debt Holder Entities above to continue as a going concern following twelve months after the financial statements are authorized to be issued.

Management continues evaluating strategies to obtain the required additional funding necessary for future operations, to comply with all covenants as required by the loan agreements, and to be able to discharge the outstanding debt and other liabilities as they become due. In assessing these strategies, management has considered the available cash resources, inflows from the hotels that are already in operation, and future financing options available to the Group such as new or restructured loan agreements and the possible financial support of the major shareholder of the Group. However, the Group may be unable to access further equity or debt financing when needed. As such, there can be no assurance that the Group will be able to obtain additional liquidity when needed or under acceptable terms, if at all.

As part of its strategy and funding plans, in January 2024, the Group signed a loan agreement with Fínamo for $350,000,000 with an annual interest rate of 17%, the funds were received on the same date. The Group also signed a loan agreement with Fínamo for U.S. $26,000,000 with an annual interest rate of 15%, the funds were received on January 18, 2024; part of this second loan was used to repay the first $350,000,000.

On February 1, 2024, the Group received U.S.$6,000,000 related to the tranche C of the Syndicated loan On March 27, 2024, Murano World, S. A. de C. V. increased its credit line with Santander from U.S.$1,500,000 to U.S.$2,000,000. Finally, on April 9, 2024, Murano PV, S. A. de C. V. signed a loan agreement with Fínamo for $100,000,000 with maturity in 6 months and a fixed annual interest rate of 22%.

These combined financial statements do not include any adjustments to the carrying amounts and classifications of assets and liabilities and reported expenses that may otherwise be required if the going concern basis for the entities comprising the Group was not appropriate.

Functional and presentation currency

These combined financial statements are presented in Mexican pesos. All amounts have been rounded, unless otherwise indicated.

Management has exercised judgment in selecting the functional currency of each of the entities included in these combined financial statements based on the primary economic environment in which the entity operates and in reference to the various indicators including the currency that primarily influences or determines interest income, interest expense and other expenses. Based on this evaluation, management has determined that the functional currency of each of the entities included in these combined financial statements is the Mexican peso.

For purposes of disclosure in the notes to the combined financial statements, “pesos” or “$”, means Mexican pesos and “dollars” or “U.S.$” means United States of America dollars.

Segments

Operations are managed and the financial performance is evaluated on a company-wide basis. Accordingly, all of the Group’s hotels, construction and service operations are considered by management to be aggregated in one reportable operating segment; therefore, no separate segment disclosures are presented.

Use of judgments and estimates

In preparing these combined financial statements, management has made judgments and estimates that affect the application of the Group’s accounting policies and the reported amounts of assets, liabilities, income, and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognized prospectively.

Judgments

Information about judgments made in applying accounting policies that have the most significant effects on the amounts recognized in the combined financial statements is included in the following notes:

Note 3(g) - Construction in process, land and buildings: Subsequent measurement of construction in process is at fair value based on periodic, at least annually, valuations performed by external independent appraisers.

Assumptions and estimation uncertainties

Information about assumptions and estimation uncertainties as of December 31, 2023, that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year is included in the following notes:

Note 7 - determining the fair value of construction in process, land and building on the basis of significant unobservable inputs;

Note 8 - determining the fair value of the investment property on the basis of significant unobservable inputs;

Note 11 - measurement of defined benefit obligations: key actuarial assumptions;

Note 12 - recognition of deferred tax assets: availability of the future taxable profit against which deductible temporary differences and tax losses carried forward can be utilized;

Note 13 - determining the fair value of financial derivative instruments; and

Note 17 - recognition and measurement of provisions and contingencies: key assumptions about the likelihood and magnitude of an outflow of resources.

Measurement of fair value

A number of the Group’s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities.

The Group reviews the significant observable inputs and valuation adjustments.

If third-party information, such as broker quotes or pricing services, is used to measure fair values, the Group evaluates the evidence obtained from third parties to support the conclusion that these valuations meet the requirements of IFRS, including the level in the fair value hierarchy in which the valuations should be classified.

When measuring the fair value of an asset or a liability, the Group uses observable market data whenever possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:

•

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

•

Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

•

Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).

If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.

The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

Further information about the assumptions made in measuring fair values is included in the following notes:

Note 7 - Property, construction in process and equipment.

Note 8 - Investment Property.

Note 13 - Financial instruments - Fair value and risk management.

Property, construction in process and equipment, Reconciliation of Carrying Amount (Details) - MXN ($)

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Reconciliation of changes in property, plant and equipment [Abstract]

Balance Beginning

$ 16,882,483,829

$ 9,436,635,352

Depreciation

(128,715,199)

(1,268,241)

$ (1,569,991)

Balance Ending

17,420,027,969

16,882,483,829

9,436,635,352

Cost [Member]

Reconciliation of changes in property, plant and equipment [Abstract]

Balance Beginning

16,897,265,649

9,450,148,931

8,332,588,111

Additions

1,719,930,815

1,523,373,463

886,774,971

Disposals

(163,689,130)

(85,296,091)

(8,204,241)

Capitalization of FF&E and OS&E, buildings

Revaluation

(889,982,346)

6,009,039,346

238,990,090

Balance Ending

17,563,524,988

16,897,265,649

9,450,148,931

Accumulated Depreciation [Member]

Reconciliation of changes in property, plant and equipment [Abstract]

Balance Beginning

(14,781,820)

(13,513,579)

(11,952,375)

Depreciation

(128,715,199)

(1,268,241)

(1,569,991)

Disposals

8,787

Balance Ending

(143,497,019)

(14,781,820)

(13,513,579)

Land [Member]

Reconciliation of changes in property, plant and equipment [Abstract]

Balance Beginning

7,794,417,256

6,633,676,166

Balance Ending

7,946,810,686

7,794,417,256

6,633,676,166

Land [Member] | Cost [Member]

Reconciliation of changes in property, plant and equipment [Abstract]

Balance Beginning

7,794,417,256

6,633,676,166

6,373,462,349

Additions

173,992,200

39,800,079

Disposals

(85,296,091)

(7,908,895)

Capitalization of FF&E and OS&E, buildings

Revaluation

(21,598,770)

1,246,037,181

228,322,633

Balance Ending

7,946,810,686

7,794,417,256

6,633,676,166

Land [Member] | Accumulated Depreciation [Member]

Reconciliation of changes in property, plant and equipment [Abstract]

Construction in Process [Member]

Reconciliation of changes in property, plant and equipment [Abstract]

Balance Beginning

9,083,995,555

2,799,006,767

Balance Ending

6,508,950,442

9,083,995,555

2,799,006,767

Construction in Process [Member] | Cost [Member]

Reconciliation of changes in property, plant and equipment [Abstract]

Balance Beginning

9,083,995,555

2,799,006,767

1,943,448,204

Additions

1,388,105,617

1,521,986,623

844,891,106

Disposals

Capitalization of FF&E and OS&E, buildings

(1,525,827,023)

Revaluation

(2,437,323,707)

4,763,002,165

10,667,457

Balance Ending

6,508,950,442

9,083,995,555

2,799,006,767

Construction in Process [Member] | Accumulated Depreciation [Member]

Reconciliation of changes in property, plant and equipment [Abstract]

Reconciliation of changes in property, plant and equipment [Abstract]

Balance Beginning

Balance Ending

2,845,648,648

Buildings [Member] | Cost [Member]

Reconciliation of changes in property, plant and equipment [Abstract]

Balance Beginning

Additions

Disposals

Capitalization of FF&E and OS&E, buildings

1,348,289,068

Revaluation

1,568,940,131

Balance Ending

2,917,229,199

Buildings [Member] | Accumulated Depreciation [Member]

Reconciliation of changes in property, plant and equipment [Abstract]

(71,580,551)

(71,580,551)

Reconciliation of changes in property, plant and equipment [Abstract]

Balance Beginning

Balance Ending

9,868,442

Elevators [Member] | Cost [Member]

Reconciliation of changes in property, plant and equipment [Abstract]

Balance Beginning

Additions

Disposals

Capitalization of FF&E and OS&E, buildings

10,964,935

Revaluation

Balance Ending

10,964,935

Elevators [Member] | Accumulated Depreciation [Member]

Reconciliation of changes in property, plant and equipment [Abstract]

Balance Beginning

Depreciation

(1,096,493)

Balance Ending

(1,096,493)

Computer Equipment [Member]

Reconciliation of changes in property, plant and equipment [Abstract]

Balance Beginning

1,217,312

1,723,871

Balance Ending

1,065,473

1,217,312

1,723,871

Computer Equipment [Member] | Cost [Member]

Reconciliation of changes in property, plant and equipment [Abstract]

Balance Beginning

7,109,323

6,804,613

5,515,500

Additions

627,269

304,710

1,289,113

Disposals

Capitalization of FF&E and OS&E, buildings

Revaluation

Balance Ending

7,736,592

7,109,323

6,804,613

Computer Equipment [Member] | Accumulated Depreciation [Member]

Reconciliation of changes in property, plant and equipment [Abstract]

Balance Beginning

(5,892,011)

(5,080,742)

(4,435,872)

Depreciation

(779,108)

(811,269)

(644,870)

Disposals

Balance Ending

(6,671,119)

(5,892,011)

(5,080,742)

Transportation Equipment [Member]

Reconciliation of changes in property, plant and equipment [Abstract]

Balance Beginning

248,087

168,945

Balance Ending

170,596

248,087

168,945

Transportation Equipment [Member] | Cost [Member]

Reconciliation of changes in property, plant and equipment [Abstract]

Balance Beginning

2,874,688

2,643,005

2,310,075

Additions

231,683

628,276

Disposals

(295,346)

Capitalization of FF&E and OS&E, buildings

Revaluation

Balance Ending

2,874,688

2,643,005

Transportation Equipment [Member] | Accumulated Depreciation [Member]

Reconciliation of changes in property, plant and equipment [Abstract]

Balance Beginning

(2,626,601)

(2,474,060)

(1,838,991)

Depreciation

(77,491)

(152,541)

(643,856)

Disposals

8,787

Balance Ending

(2,704,092)

(2,626,601)

(2,474,060)

Furniture [Member]

Reconciliation of changes in property, plant and equipment [Abstract]

Balance Beginning

^[1]

1,614,991

915,994

Balance Ending

^[1]

106,675,516

1,614,991

915,994

Furniture [Member] | Cost [Member]

Reconciliation of changes in property, plant and equipment [Abstract]

Balance Beginning

^[1]

5,694,946

4,844,499

4,687,834

Additions

^[1]

157,205,729

850,447

156,665

Disposals

^[1]

(163,689,130)

Capitalization of FF&E and OS&E, buildings

^[1]

166,573,020

Revaluation

^[1]

Balance Ending

^[1]

165,784,565

5,694,946

4,844,499

Furniture [Member] | Accumulated Depreciation [Member]

Reconciliation of changes in property, plant and equipment [Abstract]

Balance Beginning

^[1]

(4,079,955)

(3,928,505)

(3,806,348)

Depreciation

^[1]

(55,029,094)

(151,450)

(122,157)

Disposals

^[1]

Balance Ending

^[1]

(59,109,049)

(4,079,955)

(3,928,505)

Equipment and Other Assets [Member]

Reconciliation of changes in property, plant and equipment [Abstract]

Balance Beginning

990,628

1,143,609

Balance Ending

838,166

990,628

1,143,609

Equipment and Other Assets [Member] | Cost [Member]

Reconciliation of changes in property, plant and equipment [Abstract]

Balance Beginning

3,173,881

3,164,149

Additions

9,732

Disposals

Capitalization of FF&E and OS&E, buildings

Revaluation

Balance Ending

3,173,881

Equipment and Other Assets [Member] | Accumulated Depreciation [Member]

Reconciliation of changes in property, plant and equipment [Abstract]

Balance Beginning

(2,183,253)

(2,030,272)

(1,871,164)

Depreciation

(152,462)

(152,981)

(159,108)

Disposals

Balance Ending

$ (2,335,715)

$ (2,183,253)

$ (2,030,272)

[1]	Includes FF&E and OS&E assets.

Commitments and contingencies

12 Months Ended

Dec. 31, 2023

Commitments and contingencies [Abstract]

Commitments and contingencies

17.	Commitments and contingencies

In accordance with Mexican tax law, the tax authorities are empowered to examine transactions carried out during the five years prior to the most recent income tax return filed.

In accordance with the Mexican tax Law, companies carrying out transactions with related parties are subject to certain requirements as to the determination of prices, which should be like those used in arm’s-length transactions. Should the tax authorities examine the transactions and reject the related-party prices, they could assess additional taxes plus the related inflation adjustment and interest, in addition to penalties of up to 100% of the omitted taxes.

On September 10, 2019, and as amended on March 28, 2021, July 11, 2023 and the extension on January 19, 2024, the Group signed a Hotel Management Agreement with AMR Operaciones MX, S. de R L. de C. V. (AMR). Under this contract, AMR is solely engaged as an exclusive managing agent of the 1,016 keys with the brands Vivid (400 keys) and Dreams (616 keys) of the Cancun complex on behalf of the Company, in exchange of certain fees for the services provided. The period commencing from the opening date and ending on December 31 of the 25th full Fiscal Year following the opening date

On May 11, 2022, the Group signed a Hotel Services Agreement with Hyatt of Mexico, S.A. de C.V. (“Hyatt”). Under this contract, Hyatt is solely engaged as an exclusive managing agent of the Andaz Hotel on behalf of the Company, in exchange of certain fees for the services provided. The period commencing from the opening date and ending on December 31 of the 20th full Fiscal Year following the opening date.

On May 11, 2022, the Group signed a Hotel Management Agreement with Ennismore Holdings US Inc. (“Accor”). Under this contract, Accor is solely engaged as an exclusive managing agent of the Mondrian Hotel on behalf of the Company, in exchange of certain fees for the services provided. The period commencing from the opening date and ending on December 31 of the 20th full Fiscal Year following the opening date.

Investment property (Tables)

12 Months Ended

Dec. 31, 2023

Investment property [Abstract]

Reconciliation of Carrying Amount

Reconciliation of carrying amount

	As of December 31,
	2023			2022

Balances as of January 1,	$	1,187,089,926		$	889,000,000
Changes in fair value		(86,598,436	)		298,089,926
Balances as of December 31,	$	1,100,491,490		$	1,187,089,926

Financial instruments - Fair value and risk management, Interest-Bearing Financial Instruments (Details)	12 Months Ended
	Dec. 31, 2023 MXN ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 MXN ($)	Dec. 31, 2022 USD ($)
Financial assets measured at fair value [Abstract]
Carrying amount	$ 116,923,727		$ 192,791,990
Interest Rate Risk [Member]
Financial assets measured at fair value [Abstract]
Carrying amount	116,923,727		192,791,990
Effects recognized in P & L	$ (75,868,263)		200,739,870
Interest Rate Risk [Member] \| Interest Rate Swaps [member]
Interest rate risks [Abstract]
Percentage of interest rate risk exposure adopted	70.00%
Hedge ratio	1
Interest Rate Risk [Member] \| Sabadell [Member] \| Level 2 [Member]
Financial assets measured at fair value [Abstract]
Nominal amount		$ 73,376,432		$ 76,367,805
Carrying amount	$ 68,146,850		114,002,838
Effects recognized in P & L	(45,855,988)		119,432,687
Interest Rate Risk [Member] \| Caixabank [Member] \| Level 2 [Member]
Financial assets measured at fair value [Abstract]
Nominal amount		$ 57,438,000		$ 60,000,000
Carrying amount	48,776,877		78,789,152
Effects recognized in P & L	$ (30,012,275)		$ 81,307,183

Other income and other expenses

12 Months Ended

Dec. 31, 2023

Other income and other expenses [Abstract]

Other income and other expenses

15.	Other income and other expenses

	For the Year Ended December 31,
	2023		2022		2021
Other income
Gain on sale of property, plant and equipment	$	100	$	203,909	$	25,863
Income on extraordinary maintenance						13,815,641
Expanses reimbursement		-		12,610,139		-
Land repurchase bonus		-		7,848,211		-
Rent		-		4,326,241		-
VAT revaluation		4,283,151		8,511,228		2,946,612
Insurance recovery		1,549,313		-		-
Key Money Amortization		1,705,089		-		-
Others		18,022,899		15,175		16,868,660

Total other income	$	25,560,552	$	33,514,903	$	33,656,776

	For the Year Ended December 31,
	2023			2022			2021
Other expenses
Penalties on land acquisition	$	-		$	-		$	(28,364,700	)
Other expenses		(9,801,077	)		(3,874,125	)		(343,622	)
Total other expenses	$	(9,801,077	)	$	(3,874,125	)	$	(28,708,322	)

New standards or amendments issued

12 Months Ended

Dec. 31, 2023

New standards or amendments issued [Abstract]

New standards or amendments issued

4.	New standards or amendments issued

In the current year, the Group has applied a number of amendments to IFRS Accounting Standards issued by the IASB that are mandatorily effective for an accounting period that begins on or after January 1, 2023. Their adoption has not had any material impact on the disclosures or the amounts reported in these financial statements.

IFRS 17 Insurance Contracts (including June 2020 and December 2021 Amendments to IFRS 17)

The Group does not have any contracts that meet the definition of an insurance contract under IFRS 17.

IFRS 17 establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts and supersedes IFRS 4 Insurance Contracts.

IFRS 17 outlines a general model, which is modified for insurance contracts with direct participation features, described as the variable fee approach. The general model is simplified if certain criteria are met by measuring the liability for remaining coverage using the premium allocation approach. The general model uses current assumptions to estimate the amount, timing and uncertainty of future cash flows and it explicitly measures the cost of that uncertainty. It takes into account market interest rates and the impact of policyholders’ options and guarantees.

Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements — Disclosure of Accounting Policies

The Group has adopted the amendments to IAS 1 for the first time in the current year. The amendments change the requirements in IAS 1 with regard to disclosure of accounting policies. The amendments replace all instances of the term ‘significant accounting policies’ with ‘material accounting policy information’. Accounting policy information is material if, when considered together with other information included in an entity’s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements.

The supporting paragraphs in IAS 1 are also amended to clarify that accounting policy information that relates to immaterial transactions, other events or conditions is immaterial and need not be disclosed. Accounting policy information may be material because of the nature of the related transactions, other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material transactions, other events or conditions is itself material.

The IASB has also developed guidance and examples to explain and demonstrate the application of the ‘four-step materiality process’ described in IFRS Practice Statement 2.

Management reviewed the accounting policies disclosed and determined that the amendment did not impact the accounting policy information disclosed in Note 3.

Amendments to IAS 12 Income taxes – Deferred Tax related to Assets and Liabilities arising from a Single Transaction

The Group has adopted the amendments to IAS 12 for the first time in the current year. The amendments introduce a further exception from the initial recognition exemption. Under the amendments, an entity does not apply the initial recognition exemption for transactions that give rise to equal taxable and deductible temporary differences. Depending on the applicable tax law, equal taxable and deductible temporary differences may arise on initial recognition of an asset and liability in a transaction that is not a business combination and affects neither accounting profit nor taxable profit.

Following the amendments to IAS 12, an entity is required to recognize the related deferred tax asset and liability, with the recognition of any deferred tax asset being subject to the recoverability criteria in IAS 12.

As of December 31, 2023, there was no material impact on the amounts or disclosures reported in these financial statements due to the adoption of this amendment.

Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors —Definition of Accounting Estimates

The Group has adopted the amendments to IAS 8 for the first time in the current year. The amendments replace the definition of a change in accounting estimates with a definition of accounting estimates.

Under the new definition, accounting estimates are “monetary amounts in financial statements that are subject to measurement uncertainty”. The definition of a change in accounting estimates was deleted.

As of December 31, 2023, there was no material impact on the amounts or disclosures reported in these financial statements due to the adoption of this amendment.

New and revised IFRS Accounting Standards in issue but not yet effective

At the date of authorization of these financial statements, the group has not applied the following new and revised IFRS Accounting Standards that have been issued but are not yet effective.

•

Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28)

•

Classification of Liabilities as Current or Non-Current (Amendments to IAS 1)

•

Non-Current Liabilities with Covenants (Amendments to IAS 1)

•

Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)

•

Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)

The Group is in the process of assessing the potential impact of the amendments on the classification of these liabilities and the related disclosures.

Employee benefits

12 Months Ended

Dec. 31, 2023

Employee benefits [Abstract]

Employee benefits

11.	Employee benefits

	As of December 31,
	2023		2022
Net defined benefit liability:
Liability for social security contributions	$	4,544,203	$	4,087,635
Liability for long-service leave		8,766,021		6,654,318
Total employee benefit liability		13,310,224		10,741,953

Non-current	$	8,766,021	$	6,654,318

Current	$	4,544,203	$	4,087,635

In accordance with Mexican Labor Law, the Group provides seniority premium benefits, which consist of a single payment of 12 days for each year worked based on the last salary, limited to twice the minimum salary established by law. The relative liability and the annual cost of benefits are calculated by independent actuaries in accordance with the bases defined in the plans, using the projected unit credit method.

Movement in net defined benefit liability

	As of December 31,
	2023			2022		2021

Balance as of January 1,	$	6,654,318		$	3,415,458	$	3,332,454
Included in profit and loss:
Current service cost		1,706,150			428,469		841,579
Interest cost		544,326			255,911		183,286
		8,904,794			4,099,838		4,357,319
Included in OCI
Remeasurement in loss (gain)		(124,616	)		2,554,480		(941,861	)

Payments
Benefits paid		(14,157	)		-		-

Balance as of December 31,	$	8,766,021		$	6,654,318	$	3,415,458

Actuarial assumptions

The following were the principal actuarial assumption at the reporting date (expressed as weighted averages):

	2023	2022
Discount rate	9.20%	9.01%
Salary growth	5.50%	5.50%
Future salary growth	5.50%	5.50%

As of December 31, 2023 and 2022, the weighted -average duration of the defined benefit obligation was 15 years per employee.

Sensitivity analysis

Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amounts shown below:

	As of December 31, 2023							As of December 31, 2022
	Increase				Decrease			Increase				Decrease

Discount rate (1% movement)		$	(1,121,519	)		$	1,298,516		$	(851,804	)		$	986,487

		$	(1,121,519	)		$	1,298,516		$	(851,804	)		$	986,487

Subsequent events

12 Months Ended

Dec. 31, 2023

Subsequent events [Abstract]

Subsequent events

18.	Subsequent events

On January 5, 2024, the Group signed a loan agreement with Fínamo for $350,000,000 with an annual interest rate of 17%; funds were received on the same date. On January 5, 2024, the Group signed a loan agreement with Fínamo for U.S.$26,000,000 with an annual interest rate of 15%. The funds were received on January 18, 2024, and part of this loan was used to pay the $350,000,000 described above. Unit 3 of the land in Grand Island was given as guarantee under this loan agreement.

On January 26, 2024, February 26, 2024 and March 26, 2024, the Group received U.S.$70,000, U.S.$316,000 and U.S.$311,000, respectively, from the U.S.$2,500,000 Exitus loan (see Note 10.6).

On February 1, 2024, the Group received U.S.$6,000,000 related to the tranche C of the Syndicated loan.

On February 23, 2024 the Securities and Exchange Commission gave notice of effectiveness to the Registration Statement on Form F-4 related to the BCA described in Note 1.b.2. On March 1, 2024, Murano Global Investments Limited converted from a private limited company to a public limited company operating under the name Murano Global Investments PLC.

As part of the BCA, on March 8, 2024, the Group conducted a capital restructuring that resulted in Murano Global Investments PLC becoming the ultimate parent company of the Group and Murano PV, S. A. de C. V. as an intermediate holding company of the Group, a subsidiary of Murano Global Investments PLC and owner of the Mexican structure.

On March 20, 2024, Murano Global Investments Limited PLC and HCM completed the BCA and as a result there were 79,242,873 ordinary shares and 16,875,000 warrants outstanding as of that date. The Group’s original shareholder obtained 87.2% of the total outstanding shares, HCM’s sponsor obtained 11.1%, certain vendors obtained 1.6% and the rest of HCM’s shareholders 0.1%. HCM does not meet the definition of a “business” under IFRS 3 Business Combinations given it consisted predominantly of cash in trust account, therefore, there is no acquisition accounting and no recognition of goodwill or intangible assets. Instead, the merger as defined in the BCA is accounted for as a capital reorganization for which the Group applied IFRS 2 Share-based payment. Also, in accordance with IFRS 2 Share-based Payment, the difference in the fair value of the shares issued by the Group over the identifiable net assets of HCM at historical cost will be acIncreaseDecreaseInNumberOfOrdinarySharesIssuedcounted for as share-based compensation.

On March 21, 2024 its common stock and warrants began trading on the Nasdaq Capital Market under the ticker symbols “MRNO” and “MRNOW”, respectively.

As of the date of these combined financial statements, the Group is evaluating the economic impact of the BCA in the ultimate parent company of the Group. The Group considers that the following items will have an economic impact resulting from this operation: cash and cash equivalents, common stock, accrued expenses and transaction costs. The estimation of these impacts is conducted in accordance with IFRS 2.

During the first quarter of 2024, the debt service reserve account under the Fideicomiso 2000’s syndicated secured mortgage loan was not fully funded at test day, the Group requested a waiver from the lenders, which was granted on March 19, 2024 a temporary waiver for this covenant breach was obtained until May 1, 2024.

On March 27, 2024, Murano World, S. A. de C. V. increased its credit line with Santander from U.S.$1,500,000 to U.S.$2,000,000.

On April 4, 2024, the Group amended the loan agreement signed between Inmobiliaria Insurgentes 421 and Bancomext. The main change included postponing the capital payments calendar from April 2024 to April 2025, as well as obtained an event of default waiver by Bancomext, as lender, in connection with the funding obligations of the debt service reserve accounts. As a result of such waiver, the parties thereto executed an amendment and waiver agreement to provide for the new terms and conditions with respect to the funding obligations of the debt service reserve accounts. Therefore, as of this date such events of default under the Insurgentes Loan have been waived by the lender.

On April 9, 2024, Murano PV, S. A. de C. V. signed a loan agreement with Fínamo for $100,000,000 with maturity in 6 months and a fixed annual interest rate of 22%.

On April 9, 2024, an assignment and adhesion to the syndicated secured mortgage loan of Fideicomiso Murano 2000 (GIC I Trust) was executed by and between Avantta Sentir Común, S. A. de C.V., SOFOM, E.N.R., as adherent creditor and assignee, Sabcapital, S.A. de C.V., SOFOM, E.R., as the assignor, with the appearance of Sabadell in its capacity as administrative and collateral agent and the GIC I Trust (the “GIC Loan Assignment”) whereby the assignor assigned and transferred to the assignee its rights and obligations owned as a Tranche C creditor representing 60% of the tranche C commitment, amounting to U.S. $6,000,000.00 as the assigned amount.

On April 11, 2024, the Group received $137,615,652 from the credit line with Bancomext to finance VAT receivable.

Long-term debt, Reconciliation of Movements of Liabilities to Cash Flows Arising from Financing Activities (Details) - MXN ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of reconciliation of liabilities arising from financing activities [Abstract]
Beginning balance	$ 5,563,175,004	$ 3,795,309,906
Payments	(272,136,923)	(220,572,529)
Interest paid	(286,015,329)
Interest paid and capitalized (see note 7)	(275,133,471)	(247,025,739)
Proceeds from loans	2,116,176,076	2,237,181,037
Accrued interest	601,125,111	289,735,943
Amortization of cost to obtain loans and commissions	8,106,066	3,884,065
Costs to obtain loans and commissions	(37,075,869)	(19,249,547)
Total changes from financing cash flows	7,418,220,665	5,839,263,136
Effect on changes in foreign exchange rates	(735,547,851)	(276,088,132)
Ending balance	$ 6,682,672,814	$ 5,563,175,004

Financial instruments - Fair value and risk management, Accounting Classification (Details) - MXN ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Financial Assets not Measured at Fair Value [Abstract]
Financial assets, transfers out of Level 1 into Level 2	$ 0	$ 0
Financial assets, transfers out of Level 2 into Level 1	0	0
Financial assets, transfers into Level 3	0	0
Secured Bank Loan [Member]
Financial Liabilities not Measured at Fair Value [Abstract]
Financial liabilities	(6,614,983,870)	(4,308,870,061)
Secured Bank Loan [Member] \| Mandatory at FVTPL [Member]
Financial Liabilities not Measured at Fair Value [Abstract]
Financial liabilities	0	0
Secured Bank Loan [Member] \| Financial Liabilities at Amortized Cost [Member]
Financial Liabilities not Measured at Fair Value [Abstract]
Financial liabilities	0	0
Secured Bank Loan [Member] \| Other Financial Liabilities [Member]
Financial Liabilities not Measured at Fair Value [Abstract]
Financial liabilities	(6,614,983,870)	(4,308,870,061)
Unsecured Bank Loan [Member]
Financial Liabilities not Measured at Fair Value [Abstract]
Financial liabilities	(67,688,944)	(1,528,794,290)
Unsecured Bank Loan [Member] \| Mandatory at FVTPL [Member]
Financial Liabilities not Measured at Fair Value [Abstract]
Financial liabilities	0	0
Unsecured Bank Loan [Member] \| Financial Liabilities at Amortized Cost [Member]
Financial Liabilities not Measured at Fair Value [Abstract]
Financial liabilities	0	0
Unsecured Bank Loan [Member] \| Other Financial Liabilities [Member]
Financial Liabilities not Measured at Fair Value [Abstract]
Financial liabilities	(67,688,944)	(1,528,794,290)
Interest Rate Swaps [Member] \| Level 2 [Member]
Financial assets measured at fair value [Abstract]
Financial assets, at fair value	116,923,727	192,791,990
Interest Rate Swaps [Member] \| Mandatory at FVTPL [Member] \| Level 2 [Member]
Financial assets measured at fair value [Abstract]
Financial assets, at fair value	116,923,727	192,791,990
Interest Rate Swaps [Member] \| Financial Assets at Amortized Cost [Member] \| Level 2 [Member]
Financial assets measured at fair value [Abstract]
Financial assets, at fair value	0	0
Interest Rate Swaps [Member] \| Other Financial Assets [Member] \| Level 2 [Member]
Financial assets measured at fair value [Abstract]
Financial assets, at fair value	0	0
Cash and Cash Equivalents and Restricted Cash [Member] \| Level 1 [Member]
Financial Assets not Measured at Fair Value [Abstract]
Financial assets	146,369,734	240,754,805
Cash and Cash Equivalents and Restricted Cash [Member] \| Mandatory at FVTPL [Member] \| Level 1 [Member]
Financial Assets not Measured at Fair Value [Abstract]
Financial assets	0	0
Cash and Cash Equivalents and Restricted Cash [Member] \| Financial Assets at Amortized Cost [Member] \| Level 1 [Member]
Financial Assets not Measured at Fair Value [Abstract]
Financial assets	146,369,734	240,754,805
Cash and Cash Equivalents and Restricted Cash [Member] \| Other Financial Assets [Member] \| Level 1 [Member]
Financial Assets not Measured at Fair Value [Abstract]
Financial assets	$ 0	$ 0

Property, construction in process and equipment

12 Months Ended

Dec. 31, 2023

Property, construction in process and equipment [Abstract]

Property, construction in process and equipment [Text Block]

7.	Property, construction in process and equipment

Reconciliation of carrying amount

				Construction in							Computer		Transportation						Equipment and
	Land			process			Buildings		Elevators		equipment		Equipment			Furniture⁽¹⁾			other assets		Total
Cost:
Balances as of January 1, 2021	$	6,373,462,349		$	1,943,448,204			-		-	$	5,515,500	$	2,310,075		$	4,687,834		$	3,164,149	$	8,332,588,111

Additions		39,800,079			844,891,106			-		-		1,289,113		628,276			156,665			9,732		886,774,971
Disposals		(7,908,895	)		-			-		-		-		(295,346	)		-			-		(8,204,241	)
Revaluation		228,322,633			10,667,457			-		-		-		-			-			-		238,990,090

Balances as of December 31, 2021		6,633,676,166			2,799,006,767			-		-		6,804,613		2,643,005			4,844,499			3,173,881		9,450,148,931

Additions		-			1,521,986,623			-		-		304,710		231,683			850,447			-		1,523,373,463
Disposals		(85,296,091	)		-			-		-		-		-			-			-		(85,296,091	)
Revaluation		1,246,037,181			4,763,002,165			-		-		-		-			-			-		6,009,039,346

Balances as of December 31, 2022	$	7,794,417,256		$	9,083,995,555		$	-	$	-	$	7,109,323	$	2,874,688		$	5,694,946		$	3,173,881	$	16,897,265,649

Additions		173,992,200			1,388,105,617			-		-		627,269		-			157,205,729			-		1,719,930,815
Disposals		-			-			-		-		-		-			(163,689,130	)		-		(163,689,130	)
Capitalization of FF&E and OS&E, buildings and elevators		-			(1,525,827,023	)		1,348,289,068		10,964,935		-		-			166,573,020			-		-
Revaluation		(21,598,770	)		(2,437,323,707	)		1,568,940,131						-			-			-		(889,982,346	)
Balances as of December 31, 2023	$	7,946,810,686		$	6,508,950,442		$	2,917,229,199	$	10,964,935	$	7,736,592	$	2,874,688		$	165,784,565		$	3,173,881	$	17,563,524,988

			Construction in								Computer			Transportation						Equipment and
	Land		process		Buildings			Elevators			equipment			Equipment			Furniture⁽¹⁾			other assets			Total
Accumulated depreciation:
Balances as of January 1, 2021	$	-	$	-	$	-		$	-		$	(4,435,872	)	$	(1,838,991	)	$	(3,806,348	)	$	(1,871,164	)	$	(11,952,375	)

Depreciation		-		-		-			-			(644,870	)		(643,856	)		(122,157	)		(159,108	)		(1,569,991	)
Disposals		-		-		-			-			-			8,787			-			-			8,787

Balances as of December 31, 2021		-		-		-			-			(5,080,742	)		(2,474,060	)		(3,928,505	)		(2,030,272	)		(13,513,579	)

Depreciation		-		-		-			-			(811,269	)		(152,541	)		(151,450	)		(152,981	)		(1,268,241	)

Balances as of December 31, 2022	$	-	$	-	$	-		$	-		$	(5,892,011	)	$	(2,626,601	)	$	(4,079,955	)	$	(2,183,253	)	$	(14,781,820	)

Depreciation		-		-		(71,580,551	)		(1,096,493	)		(779,108	)		(77,491	)		(55,029,094	)		(152,462	)		(128,715,199	)

Balances as of December 31, 2023		-		-		(71,580,551	)		(1,096,493	)		(6,671,119	)		(2,704,092	)		(59,109,049	)		(2,335,715	)		(143,497,019	)

Carrying amounts as of:
December 31, 2021	$	6,633,676,166	$	2,799,006,767	$	-		$	-		$	1,723,871		$	168,945		$	915,994		$	1,143,609		$	9,436,635,352

December 31, 2022	$	7,794,417,256	$	9,083,995,555	$	-		$	-		$	1,217,312		$	248,087		$	1,614,991		$	990,628		$	16,882,483,829

December 31, 2023	$	7,946,810,686	$	6,508,950,442	$	2,845,648,648		$	9,868,442		$	1,065,473		$	170,596		$	106,675,516		$	838,166		$	17,420,027,969

(1)

Includes FF&E and OS&E assets.

Construction in process

GIC I is a hotel project in Cancun with 1,016 rooms, with construction nearing completion and operations commencing through 2024, The total amount expected to be invested in the construction is $3,200,000,000, excluding financial cost and cost of land. As of December 31, 2023, and 2022, amounts incurred in the construction in process during the calendar year are $1,106,639,896 and $1,194,557,969, respectively.

GIC II is a plot of land located in Cancun, Quintana Roo, the Group will develop a hotel facility project up to 2,000 rooms.

Insurgentes Hotel is a hotel facility project comprised of two individual hotels with a combined capacity of 396 rooms, located in Mexico City. This hotel commenced operations in the first quarter of 2023. As of December 31, 2023, and 2022, the incurred amounts in the construction are $79,064,992 and $293,725,328, respectively.

Capitalization of borrowing cost included in the incurred cost of the construction of the above hotel facilities for the years ended December 31, 2023 and 2022 of $275,133,471 and $247,025,739, respectively, were calculated using a capitalization rate of 100% since all the loans held by the Group are specific and directable attributable to the construction in process.

Non-cash and cash transactions in Property, construction in process and equipment

	As of December 31,
	2023			2022		2021

Balances as of January 1	$	16,897,265,649		$	9,450,148,931	$	8,332,588,111
Non-cash transactions:
Revaluation of land and construction in process		(889,982,346	)		6,009,039,346		238,990,090
Effect on movement in exchange rates on cash held		-			1,451,180		(571,766	)
Total non-cash transactions		(889,982,346	)		6,010,490,526		238,418,324

Cash transactions:
Construction in process and equipment		1,281,108,214			1,189,600,453		666,056,209
Accrued capitalized borrowing costs		275,133,471			247,025,739		213,086,287
Total cash transactions		1,556,241,685			1,436,626,192		879,142,496

Balances as of December 31	$	17,563,524,988		$	16,897,265,649	$	9,450,148,931

Measurement of fair value

Land and construction in process

Fair value hierarchy

The Group engages third-party qualified appraisers to perform the valuation of the land and construction in process annually. The technical committee works closely with qualified external appraisers to establish the appropriate valuation techniques and inputs to the model.

The fair value measurement for the land and construction in process has been categorized as a Level 3 fair value based on the inputs to the valuation technique used. Changes in fair value are recognized in Other Comprehensive Income (OCI).

Valuation technique and significant unobservable inputs

The following table shows the valuation technique used in measuring the fair value of the land and construction in process, as well as the significant unobservable inputs used.

The revaluation (loss) surplus for the years ended December 31, 2023, 2022 and 2021 were $(889,982,346) $6,009,039,346 and $238,990,090, respectively.

Valuation technique	Significant unobservable inputs	Inter-relationship between significant unobservable inputs and fair value measurement

Land Group directors use the market-based approach to determine the value of the land as described in the valuation reports prepared by the appraisers. In estimating the fair value of the subject assets, the appraiser performed the following: • Researched market data to obtain information pertaining to sales and listings (comps) that are similar to the Subject Asset. • Selected relevant units of comparison (e.g., price per square meter), and developed a comparative analysis for each. • Compared the comps to the Subject Asset using elements of comparison that may include, but are not limited to, market conditions, location, and physical characteristics; and adjusted the comps as appropriate. • Reconciled the multiple value indications that resulted from the adjustment of the comps into a single value indication. • The selected price per square meter is consistent with market prices rates paid by market participants and/or current asking market prices rates for comparable properties.	The appraiser compared the comps to the Subject Assets using comparison elements that include market conditions, location, and physical characteristics. • Location (0.80 - 1). • Size (1.08 - 1.20). • Market conditions (0.8 - 1).	The estimated fair value would increase if the adjustments applied were higher.

Valuation technique	Significant unobservable inputs	Inter-relationship between significant unobservable inputs and fair value measurement

Construction in process Group directors use the cost approach to determine the value of construction in process as described in the valuation reports prepared by the appraisers. In estimating the fair value of building and site improvements, the appraiser performed the following: • Estimated replacement cost of the building and site improvements, as though new, considering items such as indirect costs. • Estimated and applied deductions related to accrued depreciation, resulting from physical deterioration, and work in progress.	The appraiser used an adjustment factor regarding the status of the construction in process. Work in progress adjustment (0.6 - 0.98).	The estimated fair value would increase if the adjustments applied were higher.

Carrying amount

If the Group’s land and construction in process been measured on a historical cost basis, the carrying amounts would have been as follows:

	As of December 31,
	2023		2022

Land	$	673,294,661	$	499,302,461
Construction in process		5,276,177,102		3,693,047,230
Total	$	5,949,471,763	$	4,192,349,691

Security

As of December 31, 2023, properties with a carrying amount of $17,407,733,917 were subject to a registered debenture that forms security for certain loans. A list of the properties granted and the related loans is as follows:

	Property		Associated Credit Reference
	Unit 1, 4 y 5 / Grand Island		See Note 10 Terms and repayment schedule (1)
	Unit 2 / Grand Island		See Note 10 Terms and repayment schedule (4) and Note 6 reference 8
	Unit 8, No. 56-A-1, Supermanzana A2, Sup. 824.20 M2
	Unit 9, No. 56-A-1, Supermanzana A2, Sup. 832.94 M2
	Insurgentes Sur 421 Complex		See Note 10 Terms and repayment schedule (3)
	Beach Club – Playa Delfines		See Note 10 Terms and repayment schedule (1) and (8)
	Plot of land: La Punta Bajamar / Lote 1, Manzana S/M, Sup. 4,117.88 M2		See Note 10 Terms and repayment schedule (7)
	Plot of land: La Punta Bajamar / Lote 2, Manzana S/M, Sup. 6,294.08 M2		See Note 10 Terms and repayment schedule (7)
	Plot of land: La Punta Bajamar / Lote 3 (Vialidad), Manzana S/M, Sup. 4,117.88 M2		See Note 10 Terms and repayment schedule (7)
	Plot of land: La Punta Bajamar / Lote 4, Manzana S/M, Sup. 10,015.68 M2		See Note 10 Terms and repayment schedule (7)
	Plot of land: La Punta Bajamar / Lote 5, Manzana S/M, Sup. 11,986.53 M2		See Note 10 Terms and repayment schedule (7)
	Plot of land: La Punta Bajamar / Lote 6, Manzana S/M, Sup. 2,912.02 M2		See Note 10 Terms and repayment schedule (7)
	Plot of land: La Punta Bajamar / Lote 7, Manzana S/M, Sup. 568.51 M2		See Note 10 Terms and repayment schedule (7)
	Plot of land: La Punta Bajamar / Lote 8, Manzana S/M, Sup. 635.25 M2		See Note 10 Terms and repayment schedule (7)

As of December 31, 2022, properties with a carrying amount of $14,013,476,697 were subject to a registered debenture that forms security for certain loans. A list of the properties granted and the related loans is as follows:

	Property		Associated Credit Reference
	Unit 1, 4 y 5 / Grand Island		See Note 10 Terms and repayment schedule (1)
	Unit 2 / Grand Island		See Note 10 Terms and repayment schedule (4) and Note 6 references (7) and (8)
	Unit 8, No. 56-A-1, Supermanzana A2, Sup. 824.20 M2
	Unit 9, No. 56-A-1, Supermanzana A2, Sup. 832.94 M2
	Insurgentes Sur 421 Complex		See Note 10 Terms and repayment schedule (3)

Related-party transactions and balances, Key Management Personnel Compensation (Details) - MXN ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Key management personnel compensation [Abstract]
Key management personnel compensation, short-term employee benefits	$ 13,185,131	$ 17,384,930	$ 7,945,915

Employee benefits, Net Defined Benefit Liability (Details) - MXN ($)	Dec. 31, 2023	Dec. 31, 2022
Net defined benefit liability [Abstract]
Liability for social security contributions	$ 4,544,203	$ 4,087,635
Liability for long-service leave	8,766,021	6,654,318
Total employee benefit liability	13,310,224	10,741,953
Non-current	8,766,021	6,654,318
Current	$ 4,544,203	$ 4,087,635

Financial instruments - Fair value and risk management, Liquidity Risk (Details) - MXN ($)	Dec. 31, 2023	Dec. 31, 2022
Secured Bank Loan [Member]
Non-derivative financial liabilities [Abstract]
Non-derivative financial liabilities	$ 6,614,983,870	$ 4,308,870,061
Unsecured Bank Loan [Member]
Non-derivative financial liabilities [Abstract]
Non-derivative financial liabilities	67,688,944	1,528,794,290
Liquidity Risk [Member]
Derivative financial assets [Abstract]
Derivative financial assets	116,923,727	192,791,990
Non-derivative financial liabilities [Abstract]
Non-derivative financial liabilities	7,289,797,769	5,962,874,037
Liquidity Risk [Member] \| 2-12 Months [Member]
Derivative financial assets [Abstract]
Derivative financial assets	116,923,727	192,791,990
Non-derivative financial liabilities [Abstract]
Non-derivative financial liabilities	2,326,380,651	427,138,178
Liquidity Risk [Member] \| 1-5 Years [Member]
Derivative financial assets [Abstract]
Derivative financial assets	0	0
Non-derivative financial liabilities [Abstract]
Non-derivative financial liabilities	1,815,433,019	2,380,322,946
Liquidity Risk [Member] \| More than 5 Years [Member]
Derivative financial assets [Abstract]
Derivative financial assets	0	0
Non-derivative financial liabilities [Abstract]
Non-derivative financial liabilities	3,005,838,844	3,078,839,570
Liquidity Risk [Member] \| Carrying Amount [Member]
Derivative financial assets [Abstract]
Derivative financial assets	0	0
Non-derivative financial liabilities [Abstract]
Non-derivative financial liabilities	142,145,255	76,573,343
Liquidity Risk [Member] \| Secured Bank Loan [Member]
Non-derivative financial liabilities [Abstract]
Non-derivative financial liabilities	6,614,983,870	4,308,870,061
Liquidity Risk [Member] \| Secured Bank Loan [Member] \| 2-12 Months [Member]
Non-derivative financial liabilities [Abstract]
Non-derivative financial liabilities	1,919,400,225	279,613,581
Liquidity Risk [Member] \| Secured Bank Loan [Member] \| 1-5 Years [Member]
Non-derivative financial liabilities [Abstract]
Non-derivative financial liabilities	1,635,476,776	2,038,359,482
Liquidity Risk [Member] \| Secured Bank Loan [Member] \| More than 5 Years [Member]
Non-derivative financial liabilities [Abstract]
Non-derivative financial liabilities	3,005,838,844	1,973,189,088
Liquidity Risk [Member] \| Secured Bank Loan [Member] \| Carrying Amount [Member]
Non-derivative financial liabilities [Abstract]
Non-derivative financial liabilities	54,268,025	17,707,910
Liquidity Risk [Member] \| Unsecured Bank Loan [Member]
Non-derivative financial liabilities [Abstract]
Non-derivative financial liabilities	67,688,944	1,528,794,290
Liquidity Risk [Member] \| Unsecured Bank Loan [Member] \| 2-12 Months [Member]
Non-derivative financial liabilities [Abstract]
Non-derivative financial liabilities	64,832,664	59,372,314
Liquidity Risk [Member] \| Unsecured Bank Loan [Member] \| 1-5 Years [Member]
Non-derivative financial liabilities [Abstract]
Non-derivative financial liabilities	2,001,517	341,726,892
Liquidity Risk [Member] \| Unsecured Bank Loan [Member] \| More than 5 Years [Member]
Non-derivative financial liabilities [Abstract]
Non-derivative financial liabilities	0	1,105,650,482
Liquidity Risk [Member] \| Unsecured Bank Loan [Member] \| Carrying Amount [Member]
Non-derivative financial liabilities [Abstract]
Non-derivative financial liabilities	854,763	22,044,602
Liquidity Risk [Member] \| Lease Liabilities [Member]
Non-derivative financial liabilities [Abstract]
Non-derivative financial liabilities	207,961,533	624,189
Liquidity Risk [Member] \| Lease Liabilities [Member] \| 2-12 Months [Member]
Non-derivative financial liabilities [Abstract]
Non-derivative financial liabilities	30,006,807	387,617
Liquidity Risk [Member] \| Lease Liabilities [Member] \| 1-5 Years [Member]
Non-derivative financial liabilities [Abstract]
Non-derivative financial liabilities	177,954,726	236,572
Liquidity Risk [Member] \| Lease Liabilities [Member] \| More than 5 Years [Member]
Non-derivative financial liabilities [Abstract]
Non-derivative financial liabilities	0	0
Liquidity Risk [Member] \| Lease Liabilities [Member] \| Carrying Amount [Member]
Non-derivative financial liabilities [Abstract]
Non-derivative financial liabilities	0	0
Liquidity Risk [Member] \| Trade Payables [Member]
Non-derivative financial liabilities [Abstract]
Non-derivative financial liabilities	399,163,422	124,585,497
Liquidity Risk [Member] \| Trade Payables [Member] \| 2-12 Months [Member]
Non-derivative financial liabilities [Abstract]
Non-derivative financial liabilities	312,140,955	87,764,666
Liquidity Risk [Member] \| Trade Payables [Member] \| 1-5 Years [Member]
Non-derivative financial liabilities [Abstract]
Non-derivative financial liabilities	0	0
Liquidity Risk [Member] \| Trade Payables [Member] \| More than 5 Years [Member]
Non-derivative financial liabilities [Abstract]
Non-derivative financial liabilities	0	0
Liquidity Risk [Member] \| Trade Payables [Member] \| Carrying Amount [Member]
Non-derivative financial liabilities [Abstract]
Non-derivative financial liabilities	87,022,467	36,820,831
Liquidity Risk [Member] \| Interest Rate Swaps [Member]
Derivative financial assets [Abstract]
Derivative financial assets	116,923,727	192,791,990
Liquidity Risk [Member] \| Interest Rate Swaps [Member] \| 2-12 Months [Member]
Derivative financial assets [Abstract]
Derivative financial assets	116,923,727	192,791,990
Liquidity Risk [Member] \| Interest Rate Swaps [Member] \| 1-5 Years [Member]
Derivative financial assets [Abstract]
Derivative financial assets	0	0
Liquidity Risk [Member] \| Interest Rate Swaps [Member] \| More than 5 Years [Member]
Derivative financial assets [Abstract]
Derivative financial assets	0	0
Liquidity Risk [Member] \| Interest Rate Swaps [Member] \| Carrying Amount [Member]
Derivative financial assets [Abstract]
Derivative financial assets	$ 0	$ 0

Reporting Entity and description of business, Corporate Information (Details) - 12 months ended Dec. 31, 2023	Room	m²	key
Complex Construction [Abstract]
Area of lease space \| m²		363,262
Andaz and Mondrian Hotel Complex [Member]
Complex Construction [Abstract]
Room capacity	396
Building Complex in Cancun, Quintana Roo [Member] \| Minimum [Member]
Complex Construction [Abstract]
Room capacity	3,000
Phase One [Member]
Complex Construction [Abstract]
Room capacity	1,016		1,016
"Vivid" Brand [Member]
Complex Construction [Abstract]
Room capacity	400		400
"Dreams" Brand [Member]
Complex Construction [Abstract]
Room capacity	616		616
Phase Two [Member]
Complex Construction [Abstract]
Room capacity	2,000
"Dreams Chateau" Brand [Member]
Complex Construction [Abstract]
Room capacity	371

Related-party transactions and balances, Reconciliation of Movements of Liabilities to Cash Flows Arising from Financing Activities (Details) - MXN ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of movements of liabilities to cash flows arising from financing activities [abstract]
Beginning balance	$ 5,563,175,004	$ 3,795,309,906
Payments	(272,136,923)	(220,572,529)
Interest paid	(286,015,329)
Proceeds from loans	2,116,176,076	2,237,181,037
Accrued interest	601,125,111	289,735,943
Total changes from financing cash flows	7,418,220,665	5,839,263,136
Effect on changes in foreign exchange rates	(735,547,851)	(276,088,132)
Ending balance	6,682,672,814	5,563,175,004
Related Parties [Member]
Reconciliation of movements of liabilities to cash flows arising from financing activities [abstract]
Beginning balance	274,489,347	188,122,066
Payments	(96,693,781)	(72,493,961)
Interest paid	(37,140,328)	(43,078,341)
Proceeds from loans	60,581,457	165,363,750
Accrued interest	39,901,733	41,738,642
Total changes from financing cash flows	241,138,428	279,652,156
Effect on changes in foreign exchange rates	(20,832,840)	(5,162,809)
Ending balance	$ 220,305,588	$ 274,489,347

Property, construction in process and equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, construction in process and equipment [Abstract]

Reconciliation of Carrying Amount

Reconciliation of carrying amount

				Construction in							Computer		Transportation						Equipment and
	Land			process			Buildings		Elevators		equipment		Equipment			Furniture⁽¹⁾			other assets		Total
Cost:
Balances as of January 1, 2021	$	6,373,462,349		$	1,943,448,204			-		-	$	5,515,500	$	2,310,075		$	4,687,834		$	3,164,149	$	8,332,588,111

Additions		39,800,079			844,891,106			-		-		1,289,113		628,276			156,665			9,732		886,774,971
Disposals		(7,908,895	)		-			-		-		-		(295,346	)		-			-		(8,204,241	)
Revaluation		228,322,633			10,667,457			-		-		-		-			-			-		238,990,090

Balances as of December 31, 2021		6,633,676,166			2,799,006,767			-		-		6,804,613		2,643,005			4,844,499			3,173,881		9,450,148,931

Additions		-			1,521,986,623			-		-		304,710		231,683			850,447			-		1,523,373,463
Disposals		(85,296,091	)		-			-		-		-		-			-			-		(85,296,091	)
Revaluation		1,246,037,181			4,763,002,165			-		-		-		-			-			-		6,009,039,346

Balances as of December 31, 2022	$	7,794,417,256		$	9,083,995,555		$	-	$	-	$	7,109,323	$	2,874,688		$	5,694,946		$	3,173,881	$	16,897,265,649

Additions		173,992,200			1,388,105,617			-		-		627,269		-			157,205,729			-		1,719,930,815
Disposals		-			-			-		-		-		-			(163,689,130	)		-		(163,689,130	)
Capitalization of FF&E and OS&E, buildings and elevators		-			(1,525,827,023	)		1,348,289,068		10,964,935		-		-			166,573,020			-		-
Revaluation		(21,598,770	)		(2,437,323,707	)		1,568,940,131						-			-			-		(889,982,346	)
Balances as of December 31, 2023	$	7,946,810,686		$	6,508,950,442		$	2,917,229,199	$	10,964,935	$	7,736,592	$	2,874,688		$	165,784,565		$	3,173,881	$	17,563,524,988

			Construction in								Computer			Transportation						Equipment and
	Land		process		Buildings			Elevators			equipment			Equipment			Furniture⁽¹⁾			other assets			Total
Accumulated depreciation:
Balances as of January 1, 2021	$	-	$	-	$	-		$	-		$	(4,435,872	)	$	(1,838,991	)	$	(3,806,348	)	$	(1,871,164	)	$	(11,952,375	)

Depreciation		-		-		-			-			(644,870	)		(643,856	)		(122,157	)		(159,108	)		(1,569,991	)
Disposals		-		-		-			-			-			8,787			-			-			8,787

Balances as of December 31, 2021		-		-		-			-			(5,080,742	)		(2,474,060	)		(3,928,505	)		(2,030,272	)		(13,513,579	)

Depreciation		-		-		-			-			(811,269	)		(152,541	)		(151,450	)		(152,981	)		(1,268,241	)

Balances as of December 31, 2022	$	-	$	-	$	-		$	-		$	(5,892,011	)	$	(2,626,601	)	$	(4,079,955	)	$	(2,183,253	)	$	(14,781,820	)

Depreciation		-		-		(71,580,551	)		(1,096,493	)		(779,108	)		(77,491	)		(55,029,094	)		(152,462	)		(128,715,199	)

Balances as of December 31, 2023		-		-		(71,580,551	)		(1,096,493	)		(6,671,119	)		(2,704,092	)		(59,109,049	)		(2,335,715	)		(143,497,019	)

Carrying amounts as of:
December 31, 2021	$	6,633,676,166	$	2,799,006,767	$	-		$	-		$	1,723,871		$	168,945		$	915,994		$	1,143,609		$	9,436,635,352

December 31, 2022	$	7,794,417,256	$	9,083,995,555	$	-		$	-		$	1,217,312		$	248,087		$	1,614,991		$	990,628		$	16,882,483,829

December 31, 2023	$	7,946,810,686	$	6,508,950,442	$	2,845,648,648		$	9,868,442		$	1,065,473		$	170,596		$	106,675,516		$	838,166		$	17,420,027,969

(1)

Includes FF&E and OS&E assets.

Non-cash and Cash Transactions in Property, Construction in Process and Equipment

Non-cash and cash transactions in Property, construction in process and equipment

	As of December 31,
	2023			2022		2021

Balances as of January 1	$	16,897,265,649		$	9,450,148,931	$	8,332,588,111
Non-cash transactions:
Revaluation of land and construction in process		(889,982,346	)		6,009,039,346		238,990,090
Effect on movement in exchange rates on cash held		-			1,451,180		(571,766	)
Total non-cash transactions		(889,982,346	)		6,010,490,526		238,418,324

Cash transactions:
Construction in process and equipment		1,281,108,214			1,189,600,453		666,056,209
Accrued capitalized borrowing costs		275,133,471			247,025,739		213,086,287
Total cash transactions		1,556,241,685			1,436,626,192		879,142,496

Balances as of December 31	$	17,563,524,988		$	16,897,265,649	$	9,450,148,931

Valuation Technique and Significant Unobservable Inputs

The following table shows the valuation technique used in measuring the fair value of the land and construction in process, as well as the significant unobservable inputs used.

The revaluation (loss) surplus for the years ended December 31, 2023, 2022 and 2021 were $(889,982,346) $6,009,039,346 and $238,990,090, respectively.

Valuation technique	Significant unobservable inputs	Inter-relationship between significant unobservable inputs and fair value measurement

Land Group directors use the market-based approach to determine the value of the land as described in the valuation reports prepared by the appraisers. In estimating the fair value of the subject assets, the appraiser performed the following: • Researched market data to obtain information pertaining to sales and listings (comps) that are similar to the Subject Asset. • Selected relevant units of comparison (e.g., price per square meter), and developed a comparative analysis for each. • Compared the comps to the Subject Asset using elements of comparison that may include, but are not limited to, market conditions, location, and physical characteristics; and adjusted the comps as appropriate. • Reconciled the multiple value indications that resulted from the adjustment of the comps into a single value indication. • The selected price per square meter is consistent with market prices rates paid by market participants and/or current asking market prices rates for comparable properties.	The appraiser compared the comps to the Subject Assets using comparison elements that include market conditions, location, and physical characteristics. • Location (0.80 - 1). • Size (1.08 - 1.20). • Market conditions (0.8 - 1).	The estimated fair value would increase if the adjustments applied were higher.

Valuation technique	Significant unobservable inputs	Inter-relationship between significant unobservable inputs and fair value measurement

Construction in process Group directors use the cost approach to determine the value of construction in process as described in the valuation reports prepared by the appraisers. In estimating the fair value of building and site improvements, the appraiser performed the following: • Estimated replacement cost of the building and site improvements, as though new, considering items such as indirect costs. • Estimated and applied deductions related to accrued depreciation, resulting from physical deterioration, and work in progress.	The appraiser used an adjustment factor regarding the status of the construction in process. Work in progress adjustment (0.6 - 0.98).	The estimated fair value would increase if the adjustments applied were higher.

Land and Construction in Process Measured on a Historical Cost Basis

If the Group’s land and construction in process been measured on a historical cost basis, the carrying amounts would have been as follows:

	As of December 31,
	2023		2022

Land	$	673,294,661	$	499,302,461
Construction in process		5,276,177,102		3,693,047,230
Total	$	5,949,471,763	$	4,192,349,691

Properties Subject to Registered Debenture that Forms Security for Certain Loans

	Property		Associated Credit Reference
	Unit 1, 4 y 5 / Grand Island		See Note 10 Terms and repayment schedule (1)
	Unit 2 / Grand Island		See Note 10 Terms and repayment schedule (4) and Note 6 reference 8
	Unit 8, No. 56-A-1, Supermanzana A2, Sup. 824.20 M2
	Unit 9, No. 56-A-1, Supermanzana A2, Sup. 832.94 M2
	Insurgentes Sur 421 Complex		See Note 10 Terms and repayment schedule (3)
	Beach Club – Playa Delfines		See Note 10 Terms and repayment schedule (1) and (8)
	Plot of land: La Punta Bajamar / Lote 1, Manzana S/M, Sup. 4,117.88 M2		See Note 10 Terms and repayment schedule (7)
	Plot of land: La Punta Bajamar / Lote 2, Manzana S/M, Sup. 6,294.08 M2		See Note 10 Terms and repayment schedule (7)
	Plot of land: La Punta Bajamar / Lote 3 (Vialidad), Manzana S/M, Sup. 4,117.88 M2		See Note 10 Terms and repayment schedule (7)
	Plot of land: La Punta Bajamar / Lote 4, Manzana S/M, Sup. 10,015.68 M2		See Note 10 Terms and repayment schedule (7)
	Plot of land: La Punta Bajamar / Lote 5, Manzana S/M, Sup. 11,986.53 M2		See Note 10 Terms and repayment schedule (7)
	Plot of land: La Punta Bajamar / Lote 6, Manzana S/M, Sup. 2,912.02 M2		See Note 10 Terms and repayment schedule (7)
	Plot of land: La Punta Bajamar / Lote 7, Manzana S/M, Sup. 568.51 M2		See Note 10 Terms and repayment schedule (7)
	Plot of land: La Punta Bajamar / Lote 8, Manzana S/M, Sup. 635.25 M2		See Note 10 Terms and repayment schedule (7)

	Property		Associated Credit Reference
	Unit 1, 4 y 5 / Grand Island		See Note 10 Terms and repayment schedule (1)
	Unit 2 / Grand Island		See Note 10 Terms and repayment schedule (4) and Note 6 references (7) and (8)
	Unit 8, No. 56-A-1, Supermanzana A2, Sup. 824.20 M2
	Unit 9, No. 56-A-1, Supermanzana A2, Sup. 832.94 M2
	Insurgentes Sur 421 Complex		See Note 10 Terms and repayment schedule (3)

Correction of immaterial errors

12 Months Ended

Dec. 31, 2023

Correction of immaterial errors [Abstract]

Correction of immaterial errors

19.	Correction of immaterial errors

The combined financial statements previously issued for the years ended December 31, 2022, 2021 and as of January 1, 2021 included errors related to the classification of non-cash transactions in the combined statement of cash flows and errors related to deferred taxes. Such errors are corrected in this combined financial statements and management believes these are immaterial errors to its financial statements taken as a whole.

•

The cash flow adjustments include the following: (i) a decrease of interest expense in operating activities and a decrease in the interest paid in financing activities of $241,931,148 for the years ended December 31, 2022, and (ii) a decrease of interest expense in operating activities and a decrease in the interest paid in financing activities of $102,952,238 for the year ended December 31, 2021.

•

The deferred tax adjustments as of and for the year ended December 31, 2022 include the following: (i) an increase of the deferred tax liability of $57,837,597, (ii) an increase in income tax expense of $60,221,961 for the year ended December 31, 2022, (iii) an increase in accumulated deficit of $57,837,597 as of December 31, 2022.

•

The deferred tax adjustments as of and for the year ended December 31, 2021 include the following (i) a decrease in the deferred tax liability of $2,384,364, (ii) an increase in income tax expense of $22,754,018, (iii) an decrease in accumulated deficit of $2,384,364 as of December 31, 2021 and (iv) a decrease in accumulated deficit of $25,138,382 as of January 1, 2021.

Net assets

12 Months Ended

Dec. 31, 2023

Net assets [Abstract]

Net assets

16.	Net assets

Issued member’s equity:

During 2022, the Group’s shareholders contributed in cash to the net assets of the Group’s Companies as follows:

•

On January 31, 2022, Murano P.V. contributed $128,378.

•

On September 15, 2022, Murano P.V. contributed $150,000.

•

On November 25, 2022, Murano P.V. contributed $100,000.

•

On February 10, 2022, Operadora Hotelera I421 Premium, was incorporated and contributed $50,000.

During 2021, the Group’s shareholders contributed in cash to the net assets of the Group’s Companies as follows:

•

On August 31, 2021, Murano P.V. contributed $1,050,000.

•

On September 3, 2021, Murano P.V. contributed $1,996,150.

•

On September 9, 2021, Murano P.V. contributed $1,994,400.

•

On October 29, 2021, Murano P.V. contributed $200,000.

•

On November 26, 2021, Murano P.V. contributed $300,000.

•

On December 17, 2021, Murano P.V. contributed $150,000.

•

On December 23, 2021, Murano P.V. contributed $150,000.

•

On November 25, 2021, Operadora Hotelera I421 contributed $900,000.

•

On November 25, 2021, Operadora Hotelera GI contributed $210,001.

•

On July 7, 2021, Operadora Hotelera GI II., was incorporated and contributed $100,000.

Capital Reimbursement

During 2022, the Group’s shareholders made capital reimbursements as follows:

•

On February 9, 2022, Murano World made capital reimbursements of $1,658,600.

•

On February 22, 2022, Murano World made capital reimbursements of $12,183,780.

•

On February 28, 2022, Murano World made capital reimbursements of $4,800,000.

•

On March 17, 2022, Murano World made capital reimbursements of $4,174,860.

•

On March 23, 2022, Murano World made capital reimbursements of $13,748,700.

•

On April 20, 2022, Murano World made capital reimbursements of $1,993,770.

•

On April 28, 2022, Murano World made capital reimbursements of $5,089,000.

•

On May 12, 2022, Murano World made capital reimbursements of $10,186,000.

•

On May 20, 2022, Murano World made capital reimbursements of $2,994,945.

•

On May 31, 2022, Murano World made capital reimbursements of $4,239,475.

•

On June 7, 2022, Murano World made capital reimbursements of $3,623,356.

•

On June 17, 2022, Murano World made capital reimbursements of $4,133,500.

•

On June 27, 2022, Murano World made capital reimbursements of $5,009,125.

•

On July 1, 2022, Murano World made capital reimbursements of $30,216,450.

•

On July 14, 2022, Murano World made capital reimbursements of $4,157,640.

•

On July 21, 2022, Murano World made capital reimbursements of $5,110,175.

•

On July 21, 2022, Murano World made capital reimbursements of $3,064,950.

•

On August 19, 2022, Murano World made capital reimbursements of $3,255,805.

•

On August 26, 2022, Murano World made capital reimbursements of $4,979,950.

•

On September 9, 2022, Murano World made capital reimbursements of $1,001,485.

•

On September 14, 2022, Murano World made capital reimbursements of $1,089,785.

•

On September 23, 2022, Murano World made capital reimbursements of $5,200,675.

•

On September 28, 2022, Murano World made capital reimbursements of $250,000.

•

On October 21, 2022, Murano World made capital reimbursements of $14,089,040.

•

On November 22, 2022, Murano World made capital reimbursements of $24,291,625.

•

On November 25, 2022, Murano World made capital reimbursements of $100,000.

•

On December 9, 2022, Murano World made capital reimbursements of $9,848,850.

•

On December 15, 2022, Murano World made capital reimbursements of $10,822,900.

•

On December 19, 2022, Murano World made capital reimbursements of $21,959,260.

•

On December 31, 2022, Murano World made capital reimbursements of $85,500,000.

During 2021, the Group’s shareholders made capital reimbursements as follows:

•

On January 13, 2021, Murano World made capital reimbursements of $1,200,000.

•

On January 22, 2021, Murano World made capital reimbursements of $1,957,930.

•

On January 29, 2021, Murano World made capital reimbursements of $4,043,360.

•

On February 10, 2021, Murano World made capital reimbursements of $201,227.

•

On February 11, 2021, Murano World made capital reimbursements of $602,739.

•

On February 19, 2021, Murano World made capital reimbursements of $1,213,542.

•

On February 25, 2021, Murano World made capital reimbursements of $3,087,495.

•

On March 12, 2021, Murano World made capital reimbursements of $629,559.

•

On March 22, 2021, Murano World made capital reimbursements of $2,044,150.

•

On March 26, 2021, Murano World made capital reimbursements of $3,118,230.

•

On April 8, 2021, Murano World made capital reimbursements of $3,225,792.

•

On April 14, 2021, Murano World made capital reimbursements of $3,617,100.

•

On April 23, 2021, Murano World made capital reimbursements of $1,987,400.

•

On April 30, 2021, Murano World made capital reimbursements of $3,994,240.

•

On May 12, 2021, Murano World made capital reimbursements of $1,500,000.

•

On August 31, 2021, Murano World made capital reimbursements of $4,486,688.

•

On September 3, 2021, Murano World made capital reimbursements of $1,996,150.

•

On September 9, 2021, Murano World made capital reimbursements of $1,994,400.

•

On September 20, 2021, Murano World made capital reimbursements of $300,000.

•

On September 29, 2021, Murano World made capital reimbursements of $4,021,040.

•

On September 29, 2021, Murano World made capital reimbursements of $200,000.

•

On November 26, 2021, Murano World made capital reimbursements of $300,000.

Income tax, Movement in Deferred Tax Balances (Details) - MXN ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred tax expense (income) [abstract]
Deferred tax balances, Beginning Balance	$ (4,353,712,591)	$ (2,324,464,551)	$ (2,146,639,928)
Recognized in profit and loss	55,155,403	(227,302,580)	(105,845,039)
Recognized in OCI	266,957,324	(1,801,945,460)	(71,979,584)
Deferred tax balances, Ending Balance	(4,031,599,864)	(4,353,712,591)	(2,324,464,551)
Accruals [Member]
Deferred tax expense (income) [abstract]
Deferred tax balances, Beginning Balance	147,482	3,691,418	4,795,362
Recognized in profit and loss	3,223,403	(3,543,936)	(1,103,944)
Recognized in OCI	0	0	0
Deferred tax balances, Ending Balance	3,370,885	147,482	3,691,418
Advance Customers [Member]
Deferred tax expense (income) [abstract]
Deferred tax balances, Beginning Balance	0
Recognized in profit and loss	46,637,589
Recognized in OCI	0
Deferred tax balances, Ending Balance	46,637,589	0
Lease Liabilities [Member]
Deferred tax expense (income) [abstract]
Deferred tax balances, Beginning Balance	0
Recognized in profit and loss	62,388,460
Recognized in OCI	0
Deferred tax balances, Ending Balance	62,388,460	0
Employees' Benefits [Member]
Deferred tax expense (income) [abstract]
Deferred tax balances, Beginning Balance	1,996,298	1,024,636	999,736
Recognized in profit and loss	670,889	205,318	307,458
Recognized in OCI	(37,380)	766,344	(282,558)
Deferred tax balances, Ending Balance	2,629,807	1,996,298	1,024,636
Employees' Statutory Profit Sharing [Member]
Deferred tax expense (income) [abstract]
Deferred tax balances, Beginning Balance	641,950	225,621	219,989
Recognized in profit and loss	30,568	416,329	5,632
Recognized in OCI	0	0	0
Deferred tax balances, Ending Balance	672,518	641,950	225,621
Prepayments [Member]
Deferred tax expense (income) [abstract]
Deferred tax balances, Beginning Balance	(1,422,966)	(628,022)	(431,516)
Recognized in profit and loss	(2,576,735)	(794,944)	(196,506)
Recognized in OCI	0	0	0
Deferred tax balances, Ending Balance	(3,999,701)	(1,422,966)	(628,022)
Property, Plant and Equipment [Member]
Deferred tax expense (income) [abstract]
Deferred tax balances, Beginning Balance	(3,744,239,239)	(1,941,698,749)	(1,870,096,086)
Recognized in profit and loss		171,314	94,363
Recognized in OCI		(1,802,711,804)	(71,697,026)
Deferred tax balances, Ending Balance		(3,744,239,239)	(1,941,698,749)
Property, Plant and Equipment [Member]
Deferred tax expense (income) [abstract]
Deferred tax balances, Beginning Balance	236,862
Recognized in profit and loss	(40,054,941)
Recognized in OCI	0
Deferred tax balances, Ending Balance	(39,818,079)	236,862
PP&E Surplus [Member]
Deferred tax expense (income) [abstract]
Deferred tax balances, Beginning Balance	(3,744,476,101)
Recognized in profit and loss	5,750,177
Recognized in OCI	266,994,704
Deferred tax balances, Ending Balance	(3,471,731,220)	(3,744,476,101)
PP&E (capitalized foreign exchange rate and interest expense) [Member]
Deferred tax expense (income) [abstract]
Deferred tax balances, Beginning Balance	(226,499,908)	(152,392,186)	(88,466,300)
Recognized in profit and loss	(4,542,890)	(74,107,722)	(63,925,886)
Recognized in OCI	0	0	0
Deferred tax balances, Ending Balance	(231,042,798)	(226,499,908)	(152,392,186)
Investment Properties [Member]
Deferred tax expense (income) [abstract]
Deferred tax balances, Beginning Balance	(326,498,611)	(237,071,633)	(218,799,495)
Recognized in profit and loss	25,979,531	(89,426,978)	(18,272,138)
Recognized in OCI	0	0	0
Deferred tax balances, Ending Balance	(300,519,080)	(326,498,611)	(237,071,633)
Right of use of assets [Member]
Deferred tax expense (income) [abstract]
Deferred tax balances, Beginning Balance	0
Recognized in profit and loss	(65,111,127)
Recognized in OCI	0
Deferred tax balances, Ending Balance	(65,111,127)	0
Derivatives [Member]
Deferred tax expense (income) [abstract]
Deferred tax balances, Beginning Balance	(57,837,597)	2,384,364	25,138,382
Recognized in profit and loss	22,760,479	(60,221,961)	(22,754,018)
Recognized in OCI	0
Deferred tax balances, Ending Balance	$ (35,077,118)	$ (57,837,597)	$ 2,384,364

Investment property

12 Months Ended

Dec. 31, 2023

Investment property [Abstract]

Investment property

8.	Investment property

Reconciliation of carrying amount

	As of December 31,
	2023			2022

Balances as of January 1,	$	1,187,089,926		$	889,000,000
Changes in fair value		(86,598,436	)		298,089,926
Balances as of December 31,	$	1,100,491,490		$	1,187,089,926

Investment property comprises 450,000 sqm of retail area planned for the development of an industrial park located in Bajamar, Baja California (the “Baja Park Development Project”).

Changes in fair value are recognized as gain in profit or loss and included in ‘other income’. All gains are unrealized.

Measurement of fair value

Fair value hierarchy

The Group engages third-party qualified appraisers to perform the valuation of the investment properties annually. The technical committee works closely with qualified external appraisers to establish the appropriate valuation techniques and inputs to the model.

The fair value measurement for all of the investment properties has been categorized as a Level 3 fair value based on the inputs to the valuation technique used.

Valuation technique and significant unobservable inputs

The following table shows the valuation technique used in measuring the fair value of the investment property, as well as the significant unobservable inputs used.

Valuation technique	Significant unobservable inputs	Inter-relationship between significant unobservable inputs and fair value measurement

Group directors use the market-based approach to determine the value of the subject assets as described in the valuation reports prepared by the appraisers. In estimating the fair value of the subject assets, the appraiser performed the following: • Researched market data to obtain information pertaining to sales and listings (comps) that are similar to the Subject Asset. • Selected relevant units of comparison (e.g., price per square meter), and developed a comparative analysis for each. • Compared the comps to the Subject Asset using elements of comparison that may include, but are not limited to, market conditions, location, and physical characteristics; and adjusted the comps as appropriate. • Reconciled the multiple value indications that resulted from the adjustment of the comps into a single value indication. The selected price per square meter is consistent with market price rates paid by market participants and/or current asking market prices rates for comparable properties.	The appraiser compared the comps to the Subject Assets using comparison elements that include market conditions, location, and physical characteristics. • Location (0.80 – 1). • Size (1.08 – 1.20). • Market conditions (0.8 – 1).	The estimated fair value would increase if adjustments applied were higher.

Security

As of December 31, 2023, properties with a carrying amount of $1,100,491,490 were subject to a registered debenture that forms security for certain loans. A list of the properties granted and the related loans is as follows:

	Property		Associated Credit Reference
	Plot of land: La Costa Bajamar / Lote MP1, Fracc. A, Manzana S/M, Sup. 271,042.763 M2		See Note 10 Terms and repayment schedule (5), and Note 6 references (8).
	Plot of land: La Costa Bajamar: Lote MP1, Fracc. B, Manzana S/M, Sup. 304,851.487 M2
	Plot of land: La Costa Bajamar: Lote MP1, Fracc. C, Manzana S/M, Sup. 353,797.091 M2
	Plot of land: La Costa Bajamar: Fracc. Servidumbre de Paso, Manzana S/M, Sup. 41,084.499 M2

As of December 31, 2022, properties with a carrying amount of $1,187,089,926 were subject to a registered debenture that forms security for certain loans. A list of the properties granted and the related loans is as follows:

	Property		Associated Credit Reference
	Plot of land: La Costa Bajamar / Lote MP1, Fracc. A, Manzana S/M, Sup. 271,042.763 M2		See Note 10 Terms and repayment schedule (5), and Note 6 references (7) and (8).
	Plot of land: La Costa Bajamar: Lote MP1, Fracc. B, Manzana S/M, Sup. 304,851.487 M2
	Plot of land: La Costa Bajamar: Lote MP1, Fracc. C, Manzana S/M, Sup. 353,797.091 M2
	Plot of land: La Costa Bajamar: Fracc. Servidumbre de Paso, Manzana S/M, Sup. 41,084.499 M2

Net assets (Details) - MXN ($)																																																											12 Months Ended
Net assets (Details) - MXN ($)	Dec. 31, 2022	Dec. 19, 2022	Dec. 15, 2022	Dec. 09, 2022	Nov. 25, 2022	Nov. 22, 2022	Oct. 21, 2022	Sep. 28, 2022	Sep. 23, 2022	Sep. 15, 2022	Sep. 14, 2022	Sep. 09, 2022	Aug. 26, 2022	Aug. 19, 2022	Jul. 21, 2022	Jul. 14, 2022	Jul. 01, 2022	Jun. 27, 2022	Jun. 17, 2022	Jun. 07, 2022	May 31, 2022	May 20, 2022	May 12, 2022	Apr. 28, 2022	Apr. 20, 2022	Mar. 23, 2022	Mar. 17, 2022	Feb. 28, 2022	Feb. 22, 2022	Feb. 10, 2022	Feb. 09, 2022	Jan. 31, 2022	Dec. 23, 2021	Dec. 17, 2021	Nov. 26, 2021	Nov. 25, 2021	Oct. 29, 2021	Sep. 29, 2021	Sep. 20, 2021	Sep. 09, 2021	Sep. 03, 2021	Aug. 31, 2021	Jul. 07, 2021	May 12, 2021	Apr. 30, 2021	Apr. 23, 2021	Apr. 14, 2021	Apr. 08, 2021	Mar. 26, 2021	Mar. 22, 2021	Mar. 12, 2021	Feb. 25, 2021	Feb. 19, 2021	Feb. 11, 2021	Feb. 10, 2021	Jan. 29, 2021	Jan. 22, 2021	Jan. 13, 2021	Dec. 31, 2022	Dec. 31, 2021
Net assets [Abstract]
Net assets - Issued member's equity																																																											$ 428,378	$ 7,050,551
Net assets, Capital Reimbursement																																																											$ 298,773,702	$ 45,721,041
Murano P.V. [Member]
Net assets [Abstract]
Net assets - Issued member's equity					$ 100,000					$ 150,000																						$ 128,378	$ 150,000	$ 150,000	$ 300,000		$ 200,000			$ 1,994,400	$ 1,996,150	$ 1,050,000
Operadora Hotelera I421 [Member]
Net assets [Abstract]
Net assets - Issued member's equity																														$ 50,000						$ 900,000
Operadora Hotelera GI [Member]
Net assets [Abstract]
Net assets - Issued member's equity																																				$ 210,001
Operadora Hotelera GI II [Member]
Net assets [Abstract]
Net assets - Issued member's equity																																											$ 100,000
Murano World [Member]
Net assets [Abstract]
Net assets, Capital Reimbursement	$ 85,500,000	$ 21,959,260	$ 10,822,900	$ 9,848,850	$ 100,000	$ 24,291,625	$ 14,089,040	$ 250,000	$ 5,200,675		$ 1,089,785	$ 1,001,485	$ 4,979,950	$ 3,255,805	$ 5,110,175	$ 4,157,640	$ 30,216,450	$ 5,009,125	$ 4,133,500	$ 3,623,356	$ 4,239,475	$ 2,994,945	$ 10,186,000	$ 5,089,000	$ 1,993,770	$ 13,748,700	$ 4,174,860	$ 4,800,000	$ 12,183,780		$ 1,658,600				$ 300,000			$ 4,021,040	$ 300,000	$ 1,994,400	$ 1,996,150	$ 4,486,688		$ 1,500,000	$ 3,994,240	$ 1,987,400	$ 3,617,100	$ 3,225,792	$ 3,118,230	$ 2,044,150	$ 629,559	$ 3,087,495	$ 1,213,542	$ 602,739	$ 201,227	$ 4,043,360	$ 1,957,930	$ 1,200,000
Murano World [Member]
Net assets [Abstract]
Net assets, Capital Reimbursement															$ 3,064,950																							$ 200,000

Financial instruments - Fair value and risk management, Currency Risk (Details) - Currency Risk [Member]	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Apr. 30, 2024	Dec. 31, 2023 MXN ($)	Dec. 31, 2022 MXN ($)
Liabilities [Abstract]
Net position				$ (365,823,432)	$ (281,691,305)
USD [Member]
Liabilities [Abstract]
Exchange rates of MXN/USD				16.8935	19.3615
USD [Member] \| Subsequent Event [Member]
Liabilities [Abstract]
Exchange rates of MXN/USD			17.1552
USD [Member] \| 5% Strengthening [Member]
Sensitivity analysis [Abstract]
Strengthening / weakening, effect on capitalized in construction in process	$ (313,112,626)	$ 0
Strengthening / weakening, effect on profit and loss	4,110,719	(272,698,311)
USD [Member] \| 5% Weakening [Member]
Sensitivity analysis [Abstract]
Strengthening / weakening, effect on capitalized in construction in process	313,112,626	0
Strengthening / weakening, effect on profit and loss	$ (4,119,719)	$ 272,698,311
Cash and Cash Equivalents and Restricted Cash [Member]
Assets [Abstract]
Financial assets				$ 7,232,698	$ 9,236,161
Trade Receivables [Member]
Assets [Abstract]
Financial assets				419,351	0
Related Parties [Member]
Assets [Abstract]
Financial assets				6,835,274	0
Liabilities [Abstract]
Financial liabilities				(709,429)	0
Other Receivables [Member]
Assets [Abstract]
Financial assets				1,512,021	0
Prepayments [Member]
Assets [Abstract]
Financial assets				168,229	0
Current Installments of Long-Term Debt [Member]
Liabilities [Abstract]
Financial liabilities				(16,665,975)	(11,868,777)
Long-Term Debt [Member]
Liabilities [Abstract]
Financial liabilities				(354,024,085)	(275,684,063)
Trade Accounts Payable [Member]
Liabilities [Abstract]
Financial liabilities				(6,118,017)	(3,374,626)
Other Liabilities [Member]
Liabilities [Abstract]
Financial liabilities				$ (4,473,499)	$ 0

Revenue, Total Revenue (Details) - MXN ($)	12 Months Ended
Revenue, Total Revenue (Details) - MXN ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue [Abstract]
Revenue from contracts with customers	$ 284,890,018	$ 4,392,585	$ 0
Revenue for administrative services with related parties	1,761,896	2,038,437	1,529,063
Total revenue	$ 286,651,914	$ 6,431,022	$ 1,529,063

- Definition

The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 28
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_28_a&doctype=Standard
-URIDate 2023-03-23

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 23
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_23_a&doctype=Standard
-URIDate 2023-03-23

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 32
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_32&doctype=Standard
-URIDate 2023-03-23

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 5
-IssueDate 2023-01-01
-Paragraph 33
-Subparagraph b
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=5&code=ifrs-tx-2023-en-r&anchor=para_33_b_i&doctype=Standard
-URIDate 2023-03-23

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 33
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_33_a&doctype=Standard
-URIDate 2023-03-23

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 34
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_34&doctype=Standard
-URIDate 2023-03-23

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 12
-IssueDate 2023-01-01
-Paragraph B12
-Subparagraph b
-Clause v
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2023-en-r&anchor=para_B12_b_v&doctype=Appendix&subtype=B
-URIDate 2023-03-23

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2023-01-01
-Paragraph B10
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2023-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2023-03-23

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 82
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_82_a&doctype=Standard
-URIDate 2023-03-23

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 103
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_103&doctype=Standard
-URIDate 2023-03-23

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 102
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_102&doctype=Standard
-URIDate 2023-03-23

+ Details

New standards or amendments issued (Details)	12 Months Ended
New standards or amendments issued (Details)	Dec. 31, 2023 MXN ($)
Disclosure of initial application of standards or interpretations [abstract]
Impact of adoption of IAS 12	$ 0
Impact of adoption of IAS 8	$ 0

Employee benefits (Tables)

12 Months Ended

Dec. 31, 2023

Employee benefits [Abstract]

Net Defined Benefit Liability

	As of December 31,
	2023		2022
Net defined benefit liability:
Liability for social security contributions	$	4,544,203	$	4,087,635
Liability for long-service leave		8,766,021		6,654,318
Total employee benefit liability		13,310,224		10,741,953

Non-current	$	8,766,021	$	6,654,318

Current	$	4,544,203	$	4,087,635

Movement in Net Defined Benefit Liability

Movement in net defined benefit liability

	As of December 31,
	2023			2022		2021

Balance as of January 1,	$	6,654,318		$	3,415,458	$	3,332,454
Included in profit and loss:
Current service cost		1,706,150			428,469		841,579
Interest cost		544,326			255,911		183,286
		8,904,794			4,099,838		4,357,319
Included in OCI
Remeasurement in loss (gain)		(124,616	)		2,554,480		(941,861	)

Payments
Benefits paid		(14,157	)		-		-

Balance as of December 31,	$	8,766,021		$	6,654,318	$	3,415,458

Principal Actuarial Assumption

The following were the principal actuarial assumption at the reporting date (expressed as weighted averages):

	2023	2022
Discount rate	9.20%	9.01%
Salary growth	5.50%	5.50%
Future salary growth	5.50%	5.50%

Sensitivity Analysis Effects Defined Benefit Obligation Amount

	As of December 31, 2023							As of December 31, 2022
	Increase				Decrease			Increase				Decrease

Discount rate (1% movement)		$	(1,121,519	)		$	1,298,516		$	(851,804	)		$	986,487

		$	(1,121,519	)		$	1,298,516		$	(851,804	)		$	986,487

Correction of immaterial errors (Details) - MXN ($)	12 Months Ended
Correction of immaterial errors (Details) - MXN ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Correction of immaterial errors [Abstract]
Interest expense	$ 300,463,958	$ 86,435,979	$ 50,449,401
Interest paid	257,726,242	45,065,474	38,161,827
Deferred tax liability	4,031,599,864	4,353,712,591
Income tax expense	(52,130,224)	230,709,407	105,858,981
Accumulated deficit	$ (1,181,044,835)	(1,238,837,756)
Increase (Decrease) Due to Correction of Immaterial Errors [Member]
Correction of immaterial errors [Abstract]
Interest expense		(241,931,148)	(102,952,238)
Interest paid		(241,931,148)	(102,952,238)
Deferred tax liability		57,837,597	(2,384,364)
Income tax expense		60,221,961	22,754,018
Accumulated deficit		$ 57,837,597	$ (2,384,364)	$ (25,138,382)

- Definition

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

+ References + Details

Material accounting policies

12 Months Ended

Dec. 31, 2023

Material accounting policies [Abstract]

Material accounting policies

3.	Material accounting policies

The Group has consistently applied the following material accounting policies to all the periods presented in these combined financial statements.

Basis of combination

The Group is directly or indirectly controlled by Elias Sacal Cababie, therefore the Group has been combined under the common control approach. The combination includes the following entities: Murano PV, S. A. de C. V., Murano World, S. A. de C. V., Edificaciones BVG, S. A. de C. V., Fideicomiso Murano 6000 CIB/3109, Inmobiliaria Insurgentes 421, S. A. de C.V., Operadora Hotelera GI, S. A. de C. V., Operadora Hotelera Grand Island II, S. A. de C. V., Operadora Hotelera I421, S. A. de C. V., Operadora Hotelera I421 Premium, S. A. de C. V., Fideicomiso Murano 2000 CIB /3001, Fideicomiso Murano 4000 CIB/3288, Fideicomiso Murano 1000 CIB /3000, Servicios Corporativos BVG, S. A. de C.V., and Murano Management, S. A. de C. V.

Transactions, balances and unrealized gains or losses on transactions arising from intragroup transactions are eliminated on the combination following the guidance defined by IFRS 10. Also, the Group is jointly managed by the same Board of Directors, share the same financial reporting system and accounting financial policies under IFRS, and develop and manage the same operating industry.

Foreign currency transactions

Transactions in foreign currencies are translated into the respective functional currencies of Group companies at the exchange rates at the dates of the transactions.

Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value was determined. Non-monetary items that are measured based on the historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Foreign currency differences are generally recognized in profit or loss and presented within finance costs.

However, foreign currency differences arising from the translation of the following items are recognized in OCI:

•

An investment in equity securities designated as at FVOCI (except on impairment, in which case foreign currency differences that have been recognized in OCI are reclassified to profit or loss);

•

A financial liability designated as a hedge of the net investment in a foreign operation to the extent that the hedge is effective (see (P)(v)); and

•

Qualifying cash flow hedges to the extent that the hedges are effective.

Revenue from contracts with customers

The Company acts as a principal in the activities from which it generates its revenue. Our revenues are primarily derived from the products and services provided to our customers in our owned hotels and are generally recognized when control of the product or service has transferred to the customer. A summary of our sources of revenue is as follows:

•

Room rentals.

•

Food and beverage.

•

Private events.

•

Spa services.

•

Other services.

We provide room rentals and other services to our guests, including, but not limited to, food and beverage, spa, laundry, and parking. These products and services each represent individual performance obligations, and in exchange for these services, we receive fixed amounts-based on published rates or negotiated contracts. Payment is due in full at the time the services are rendered or the goods are provided.

Room rental revenues are recognized over time on a daily basis as the guest occupies the room, and revenues related to the other products and services are recognized at a point in time when the product or service is provided to the guest.

As of December 31, 2023, the Company did not capitalize costs to obtain contracts with customers because there are no long-term contracts with the customers, due to the operations of the hotel, the incremental costs are recognized in profit or loss as incurred. If long-term contracts were obtained, the Company will capitalize the cost of those contracts.

Cash and cash equivalents and restricted cash

Cash and cash equivalents and restricted cash of the Company are represented primarily by cash (cash on hand and demand deposits), restricted cash and cash equivalents. Cash equivalents are short-term highly liquid investments with maturities no longer than 90 days, which are subject to an insignificant risk of changes in value. Cash is stated at nominal value and cash equivalents are measured at fair value. For further information, please refer to note 5.

Financial instruments

(i)

Recognition and initial measurement

Trade receivables and debt securities are initially recognized when they are originated. All other financial assets and financial liabilities are initially recognized when the Group becomes a party to the contractual provisions of the instrument.

A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus or minus, for an item not at Fair Value Through Profit or Loss (“FVTPL”), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price.

(ii)

Classification and subsequent measurement

Financial assets -

On initial recognition, a financial asset is classified as measured at amortized cost or FVTPL.

Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.

A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL:

It is held within a business model whose objective is to hold assets to collect contractual cash flows; and

Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A debt investment is measured at Fair Value Through Other Comprehensive Income (“FVOCI”) if it meets both of the following conditions and is not designated as at FVTPL:

It is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and

Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment’s fair value in Other Comprehensive Income (“OCI”). This election is made on an investment-by-investment basis.

All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.

Financial assets - Business model assessment:

The Group makes an assessment of the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed, and information is provided to investors. The information considered includes.

The stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether management’s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realizing cash flows through the sale of the assets;

How the performance of the portfolio is evaluated and reported to the Group’s management;

The risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed;

How managers of the business are compensated - e.g. whether compensation is based on the fair value of the assets managed or the contractual cash flow collected; and

The frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and expectations about future sales activity.

Transfers of financial assets to third parties in transactions that do not qualify for derecognition are not considered sales for this purpose, consistent with the Group’s continuing recognition of the assets.

Financial assets that are held for trading or are managed and whose performance is evaluated on a fair value basis are measured at FVTPL.

Financial assets - Assessment whether contractual cash flows are solely payments of principal and interest.

For the purposes of this assessment, ‘principal’ is defined as the fair value of the financial asset on initial recognition. ‘Interest’ is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin.

In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition.

In making this assessment, the Group considers:

Contingent events that would change the amount or timing of cash flows;

Terms that may adjust the contractual coupon rate, including variable-rate features;

Prepayment and extension features; and

Terms that limit the Group’s claim to cash flows from specified assets (e.g. non-recourse features).

A prepayment feature is consistent with the solely payments of principal and interest criterion if the prepayment amount substantially represents unpaid amounts of principal and interest on the principal amount outstanding, which may include reasonable additional compensation for early termination of the contract. Additionally, for a financial asset acquired at a discount or premium to its contractual per amount, a feature that permits or requires prepayment at an amount that substantially represents the contractual par amount plus accrued (but unpaid) contractual interest (which may also include reasonable additional compensation for early termination) is treated as consistent with this criterion if the fair value of the prepayment feature is insignificant at initial recognition.

Financial assets - Subsequent measurement and gains and losses:

	Financial assets at FVTPL	These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss.

	Financial assets at amortized cost	These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gain or losses and impairment are capitalized. Any gain or loss on derecognition is recognized in profit or loss.

Financial liabilities - Classification, subsequent measurement and gains and losses

Financial liabilities are classified as measured at amortized cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in profit or loss. Any gain or loss on derecognition is also recognized in profit or loss.

(iii)

Derecognition

Financial assets

The Group derecognizes a financial asset when:

The contractual rights to the cash flows from the financial asset expire; or

It transfers the rights to receive the contractual cash flows in a transaction in which either:

Substantially all the risks and rewards of ownership of the financial asset are transferred; or

ii.

The Group neither transfers nor retains substantially all the risks and rewards of ownership and it does not retain control of the financial asset.

The Group enters into transactions whereby it transfers assets recognized in its combined statement of financial position but retains either all or substantially all of the risk and rewards of the transferred assets. In these cases, the transferred assets are not derecognized.

Financial liabilities

The Group derecognizes a financial liability when its contractual obligations are discharged or canceled or expire. The Group also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value.

On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss.

Interest rate benchmark reform

When the basis for determining the contractual cash flows of a financial asset or financial liability measured at amortized cost changed as a result of interest rate benchmark reform, the Group updated the effective interest rate of the financial asset or financial liability to reflect the change that is required by the reform. A change in the basis for determining the contractual cash flows is required by interest rate benchmark reform if the following conditions are met:

•

The change is necessary as a direct consequence of the reform; and

•

The new basis for determining the contractual cash flows is economically equivalent to the previous basis - i.e. the basis immediately before the change.

When changes were made to a financial asset or financial liability in addition to changes to the basis for determining the contractual cash flows required by interest rate benchmark reform, the Group first updated the effective interest rate of the financial asset or financial liability to reflect the change that is required by interest rate benchmark reform. After that, the Group applied the policies on accounting for modifications to the additional changes.

(iv)

Offsetting

Financial assets and financial liabilities are offset and the net amount presented in the combined statement of financial position when, and only when, the Group currently has a legally enforceable right to offset the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously.

(v)

Derivative financial instruments

The Group holds derivative financial instruments with the intention to hedge interest rate risk exposures.

Derivatives are initially measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are recognized in profit or loss.

(vi)

Impairment

Non-derivative financial assets

Financial instruments

The Group recognizes loss allowances for Expected Credit Losses (“ECLs”) on:

Financial assets measured at amortized cost.

The Group measures loss allowances at an amount equal to lifetime ECLs, except for the following which are measured at twelve-month ECLs:

Debt securities that are determined to have low credit risk at the reporting date; and

Other debt securities and bank balances for credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has nothing creased significantly since initial recognition.

Loss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime ECLs.

When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group’s historical experience and informed credit assessment, that includes forward-looking information.

The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due.

The Group considers a financial asset to be in default when:

The debtor is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realizing security (if any is held); or

The financial asset is more than 90 days past due.

Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument.

12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months).

The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk.

Measurement of ECLs

ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive).

ECLs are discounted at the effective interest rate of the financial asset.

Presentation of allowance for ECL in the combined statement of financial position

Allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets.

As of December 31, 2023, the Group did not recognize ECL since it has determined that the ECL related to its trade receivables would not be material in the context of these financial statements taken as a whole. As of December 31, 2022, the Group did not recognize ECL due to it did not have financial instruments subject to impairment.

ii.

Non-financial assets

At each reporting date, the Group reviews the carrying amounts of its non-financial assets (other than investment property and deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated.

For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets.

The recoverable amount of an asset is the greater of its value in use and its fair value less costs of disposal. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

An impairment loss is recognized if the carrying amount of an asset exceeds its recoverable amount.

Impairment losses are recognized in profit or loss.

For assets, other than goodwill, is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.

Prepayments

Prepaid expenses are initially recognized as assets as of the date the payment is made, provided that it is probable that the future economic benefits associated with the asset will flow to the Group. At the time the goods or services are received, prepaid expenses are either capitalized or recognized in profit or loss as an expense, depending on whether there is certainty that the acquired goods or services will generate future economic benefits. The Group periodically evaluates its prepaid expenses to determine the likelihood that they will cease to generate future economic benefits and to assess their recoverability. The Company classifies its prepayments as current or non-current assets, depending on the period when the Company expects to exercise them. Unrecoverable prepaid expenses are recognized as impairment losses in profit or loss.

Property, construction in process and equipment

The Company’s Property, construction in process and equipment includes the following: land, buildings, construction in process, computer equipment, transportation equipment, furniture, and other equipment.

Recognition and measurement

Items of property, construction in process and equipment are initially measured at cost, which includes capitalized borrowing costs, less accumulated depreciation and any accumulated impairment losses.

Subsequent measurement of land, buildings and construction in process is at fair value based on periodic, at least annual, valuations performed by external independent appraisers, less subsequent depreciation for buildings; land is not depreciated. The carrying amount of the revaluated assets is adjusted to the revalued amount. If the carrying amount increases as a result of the revaluation, the increase is recognized in other comprehensive income and accumulated as a revaluation surplus, except if it reverses a revaluation decrease of the same assets previously recognized in profit or loss. If the carrying amount is decreased as a result of the revaluation, the decrease is recognized in profit or loss, or against the revaluation surplus in comprehensive income to the extent of any existing balance in respect to the same asset.

All other property and equipment are recognized at historical cost less depreciation.

If significant parts of an item of property, construction in process and equipment have different useful lives, then they are accounted for as separated items (major components) or property, construction in process and equipment.

Any gain or loss on disposal of an item of property, construction in process and equipment is recognized in profit or loss.

ii.

Subsequent expenditure

Subsequent expenditure is capitalized only if it is probable that the future economic benefits associated with the expenditure will flow to the Group.

iii.

Depreciation

Depreciation is calculated to write off the cost of property, construction in process and equipment less their estimated residual values using the straight-line method over their estimated useful lives, and is recognized in profit or loss. As of December 31, 2022 items recognized at fair value were not subject to depreciation until the construction in process is complete.

During 2023, several assets recognized as construction in process were capitalized as property, building and hotel furniture due to the assets reached the necessary conditions to operate as Management intended.

Management Group estimates the following useful life for the major assets.

	Years

Buildings	40 years
Elevators	10 years
Furniture, fixtures, and equipment (“FF&E”)	5 years
Operating, supplies and equipment (“OS&E”)	2 years
Computer equipment	3-4 years
Transportation Equipment	4 years
Furniture	10 years
Equipment and other assets	10 years

Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.

iv.

Reclassification to investment property

When the use of a property changes from owner-occupied to investment property, the property is remeasured to fair value and reclassified accordingly. Any gain arising on this remeasurement is recognized in profit or loss to the extent that it reverses a previous impairment loss on the specific property, with any gain recognized in OCI and presented in the revaluation reserve. Any loss is recognized in profit or loss. However, to the extent that an amount is included in the revaluation surplus for that property, the loss is recognized in OCI and reduces the revaluation surplus within equity.

Investment property

Investment property is initially measured at cost and subsequently at fair value with any change therein recognized in profit and loss.

Any gain or loss on disposal of the investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognized in profit or loss. When investment property that was previously classified as property, construction in process and equipment is sold, any related amount included in the revaluation reserve is transferred to retained earnings.

As of December 31, 2023 and 2022, the Company has a plot of land located in, Baja California, Mexico, that qualifies as an investment property in accordance with the requirements established by IAS 40, since the Company foresees to use this land for the creation of an industrial park, where the Company will act as a lessor and it will obtain income from rentals.

Employee benefits

Short-term employee benefits

Short-term employee benefits are expensed as the related service is provided. A liability is recognized for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the

obligation can be estimated reliably.

ii.

Other long-term employee benefits

The Group’s net obligation in respect of long-term employee benefits is the amount of future benefits that employees have earned in return for their service in the current and prior periods. That benefit is discounted to determine its present value. Remeasurements are recognized in profit or loss in the period in which they arise.

iii.

Termination benefits

Termination benefits are expensed at the earlier of when the Group can no longer withdraw the offer of those benefits and when the Group recognizes costs for a restructuring. If benefits are not expected to be settled wholly within 12 months of the reporting date, then they are discounted.

iv.

Defined employee benefit

In accordance with Mexican Labor Law, the Company provides seniority premium benefits to its employees under certain circumstances, which is recognized as a defined benefit plan. The Group’s net obligation in respect of defined benefit plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets.

The calculation of the defined benefit obligation is performed annually by a qualified actuary using the projected unit credit method. When the calculation results in a potential asset for the Group, the recognized asset is limited to the present value of the economic benefits available in the form of future refunds from the plan or reductions in future contributions to the plan. To calculate the present value of the economic benefits, consideration is given to any applicable minimum funding requirements.

Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, return on plan assets (excluding interest), and the effect of the asset ceiling (if any, excluding interest), are recognized immediately in OCI. The Group determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the net defined benefit liability (asset), taking into account any change in the net defined benefit liability (asset) during the period as a result of contributions and benefit payments.

Net interest expense and other expenses related to defined benefit plans are recognized in profit or loss.

When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service or curtailment gain or loss is recognized immediately in profit or loss. The Group recognizes gains and losses on the settlement of a defined benefit plan when the settlement occurs.

Borrowing costs

Borrowing costs directly attributable to the acquisition, construction, or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until the assets are substantially ready for their intended use or sale.

All other borrowing costs are recognized in profit or loss in the period in which they are incurred.

Income tax

Income tax expense comprises current and deferred tax and it is recognized in profit or loss. As mentioned in Note 1(a) the Group participates in certain trusts as a Trustor, these trusts are not subject to income taxes.

Current tax

Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. The amount of current tax payable or receivables is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax also includes any tax arising from dividends.

Current tax assets and liabilities are offset only if certain criteria are met.

Deferred tax

Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.

Temporary differences in relation to a right-of-use asset and a lease liability for a specific lease are regarded as a net package (the lease) for the purpose of recognizing deferred tax.

Deferred tax assets are recognized for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognize a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences are considered, based on the business plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized; such reductions are reversed when the probability of future taxable profits improves.

The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. For this purpose, the carrying amount of investment property measured at fair value is presumed to be recovered through sale.

Deferred tax assets and liabilities are offset only if certain criteria are met.

Finance income and finance cost

The Group’s finance income and finance cost include:

Interest income,

Interest expense,

The net gain or loss on financial assets at FVTPL,

The foreign currency gain or loss on financial assets and financial liabilities,

Interest income or expense is recognized using the ‘effective interest rate’ method.

The ‘effective interest rate’ is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to:

•

The gross carrying amount of the financial asset; or

•

The amortized cost of the financial liability.

In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the assets (when the asset is not credit-impaired) or to the amortized cost of the liability. However, for financial assets that have become credit-impaired subsequent to initial recognition, interest income is calculated by applying the effective interest rate to the amortized cost of the financial asset. If the asset is no longer credit-impaired, then the calculation of interest income reverts to the gross basis.

Leases

At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

As a lessee

At the commencement or on modification of a contract that contains a lease component, the Group

allocates the contract consideration to each lease component on the basis of its relative stand-alone prices. However, for leases of property the Group has elected not to separate the non-lease

components and account for the lease and non-lease components as a single lease component.

The Group recognizes a right-of-use asset and a lease liability on the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made on or before the commencement date, plus any initial direct costs incurred and an estimate of the costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end date of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of right-of-use asset reflects that the Group will exercise a purchase option. In that case, the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.

The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and the type of asset leased.

Lease payments included in the measurement of the lease liability comprise the following:

•

Fixed payments; including in-substance fixed payment:

•

Variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date;

•

Amounts expected to be payable under a residual value guarantee, and

•

The exercise price under purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early.

The lease liability is measured at reinforced cost using the effective interest method and data measured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment.

When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use assets, or is recorded in profit or loss in the carrying amount of the right-of-use asset has been reduced to zero.

Short-term leases and leases of low-value assets

The Group has elected not to recognize right-of-use assets and lease liabilities for leases of low-value assets and short-term leases, including IT equipment. The Group recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term.

Contingencies

Liabilities for loss contingencies are recorded when it is probable that a liability has been incurred and the amount thereof can be reasonably estimated. When a reasonable estimation cannot be made, disclosure is provided in the notes to the combined financial statements. Contingent revenues, earnings or assets are not recognized until realization is assured.

Provisions

Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized as a finance cost.

Contributions for future net assets

Contributions for future net assets are contributions granted by the shareholders of the Group that will become part of the net parent investment on a certain date or when certain conditions are met, these contributions are recognized at the transaction price as a liability since there is no present value interest component to recognize.

Fair value measurement

‘Fair value’ is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or, in its absence, the most advantageous market in which the Group has access at that date. The fair value of a liability reflects its non-performance risk.

A number of the Group’s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities (see Note 13).

When one is available, the Group measures the fair value of an instrument using the quoted price in an active market for that instrument. A market is considered ‘active’ if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis.

If there is no quoted price in an active market, then the Group uses valuation techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction.

If an asset or a liability measured at fair value has a bid price and an ask price, then the Group measures assets and long positions at a bid price and liabilities and short positions at an ask price.

The best evidence of the fair value of a financial instrument on initial recognition is normally the transaction price, i.e., the fair value of the consideration given or received.

If the Group determines that the fair value on initial recognition differs from the transaction price and the fair value is evidenced neither by a quoted price in an active market for an identical asset or liability nor based on a valuation technique for which unobservable inputs are judged to be insignificant in relation to the measurement, then the financial instrument is initially measured at fair value, adjusted to defer the difference between the fair value on initial recognition and the transaction price.

Subsequently, that difference is recognized in profit or loss on an appropriate basis over the life of the instrument, but no later than when the valuation is wholly supported by observable market data or the transaction is closed out.

Other liabilities

Other liabilities mainly constitutes contributions granted by Hyatt and Accor under the concept of ‘key money’ per the Hotel Services Agreement and the Hotel Management Agreement, respectively. The ‘key money’ was granted as an inducement to the Group to enter such agreements. The Group recognizes these contributions in other liabilities against cash, and the Group subsequently amortizes the total amount on a monthly, straight-line basis from the first month the ‘key money’ is received and continuing during the term of the agreement. If the agreements are canceled or terminated before the agreed term, the Group shall repay to the operators the remaining unamortized amount.

Combined Statements of cash flows

The combined statement of cash flows detail the cash inflows and outflows that occurred during the period. In addition, the combined statement of cash flows starts with the profit before income taxes and other comprehensive income, presenting first cash flows from operating activities, then investment activities and finally, financing activities.

The combined statement of cash flows for the years ended December 31, 2023 and 2022 were prepared using the indirect method.

Related-party transactions and balances

12 Months Ended

Dec. 31, 2023

Related-party transactions and balances

6.	Related-party transactions and balances

Transactions with key management personnel

Key management personnel compensation

Compensation of the Group’s key management personnel includes only short-term employee benefits in the amount of $13,185,131, $17,384,930 and $7,945,915 during 2023, 2022 and 2021, respectively.

ii.

Outstanding balances with related parties as of December 31, 2023 and 2022 are shown as follows:

	As of December 31,
	2023		2022
Receivable
Affiliate:
Elías Sacal Cababie⁽¹⁾	$	104,029,840	$	-
E.S. Agrupación, S. A. de C. V.⁽²⁾		35,582,383		-
Marcos Sacal Cohen⁽³⁾		540,031		-
Edgar Armando Padilla Pérez ⁽⁴⁾		1,700,466		-
Rubén Álvarez Laris⁽⁵⁾		1,696,426		-
Total related parties receivable		143,549,146		-

Payable:
Affiliate:
Impulsora Turística de Vallarta, S. A. de C. V. ⁽⁶⁾		39,121,151		58,078,077
Sofoplus S.A.P.I de C. V., SOFOM ER ⁽⁷⁾		-		71,179,852
Sofoplus S.A.P.I de C. V., SOFOM ER ⁽⁸⁾		171,153,445		145,231,418
BVG Infraestructura, S. A. de C. V. ⁽⁹⁾		10,030,992		-
Total related parties payable		220,305,588		274,489,347

Current portion		133,002,659		68,343,487

Long term portion	$	87,302,929	$	206,145,860

(1)

This balance is composed of several loan agreements as follows:

(a)

On April 14, 2023, Murano P.V. granted a short-term loan of $2,000,000 with a maturity of a year and accrues interest at a rate of TIIE 28 days plus a spread of 3%;

(b)

On April 14, 2023, Murano P.V. granted a short-term loan of U.S.$438,611 with a maturity of a year and accrues interest at a rate of 3M SOFR plus a spread of 3%;

(c)

On February 9, 2023, Murano World granted a short-term loan of $7,900,000 with a maturity of a year and accrues interest at a rate of TIIE 28 days plus a spread of 3%;

(d)

On February 10, 2023, Murano World granted a short-term loan of U.S.$2,865,000 with a maturity of a year and accrues interest at a rate of 3M SOFR plus a spread of 3%;

(e)

On September 26, 2023, Murano World granted a short-term loan of U.S.$3,200,000 with a maturity of a year and accrues interest at a rate of 3M SOFR plus a spread of 3%.

(2)

This balance is composed of several loan agreements as follows:

(a)

On May 5, 2023, Murano P.V. granted a short-term loan of $30,000 with a maturity of a year and accrues interest at a rate of TIIE 28 days plus a spread of 3%;

(b)

On April 14, 2023, Murano P.V. granted a short-term loan of U.S.$359,368 with a maturity of a year and accrues interest at a rate of 3M SOFR plus a spread of 3%;

(c)

On February 10, 2023, Murano World granted a short-term loan of $9,620,660 with a maturity of a year and accrues interest at a rate of TIIE 28 days plus a spread of 3%;

(d)

On March 31, 2023, Murano World granted a short-term loan of U.S.$453,000 with a maturity of a year and accrues interest at a rate of 3M SOFR plus a spread of 3%;

(e)

On November 9, 2023, Murano World granted a short-term loan of $10,000,000 with a maturity of a year and accrues interest at a rate of TIIE 28 days plus a spread of 3%.

(3)

Short-term loan agreement for $492,000 dated on May 5, 2023 with a maturity of a year and accrues interest at a rate of TIIE 28 days plus a spread of 3%.

(4)

(5)

(6)

Loan agreement signed on May 2, 2021 with a 36-month termination period. The amount of the loan is $97,500,000 and it causes interest at the annual rate of 17.75%.

(7)

(8)

Syndicated secured mortgage loan for up to U.S.$30,000,000 which matures in 2025 and causes interest at the annual rate of 15.00% for which the major shareholders are joint obligors.

(9)

On March 1, 2023, Inmobiliaria Insurgentes granted a short-term loan of U.S.$2,865,000 with a maturity of a year and accrues interest at a rate of 3M SOFR plus a spread of 3%.

Reconciliation of movements of liabilities to cash flows arising from financing activities

	Long-term debt

Balances as of January 1, 2023	$	274,489,347
Payments		(96,693,781	)
Interest paid		(37,140,328	)
Proceeds from loans		60,581,457
Accrued interest		39,901,733
Total changes from financing cash flows		241,138,428

Effect on changes in foreign exchange rates		(20,832,840	)

Balances as of December 31, 2023	$	220,305,588

	Long-term debt

Balances as of January 1, 2022	$	188,122,066
Payments		(72,493,961	)
Interest paid		(43,078,341	)
Proceeds from loans		165,363,750
Accrued interest		41,738,642
Total changes from financing cash flows		279,652,156

Effect on changes in foreign exchange rates		(5,162,809	)

Balances as of December 31, 2022	$	274,489,347

Reporting Entity and description of business

12 Months Ended

Dec. 31, 2023

Reporting Entity and description of business [Abstract]

Reporting Entity and description of business

1.	Reporting Entity and description of business

Corporate information

On April 30, 2024, Elias Sacal Cababie, Chief Executive Officer, Marcos Sacal Cohen, Chief Operating Officer, David James Galan, Global Chief Financial Officer and Oscar Jazmani Mendoza Escobar, Chief Financial Officer Mexico, authorized the issue of these combined financial statements.

Murano PV, S. A. de C. V., Murano World, S. A. de C. V., Edificaciones BVG, S. A. de C. V., Fideicomiso Murano 6000 CIB/3109, Inmobiliaria Insurgentes 421, S. A. de C.V., Operadora Hotelera GI, S. A. de C. V., Operadora Hotelera Grand Island II, S. A. de C. V., Operadora Hotelera I421, S. A. de C. V., Operadora Hotelera I421 Premium, S. A. de C. V., Fideicomiso Murano 2000 CIB /3001, Fideicomiso Murano 4000 CIB/3288, Fideicomiso Murano 1000 CIB /3000, Servicios Corporativos BVG, S. A. de C.V., and Murano Management, S. A. de C. V. (collectively, the “Group”, “the Company” or the “Companies”) are headquartered at F. C. de Cuernavaca 20, 12^th floor, Lomas – Virreyes, Lomas de Chapultepec III Secc., Miguel Hidalgo, 11000 Mexico City. The Group has prepared its financial statements on a combined basis, for further information refer to note 3 (a).

The Group is a Mexican development company with extensive experience in the structuring, development and assessment of industrial, residential, corporate office, and hotel projects in Mexico. The Company also provides comprehensive services, including the execution, construction, management, and operation of a wide variety of industrial, business, tourism, and medical real estate projects, among others. The Group is primarily involved in developing and managing luxury hotels in urban and beach resort destinations.

As of December 31, 2023, the Andaz and Mondrian Hotels, in Mexico City, are fully operational with a combined capacity of 396 rooms.

The Group is also developing a resort complex in Grand Island, Cancun, Quintana Roo, which will include over 3,000 rooms, a world trade center, a water park, a retail village and a beach club. This project is divided into two phases:

Phase one of the complex when fully operational will have 1,016 rooms, divided into two hotel brands: (i) 400 rooms, to be operated under the “Vivid” brand, an adult-only brand; and (ii) 616 rooms, to be operated under the “Dreams” brand, a family-friendly brand. The Vivid hotel with 400 rooms is completed and began operations on April 1, 2024. The Dreams hotel with a further 616 rooms is expected to commence operations in the third quarter of 2024.

II.

Phase two of the GIC Complex in Cancun is planned as an integrated resort split across four different hotel brands all operated by Hyatt (AM Resorts). This second phase is planned to have 2,000 rooms, Murano has not yet begun the process of trying to secure financing for the development of this phase of the Cancun project and a completion date is therefore not possible to estimate at this time.

The Group is also planning to develop an iconic 371 room hotel categorized as 5 star upper-upscale, in Bajamar, Baja California (the “Resort Property in Baja”). The construction of the Resort Property in Baja is currently under preliminary evaluation and Murano has not yet begun the process of securing financing for this project and a completion date is therefore not possible to estimate at this time.

Also in Baja California, the Group is engaged in the development of industrial parks, such as the Baja Park Development Project which will consist of 363,262 sqm of retail area. Construction of the Baja Park Development Project is expected to begin once financing has been secured, a completion date is therefore not possible to estimate at this time.

Significant transactions

In February 2023, the Group signed a lease agreement as lessee for an amount of $350,000,000 with a 48-month term period with Arrendadora Fínamo, S.A. de C.V. (“Fínamo”), this contract was classified as a financial liability due to the sale and lease-back transaction agreement is a failed sale. The agreement includes plots of land in La Punta Baja Mar that were subject to a registered debenture.

The list of the plots of land granted is as follows: (1) Lote 1, Manzana S/M, Sup. 4,117.88 M2; (2) Lote 2, Manzana S/M, Sup. 6,294.08 M2; (3) Lote 3 (VIALIDAD), Manzana S/M, Sup. 4,117.88 M2; (4) Lote 4, Manzana S/M, Sup. 10,015.68 M2; (5) Lote 5, Manzana S/M, Sup. 11,986.53 M2; (6) Lote 6, Manzana S/M, Sup. 2,912.02 M2; (7) Lote 7, Manzana S/M, Sup. 568.51 M2 and (8) Lote 8, Manzana S/M, Sup. 635.25 M2.

ii.

On March 13, 2023, the Group signed a Business Combination Agreement (“BCA”) with HCM Acquisition Corp (“HCM”) to carry out a de-SPAC transaction. On August 2, 2023, the Group signed an amended and restated Business Combination Agreement which contains customary representations and warranties, covenants, closing conditions and other terms relating to the business combination and the replacement of Murano Global B.V., which was intended to be a tax resident of the Netherlands, with Murano Global Investments Limited (“Murano Global”), a tax resident of the United Kingdom.

iii.

In March 2023, the Group acquired a beach club in Cancun for an amount of $171,000,000 (U.S.$9.4 million approximately). The Group signed a secured loan agreement with ALG Servicios Financieros México, S.A. de C.V., SOFOM E.N.R. (“ALG”) for a principal amount of U.S.$20,000,000.00. The first disbursement of U.S.$8,000,000.00, was used to finance the acquisition of the beach club land. In April and July 2023, the Group drew U.S.$5,000,000 and U.S.$7,000,000, respectively, which were used for the construction of the beach club. The loan bears an annual interest of 10% and matures on December 1, 2030. The Group provided this beach club as guarantee for this loan. ALG is incorporated as trustee in the guarantee trust of Fideicomiso Murano 2000.

iv.

In May 2023, the Group restructured the credit line with Bancomext to increase from U.S.$75,000,000 up to U.S.$100,000,000.

On August 24, 2023, Fideicomiso Murano 2000, as borrower, Banco Sabadell, S.A., I.B.M., as administrative and collateral agent, Banco Nacional de Comercio Exterior, S.N.C Institución de Banca de Desarrollo, Caixabank, S.A., SabCapital, S.A. de C.V., S.O.F.O.M., E.R., and Nacional Financiera, S.N.C., Institución de Banca de Desarrollo, as lenders, Operadora Hotelera GI, S.A. de C.V., Operadora Hotelera Grand Island II, S. A. de C. V., and Murano World, S.A. de C.V., as joint and several obligors, and with the appearance of Murano PV, S.A. de C.V., Murano AT GV, S.A. de C.V. and Elías Sacal Cababie executed an amendment to the syndicated secured mortgage loan agreement and its subsequent amendments for purposes of restructuring such loan.

The restructuring consists of an increase of the current syndicated credit facility by U.S. $45,000,000, with a variable interest rate based on the quarterly SOFR rate with a fixed spread of 4.0116%. The credit extension was documented through two tranches of debt: Tranche B for U.S.$35,000,000 which will be used to finalize the construction of phase I of the GIC Complex and Tranche C for U.S.$10,000,000 which will be used to cover additional project costs and capital requirements for the development of the GIC Complex. The loan maturity date is February 5, 2033. The agreement is subject to the Mexican laws and jurisdiction of the courts of Mexico City. The loan agreement includes as new guarantees the plot of land number 2 and the beach club – Playa Delfines of the Cancun complex.

vi.

The Exitus and Sofoplus loans in Mexican pesos described in note 6, came to an end through the early payment made by the Group, aiming to release the collateral associated with these financing arrangements. The amount paid to Sofoplus was $57,593,160 on August 22, 2023 and the amount paid to Exitus was $75,130,254 on September 14, 2023 regarding the loan credit agreements, for a principal amount of $200,000,000. This early payment allows the Group to set free the plot of land number 2 of the Cancun Complex and give it as a guarantee in the restructuring of the syndicated loan described in note 1.b.v and note 10.

Material accounting policies (Tables)

12 Months Ended

Dec. 31, 2023

Material accounting policies [Abstract]

Estimated Useful Lives of Assets

Management Group estimates the following useful life for the major assets.

	Years

Buildings	40 years
Elevators	10 years
Furniture, fixtures, and equipment (“FF&E”)	5 years
Operating, supplies and equipment (“OS&E”)	2 years
Computer equipment	3-4 years
Transportation Equipment	4 years
Furniture	10 years
Equipment and other assets	10 years

Cash and cash equivalents and restricted cash (Tables)

12 Months Ended

Dec. 31, 2023

Cash and cash equivalents and restricted cash [Abstract]

Cash and Cash Equivalents and Restricted Cash

As of December 31, 2023, and 2022, cash and cash equivalents and restricted cash is as follows:

	As of December 31,
	2023		2022

Cash	$	993,681	$	434,443
Bank deposits ^{(1) (2) (3)}		145,376,053		240,320,362

Total cash and cash equivalents and restricted cash	$	146,369,734	$	240,754,805

⁽¹⁾

Murano World - In accordance with the long-term debt held with Bancomext, Sabadell, Caixabank and NAFIN Fideicomiso Murano 2000 (a subsidiary of Murano World) must maintain an interest reserve fund equivalent to a minimum of one quarterly interest payment. While the amount can be withdrawn to pay such interest without any penalty, Fideicomiso Murano 2000 is obligated to replace such interest reserve fund to set a minimum amount. As of December 31, 2023 and 2022, the correspondent amount in the reserve fund was $12,842,404 and $138,618, respectively.

⁽²⁾

Inmobiliaria Insurgentes 421 - In accordance with the long-term debt with Bancomext, the entity must maintain a debt service reserve fund equivalent to the next amortization of capital payment plus interests, according to the amortization schedule, and an additional fund for an amont equivalent to the principal debt service reserve fund. While the amount can be withdrawn to cover the payments without any penalty, Inmobiliaria Insurgentes 421 is obligated to replace such reserve funds 15 days after the balance is drew. As of December 31, 2023 and 2022, the principal reserve fund amounted to $52,272,015 and $24,916,838, respectively. The additional debt service reserve fund was not fully funded as of December 31, 2023, for further information see note 10.

⁽³⁾

As of December 31, 2022 the Company held $38,722,806 in a short-term investment in CMB Monaco. The transaction was carried out through a treasury management services agreement with ESC S.C.P., a related party. As of December 31, 2023, there was no investment amount in this account.

Revenue (Tables)

12 Months Ended

Dec. 31, 2023

Revenue [Abstract]

Revenue

	For the Year Ended December 31,
	2023		2022		2021
Revenue from contracts with customers	$	284,890,018	$	4,392,585	$	-
Revenue for administrative services with related parties		1,761,896		2,038,437		1,529,063

Total revenue	$	286,651,914	$	6,431,022	$	1,529,063

Disaggregation of Revenue from Contracts with Customers

In the following table, revenue from contracts with customers is disaggregated by primary major products and service lines and timing of revenue recognition.

	For the year ended
	December 31,
	2023		2022		2021
Major products/service lines
Room rentals	$	169,417,278	$	1,103,206	$	-
Food and beverage		104,813,372		2,520,105		-
Laundry		4,818,864		-		-
Private events		-		21,120		-
Spa services		3,127,449		18,600		-
Other services		2,713,055		729,554		-
Total revenue from contracts with customers		284,890,018		4,392,585		-

Administrative services to related parties		1,761,896		2,038,437		1,529,063

Total revenue		286,651,914		6,431,022		1,529,063

Timing of revenue recognition
Services and products transferred at a point in time		117,234,636		5,327,816		1,529,063
Services transferred over time		169,417,278		1,103,206		-
Total revenue from contracts with customers	$	286,651,914	$	6,431,022	$	1,529,063

Reporting Entity and description of business, Significant Transactions (Details)				1 Months Ended			12 Months Ended
	Sep. 14, 2023 MXN ($)	Aug. 22, 2023 MXN ($)	Feb. 28, 2023 MXN ($) ManzanaSquareMeter	Jul. 31, 2023 USD ($)	Apr. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 MXN ($) Tranche	Dec. 31, 2023 USD ($)	Aug. 24, 2023 USD ($)	May 31, 2023 USD ($)	Mar. 31, 2023 MXN ($)	Mar. 31, 2023 USD ($)	Jul. 11, 2022 USD ($)
Significant transactions [Abstract]
Number of tranches \| Tranche							2
Beach Club [Member]
Significant transactions [Abstract]
Acquisition cost											$ 171,000,000	$ 9,400,000
Disbursement for land						$ 8,000,000
Disbursement for construction				$ 7,000,000	$ 5,000,000
Lote 1 [Member]
Significant transactions [Abstract]
Area of land for lease \| ManzanaSquareMeter			4,117.88
Lote 2 [Member]
Significant transactions [Abstract]
Area of land for lease \| ManzanaSquareMeter			6,294.08
Lote 3 [Member]
Significant transactions [Abstract]
Area of land for lease \| ManzanaSquareMeter			4,117.88
Lote 4 [Member]
Significant transactions [Abstract]
Area of land for lease \| ManzanaSquareMeter			10,015.68
Lote 5 [Member]
Significant transactions [Abstract]
Area of land for lease \| ManzanaSquareMeter			11,986.53
Lote 6 [Member]
Significant transactions [Abstract]
Area of land for lease \| ManzanaSquareMeter			2,912.02
Lote 7 [Member]
Significant transactions [Abstract]
Area of land for lease \| ManzanaSquareMeter			568.51
Lote 8 [Member]
Significant transactions [Abstract]
Area of land for lease \| ManzanaSquareMeter			635.25
Finamo [Member] \| Beach Club [Member]
Significant transactions [Abstract]
Lease agreement amount			$ 350,000,000
Lease term			48 months
ALG [Member] \| Beach Club [Member]
Significant transactions [Abstract]
Principal amount												$ 20,000,000
Annual interest rate											10.00%	10.00%
Maturity date						December 1, 2030
Bancomext [Member]
Significant transactions [Abstract]
Credit line					$ 75,000,000					$ 100,000,000
Sofoplus [Member]
Significant transactions [Abstract]
Payment of loans		$ 57,593,160
Exitus Capital [Member]
Significant transactions [Abstract]
Principal amount	$ 200,000,000
Credit line							$ 200,000,000	$ 2,500,000
Payment of loans	$ 75,130,254
Fideicomiso Murano [Member]
Significant transactions [Abstract]
Credit line									$ 35,000,000				$ 34,811,150
Sabadell, S.A. Institucion de Banca Multiple ("Sabadell") [Member]
Significant transactions [Abstract]
Credit line									10,000,000
Sabadell, S.A. Institucion de Banca Multiple ("Sabadell") [Member] \| SOFR [Member]
Significant transactions [Abstract]
Interest rate spread							4.0116%	4.0116%
Syndicated Secured Mortgage Loan [Member]
Significant transactions [Abstract]
Maturity date							February 5, 2033
Credit line								$ 160,000,000	$ 45,000,000

Combined statements of cash flows - MXN ($)	12 Months Ended
Combined statements of cash flows - MXN ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Profit before income taxes	$ 5,662,697	$ 475,086,707	$ 350,554
Adjustments for:
Depreciation of property, construction in process and equipment	128,715,199	1,268,241	1,569,991
Depreciation of right of use assets	6,783,691	540,642	536,173
Disposals of furniture	6,656,723	0	0
Amortization of costs to obtain loans and commissions	8,106,066	3,884,065	3,302,539
Valuation of financial derivative instruments	75,868,263	(200,739,870)	(75,846,728)
Loss (gain) on revaluation of investment property	86,598,436	(298,089,926)	(60,907,125)
Interest expense	300,463,958	86,435,979	50,449,401
Interest expense from lease liabilities	3,282,685	49,704	77,665
Interest income	(8,845,532)	(555,638)	(851,178)
Net foreign exchange gain unearned	(756,380,690)	(281,250,941)	82,858,976
Cash flows from operations	(143,088,504)	(213,371,037)	1,540,268
Changes in:
Increase in receivable VAT	(13,310,332)	(57,046,975)	(42,107,954)
Increase in trade receivable	(16,831,611)	0	0
Increase in other receivables	(2,935,229)	(12,561,563)	(1,180,916)
Decrease in prepayments	24,307,603	2,065,240	(36,089,436)
Increase in related parties, net	0	(20,107,537)	(44,073,072)
Decrease (increase) in inventory	496,924	(1,912,518)	0
(Increase) decrease in other assets	(21,480,806)	73,362	(76,073)
Increase (decrease) in trade payables	275,492,241	25,276,683	(63,035,437)
Increase in other liabilities	62,504,425	0	0
Increase in employee benefits	2,149,082	684,383	1,024,865
Increase in employees' statutory profit sharing	101,082	1,388,573	18,773
Income taxes paid	(2,198,538)	0	0
Net cash flows from (used in) operating activities	165,206,337	(275,511,389)	(183,978,982)
Cash flows used in investing activities
Interest received	2,081,201	555,638	851,178
Disposal of property, construction in process and equipment	157,032,407	85,296,091	8,204,241
Loans granted to related parties	(136,784,815)	0	0
Acquisition of property, construction in process and equipment	(1,719,930,815)	(1,523,373,463)	(886,774,971)
Net cash flows used in investing activities	(1,697,602,022)	(1,437,521,734)	(877,719,552)
Cash flows from financing activities:
Cash contributions to net parent investment	0	428,378	7,050,551
Reimbursements of net parent investment	0	(298,773,702)	(45,721,042)
(Withdrawals) contributions for future net assets increase	(55,939,020)	24,121,580	5,806,279
Proceeds from loans	2,116,176,076	2,237,181,037	1,108,741,445
Loans received from related parties	60,581,457	150,363,750	177,990,700
Loan payments to related parties	(96,693,781)	(57,493,961)	(316,177,293)
Loan payments to third parties	(272,136,923)	(220,572,529)	(63,126,856)
Costs to obtain loans and commissions	(37,075,869)	(19,249,547)	0
Payments of leasing liabilities	(19,175,084)	(586,399)	(581,924)
Interest paid	(257,726,242)	(45,065,474)	(38,161,827)
Net cash flows from financing activities	1,438,010,614	1,770,353,133	835,820,033
Net (decrease) increase in cash and cash equivalents and restricted cash	(94,385,071)	57,320,010	(225,878,501)
Cash and cash equivalents and restricted cash at the beginning of the year	240,754,805	183,434,795	409,313,296
Cash and cash equivalents and restricted cash at the end of the year	$ 146,369,734	$ 240,754,805	$ 183,434,795

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Right-of-use Assets Related to Leased Properties and Recognized in Profit or Loss

Right-of-use assets related to leased properties that do not meet the definition of investment property.

2023	Hotel Equipment⁽¹⁾			Offices			Vehicles			Total

Balance as of January 1,	$	-		$	-		$	591,039		$	591,039
Additions		203,886,899			17,094,898			2,247,946			223,229,743
Depreciation charge for the year		(3,929,118	)		(1,840,989	)		(1,013,584	)		(6,783,691	)

Balance as of December 31,	$	199,957,781		$	15,253,909		$	1,825,401		$	217,037,091

(1)	On November 8, 2023, Operadora Hotelera GI, S. A. de C. V. entered into a leasing agreement with Arrendadora Coppel, S.A.P.I. de C.V. for hotel equipment for a period of 5 years, rent payments are fixed throughout the contract.

2022	Vehicles

Balance as of January 1,	$	1,131,681
Depreciation charge for the year		(540,642	)

Balance as of December 31,	$	591,039

2021	Vehicles

Balance as of January 1,	$	1,430,449
Depreciation charge for the year		(536,173	)
Addition to right-of-use-assets		237,405

Balance as of December 31,	$	1,131,681

Amounts recognized in profit or loss

	For the Years Ended December 31,
	2023		2022		2021
Amounts recognized in profit and loss
Interest on lease liabilities	$	3,282,685	$	49,704	$	77,665
Expenses related to short-term leases		1,506,962		319,498		319,498

	$	4,789,647	$	369,202	$	397,163

Amounts recognized in the combined statement of cash flow

Total cash outflow	$	19,175,084	$	586,399	$	581,924

Income tax

12 Months Ended

Dec. 31, 2023

Income tax [Abstract]

Income tax

12.	Income tax

	For the Year Ended December 31,
	2023				2022			2021
Current tax (benefit) expense
Current income tax		$	3,025,179			$	3,406,827	$	13,942
Deferred income tax			(55,155,403	)			227,302,580		105,845,039
		$	(52,130,224	)		$	230,709,407	$	105,858,981

The Mexican Tax Law effective as of January 1, 2014 is applicable to the Group, which imposes an income tax rate of 30%.

Amounts recognized in profit or loss

Management has determined that the recoverability of cumulative tax losses, which expire in 2026 - 2033, is not feasible based on estimated breakeven of hotel operations. Therefore, the Group has not recognized certain expected income tax losses in the determination of deferred income tax, except for those companies that has taxable profit to offset the income tax losses.

Amounts recognized in OCI

	As of December 31, 2023												As of December 31, 2022												As of December 31, 2021
	Before				Tax (expense)				Net of				Before				Tax (expense)				Net of				Before			Tax (expense)				Net of
	tax				benefit				tax				tax				benefit				tax				tax			benefit				tax
Items that will not be reclassified to profit and loss
Remeasurements of defined benefit liability		$	124,599			$	(37,380	)		$	87,219			$	(2,554,480	)		$	766,344			$	(1,788,136	)		$	941,861		$	(282,558	)		$	659,303
Revaluation of property, construction in process and equipment			(889,982,346	)			266,994,704				(622,987,642	)			6,009,039,347				(1,802,711,804	)			4,206,327,543				238,990,089			(71,697,026	)			167,293,063

		$	(889,857,747	)		$	266,957,324			$	(622,900,423	)		$	6,006,484,867			$	(1,801,945,460	)		$	4,204,539,407			$	239,931,950		$	(71,979,584	)		$	167,952,366

Reconciliation of effective tax rate

	For the Year Ended December 31,
	2023			2022			2021

Profit before income tax	$	5,662,697		$	475,086,707		$	350,554
Tax using the Company´s domestic tax rate		30	%		30	%		30	%
Income tax at legal tax rate		1,698,809			142,526,012			105,166
Tax effect of:
Annual adjustment inflation		86,082,320			72,595,223			66,939,657
Non-deductible expenses		5,970,038			7,751,565			895,711
Change in allowance for NOL’s		(145,881,392	)		7,836,607			37,918,447

Total tax expense	$	(52,130,224	)	$	230,709,407		$	105,858,981

Movement in deferred tax balances

2023	Net balance as of January 1,			Recognized in profit and loss			Recognized in OCI			Final balance

Prepayments	$	(1,422,966	)	$	(2,576,735	)		-		$	(3,999,701	)
Property, plant and equipment		236,862			(40,054,941	)		-			(39,818,079	)
PP&E Surplus		(3,744,476,101	)		5,750,177			266,994,704			(3,471,731,220	)
PP&E (capitalized foreign exchange rate and interest expense)		(226,499,908	)		(4,542,890	)		-			(231,042,798	)
Investment properties		(326,498,611	)		25,979,531			-			(300,519,080	)
Right of use of assets		-			(65,111,127	)		-			(65,111,127	)
Derivatives		(57,837,597	)		22,760,479			-			(35,077,118	)
Accruals		147,482			3,223,403			-			3,370,885
Advance customers		-			46,637,589			-			46,637,589
Lease liabilities		-			62,388,460			-			62,388,460
Employees’ benefits		1,996,298			670,889			(37,380	)		2,629,807
Employees’ statutory profit sharing		641,950			30,568			-			672,518

	$	(4,353,712,591	)	$	55,155,403		$	266,957,324		$	(4,031,599,864	)

2022	Net balance as of January 1,			Recognized in profit and loss			Recognized in OCI			Final balance

Prepayments	$	(628,022	)	$	(794,944	)	$	-		$	(1,422,966	)
Property, plant and equipment		(1,941,698,749	)		171,314			(1,802,711,804	)		(3,744,239,239	)
PP&E (capitalized foreign exchange rate and interest expense)		(152,392,186	)		(74,107,722	)		-			(226,499,908	)
Investment properties		(237,071,633	)		(89,426,978	)		-			(326,498,611	)
Derivatives		2,384,364			(60,221,961	)					(57,837,597	)
Accruals		3,691,418			(3,543,936	)		-			147,482
Employees’ benefits		1,024,636			205,318			766,344			1,996,298
Employees’ statutory profit sharing		225,621			416,329			-			641,950

	$	(2,324,464,551	)	$	(227,302,580	)	$	(1,801,945,460	)	$	(4,353,712,591	)

2021	Net balance at January 1,			Recognized in profit and loss			Recognized in OCI			Final Balance

Prepayments	$	(431,516	)	$	(196,506	)	$	-		$	(628,022	)
Property, plant and equipment		(1,870,096,086	)		94,363			(71,697,026	)		(1,941,698,749	)
PP&E FCI		(88,466,300	)		(63,925,886	)		-			(152,392,186	)
Investment properties		(218,799,495	)		(18,272,138	)		-			(237,071,633	)
Derivatives		25,138,382			(22,754,018	)					2,384,364
Accruals		4,795,362			(1,103,944	)		-			3,691,418
Employees’ benefits		999,736			307,458			(282,558	)		1,024,636
Employees’ statutory profit sharing		219,989			5,632			-			225,621

	$	(2,146,639,928	)	$	(105,845,039	)	$	(71,979,584	)	$	(2,324,464,551	)

Unrecognized deferred tax assets

	As of December 31, 2023				As of December 31, 2022
	Gross amount		Tax effect		Gross amount		Tax effect

Income tax losses	$	707,357,588	$	212,207,276	$	1,201,013,037	$	360,303,911

Tax losses carried forward

Tax losses for which no deferred tax assets was recognized expire as follows:

	Gross		Expire
Year	amount		rate

2016	$	25,155,567		2026
2018		585,980,790		2028
2021		12,404,940		2031
2022		10,296,375		2032
2023		73,519,916		2033

Total income tax losses	$	707,357,588

Income tax, Amounts Recognized in OCI (Details) - MXN ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Amounts recognized in other comprehensive income [Abstract]
Amounts recognized in OCI, Before tax	$ (889,857,747)	$ 6,006,484,867	$ 239,931,950
Amounts recognized in OCI, Tax (expense) benefit	266,957,324	(1,801,945,460)	(71,979,584)
Other comprehensive income for the period	(622,900,423)	4,204,539,407	167,952,366
Remeasurement of Defined Benefit Liability [Member]
Amounts recognized in other comprehensive income [Abstract]
Amounts recognized in OCI, Before tax	124,599	(2,554,480)	941,861
Amounts recognized in OCI, Tax (expense) benefit	(37,380)	766,344	(282,558)
Other comprehensive income for the period	87,219	(1,788,136)	659,303
Revaluation of Property, Construction in Process and Equipment [Member]
Amounts recognized in other comprehensive income [Abstract]
Amounts recognized in OCI, Before tax	(889,982,346)	6,009,039,347	238,990,089
Amounts recognized in OCI, Tax (expense) benefit	266,994,704	(1,802,711,804)	(71,697,026)
Other comprehensive income for the period	$ (622,987,642)	$ 4,206,327,543	$ 167,293,063

Income tax, Major Components of Income Tax Expenses (Details) - MXN ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current tax (benefit) expense [Abstract]
Current income tax	$ 3,025,179	$ 3,406,827	$ 13,942
Deferred income tax	(55,155,403)	227,302,580	105,845,039
Total tax expense	$ (52,130,224)	$ 230,709,407	$ 105,858,981
Applicable tax rate	30.00%	30.00%	30.00%

- Definition

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

+ References + Details

Commitments and contingencies (Details)	12 Months Ended
Commitments and contingencies (Details)	Dec. 31, 2023	Dec. 31, 2023 Room	Dec. 31, 2023 key
Commitments [Abstract]
Period considered to examine transactions	5 years
Maximum [Member]
Commitments [Abstract]
Percentage of interest rate penalties of omitted taxes	100.00%	100.00%	100.00%
AMR Operaciones [Member]
Commitments [Abstract]
Room capacity		1,016	1,016
"Vivid" Brand [Member]
Commitments [Abstract]
Room capacity		400	400
"Dreams" Brand [Member]
Commitments [Abstract]
Room capacity		616	616

Other income and other expenses (Details) - MXN ($)	12 Months Ended
Other income and other expenses (Details) - MXN ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other income [Abstract]
Gain on sale of property, plant and equipment	$ 100	$ 203,909	$ 25,863
Income on extraordinary maintenance			13,815,641
Expanses reimbursement	0	12,610,139	0
Land repurchase bonus	0	7,848,211	0
Rent	0	4,326,241	0
VAT revaluation	4,283,151	8,511,228	2,946,612
Insurance recovery	1,549,313	0	0
Key Money Amortization	1,705,089	0	0
Others	18,022,899	15,175	16,868,660
Total other income	25,560,552	33,514,903	33,656,776
Other expenses [Abstract]
Penalties on land acquisition	0	0	(28,364,700)
Other expenses	(9,801,077)	(3,874,125)	(343,622)
Total other expenses	$ (9,801,077)	$ (3,874,125)	$ (28,708,322)

Cash and cash equivalents and restricted cash (Details) - MXN ($)

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Cash equivalents [Abstract]

Cash

$ 993,681

$ 434,443

Bank deposits

^[1],[2],[3]

145,376,053

240,320,362

Total cash and cash equivalents and restricted cash

$ 146,369,734

240,754,805

Period to replace reserve funds

15 days

Murano World [Member]

Cash equivalents [Abstract]

Restricted reserve fund

$ 12,842,404

138,618

Inmobiliaria Insurgentes [Member]

Cash equivalents [Abstract]

Restricted reserve fund

52,272,015

24,916,838

CMB Monaco [Member]

Cash equivalents [Abstract]

Short term investments

$ 0

$ 38,722,806

[1]	As of December 31, 2022 the Company held $38,722,806 in a short-term investment in CMB Monaco. The transaction was carried out through a treasury management services agreement with ESC S.C.P., a related party. As of December 31, 2023, there was no investment amount in this account.
[2]	Inmobiliaria Insurgentes 421 - In accordance with the long-term debt with Bancomext, the entity must maintain a debt service reserve fund equivalent to the next amortization of capital payment plus interests, according to the amortization schedule, and an additional fund for an amont equivalent to the principal debt service reserve fund. While the amount can be withdrawn to cover the payments without any penalty, Inmobiliaria Insurgentes 421 is obligated to replace such reserve funds 15 days after the balance is drew. As of December 31, 2023 and 2022, the principal reserve fund amounted to $52,272,015 and $24,916,838, respectively. The additional debt service reserve fund was not fully funded as of December 31, 2023, for further information see note 10.
[3]	Murano World - In accordance with the long-term debt held with Bancomext, Sabadell, Caixabank and NAFIN Fideicomiso Murano 2000 (a subsidiary of Murano World) must maintain an interest reserve fund equivalent to a minimum of one quarterly interest payment. While the amount can be withdrawn to pay such interest without any penalty, Fideicomiso Murano 2000 is obligated to replace such interest reserve fund to set a minimum amount. As of December 31, 2023 and 2022, the correspondent amount in the reserve fund was $12,842,404 and $138,618, respectively.

Cash and cash equivalents and restricted cash

12 Months Ended

Dec. 31, 2023

Cash and cash equivalents and restricted cash [Abstract]

Cash and cash equivalents and restricted cash

5.	Cash and cash equivalents and restricted cash

As of December 31, 2023, and 2022, cash and cash equivalents and restricted cash is as follows:

	As of December 31,
	2023		2022

Cash	$	993,681	$	434,443
Bank deposits ^{(1) (2) (3)}		145,376,053		240,320,362

Total cash and cash equivalents and restricted cash	$	146,369,734	$	240,754,805

⁽¹⁾

⁽²⁾

⁽³⁾

Material accounting policies (Policies)

12 Months Ended

Dec. 31, 2023

Material accounting policies [Abstract]

Basis of combination

Foreign currency transactions

Transactions in foreign currencies are translated into the respective functional currencies of Group companies at the exchange rates at the dates of the transactions.

However, foreign currency differences arising from the translation of the following items are recognized in OCI:

•

An investment in equity securities designated as at FVOCI (except on impairment, in which case foreign currency differences that have been recognized in OCI are reclassified to profit or loss);

•

A financial liability designated as a hedge of the net investment in a foreign operation to the extent that the hedge is effective (see (P)(v)); and

•

Qualifying cash flow hedges to the extent that the hedges are effective.

Revenue from contracts with customers

•

Room rentals.

•

Food and beverage.

•

Private events.

•

Spa services.

•

Other services.

Cash and cash equivalents and restricted cash

Financial instruments

(i)

Recognition and initial measurement

(ii)

Classification and subsequent measurement

Financial assets -

On initial recognition, a financial asset is classified as measured at amortized cost or FVTPL.

A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL:

It is held within a business model whose objective is to hold assets to collect contractual cash flows; and

Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A debt investment is measured at Fair Value Through Other Comprehensive Income (“FVOCI”) if it meets both of the following conditions and is not designated as at FVTPL:

It is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and

Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Financial assets - Business model assessment:

How the performance of the portfolio is evaluated and reported to the Group’s management;

The risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed;

How managers of the business are compensated - e.g. whether compensation is based on the fair value of the assets managed or the contractual cash flow collected; and

The frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and expectations about future sales activity.

Financial assets that are held for trading or are managed and whose performance is evaluated on a fair value basis are measured at FVTPL.

Financial assets - Assessment whether contractual cash flows are solely payments of principal and interest.

In making this assessment, the Group considers:

Contingent events that would change the amount or timing of cash flows;

Terms that may adjust the contractual coupon rate, including variable-rate features;

Prepayment and extension features; and

Terms that limit the Group’s claim to cash flows from specified assets (e.g. non-recourse features).

Financial assets - Subsequent measurement and gains and losses:

	Financial assets at FVTPL	These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss.

	Financial assets at amortized cost	These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gain or losses and impairment are capitalized. Any gain or loss on derecognition is recognized in profit or loss.

Financial liabilities - Classification, subsequent measurement and gains and losses

(iii)

Derecognition

Financial assets

The Group derecognizes a financial asset when:

The contractual rights to the cash flows from the financial asset expire; or

It transfers the rights to receive the contractual cash flows in a transaction in which either:

Substantially all the risks and rewards of ownership of the financial asset are transferred; or

ii.

The Group neither transfers nor retains substantially all the risks and rewards of ownership and it does not retain control of the financial asset.

Financial liabilities

Interest rate benchmark reform

•

The change is necessary as a direct consequence of the reform; and

•

The new basis for determining the contractual cash flows is economically equivalent to the previous basis - i.e. the basis immediately before the change.

(iv)

Offsetting

(v)

Derivative financial instruments

The Group holds derivative financial instruments with the intention to hedge interest rate risk exposures.

Derivatives are initially measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are recognized in profit or loss.

(vi)

Impairment

Non-derivative financial assets

Financial instruments

The Group recognizes loss allowances for Expected Credit Losses (“ECLs”) on:

Financial assets measured at amortized cost.

The Group measures loss allowances at an amount equal to lifetime ECLs, except for the following which are measured at twelve-month ECLs:

Debt securities that are determined to have low credit risk at the reporting date; and

Loss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime ECLs.

The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due.

The Group considers a financial asset to be in default when:

The debtor is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realizing security (if any is held); or

The financial asset is more than 90 days past due.

Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument.

The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk.

Measurement of ECLs

ECLs are discounted at the effective interest rate of the financial asset.

Presentation of allowance for ECL in the combined statement of financial position

Allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets.

ii.

Non-financial assets

For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets.

An impairment loss is recognized if the carrying amount of an asset exceeds its recoverable amount.

Impairment losses are recognized in profit or loss.

Prepayments

Property, construction in process and equipment

Recognition and measurement

All other property and equipment are recognized at historical cost less depreciation.

Any gain or loss on disposal of an item of property, construction in process and equipment is recognized in profit or loss.

ii.

Subsequent expenditure

Subsequent expenditure is capitalized only if it is probable that the future economic benefits associated with the expenditure will flow to the Group.

iii.

Depreciation

Management Group estimates the following useful life for the major assets.

	Years

Buildings	40 years
Elevators	10 years
Furniture, fixtures, and equipment (“FF&E”)	5 years
Operating, supplies and equipment (“OS&E”)	2 years
Computer equipment	3-4 years
Transportation Equipment	4 years
Furniture	10 years
Equipment and other assets	10 years

Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.

iv.

Reclassification to investment property

Investment property

Investment property is initially measured at cost and subsequently at fair value with any change therein recognized in profit and loss.

Employee benefits

Short-term employee benefits

obligation can be estimated reliably.

ii.

Other long-term employee benefits

iii.

Termination benefits

iv.

Defined employee benefit

Net interest expense and other expenses related to defined benefit plans are recognized in profit or loss.

Borrowing costs

All other borrowing costs are recognized in profit or loss in the period in which they are incurred.

Income tax

Current tax

Current tax assets and liabilities are offset only if certain criteria are met.

Deferred tax

Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.

Temporary differences in relation to a right-of-use asset and a lease liability for a specific lease are regarded as a net package (the lease) for the purpose of recognizing deferred tax.

Deferred tax assets and liabilities are offset only if certain criteria are met.

Finance income and finance cost

The Group’s finance income and finance cost include:

Interest income,

Interest expense,

The net gain or loss on financial assets at FVTPL,

The foreign currency gain or loss on financial assets and financial liabilities,

Interest income or expense is recognized using the ‘effective interest rate’ method.

The ‘effective interest rate’ is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to:

•

The gross carrying amount of the financial asset; or

•

The amortized cost of the financial liability.

Leases

As a lessee

At the commencement or on modification of a contract that contains a lease component, the Group

allocates the contract consideration to each lease component on the basis of its relative stand-alone prices. However, for leases of property the Group has elected not to separate the non-lease

components and account for the lease and non-lease components as a single lease component.

Lease payments included in the measurement of the lease liability comprise the following:

•

Fixed payments; including in-substance fixed payment:

•

Variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date;

•

Amounts expected to be payable under a residual value guarantee, and

•

Short-term leases and leases of low-value assets

Contingencies

Provisions

Contributions for future net assets

Fair value measurement

A number of the Group’s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities (see Note 13).

The best evidence of the fair value of a financial instrument on initial recognition is normally the transaction price, i.e., the fair value of the consideration given or received.

Other liabilities

Combined Statements of cash flows

The combined statement of cash flows for the years ended December 31, 2023 and 2022 were prepared using the indirect method.

Document and Entity Information - shares	12 Months Ended
Document and Entity Information - shares	Dec. 31, 2023	Mar. 20, 2024
Entity Addresses [Line Items]
Document Type	20-F
Amendment Flag	false
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-41985
Entity Registrant Name	Murano Global Investments Ltd
Entity Central Index Key	0001988776
Entity Incorporation, State or Country Code	Y9
Entity Address, Address Line One	25 Berkeley Square
Entity Address, City or Town	London
Entity Address, Country	GB
Entity Address, Postal Zip Code	W1J 6HN
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	true
Document Financial Statement Restatement Recovery Analysis [Flag]	false
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Auditor Firm ID	1141
Auditor Name	KPMG Cárdenas Dosal, S.C.
Auditor Location	Mexico City, Mexico
Business Contact [Member]
Entity Addresses [Line Items]
Entity Address, Address Line One	25 Berkeley Square
Entity Address, City or Town	London
Entity Address, Country	GB
Entity Address, Postal Zip Code	W1J 6HN
City Area Code	44
Local Phone Number	207 1676440
Contact Personnel Name	David Galan
Contact Personnel Email Address	dgalan@murano.com.mx
Ordinary Shares [Member]
Entity Addresses [Line Items]
Title of 12(b) Security	Ordinary shares, no par value
Trading Symbol	MRNO
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		79,242,873
Warrants [Member]
Entity Addresses [Line Items]
Title of 12(b) Security	Warrants, each exercisable for one ordinary share at an exercise price of $11.50 per ordinary share
Trading Symbol	MRNOW
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		16,875,000

Property, construction in process and equipment, Non-cash Transactions in Property, Construction in Process and Equipment and Measurement of Fair Value (Details) - MXN ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash and non cash transactions in property construction in process and equipment [Abstract]
Balance Beginning	$ 16,882,483,829	$ 9,436,635,352
Cash transactions [Abstract]
Accrued capitalized borrowing costs	275,133,471	247,025,739
Balance Ending	17,420,027,969	16,882,483,829	$ 9,436,635,352
Measurement of fair value [Abstract]
Revaluation (loss) surplus	(889,982,346)	6,009,039,346	238,990,090
Cost [Member]
Cash and non cash transactions in property construction in process and equipment [Abstract]
Balance Beginning	16,897,265,649	9,450,148,931	8,332,588,111
Non-cash transactions [Abstract]
Revaluation of land and construction in process	(889,982,346)	6,009,039,346	238,990,090
Effect on movement in exchange rates on cash held	0	1,451,180	(571,766)
Total non-cash transactions	(889,982,346)	6,010,490,526	238,418,324
Cash transactions [Abstract]
Construction in process and equipment	1,281,108,214	1,189,600,453	666,056,209
Accrued capitalized borrowing costs	275,133,471	247,025,739	213,086,287
Total cash transactions	1,556,241,685	1,436,626,192	879,142,496
Balance Ending	$ 17,563,524,988	$ 16,897,265,649	$ 9,450,148,931

Revenue, Disaggregation of Revenue from Contracts with Customers (Details) - MXN ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Major Products/Service Lines [Abstract]
Revenue from contracts with customers	$ 284,890,018	$ 4,392,585	$ 0
Administrative services to related parties	1,761,896	2,038,437	1,529,063
Total revenue	286,651,914	6,431,022	1,529,063
Services and Products Transferred at a Point in Time [Member]
Major Products/Service Lines [Abstract]
Total revenue	117,234,636	5,327,816	1,529,063
Services Transferred Over Time [Member]
Major Products/Service Lines [Abstract]
Total revenue	169,417,278	1,103,206	0
Room Rentals [Member]
Major Products/Service Lines [Abstract]
Revenue from contracts with customers	169,417,278	1,103,206	0
Food and Beverage [Member]
Major Products/Service Lines [Abstract]
Revenue from contracts with customers	104,813,372	2,520,105	0
Laundry [Member]
Major Products/Service Lines [Abstract]
Revenue from contracts with customers	4,818,864	0	0
Private Events [Member]
Major Products/Service Lines [Abstract]
Revenue from contracts with customers	0	21,120	0
Spa Services [Member]
Major Products/Service Lines [Abstract]
Revenue from contracts with customers	3,127,449	18,600	0
Other Services [Member]
Major Products/Service Lines [Abstract]
Revenue from contracts with customers	$ 2,713,055	$ 729,554	$ 0

Property, construction in process and equipment, Carrying Amount and Security (Details) - MXN ($)	Dec. 31, 2023	Dec. 31, 2022
Property, plant and equipment carrying amount [Abstract]
Carrying amount	$ 5,949,471,763	$ 4,192,349,691
Security [Abstract]
Security for bank loans	17,407,733,917	14,013,476,697
Land [Member]
Property, plant and equipment carrying amount [Abstract]
Carrying amount	673,294,661	499,302,461
Construction in Process [Member]
Property, plant and equipment carrying amount [Abstract]
Carrying amount	$ 5,276,177,102	$ 3,693,047,230

Long-term debt, Current and Non-current Liabilities (Details) - MXN ($)	Dec. 31, 2023	Dec. 31, 2022
Current liabilities [Abstract]
Current portion of secured bank loans	$ 1,866,499,269	$ 3,704,429,770
Unsecured bank loans	64,827,258	19,958,980
Interest	108,029,151	71,398,277
Total current liabilities	2,039,355,678	3,795,787,027
Non-current liabilities [Abstract]
Secured bank loan	4,641,315,619	338,735,900
Unsecured bank loans	2,001,517	1,428,652,077
Total non-current liabilities	4,643,317,136	1,767,387,977
Secured bank loans carrying amount	$ 15,922,158,231	$ 15,200,566,623

Property, construction in process and equipment, Construction in Process (Details)	12 Months Ended
	Dec. 31, 2023 MXN ($) Room	Dec. 31, 2022 MXN ($)
Construction in process [Abstract]
Capitalization of borrowing cost \| $	$ 275,133,471	$ 247,025,739
Capitalization rate	100.00%
GIC I [Member]
Construction in process [Abstract]
Construction cost \| $	$ 3,200,000,000
Construction in process \| $	$ 1,106,639,896	1,194,557,969
GIC I [Member] \| Maximum [Member]
Construction in process [Abstract]
Number of rooms under construction \| Room	1,016
GIC II [Member] \| Maximum [Member]
Construction in process [Abstract]
Room capacity \| Room	2,000
Insurgentes Hotel [Member]
Construction in process [Abstract]
Construction cost \| $	$ 79,064,992	$ 293,725,328
Room capacity \| Room	396
Number of individual hotels \| Room	2

Financial instruments - Fair value and risk management, Interest Rate Sensitivity (Details) - USD [Member] - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
1 % Increase [Member]
Increase (decrease) effect on combined income before income taxes [Abstract]
Increase / decrease effect on combined income before income taxes	$ 601,345	$ 458,569
1 % Decrease [Member]
Increase (decrease) effect on combined income before income taxes [Abstract]
Increase / decrease effect on combined income before income taxes	$ (601,345)	$ (458,569)

Related-party transactions and balances, Transactions Carried out with Related Parties (Details)

1 Months Ended

12 Months Ended

Nov. 09, 2023

MXN ($)

Sep. 26, 2023

USD ($)

May 05, 2023

MXN ($)

Apr. 14, 2023

MXN ($)

Mar. 01, 2023

USD ($)

Feb. 10, 2023

MXN ($)

Feb. 09, 2023

MXN ($)

May 02, 2021

MXN ($)

Mar. 31, 2023

MXN ($)

Dec. 31, 2023

MXN ($)

Dec. 31, 2023

USD ($)

Apr. 14, 2023

USD ($)

Feb. 10, 2023

USD ($)

Dec. 31, 2022

MXN ($)

Receivable - Affiliate: [abstract]

Total related parties receivable

$ 143,549,146

$ 0

Payable - Affiliate: [abstract]

Current portion

133,002,659

68,343,487

Long term portion

87,302,929

206,145,860

Total related parties payable

$ 220,305,588

274,489,347

Syndicated Secured Mortgage Loan [Member]

Payable - Affiliate: [abstract]

Debt maturity

February 5, 2033

Elias Sacal Cababie [Member]

Receivable - Affiliate: [abstract]

Total related parties receivable

^[1]

$ 104,029,840

Elias Sacal Cababie [Member] | Murano P.V. [Member]

Payable - Affiliate: [abstract]

Loans to related parties

$ 2,000,000

Elias Sacal Cababie [Member] | Murano P.V. [Member] | TIIE [Member]

Payable - Affiliate: [abstract]

Term of variable rates

28 days

Annual interest rate

3.00%

Elias Sacal Cababie [Member] | Murano P.V. [Member]

Payable - Affiliate: [abstract]

Loans to related parties

$ 438,611

Elias Sacal Cababie [Member] | Murano P.V. [Member] | SOFR [Member]

Payable - Affiliate: [abstract]

Term of variable rates

3 months

Annual interest rate

3.00%

Elias Sacal Cababie [Member] | Murano World [Member]

Payable - Affiliate: [abstract]

Loans to related parties

$ 7,900,000

Elias Sacal Cababie [Member] | Murano World [Member] | TIIE [Member]

Payable - Affiliate: [abstract]

Term of variable rates

28 days

Annual interest rate

3.00%

Elias Sacal Cababie [Member] | Murano World [Member]

Payable - Affiliate: [abstract]

Loans to related parties

$ 2,865,000

Elias Sacal Cababie [Member] | Murano World [Member] | SOFR [Member]

Payable - Affiliate: [abstract]

Term of variable rates

3 days

Annual interest rate

3.00%

Elias Sacal Cababie [Member] | Murano World [Member]

Payable - Affiliate: [abstract]

Loans to related parties

$ 3,200,000

Elias Sacal Cababie [Member] | Murano World [Member] | SOFR [Member]

Payable - Affiliate: [abstract]

Term of variable rates

3 days

Annual interest rate

3.00%

E.S. Agrupacion S. A. de C. V. [Member]

Receivable - Affiliate: [abstract]

Total related parties receivable

^[1]

35,582,383

E.S. Agrupacion S. A. de C. V. [Member] | Murano P.V. [Member]

Payable - Affiliate: [abstract]

Loans to related parties

$ 30,000

E.S. Agrupacion S. A. de C. V. [Member] | Murano P.V. [Member] | TIIE [Member]

Payable - Affiliate: [abstract]

Term of variable rates

28 days

Annual interest rate

3.00%

E.S. Agrupacion S. A. de C. V. [Member] | Murano P.V. [Member]

Payable - Affiliate: [abstract]

Loans to related parties

$ 359,368

E.S. Agrupacion S. A. de C. V. [Member] | Murano P.V. [Member] | SOFR [Member]

Payable - Affiliate: [abstract]

Term of variable rates

3 months

Annual interest rate

3.00%

E.S. Agrupacion S. A. de C. V. [Member] | Murano World [Member]

Payable - Affiliate: [abstract]

Loans to related parties

$ 9,620,660

E.S. Agrupacion S. A. de C. V. [Member] | Murano World [Member] | TIIE [Member]

Payable - Affiliate: [abstract]

Term of variable rates

28 days

Annual interest rate

3.00%

E.S. Agrupacion S. A. de C. V. [Member] | Murano World [Member]

Payable - Affiliate: [abstract]

Loans to related parties

$ 453,000

E.S. Agrupacion S. A. de C. V. [Member] | Murano World [Member] | SOFR [Member]

Payable - Affiliate: [abstract]

Term of variable rates

3 months

Annual interest rate

3.00%

E.S. Agrupacion S. A. de C. V. [Member] | Murano World [Member]

Payable - Affiliate: [abstract]

Loans to related parties

$ 10,000,000

E.S. Agrupacion S. A. de C. V. [Member] | Murano World [Member] | TIIE [Member]

Payable - Affiliate: [abstract]

Term of variable rates

28 days

Annual interest rate

3.00%

Marcos Sacal Cohen [Member]

Receivable - Affiliate: [abstract]

Total related parties receivable

^[2]

540,031

Marcos Sacal Cohen [Member] | Short-Term Loan Agreement [Member]

Payable - Affiliate: [abstract]

Loans to related parties

$ 492,000

Debt maturity

May 5, 2023

Marcos Sacal Cohen [Member] | Short-Term Loan Agreement [Member] | TIIE [Member]

Payable - Affiliate: [abstract]

Term of variable rates

28 days

Annual interest rate

3.00%

Edgar Armando Padilla Perez [Member]

Receivable - Affiliate: [abstract]

Total related parties receivable

^[3]

$ 1,700,466

Edgar Armando Padilla Perez [Member] | Short-Term Loan Agreement [Member]

Payable - Affiliate: [abstract]

Loans to related parties

$ 1,546,669

Edgar Armando Padilla Perez [Member] | Short-Term Loan Agreement [Member] | TIIE [Member]

Payable - Affiliate: [abstract]

Term of variable rates

28 days

Annual interest rate

3.00%

Edgar Armando Padilla Perez [Member] | Short-Term Loan Agreement [Member]

Payable - Affiliate: [abstract]

Loans to related parties

$ 4,400

Edgar Armando Padilla Perez [Member] | Short-Term Loan Agreement [Member] | TIIE [Member]

Payable - Affiliate: [abstract]

Term of variable rates

28 days

Annual interest rate

3.00%

Ruben Alvarez Laris [Member]

Receivable - Affiliate: [abstract]

Total related parties receivable

^[4]

1,696,426

Ruben Alvarez Laris [Member] | Short-Term Loan Agreement [Member]

Payable - Affiliate: [abstract]

Loans to related parties

$ 1,547,609

Ruben Alvarez Laris [Member] | Short-Term Loan Agreement [Member] | TIIE [Member]

Payable - Affiliate: [abstract]

Term of variable rates

28 days

Annual interest rate

3.00%

Impulsora Turistica de Vallarta, S. A. de C. V. [Member]

Payable - Affiliate: [abstract]

Total related parties payable

^[5]

39,121,151

58,078,077

Impulsora Turistica de Vallarta, S. A. de C. V. [Member] | Short-Term Loan Agreement [Member]

Payable - Affiliate: [abstract]

Loans from related parties

$ 97,500,000

Annual interest rate

17.75%

Termination period

36 months

Sofoplus S.A.P.I de C. V., SOFOM ER [Member]

Payable - Affiliate: [abstract]

Total related parties payable

^[6]

$ 0

71,179,852

Sofoplus S.A.P.I de C. V., SOFOM ER [Member] | Syndicated Secured Mortgage Loan [Member]

Payable - Affiliate: [abstract]

Annual interest rate

16.75%

Debt maturity

2024

Sofoplus S.A.P.I de C. V., SOFOM ER [Member] | Syndicated Secured Mortgage Loan [Member] | Maximum [Member]

Payable - Affiliate: [abstract]

Loans from related parties

$ 200,000,000

Sofoplus S.A.P.I de C. V., SOFOM ER [Member]

Payable - Affiliate: [abstract]

Total related parties payable

^[7]

$ 171,153,445

145,231,418

Sofoplus S.A.P.I de C. V., SOFOM ER [Member] | Syndicated Secured Mortgage Loan [Member]

Payable - Affiliate: [abstract]

Annual interest rate

15.00%

Debt maturity

2025

Sofoplus S.A.P.I de C. V., SOFOM ER [Member] | Syndicated Secured Mortgage Loan [Member] | Maximum [Member]

Payable - Affiliate: [abstract]

Loans from related parties

$ 30,000,000

BVG Infraestructura, S. A. de C. V. [Member]

Payable - Affiliate: [abstract]

Total related parties payable

^[8]

$ 10,030,992

$ 0

BVG Infraestructura, S. A. de C. V. [Member] | Short-Term Loan Agreement [Member] | Inmobiliaria Insurgentes [Member]

Payable - Affiliate: [abstract]

Loans from related parties

$ 2,865,000

BVG Infraestructura, S. A. de C. V. [Member] | Short-Term Loan Agreement [Member] | Inmobiliaria Insurgentes [Member] | SOFR [Member]

Payable - Affiliate: [abstract]

Term of variable rates

3 months

Annual interest rate

3.00%

[1]	This balance is composed of several loan agreements as follows:
[2]	Short-term loan agreement for $492,000 dated on May 5, 2023 with a maturity of a year and accrues interest at a rate of TIIE 28 days plus a spread of 3%.
[3]	This balance is composed of a couple of loan agreements as follows: On May 5, 2023 Murano Management, S. A. de C. V. granted a short-term loan of $1,546,669 (Mexican pesos) with a maturity of a year and accrues interest at a rate of TIIE 28 days plus a spread of 3% and on May 5, 2023 Murano Management, S. A. de C. V. granted a short-term loan of $4,400 (Mexican pesos) with a maturity of a year and accrues interest at a rate of TIIE 28 days plus a spread of 3%.
[4]	Short-term loan agreement granted by Murano Management, S. A. de C. V. for $1,547,609 dated on May 5, 2023 with a maturity of a year and accrues interest at a rate of TIIE 28 days plus a spread of 3%.
[5]	Loan agreement signed on May 2, 2021 with a 36-month termination period. The amount of the loan is $97,500,000 and it causes interest at the annual rate of 17.75%.
[6]	Syndicated secured mortgage loan for up to $200,000,000 which matures in 2024 and causes interest at the annual rate of 16.75% for which the major shareholders are joint obligors. On September 14, 2023 the outstanding balance of this loan was paid to the lender.
[7]	Syndicated secured mortgage loan for up to U.S.$30,000,000 which matures in 2025 and causes interest at the annual rate of 15.00% for which the major shareholders are joint obligors.
[8]	On March 1, 2023, Inmobiliaria Insurgentes granted a short-term loan of U.S.$2,865,000 with a maturity of a year and accrues interest at a rate of 3M SOFR plus a spread of 3%.

Financial instruments - Fair value and risk management (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of nature and extent of risks arising from financial instruments [line items]

Carrying Amounts of Financial Assets

	As of December 31, 2023
	Mandatory at FVTPL		Financial assets at amortized cost		Other financial assets (liabilities)			Total

Financial assets measured at fair value
Interest rate swaps (Level 2)	$	116,923,727	$	-	$	-		$	116,923,727

Financial assets not measured at fair value
Cash and cash equivalents and restricted cash (Level 1)		-		146,369,734		-			146,369,734

Financial liabilities not measured at fair value
Secured bank loan		-		-		(6,614,983,870	)		(6,614,983,870	)
Unsecured bank loan		-		-		(67,688,944	)		(67,688,944	)

	As of December 31, 2022
	Mandatory at FVTPL		Financial assets at amortized cost		Other financial assets (liabilities)			Total

Financial assets measured at fair value
Interest rate swaps (Level 2)	$	192,791,990	$	-	$	-		$	192,791,990

Financial assets not measured at fair value
Cash and cash equivalents and restricted cash (Level 1)		-		240,754,805		-			240,754,805

Financial liabilities not measured at fair value
Secured bank loan		-		-		(4,308,870,061	)		(4,308,870,061	)
Unsecured bank loan		-		-		(1,528,794,290	)		(1,528,794,290	)

Carrying Amounts of Financial Liabilities

	As of December 31, 2023
	Mandatory at FVTPL		Financial assets at amortized cost		Other financial assets (liabilities)			Total

Financial assets measured at fair value
Interest rate swaps (Level 2)	$	116,923,727	$	-	$	-		$	116,923,727

Financial assets not measured at fair value
Cash and cash equivalents and restricted cash (Level 1)		-		146,369,734		-			146,369,734

Financial liabilities not measured at fair value
Secured bank loan		-		-		(6,614,983,870	)		(6,614,983,870	)
Unsecured bank loan		-		-		(67,688,944	)		(67,688,944	)

	As of December 31, 2022
	Mandatory at FVTPL		Financial assets at amortized cost		Other financial assets (liabilities)			Total

Financial assets measured at fair value
Interest rate swaps (Level 2)	$	192,791,990	$	-	$	-		$	192,791,990

Financial assets not measured at fair value
Cash and cash equivalents and restricted cash (Level 1)		-		240,754,805		-			240,754,805

Financial liabilities not measured at fair value
Secured bank loan		-		-		(4,308,870,061	)		(4,308,870,061	)
Unsecured bank loan		-		-		(1,528,794,290	)		(1,528,794,290	)

Remaining Contractual Maturities of Financial Liabilities

	Contractual cash flows
As of December 31, 2023	Carrying amount		2-12 Months		1-5 Years		More than 5 Years		Total

Derivative financial assets
Derivatives (Interest rate swaps)	$	-	$	116,923,727	$	-	$	-	$	116,923,727

Total derivative financial assets	$	-	$	116,923,727	$	-	$	-	$	116,923,727

Non-derivative financial liabilities
Secured bank loans	$	54,268,025	$	1,919,400,225	$	1,635,476,776	$	3,005,838,844	$	6,614,983,870
Unsecured bank loans		854,763		64,832,664		2,001,517		-		67,688,944
Lease liabilities		-		30,006,807		177,954,726		-		207,961,533
Trade payables		87,022,467		312,140,955		-		-		399,163,422

Total non-derivative financial liabilities	$	142,145,255	$	2,326,380,651	$	1,815,433,019	$	3,005,838,844	$	7,289,797,769

	Contractual cash flows
As of December 31, 2022	Carrying amount		2-12 Months		1-5 Years		More than 5 Years		Total

Derivative financial assets
Derivatives (Interest rate swaps)	$	-	$	192,791,990	$	-	$	-	$	192,791,990

Total derivative financial assets	$	-	$	192,791,990	$	-	$	-	$	192,791,990

Non-derivative financial liabilities
Secured bank loans	$	17,707,910	$	279,613,581	$	2,038,359,482	$	1,973,189,088	$	4,308,870,061
Unsecured bank loans		22,044,602		59,372,314		341,726,892		1,105,650,482		1,528,794,290
Lease liabilities		-		387,617		236,572		-		624,189
Trade payables		36,820,831		87,764,666		-		-		124,585,497

Total non-derivative financial liabilities	$	76,573,343	$	427,138,178	$	2,380,322,946	$	3,078,839,570	$	5,962,874,037

Financial Instruments Denominated in Currencies Other Than Functional Currency

The summary quantitative data about the Group’s exposure to currency risk as reported to the management of the Group is as follows.

	Dollars
	As of December 31,
	2023			2022
Assets:
Cash and cash equivalents and restricted cash	$	7,232,698		$	9,236,161
Trade receivables		419,351			-
Related parties		6,835,274			-
Other receivables		1,512,021			-
Prepayments		168,229			-

Liabilities:
Current installments of long-term debt		(16,665,975	)		(11,868,777	)
Long-term debt		(354,024,085	)		(275,684,063	)
Trade accounts payable		(6,118,017	)		(3,374,626	)
Related parties		(709,429	)		-
Other liabilities		(4,473,499	)		-

Net position	$	(365,823,432	)	$	(281,691,305	)

Exchange Rates of MXN/USD

The exchange rates of MXN/USD as of the date of the Combined Financial Statements and their issuance date are as follows:

	As of December 31,				As of April 30,
	2023		2022		2024

One U. S. dollar	$	16.8935	$	19.3615	$	17.1552

Sensitivity Analysis

The analysis is performed on the same basis for 2023 and 2022, although the reasonably possible variations in the exchange rate were different, as indicated below:

	Capitalized in construction in process					Profit and loss
	Strengthening			Weakening		Strengthening			Weakening

December 31, 2023 USD (5% movement)	$	(313,112,626	)	$	313,112,626	$	4,110,719		$	(4,119,719	)

December 31, 2022 USD (5% movement)	$	-		$	-	$	(272,698,311	)	$	272,698,311

				Effect on
	Increase/decrease in %			combined income before income taxes
As of December 31, 2023
US dollar		1	%	$	601,345
US dollar		(1	)%		(601,345	)

As of December 31, 2022
US dollar		1	%	$	458,569
US dollar		(1	)%		(458,569	)

Interest-Bearing Financial Instruments

The interest rate profile of the Group’s interest-bearing financial instruments as reported to the management of the Group is as follows:

	As of December 31, 2023
	FV hierarchy	Nominal amount USD		Carrying amount		Effects recognized in P&L
Financial assets measured at fair value
Interest rate swap - Sabadell	Level 2		73,376,432	$	68,146,850	$	(45,855,988	)
Interest rate swap - Caixabank	Level 2		57,438,000		48,776,877		(30,012,275	)

Total				$	116,923,727	$	(75,868,263	)

	As of December 31, 2022
	FV hierarchy	Nominal amount USD		Carrying amount		Effects recognized in P&L
Financial assets measured at fair value
Interest rate swap - Sabadell	Level 2		76,367,805	$	114,002,838	$	119,432,687
Interest rate swap - Caixabank	Level 2		60,000,000		78,789,152		81,307,183

Total				$	192,791,990	$	200,739,870

Investment property (Details)	12 Months Ended
Investment property (Details)	Dec. 31, 2023 MXN ($) m²	Dec. 31, 2022 MXN ($)	Dec. 31, 2021 MXN ($)
Changes in investment property [abstract]
Balances	$ 1,187,089,926	$ 889,000,000
Changes in fair value	(86,598,436)	298,089,926	$ 60,907,125
Balances	$ 1,100,491,490	$ 1,187,089,926	$ 889,000,000
Area of land used for development of industrial park \| m²	450,000

Combined statements of financial position - MXN ($)	Dec. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents and restricted cash	$ 146,369,734	$ 240,754,805
Trade receivables	16,831,611	0
VAT receivable	242,079,862	228,769,530
Other receivables	28,341,695	25,406,466
Due from related parties	143,549,146	0
Prepayments	18,792,796	22,900,399
Inventories	1,415,594	1,912,518
Total current assets	597,380,438	519,743,718
Property, construction in process and equipment	17,420,027,969	16,882,483,829
Investment property	1,100,491,490	1,187,089,926
Prepayments	0	20,200,000
Right-of-use assets	217,037,091	591,039
Financial derivative instruments	116,923,727	192,791,990
Guarantee deposits	21,480,804	0
Other assets	1	1
Total non-current assets	18,875,961,083	18,283,156,785
Total assets	19,473,341,521	18,802,900,503
Current Liabilities:
Current installments of long-term debt	2,039,355,678	3,795,787,027
Trade accounts payable and accumulated expenses	399,163,421	124,585,497
Advance customers	8,263,469	0
Due to related parties	133,002,659	68,343,487
Lease liabilities	30,006,807	387,617
Income tax payable	12,135,180	18,744,910
Employees' statutory profit sharing	2,241,724	2,140,642
Contributions for future net assets	3,500,000	59,439,020
Total current liabilities	2,627,668,938	4,069,428,200
Non-current Liabilities:
Long-term debt, excluding current installments	4,643,317,136	1,767,387,977
Due to related parties, excluding current portion	87,302,929	206,145,860
Lease liabilities, excluding current portion	177,954,726	236,572
Employee benefits	8,766,021	6,654,318
Other liabilities	62,504,424	0
Deferred tax liabilities	4,031,599,864	4,353,712,591
Total non-current liabilities	9,011,445,100	6,334,137,319
Total liabilities	11,639,114,038	10,403,565,518
Net assets
Net parent investment	902,611,512	902,611,512
Accumulated deficit	(1,181,044,835)	(1,238,837,756)
Other comprehensive income	8,112,660,806	8,735,561,229
Total Net assets	7,834,227,483	8,399,334,985
Total Liabilities and Net assets	$ 19,473,341,521	$ 18,802,900,503