Grupo Posadas, S.A.B. De C.V. $200,000,000 $9.250% Senior Notes Due 2015 Interest Payable January 15 and July 15 Issue Price: 99.023%

Offering memorandum 28NOV200902355264 Grupo Posadas, S.A.B. de C.V. $200,000,000 $9.250% Senior Notes Due 2015 Interest Payable January 15 and July 15 Issue Price: 99.023% We are offering $200,000,000 aggregate principal amount of our 9.250% Senior Notes due 2015. The notes will mature on January 15, 2015. We will pay interest on the notes on January 15 and July 15, commencing on July 15, 2010. The notes will bear interest at a rate equal to 9.250% per annum. We may redeem the notes, in whole or in part, at a redemption price based on a ‘‘make-whole’’ premium. Until January 15, 2013, we may redeem up to 35% of the notes with the net proceeds of qualified equity offerings (as defined under ‘‘Description of the Notes’’). If we undergo a change of control or sell certain of our assets, we may be required to offer to purchase notes from holders. The notes will be our senior unsecured obligations and will rank equally with all of our other unsecured senior indebtedness, except for our obligations that are preferred by statute, and senior to all of our subordinated indebtedness. The notes will be unconditionally guaranteed by certain of our existing and future wholly-owned direct and indirect subsidiaries. The guarantees will be the senior unsecured obligations of the guarantors and will rank equally with all of the guarantors’ other senior unsecured indebtedness, except for their obligations that are preferred by statute, and senior to all of the guarantors’ subordinated indebtedness. The notes and the guarantees will be effectively subordinated in right of payment to all of our and the guarantors’ secured indebtedness, and the notes and the guarantees will also be effectively subordinated in right of payment to all liabilities, including trade payables, of our subsidiaries that are not guarantors. We have applied to list the notes on the official list of the Luxembourg Stock Exchange and to trade on the Euro MTF Market. However, we cannot assure you that the listing application will be approved. This offering circular constitutes a prospectus for the purpose of Luxembourg law dated July 10, 2005 on Prospectuses for Securities. Investing in the notes involves risks that are described in the ‘‘Risk Factors’’ section beginning on page 13 of this offering memorandum. The notes have not been registered under the Securities Act of 1933, as amended (the ‘‘Securities Act’’), or the securities laws of any other jurisdiction. We are offering the notes only to qualified institutional buyers under Rule 144A promulgated under the Securities Act and to persons outside the United States under Regulation S promulgated under the Securities Act. See ‘‘Transfer Restrictions.’’ THE NOTES HAVE NOT BEEN AND WILL NOT BE REGISTERED WITH THE REGISTRO NACIONAL DE VALORES (NATIONAL SECURITIES REGISTRY) MAINTAINED BY COMISION NACIONAL BANCARIA Y DE VALORES (NATIONAL BANKING AND SECURITIES COMMISSION), OR CNBV, AND MAY NOT BE OFFERED OR SOLD PUBLICLY, OR OTHERWISE BE THE SUBJECT OF BROKERAGE ACTIVITIES IN MEXICO, EXCEPT PURSUANT TO THE PRIVATE PLACEMENT EXEMPTION SET FORTH UNDER ARTICLE 8 OF THE LEY DEL MERCADO DE VALORES (MEXICAN SECURITIES MARKET LAW). AS REQUIRED UNDER THE MEXICAN SECURITIES MARKET LAW, WE WILL NOTIFY THE CNBV OF THE OFFERING OF THE NOTES OUTSIDE OF MEXICO. SUCH NOTICE WILL BE DELIVERED TO THE CNBV TO COMPLY WITH A LEGAL REQUIREMENT AND FOR INFORMATION PURPOSES ONLY, AND THE DELIVERY TO AND THE RECEIPT BY THE CNBV OF SUCH NOTICE DOES NOT IMPLY ANY CERTIFICATION AS TO THE INVESTMENT QUALITY OF THE NOTES OR OF OUR SOLVENCY, LIQUIDITY OR CREDIT QUALITY OR THE ACCURACY OR COMPLETENESS OF THE INFORMATION SET FORTH HEREIN. THE INFORMATION CONTAINED IN THIS OFFERING MEMORANDUM IS SOLELY THE RESPONSIBILITY OF GRUPO POSADAS, S.A.B. DE C.V. AND HAS NOT BEEN REVIEWED OR AUTHORIZED BY THE CNBV. IN MAKING AN INVESTMENT DECISION, ALL INVESTORS, INCLUDING ANY MEXICAN INVESTORS WHO MAY ACQUIRE NOTES FROM TIME TO TIME, MUST RELY ON THEIR OWN REVIEW AND EXAMINATION OF GRUPO POSADAS, S.A.B. DE C.V. Delivery of the notes has been made to investors in book-entry form through The Depository Trust Company on January 15, 2010. Sole book-running manager J.P. Morgan February 5, 2010 This map shows the number and brand of our hotels in the countries in which we operate as of September 30, 2009. 4 Other 14 4 1 4 3 2 60 10 7 1 Source: Grupo Posadas You should rely only on the information contained in this offering memorandum. We have not, and the initial purchaser has not, authorized any other person to provide you with different information. If any person provides you with different or inconsistent information, you should not rely on it. We are not, and the initial purchaser is not, making an offer to sell, or seeking offers to buy, the notes in any jurisdiction where the offer or sale is not permitted. This offering memorandum does not constitute an offer to sell, or a solicitation of an offer to buy, any notes by any person in any jurisdiction in which it is unlawful for such person to make such an offer or solicitation. You should assume that the information contained in this offering memorandum is accurate only as of any date on the front of this offering memorandum. Our business, financial condition, results of operations and prospects may have changed since that date. This offering memorandum has been prepared by us solely for use in connection with the placement of the notes. We and the initial purchaser reserve the right to reject any offer to purchase for any reason. TABLE OF CONTENTS ENFORCEMENT OF CIVIL LIABILITIES ................................................................................................... iii WHERE YOU CAN FIND MORE INFORMATION...................................................................................... iii PRESENTATION OF FINANCIAL AND OPERATING INFORMATION ..................................................... iv FORWARD-LOOKING STATEMENTS......................................................................................................vii SUMMARY...................................................................................................................................................1 SUMMARY OF THE OFFERING.................................................................................................................7 SUMMARY CONSOLIDATED FINANCIAL AND OPERATING INFORMATION ......................................10 RISK FACTORS.........................................................................................................................................13 EXCHANGE RATES ..................................................................................................................................34 USE OF PROCEEDS.................................................................................................................................35 CAPITALIZATION ......................................................................................................................................36 SELECTED FINANCIAL AND OPERATING INFORMATION ...................................................................37 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS...............................................................................................................................40 BUSINESS .................................................................................................................................................66 MANAGEMENT .........................................................................................................................................87 PRINCIPAL SHAREHOLDERS .................................................................................................................93 RELATED PARTY TRANSACTIONS ........................................................................................................94 DESCRIPTION OF OTHER INDEBTEDNESS..........................................................................................95 DESCRIPTION OF THE NOTES...............................................................................................................99 BOOK-ENTRY; DELIVERY AND FORM .................................................................................................139 TAXATION ...............................................................................................................................................143 PLAN OF DISTRIBUTION .......................................................................................................................148 TRANSFER RESTRICTIONS..................................................................................................................151 LEGAL MATTERS ...................................................................................................................................153 INDEPENDENT AUDITORS....................................................................................................................154 GENERAL LISTING INFORMATION.......................................................................................................155 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS ......................................................................F-1 APPENDIX A – SUMMARY OF CERTAIN DIFFERENCES BETWEEN MEXICAN FRS AND U.S. GAAP................................................................................................................................................. A-1 _____________________ Neither the Securities

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