DEVELOPMENT PLAN

Caribe Hospitality will develop a total of 20 to 25 hotels throughout Mexico, Central America and parts of the Caribbean. The project consists of the construction of “prototype” hotels and the replication of the business model in the different markets. For this reason, the Company has set up a team of experts in different areas to develop the hotels, that once built will be operated by Marriott International, with Caribe Hospitality acting as the Asset Manager.

As of today, four “Courtyard by Marriott” hotels have been developed: San José, Costa Rica; Santo Domingo, Dominican Republic; Port of Spain, Trinidad & Tobago and San Salvador, El Salvador; all of which have been sold with the exception of El Salvador.

In recent times, Caribe Hospitality has added to its portfolio the first Residence Inn by Marriott hotel developed in Latin America: located in San José, Costa Rica. Due to the brand acceptance, Caribe Hospitality’s development team is working on the selection of strategic new markets (Central America and the Caribbean) which caters the extended stay guest.

Recently, Caribe Hospitality has included the full service tier in its development strategy. As in the past, Caribe Hospitality will start in Costa Rica as the first market to develop this type of hotels.

In year 2009, Caribe Hospitality signed a Mandate Letter with the Inter-American Development Bank for the financing of six future hotels in Central America and the Caribbean; all of them intended to be LEED- Silver Certified by the USGBC®.