Activity Report

Developments

Created in 2001 to identify opportunities for diversification for the OHL Group in the tourism and hotel sector, OHL Desarrollos in 2015 had three projects in this field: Mayakoba, Riviera Maya (Mexico), Centro Canalejas Madrid (Spain) and Old War Office building, in London (UK).

BUSINESS PERFORMANCE IN 2015
MILESTONES
OHL Desarrollos increased its turnover 27.2% in 2015. The good performance of the Mayakoba hotels has driven EBITDA 18.5%, excluding the sales of real estate assets

OHL Desarrollos ended 2015 with several significant milestones in relation to their activity and the three projects developed in the tourism and hotel segment: Mayakoba, in Mexico’s Riviera Maya, Centro Canalejas Madrid (Spain) and Old War Office, in London. Division sales amounted to 125 million euro, up 27.2% over 2014. The solid business performance is reflected in EBITDA growth of 18.5% (excluding the sale of real estate assets), derived from the smooth running of the Mayakoba hotels.

Position of OHL Desarrollos

Development of unique mixed-use and high quality projects, operated by the most prestigious hotel chains worldwide.

Expansion and business development strategy in the international market, capitalizing on the experience and know-how acquired as a top global project developer.

Mayakoba Resort

In 2015 the growth of tourism in Mexico consolidated and strengthened, particularly in the Riviera Maya, where OHL Desarrollos has a very important role with the Mayakoba complex, one of the most exclusive in the world and core of the division. 6 km from Playa del Carmen, the Resort has three 5-star Grand Luxe hotels operated by three of the most prestigious international brands: Fairmont, Rosewood and Banyan Tree, as well as the El Camaleón golf course, designed by Greg Norman.

In 2015 Mayakoba registered a weighted average occupancy rate of 62.6% its three hotels, an increase over the 60.2% recorded in 2014. As a result, Mayakoba revenues increased by 7.1%, from $112 million to $120 million.

Ciudad Mayakoba

Ciudad Mayakoba includes the development of 408 hectares (ha) with differentiated real estate products for three market segments: middle-class residential complex Parques de Mayakoba, with 221 ha; the luxury residential complex Mayakoba Country Club, with 165 ha, and Mayakoba Village a shopping area covering 23 ha. The Resort has become a benchmark as a sustainable building project in Playa del Carmen and the state of Quintana Roo.

Centro Canalejas Madrid

Detail of the pinnacle of Alcalá 14, Centro Canalejas Madrid.

Centro Canalejas Madrid, in Spain, with an investment close to 500 million euro, is expected to be operational by the end of 2018, once the pace of development has recovered after the institutional agreements reached in 2015. True to the commitment of maximum respect in the intervention in buildings, the project has continued with the restoration of the interior elements with historical value.

This project has been a great boost for the city of Madrid, not only for recovering a rich cultural heritage, but because its development has begun to revalue the environment, tourism and commercial hub of Plaza de Cibeles, Puerta del Sol and the Royal Palace, and Gran Vía.

Old War Office

OHL Desarrollos and the Hinduja Group concluded the acquisition of the Old War Office building from the British Ministry of Defense in March 2016. With an approximate surface area of 54,000 m2, the landmark building is located in London’s historic city center, at number 57 Whitehall. The format of the transaction has been structured as a 250-year lease. The two companies will restore the structure of the Old War Office and will revitalize this privileged location in London, which occupies an important place in the political and social history of the United Kingdom. The building will accommodate a five-star hotel and residential accommodation and will have private meeting rooms, a spa and gymnasium.

Mayakoba Resort

  • The development of Andaz Hotel has continued (Hyatt Lifestyle brand) and is expected to open in late 2016 with 213 rooms.
  • The Fairmont, Rosewood and Banyan Tree hotels have obtained the Five Diamond Award, for another year, the highest rating of the US American Automobile Association (AAA), the Rainforest Alliance Verified and Re-Certification of Environmental Quality of the Procuraduría Federal de Protección al Ambiente (Profepa).
  • The El Camaleón golf course hosted a new edition of the OHL Classic at Mayakoba tournament, the only the PGA Tour that bears its name and is sponsored by a Spanish company, and also the only one outside the US and Canada.

Ciudad Mayakoba

  • A special purpose vehicle has been formed with co-investors and co-developers for the development of the three housing projects in 2014 and 2015: Senderos de Mayakoba, Lagunas de Mayakoba and Jardines de Mayakoba.
  • Agreement with the City of Solidaridad for the donation and development of a large central park.
Old War Office building, in London.

Centro Canalejas Madrid

  • Institutional agreement, in October 2015, with the Directorate General of Cultural Heritage of the Autonomous Community of Madrid, the Madrid City Council and the Official College of Architects of Madrid to support the project.
  • Completion of construction of phase 1 of the license: excavation, foundation and transition slab.
  • Presentation of the Basic Project, subject to approval by the Local Commission for Historical Heritage in December, allowed us to obtain the license 2A (structure).

Old War Office

  • In 2015 we created the property and project development subsidiaries and opened an office in London with a highly experienced team.
  • They have begun the technical work of the project for obtaining licenses and hotel operator selection and obtaining financing.
  • On March 1, 2016 a full formal lease and acquisition of the building for 250 years was completed, which will close with a financing of 75% of the acquisition value of the property.