olivLaw · US equity research
Murano Global Investments PLC MRNO
Hotels & Motels · SIC 7011 · Vertical: Hotels & Motels (SIC 7011)
Murano Global Investments PLC is a real estate and hotel group active in Mexico that develops and operates hotels in Mexico City and Cancun. The company is currently in a debt restructuring, after missed interest payments and covenant breaches, and this process will largely determine whether the business can continue operating. The company reports substantial doubt about its ability to continue as a going concern.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Murano Global Investments PLC (MRNO) stock was 0.22 USD (+1.83% on the day), with beta 0.28, 52-week range 0.19–2.55 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 44.3
- weak (30–45)
- Bollinger (20, 2)
- 0.19 – 0.28
- in the lower half of the band · %B 0.33 · band width 41.2%
- SMA 50 / 200
- 0.24 / 0.42
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.01
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −11.1% | −1.1% | −10.0 pp | — |
| 3 months | −4.0% | −0.5% | −3.6 pp | — |
| 6 months | −8.9% | +4.4% | −13.3 pp | — |
| Year to date | −62.5% | +12.3% | −74.8 pp | — |
| 1 year | −91.7% | +13.5% | −105.3 pp | +9.5% |
| 3 years | −98.0% | +76.4% | −174.5 pp | +9.3% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 1.5 m | 6.4 m | 286.7 m | 730.0 m |
| Revenue YoY | unavailable | +320.6% | +4,357.3% | +154.6% |
| Net income | -105.5 m | 244.4 m | 57.8 m | -3.6 bn |
| Net income YoY | unavailable | unavailable | −76.4% | −6,273.7% |
| Diluted EPS | unavailable | 64.38 | -8.18 | -43.33 |
| Diluted EPS YoY | unavailable | unavailable | −112.7% | unavailable |
| net % | -6,900.2% | 3,800.0% | 20.2% | -488.8% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 970.4 m MXN
- Financial debt
- 11.2 bn MXN
- Net debt
- 10.2 bn MXN
- Equity
- 5.2 bn MXN
- Total assets
- 21.9 bn MXN
- Debt / equity
- 2.15x
- Current ratio
- 0.34x
- ROE
- -54.7%
- ROA
- -17.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (MXN)
Margins
Income statement · MXN
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 1.5 m | 6.4 m | 286.7 m | 730.0 m | SEC (XBRL)· 15 May 2025verified |
| Depreciation & amortisation | 0 | 1.8 m | 135.5 m | 319.8 m | SEC (XBRL)· 15 May 2025verified |
| Pre-tax income | 350.6 k | 475.1 m | 5.7 m | -3.5 bn | SEC (XBRL)· 15 May 2025verified |
| Income tax | 105.9 m | 230.7 m | -52.1 m | 72.7 m | SEC (XBRL)· 15 May 2025verified |
| Net income | -105.5 m | 244.4 m | 57.8 m | -3.6 bn | SEC (XBRL)· 15 May 2025verified |
| Diluted EPS | — | 64.38 | -8.18 | -43.33 | SEC (XBRL)· 15 May 2025verified |
| Weighted average diluted shares | — | 69.1 m | 69.1 m | 77.1 m | SEC (XBRL)· 15 May 2025verified |
Balance sheet · MXN
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 183.4 m | 240.8 m | 146.4 m | 970.4 m | SEC (XBRL)· 15 May 2025verified |
| Inventories | — | 1.9 m | 1.4 m | 11.5 m | SEC (XBRL)· 15 May 2025verified |
| Current assets | — | 519.7 m | 597.4 m | 1.5 bn | SEC (XBRL)· 15 May 2025verified |
| Property, plant & equipment, net | 9.4 bn | 16.9 bn | 17.4 bn | 18.8 bn | SEC (XBRL)· 15 May 2025verified |
| Total assets | — | 18.8 bn | 19.5 bn | 21.9 bn | SEC (XBRL)· 15 May 2025verified |
| Short-term debt | — | 3.8 bn | 2.0 bn | 3.5 bn | SEC (XBRL)· 15 May 2025verified |
| Long-term debt | — | 1.8 bn | 4.6 bn | 7.7 bn | SEC (XBRL)· 15 May 2025verified |
| Current liabilities | — | 4.1 bn | 2.6 bn | 4.4 bn | SEC (XBRL)· 15 May 2025verified |
| Total liabilities | — | 10.4 bn | 11.6 bn | 16.7 bn | SEC (XBRL)· 15 May 2025verified |
| Equity | 4.2 bn | 8.4 bn | 7.8 bn | 5.2 bn | SEC (XBRL)· 15 May 2025verified |
| Shares outstanding at year end | — | — | — | 79.3 m | SEC (XBRL)· 15 May 2025verified |
Cash flow · MXN
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -184.0 m | -275.5 m | 165.2 m | -94.8 m | SEC (XBRL)· 15 May 2025verified |
| Investing cash flow | -877.7 m | -1.4 bn | -1.7 bn | -1.1 bn | SEC (XBRL)· 15 May 2025verified |
| Financing cash flow | 835.8 m | 1.8 bn | 1.4 bn | 2.0 bn | SEC (XBRL)· 15 May 2025verified |
| Share repurchases | — | 0 | 0 | 4.6 m | SEC (XBRL)· 15 May 2025verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 18.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
19% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -488.8% | 0 (vs peers) | 33% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 681.5% | 100 (on a fixed band) | 44% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.3x | 0 (on a fixed band) | 22% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Murano Global Investments Plc (MRNO). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 730.0 m MXN in 2024; YoY growth 154.6%; net margin -488.8%; ROE -54.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 681.5%
What contradicts it
- Net margin: -488.8%
- Current ratio: 0.3x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Hotels & Motels (SIC 7011) · same industry (4-digit SIC) · compared with 26 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| HTHTH World Group Ltd | 154.3 bn | 218.4 | 41.5% | 20.1% | +10.5% | +9% / +37% |
| MARMarriott International Inc | 109.4 bn | 42.4 | — | 9.7% | +4.3% | +39% / +110% |
| HLTHilton Worldwide Holdings Inc. | 83.8 bn | 50.8 | — | 13.4% | +7.7% | +32% / +125% |
| IHGInterContinental Hotels Group PLC | 29.0 bn | 36.2 | — | 14.6% | +5.4% | +31% / +124% |
| LVSLas Vegas Sands Corp. | 25.5 bn | 16.7 | 262.8% | 11.8% | +15.2% | −40% / −12% |
| ATATAtour Lifestyle Holdings Limited | 14.5 bn | 63.7 | 50.5% | 16.6% | +41.0% | −9% / +97% |
| WYNNWynn Resorts, Limited | 8.5 bn | 19.7 | — | 6.1% | +0.1% | −36% / −2% |
| MGMMGM Resorts International | 8.3 bn | 12.7 | 26.8% | 3.9% | +1.7% | −7% / −17% |
| CZRCaesars Entertainment, Inc. | 6.0 bn | — | -15.1% | -4.5% | +2.1% | +26% / −34% |
| WHWyndham Hotels & Resorts, Inc. | 5.9 bn | 29.8 | 38.2% | 14.0% | +1.5% | +10% / +4% |
| MLCOMelco Resorts & Entertainment Limited | 5.7 bn | 30.6 | — | 3.6% | +11.3% | −48% / −33% |
| BYDBoyd Gaming Corp | 5.5 bn | 11.7 | 19.6% | 12.3% | +4.1% | −7% / +32% |
| CHHChoice Hotels International Inc | 5.4 bn | 26.7 | 146.5% | 12.7% | +0.8% | +32% / +9% |
| TNLTravel & Leisure Co. | 4.7 bn | 20.7 | — | 5.7% | +4.1% | +13% / +118% |
| PKPark Hotels & Resorts Inc. | 3.4 bn | — | -5.0% | -6.4% | −2.2% | +57% / +14% |
| SHOSunstone Hotel Investors, Inc. | 2.4 bn | 54.7 | 2.8% | 5.3% | +6.0% | +39% / +32% |
| PENNPenn Entertainment, Inc. | 2.3 bn | — | -37.4% | -12.7% | +5.8% | +18% / −29% |
| XHRXenia Hotels & Resorts, Inc. | 2.0 bn | 628.9 | 0.3% | 0.3% | +3.8% | +57% / +79% |
| MCRIMonarch Casino & Resort, Inc. | 2.0 bn | 17.9 | 20.4% | 20.4% | +4.4% | +17% / +80% |
| BALYBally’s Corporation | 680.3 m | — | — | — | +0.1% | −23% / unavailable |
| FLLFull House Resorts Inc | 29.1 m | — | -936.4% | -12.1% | +3.5% | −70% / −84% |
| CNTYCentury Casinos, Inc. | 16.9 m | — | — | -9.6% | −0.5% | −61% / −86% |
| RRRRed Rock Resorts, Inc. | — | 29.1 | 60.8% | 5.8% | +3.7% | −17% / +9% |
| HHyatt Hotels Corporation | — | 98.6 | 5.6% | 2.6% | +6.8% | +16% / +66% |
| MSCStudio City International Holdings Limited | — | — | -10.5% | -8.5% | +8.7% | −75% / −83% |
1- and 3-year price returns: for MRNO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 15 May 2026; since then the company filed 6-K (07 Oct 2026), 6-K (14 Aug 2026), 6-K (04 Aug 2026), 6-K (29 Jul 2026), 6-K (27 Jul 2026).
In brief
Murano Global Investments PLC is a real estate and hotel group active in Mexico that develops and operates hotels in Mexico City and Cancun. The company is currently in a debt restructuring, after missed interest payments and covenant breaches, and this process will largely determine whether the business can continue operating. The company reports substantial doubt about its ability to continue as a going concern.
SWOT
Strengths
Weaknesses
- Significant debt, with missed interest payments and covenant breaches on several loans 1.
- Current liabilities exceed current assets, and the report expresses substantial doubt about the going concern 1.
- Reliance on new financing or restructurings for development projects, many of which lack secured funding 1.
Opportunities
- A debt restructuring could improve the debt structure if completed on acceptable terms 1.
- Reconfiguring the GIC Complex toward condominiums could generate sales revenue if the project advances 1.
- A new hotel operator, if the replacement is completed, could bring different cash flows from current arrangements 1.
Risks
- Going concern uncertaintyhigh
The report flags material uncertainties that cast doubt on the group's ability to continue as a going concern without restructuring 1.
- Payment defaults and covenant breacheshigh
Several loans and lease contracts are in default, which could trigger cross-default clauses 1.
- Creditor litigationhigh
A commercial proceeding brought by a creditor and interim measures granted by the court could affect assets and liquidity 1.
- Project restructuring riskmedium
The reconfiguration of the GIC Complex and the abandonment of the World Trade Center project could change project values and revenue plans 1.
- Nasdaq compliancemedium
The minimum bid price notice and the review of public float could lead to delisting if not resolved 1.
Investment thesis
What would need to be true (bull case)
- If the bond restructuring is completed on acceptable terms, liquidity pressure could ease significantly 1.
- The operating hotels already generate revenue, and their occupancy and performance could support cash flows 1.
- A shift toward condominiums could accelerate sales proceeds and reduce the capital needed for new hotels 1.
What would break the thesis
What to watch
- Completion of the 2031 notes restructuring and definitive documentation2026
- Replacement of the GIC I Hotel operator with Ennismore and related conditions precedent2026
- Regaining compliance with the Nasdaq minimum bid price before the deadlineOctober 2026
- Outcome of the creditor commercial proceeding and settlement negotiationsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 15 May 2026; since then the company filed 6-K (07 Oct 2026), 6-K (14 Aug 2026), 6-K (04 Aug 2026), 6-K (29 Jul 2026), 6-K (27 Jul 2026).
The business
Murano describes itself as an international development group specialised in structuring, developing and assessing industrial, residential, office and hotel projects in Mexico 1. Its operating hotel portfolio includes the Andaz and Mondrian in Mexico City and the Vivid Hotel in the GIC Complex in Cancun, opened in April 2024 1. The company has been listed on Nasdaq since completing a business combination with HCM in March 2024 1.
The development strategy has been revised to prioritise residential condominiums over additional hotels, citing market conditions 1. The pipeline includes phase two of the GIC Complex, a cruise port, a marina, a retail village and resort and industrial park projects in Baja California, but many depend on financing and approvals not yet secured 1. The company says it has not yet begun seeking financing for some of these projects 1.
Meanwhile the group is negotiating a restructuring of its 2031 notes and the replacement of GIC I Hotel operator Hyatt with Ennismore, if the conditions are met 1. The final outcome of these negotiations was not known at the report date 1.
Segments
Operating hotels
The Andaz (213 rooms) and Mondrian (183 rooms) in Mexico City are part of the Insurgentes 421 complex, completed in 2022 and operational since the first quarter of 2023 1. The Vivid Hotel, with 400 rooms, is an adults-only all-inclusive hotel in Cancun, operational since April 2024 1.
Projects in development
Projects under completion and planned in Cancun and Ensenada include phase two of the GIC Complex, with about 1,254 condominiums, and Baja California projects such as the cruise port, marina and industrial park 1. The company estimates the cost of the first 466 condominiums at about 87.2 million USD 1.
Market context
The group's activity is concentrated in Mexico, where it operates hotels in cities such as Mexico City and Cancun and has developed tourism and real estate projects 1. The company targets institutional real estate investors, and its strategy refers to beachfront all-inclusive resorts and condominiums with air access from North American markets 1.
Management describes market conditions as a reason for shifting priorities toward condominiums, but the report gives no data on demand or price trends 1. Any conclusion about future segment performance would depend on the outcome of the debt restructuring 1.
Trends
- Debt restructuringmixed
The restructuring of the 2031 notes and other loans could ease liquidity pressure if completed on the described terms 1. The outcome remains uncertain, and without agreement further defaults could spread to other debt 1.
- GIC project reconfigurationmixed
Moving from hotel expansion to residential condominiums could reduce the capital needed for development, but it would change the company's revenue profile 1.
- Covenant breaches and litigationheadwind
The company reports that several loans are in payment default or breach, and a commercial enforcement proceeding by a creditor is ongoing 1. If these issues are not resolved, costs and operating restrictions could increase 1.
- Nasdaq listing complianceheadwind
The company has received a notice on the minimum bid price, with a compliance deadline in October 2026 1. If it does not regain compliance in time, it may need to seek an additional period or take other steps 1.
Competitive position
The analysed sources do not explicitly identify direct competitors. Murano operates hotels under brands managed by third parties such as Hyatt, Accor and Ennismore, which appear as operators of the group's properties 1.
In Mexico's real estate and hotel development market, competition likely comes from other local developers and resort operators, although the report does not provide a full list 1. The company differentiates itself through beachfront locations and integrated residence and hotel projects 1.
- HyattH
Current operator of the Andaz and the Vivid Hotel, whose replacement by Ennismore is proposed in the restructuring 1.
- Accor
Operator of the Mondrian hotel in Mexico City, part of the Insurgentes 421 complex 1.
- Ennismore
Proposed new operator of the GIC I Hotel under a management agreement signed in April 2026 1.
- Iberostar
Owner of land with ocean and golf views adjacent to the GIC phase two site, according to the report 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Tiffany & Co. lansează un ceas limitat din colecția Eternity, realizat cu sticlă de Murano și aur alb - goldring.roSurge — Google News · 01 Oct 2026 · RO
The latest news item in our archive is from 01 Oct 2026; the newest SEC filing is from 07 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)07 Oct 2026
- Current report (foreign issuer)07 Oct 2026
- Current report (foreign issuer)14 Aug 2026
- Current report (foreign issuer)04 Aug 2026
- Current report (foreign issuer)29 Jul 2026
- Current report (foreign issuer)27 Jul 2026
- Current report (foreign issuer)22 Jul 2026
- Current report (foreign issuer)14 Jul 2026
- Current report (foreign issuer)04 Jun 2026
- Annual report (foreign issuer)15 May 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Murano Global Investments PLC · 15 May 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.