FIBRA SOMA seeks to become a platform centered on hospitality, consumption, and a premium lifestyle. But underneath, its business is gradually shifting away from simply maximizing leasable square footage toward developing assets capable of capturing longer stays, higher spending density, and greater exposure to dollarized flows. That shift is transforming not only its portfolio, but also the trust’s financial structure.

The strategy began to materialize through mixed-use projects that integrate retail, offices, entertainment, and hospitality within the same perimeter. In May, that transition became more visible with the acquisition of three properties, including the building housing the Fiesta Americana hotel at Paseo de la Reforma 80, as part of Reforma Colón, a development that will integrate nearly 90,000 square meters of office, retail, and hospitality space.

The trust currently totals nearly 840,000 square meters, of which roughly two-thirds are already operating, while the remainder remains under development or planning. Although retail remains the portfolio’s main component, accounting for 73% of the portfolio, hospitality has gained weight rapidly. In 2021, when the company debuted on the stock market, hotels represented just 6% of total area; today they account for 11%, while the office segment has lost relative weight—falling from 21% to 17% of the portfolio.

The shift is also reflected in revenue. Between 2020 and 2025, the proportion of dollar-denominated income rose from 10% to 44% of total revenue. The change did not result from international acquisitions or a financial restructuring, but from the type of assets FIBRA SOMA began developing. Unlike a traditional retail asset, projects tied to premium hospitality—such as Soho House, Hyatt Regency, Park Hyatt, and Antara’s future Rosewood hotel—tend to have greater exposure to flows linked to international travelers, global brands, and dollarized premium consumption. As a result, the company has begun building a natural currency hedge through the composition of its assets.

The difference is also becoming visible in portfolio productivity. Although hospitality assets represent just 11% of total area, they already generate around 26% of the trust’s revenue: nearly double the share contributed by offices and close to half of the entire retail business. The relationship suggests the company has begun relying less on the sheer volume of leasable space and more on the real estate value it can generate through assets tied to premium consumption ecosystems. That logic is beginning to emerge in projects such as Antara, where the expansion is no longer focused solely on adding retail area, but on densifying the economic value generated within the same perimeter.

The strategy, however, also implies greater operational and financial demands. Unlike traditional retail, hospitality components require more intensive staffing, maintenance, and operational structures, something that has already begun to show up in the trust’s margins.

Between the first quarter of 2025 and the same period in 2026, NOI margin—which measures the portfolio's profitability before debt and corporate structure—declined from 75.4% to 73.9%. In other words, the assets are generating more revenue, but they also require more expensive operational structures. At the same time, FIBRA SOMA is going through one of the most aggressive expansion cycles in its history. Projects under development represent nearly 270,000 additional square meters—almost half of the portfolio currently in operation—in a context where 66% of its debt remains variable rate and equals 25.1% of the trust’s assets and 5.4 times EBITDA.

Even so, operating indicators remain strong. NOI grew 12% year-over-year in the first quarter of 2026, while average occupancy remained at 99%, with a renewal rate above 95% and lease spreads between 7% and 8% above inflation.

Beyond quarterly results, the model reveals deeper insights into Mexico’s real estate market. In an environment where premium consumption increasingly depends on experience, the value of certain commercial assets may shift from being defined by the square footage they occupy to their ability to concentrate time, spending, and value within a single perimeter. If that logic consolidates, part of the future of Mexican commercial real estate will begin shifting away from traditional rent collection toward urban ecosystems that are increasingly integrated, operationally intensive, and financially more complex.

For more information on FIBRAs and institutional real estate trends in Mexico, visit SiiLA Market Analytics or contact us at contacto@siila.com.mx.