9.- INVESTMENTS VALUED USING THE EQUITY METHOD

The movements under this heading of the consolidated balance sheet during 2017 and 2016 were as follows (in thousands of euros):

Company	Net balance at 31.12.16	Profit (loss) 2017	Exchange difference	Net balance at 31.12.17
Inmobiliaria 3 Poniente, S.A. de C.V.	1.936	55	(131)	1.860
Mil Novecientos Doce, S.A. de C.V.	1.789	154	(163)	1.780
Consorcio Grupo Hotelero T2, S.A. de C.V	973	245	(102)	1.116
Hotelera del Mar, S.A.	1.467	-	(309)	1.158
Borokay Beach, S.L.	1.408	(43)	-	1.365
Beijing NH Grand China Hotel Management Co, Ltd.	3.060	(751)	(173)	2.136
Hotel & Congress Technology, S.L.	13	(9)	-	4
Total	10.646	(349)	(878)	9.419

 

Company	Net balance at 31.12.15	Additions	Other movements	Profit (loss) 2016	Exchange difference	Changes in scope of consolidation (note 2.5.4)	Net balance at 31.12.16
Varallo Comercial, S.A.	7.186	-	-	-	2.246	(9.432)	-
Inmobiliario 3 Poniente, S.A. de C.V.	1.968	-	-	295	(327)	-	1.936
Palacio de la Merced, S.A.	1.542	-	-	176	-	(1.718)	-
Mil Novecientos Doce, S.A. de C.V.	1.935	-	-	149	(295)	-	1.789
Consorcio Grupo Hotelero T2, S.A. de C.V.	837	-	-	280	(144)	-	973
Hotelera del Mar, S.A.	1.717	-	-	(37)	(213)	-	1.467
Borokay Beach, S.L.	1.420	-	-	(12)	-	-	1.408
Beijing NH Grand China Hotel Management Co, Ltd.	-	4.149	(412)	(672)	(5)	-	3.060
Hotel & Congress Technology, S.L.	73	-	-	(60)	-	-	13
Total	16.678	4.149	(412)	119	1.262	(11.150)	10.646

The Group’s policy on holdings in associated companies consists of ceasing to book losses in these companies if the associated company’s consolidated losses attributable to the Group are equivalent to or exceed the cost of its holding in them, provided there are no additional contingencies or guarantees connected with existing losses. This is the situation of the stake in Losan Investment, Ltd.