In the first two weeks of August 2008, I took a trip to Isla Mujeres Mexico with a close friend and her family. One night after we had gotten back from dinner, the family went to bed while my friend and went out onto the balcony to relax. The balcony had an amazing view of the Caribbean water. It was approximately midnight to 1AM when we noticed a weird light in the dark night sky. We both observed this object in the sky for at least five minutes which appeared odd and abnormally lower then most airplanes. It was clearly different then most aircrafts we had witnessed in the United States, where we were visiting from. The flying object was near the water but hovering over land some distance to our right. It's hard to say how high it was, at least 1-2 miles, or a little more.The object was in the night sky and we could not make out the shape at first. It appeared almost as a triangle shape and each point of the triangle had shown a different color. The colors were either rotating at a rapid pace, or the object in the sky was spinning very fast making the colors appear as if they were rotating. They appeared as three different colors, red, yellow, and blue. We also thought it was strange that the colors were so random and not synchronized. The object was descending at a slow pace, which was obvious to us because the colors were getting clearer and the object became bigger as it lowered itself toward land. We never saw it land, or get within a mile of land due to the fear it created within us.We became immediately frightened over the object and grew concerned, this is when we retreated back inside the condo. We went to bed scared, discussing what we saw, and knowing no one would believe us if we had told anyone this story of an unidentified object in the sky. Its been 7 years and I will never forget the fear that came over us at the sighting. It made us feel small, and made us question ourselves.