Fibra Inn acquires three hotels in Chihuahua for MXN678.7m cash investment.
M2 EQUITYBITES-December 14, 2015-Fibra Inn acquires three hotels in Chihuahua for MXN678.7m cash investment
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Deutsche Bank Mexico SA, banking institution and trust division F/1616 or Fibra Inn (BMV:FINN13) revealed on Saturday that it acquired three hotels in the state of Chihuahua totalling 399 rooms, for a payment of cash from the debt issue which equal to an investment of MXN678.7m, plus taxes and acquisition-related expenses and corresponding VAT.
Also, Fibra Inn's hotel operator will be in charge of the operation of the hotels, a 190-room select service hotel, Hampton Inn by Hilton Chihuahua; a 104-room select service hotel, City Express Chihuahua; and a 105-room limited service hotel, City Express Junior Chihuahua.
The company added that this acquisition strengthens its position in Chihuahua state that is near the US border and is an economically driven area with maquila and manufacturing industries. The fourth hotel in Chihuahua, the Courtyard by Marriott, is currently under development and the acquisition and payment will be formalised after completion of construction work. Its portfolio of hotels now stands at 41 with 39 in operation and two under development, with a total of 6,834 rooms.
A Mexican real estate investment trust serving the business traveller with international brands, Fibra Inn acquires, develops, operates and rents different hotel properties in Mexico aimed at the business and has signed franchise agreements with IHG, Marriott International, Wyndham Hotel Group and Hoteles City Express for the management of their global hotel brands and development of their properties.
Additionally, the company has licensing agreements and brand usage agreements with Hilton to operate its brand Hampton Inn by Hilton and with Starwood Hotels & Resorts Worldwide to operate the Aloft brand.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Dec 14, 2015|
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