News for the Hospitality Executive
MONTERREY, Mexico--(May 20, 2013)--Deutsche Bank Mexico, S.A., Banking institution, Trust Division F/1616 or Fibra Inn (BMV: FINN13) (“Fibra Inn” or “the Company”), a Mexican real estate investment trust specializing in the hotel industry serving the business traveler, announced that it has completed the acquisition of the Holiday Inn Express Guadalajara UAG hotel.
Fibra Inn paid Ps. 186.9 million for this hotel, excluding taxes and acquisition expenses, and the adjoining land where the Company is planning a room expansion. The property was paid in cash and it is the first hotel acquisition purchased with the proceeds from the initial public offering that took place on March 13, 2013. Furthermore, this hotel is part of the Acquisition Portfolio, which will include the purchase of five additional properties as part of the Initial Portfolio.
The Holiday Inn Express Guadalajara UAG Hotel is a high potential property with 100 rooms; Fibra Inn expects to add 99 rooms, which will be operating by the first quarter of 2014. This property is located at close proximity to Plaza Andares, the University of Guadalajara, the Belenes Industrial Park, and is located a few Kilometers from Pemex's offices.
Operadora de Comercios de Vallarta, S.A de C.V. will be the hotel operator of this hotel. During 2012, the occupancy rate was 65%, the average room rate was Ps. 1,142 and the RevPar was Ps.737.
Comments from Fibra Inn’s CEO
Mr. Victor Zorrilla, President and Chief Executive Officer stated: "This first acquisition represents a high-quality investment for the Company and one that will generate value for shareholders. As we mentioned during the IPO process, the Company is committed to disciplined growth for the Fibra, employing a long-term vision.”
About the Company
Fibra Inn is a Mexican trust formed primarily to acquire, own, develop and operate a broad range of hotel properties in Mexico. Headquartered in Monterrey, Fibra Inn owns 9 hotels and will have a high-quality, geographically-diverse portfolio of 14 hotels located in nine states throughout Mexico, comprising approximately 2,423 rooms. The Company has signed Franchise Agreements with IHG to operate its global brands Holiday Inn, Holiday Inn Express, and Holiday Inn Express & Suites, as well as with Hilton to operate its brand Hampton Inn by Hilton. These hotels enjoy some of the industry’s top loyalty programs and, offer attractive hotel options for businesses travelers. Fibra Inn recently listed its Real Estate Trust Certificates (Certificados Bursátiles Fiduciarios Inmobiliarios or “CBFIs”) on the Mexican Stock Exchange and trades under the ticker symbol “FINN13”.
For more information, please visit: http://www.fibrainn.com/investors/
Note on Forward-Looking Statements
This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management’s current view and estimates of future economic circumstances, industry conditions, Company performance and financial results. Also, certain reclassifications have been made to make figures comparable for the periods. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.
For more information, visit: http://fibrainn.mx/inversionistas.php
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