Close

Cart

Total $0.00

Checkout

MONTERREY, Mexico - August 30, 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 today the purchase of the Marriott Real Puebla Hotel. 

The acquisition was paid in cash with the proceeds from the initial public offering that took place on March 13, 2013. The price was US $ 27.8 million, excluding taxes and acquisition expenses. The foreign exchange purchase was made during May and June to anticipate this transaction, as follows: 

  • US $22.0 million at an exchange rate of Ps.12.65 per dollar. 
  • US $5.8 million at an exchange rate of Ps.12.23 per dollar. 

Therefore, the average exchange rate was Ps.12.56 per dollar. This transaction will generate an exchange gain as the payment in local currency of Ps.370.3 million will be accounted at an exchange rate of Ps.13.3366 per dollar. 

This acquisition represents the third hotel of the pipeline, after consolidating the commitment to purchase the hotels announced during the Initial Public Offering. 

The Marriott Real Puebla has 192 rooms; it is a leading hotel in the local market and is located on Avenida Hermanos Serdán very close to the Mexico – Puebla highway and the FINSA industrial park. This area is strategic for Fibra Inn as it has demonstrated significant economic growth that is linked to automotive industry investment, mainly in the Volkswagen and Audi plants, as well as in their auto parts providers. Puebla is also a weekend tourist destination for citizens of Mexico City and surrounding towns. Additionally, the Marriott Brand is a popular and highly-recognized brand for the international traveler. During 2012, this hotel’s occupancy rate was 74%; its average daily rate was Ps. 1,191 and the RevPar was Ps. 885. This hotel will be operated Fibra Inn´s Hotel Operator. It is expected to add another 100 rooms that will be fully operating by the fourth quarter of 2014. 

Including this acquisition, Fibra Inn owns 17 hotels with a total of 3,122 rooms; and 300 out of the total are under construction. 

For more information, visit: http://fibrainn.mx/inversionistas.php

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.

About Fibra Inn

Fibra Inn is a Mexican trust formed primarily to acquire, own, develop, operate and rent a broad range of hotel properties in Mexico. Headquartered in Monterrey, Fibra Inn has a portfolio of 17 high-quality hotels and geographically-diverse located in ten states throughout Mexico, comprising approximately 3,122 rooms. The Company has signed Franchise Agreements with IHG to operate its global brands Holiday Inn, Holiday Inn Express, and Holiday Inn Express & Suites; with Hilton to operate its brand Hampton Inn by Hilton; and is in the process with IHG, Marriott International and Wyndham Hotel Group to operate its global brands. 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://fibrainn.mx/en/investors.php

Contact: In Monterrey, México: Lizette Chang

lchang@fibrainn.mx / 52 1 (81)1778-5926

Contact: In New York: i-advize Corporate Communications, Inc. - Maria Barona or Melanie Carpenter

mbarona@i-advize.com or mcarpenter@i-advize.com / 212-406-3691/92

Related News

Fibra Inn Launches Renovation and Rebranding of Arriva Express Guadalajara Plaza del Sol Hotel to AC Hotels by Marriott

Fibra Inn Acquires Best Western Valle Real Hotel in Monterrey, Nuevo Leon, Mexico

Fibra Inn Acquires 152-Room Courtyard by Marriott Chihuahua Hotel in Mexico for $13.4 Million

Fibra Inn Acquires the 145-Room Casa Grande Ciudad Juarez Hotel in Chihuahua

Fibra Inn Signs Binding Agreement to Acquire Casa Grande Ciudad Juarez Hotel

Fibra Inn to Develop JW Marriott Monterrey Hotel in San Pedro Garza García, Nuevo León

Fibra Inn Signs Binding Agreement to Acquire Four Hotels in Chihuahua, Mexico

Fibra Inn Buys Staybridge Suites Guadalajara Expo and Arriva Express Guadalajara Plaza del Sol Expo

Fibra Inn to Acquire Staybridge Suites Guadalajara Expo & Arriva Express Guadalajara Plaza del Sol

Fibra Inn Acquires Holiday Inn Reynosa Industrial Poniente & Hampton Inn by Hilton Hermosillo

Fibra Inn Signs Binding Agreement to Acquire Holiday Inn Reynosa Industrial Poniente Hotel

Fibra Inn Signs Binding Agreement to Acquire Hampton Inn by Hilton Hermosillo Hotel

Fibra Inn Acquires 186-key Mexico Plaza Guadalajara Andares Hotel; To be Converted to Wyndham Garden

Fibra Inn Hires Fernando Rocha as Director of Acquisitions and Development

Fibra Inn Signs with Hoteles City Express to Develop 10 Hotels in Mexico Over Next Two Years

Fibra Inn Completes Room Expansions at the Camino Real Guanajuato & Marriott Puebla Hotels in Mexico

Fibra Inn Acquires the 219-room Crowne Plaza Monterrey Airport Hotel in Mexico

Fibra Inn Acquires Six Hotels in Mexico Adding 667 Rooms to Portfolio

Fibra Inn Adds Rooms at the Holiday Inn Express Hotels in Guadalajara Autónoma and Playa del Carmen

Fibra Inn Acquires Hotel Mexico Plaza Silao in Guanajuato, MX to Be Converted to Wyndham Garden

All News »

Please login or register to post a comment.