Fibra Inn Adds Three Hotels in Mexico to its Acquisition Portfolio Totaling Six Recent Purchases
July 26, 2013 2:27pm
MONTERREY, Mexico - July 26, 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 that it has completed the purchase of the Hotel Mexico Plaza Irapuato. Additionally it has signed a binding agreement for the purchase of the Hotel Camino Real Guanajuato and acquired the Hotel Holiday Inn Puebla La Noria.
Fibra Inn Enters Agreement to Acquire Mexico Plaza Irapuato Hotel and Conversion to Wyndham Garden
The price was Ps. 93 million, excluding taxes and acquisition expenses and will represent 3% of the total value of Fibra Inn’s portfolio. This acquisition will be paid in cash with the proceeds from the initial public offering that took place on March 13, 2013 at a stabilized cap rate of 10.1%.
Following our strategy to operate global brands, Fibra Inn will do a rebranding to Wyndham Garden assigning Ps. 6.8 million for this purpose.
The Mexico Plaza Irapuato is located in the city of Irapuato, in the Bajío region. It is a leading hotel in the local market and is located on the main avenue of the city, facing the most important commercial mall, Plaza Cibeles.
The Mexico Plaza Irapuato is a select service hotel with 102 rooms and no addition of rooms is planned. During 2012, this hotel’s occupancy rate was 54%; its average room rate was Ps. 640 and the RevPar was Ps. 342. A third-party operator will manage this hotel: Operadora Mexpla Irapuato, S.A. de C.V.
Fibra Inn Announces a Binding Agreement for the Acquisition of Hotel Camino Real Guanajuato
The agreed price for this hotel was Ps. 230 million, excluding taxes and acquisition expenses and will represent 7% of the total value of Fibra Inn. This acquisition will be paid in cash with the proceeds from the initial public offering that took place on March 13, 2013 and has a 9.2% stabilized cap rate.
The Camino Real Guanajuato Hotel is an antique Hacienda is located in the city of Guanajuato, in the Bajío region: It is a leading hotel in the local market. This location is strategic for Fibra Inn, as it is located near the city of Silao, where is the main plant of General Motors in the country. Besides, it is close to industrial parks and other manufacturer and auto parts companies. Guanajuato is also an attractive tourist destination for domestic and foreign visitors.
The Camino Real Guanajuato is a full service hotel with salons for events and conventions. It operates 105 rooms and we expect to add another 50 rooms, to operate a total of 155 rooms. The additional rooms will be fully operating by the third quarter of 2014. During 2012, this hotel’s occupancy rate was 60%; its average daily rate was Ps. 1,262 and the RevPar was Ps. 760. This hotel will be operated by Camino Real, which is part of Grupo Empresarial Angeles. Camino Real operates under international
Fibra Inn Announces the Acquisition of Hotel Holiday Inn Puebla La Noria
The price for this hotel was Ps. 193.6 million, excluding taxes and acquisition expenses. This acquisition was paid in cash with the proceeds from the initial public offering that took place on March, 13 2013.
The Holiday Inn Puebla La Noria initiated operations in August 2006 and is a full-service hotel with 150 rooms. The Holiday Inn Puebla La Noria is located near the Mexico-Puebla highway as well as industrial parks, and commercial, financial and historical areas. It is situated in front of the Angelópolis shopping center, only 4 minutes far away from the Centro Cultural Siglo XXI, and is also conveniently close to cultural and recreational places, such as Iglesia de Santo Domingo, The Cholula Archeological area, the Parián Handcrafts Market, the Amparo Museum and the Conventions Center.
During 2012, the hotel’s occupancy rate was 83%; its average daily rate reached Ps. 907 and the RevPar was Ps. 749. This hotel will be operated by a third party, Hoteles y Centros Especializados, S.A., which is part of Grupo Presidente.
For more information, please visit: http://fibrainn.mx/en/investors.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.
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