Mexico Plaza Irapuato Hotel Acquired by Fibra Inn for Conversion into a Wyndham Garden Hotel
August 30, 2013 8:31am
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 Mexico Plaza Irapuato 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 Ps. 93 million, excluding taxes and acquisition expenses at a stabilized cap rate of 10.1%. Fibra Inn will convert this property into a Wyndham Garden hotel with an investment of Ps.6.8 million.
This acquisition represents the second hotel of the pipeline, after completing the purchase of hotels announced during the Initial Public Offering.
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. During 2012, this hotel’s occupancy rate was 54%; its average daily rate was Ps. 640 and the RevPar was Ps. 342. This hotel will be operated by Operadora Mexpla Irapuato.
Including this acquisition, Fibra Inn owns 16 hotels with a total of 2,830 rooms; and 200 out of the total are under construction.
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.
Tags: fibra inn,
mexico plaza irapuato
For more information, please visit: http://fibrainn.mx/en/investors.php.
Contact: In Monterrey, México: Lizette Chang
52 1 (81)1778-5926
Contact: In New York: i-advize Corporate Communications, Inc. - Maria Barona or Melanie Carpenter
email@example.com or firstname.lastname@example.org /
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
Fibra Inn Acquires the Aloft® Guadalajara Las Americas Hotel
Fibra Inn Acquires the Hotel Holiday Inn Tampico Altamira, in the State of Tamaulipas
Owned and Managed by Fibra Inn, 198-key Holiday Inn Monterrey Valle Hotel Opens in Monterrey, Mexico
Please login or register to post a comment.