Fibra Inn Enters Agreement to Acquire Mexico's Hotel Marriott Real Puebla for $27.8 Million
July 2, 2013 11:20am
The agreed price for this hotel was US$ 27.8 million, excluding taxes and acquisition expenses. This acquisition will be paid in cash with the proceeds from the initial public offering that took place on March 13, 2013. The Company is finalizing the necessary negotiations in order to complete this purchase.
This is a strategic property for the Company as it will signify the addition of the Marriott global brand to Fibra Inn’s business portfolio. This property will contribute approximately 15% of the hotel revenues and will represent 12% of the Fibra’s property value. In accordance with the Company’s by-laws, the Technical Committee must approve any acquisition that exceeds 5% of the Fibra’s property value and a Holders Meeting must approve acquisitions that exceed 20%. For this reason, approval of this acquisition was obtained by Fibra Inn’s Technical Committee on June 26, 2013.
The Marriott Real Puebla is located in the city of Puebla; 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.
The Marriott Real Puebla is a full service hotel with 192 rooms and we expect to add another 100 rooms that will be ready to operate during the fourth quarter of 2014. During 2012, this hotel’s occupancy rate was 74%; its average room rate was Ps. 1,191 and the RevPar was Ps. 885. Fibra Inn’s Hotel Operator will operate this hotel.
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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For more information, please visit: http://fibrainn.mx/en/investors.php
Contact: In Monterrey, México: Lizette Chang, IRO
52 1 (81)1778-5926
Contact: In New York: i-advize Corporate Communications, Inc. - Maria Barona or Melanie Carpenter
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212-406-3691 or 212-406-3692
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