Deutsche Bank Mexico, S.A., Banking Institution, Trust Division F/1616 or Fibra Inn (BMV:FINN13)), a Mexican real estate investment trust specializing in the hotel industry serving the business traveler, announced the purchase of the Hotel Camino Real Guanajuato.
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. 230 million, excluding taxes and acquisition expenses.
This acquisition represents the first hotel of the pipeline, after consolidating the commitment to purchase the hotels announced during the Initial Public Offering.
The Camino Real Guanajuato Hotel operates 105 rooms and is an antique Hacienda 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 the main plant of General Motors in the country is located. 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. 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. We expect to add another 50 rooms that will be fully operating by the third quarter of 2014.
Including this acquisition, Fibra Inn owns 15 hotels with a total of 2,728 rooms; and 200 out of the total are under construction.
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 15 high-quality hotels and geographically-diverse located in ten states throughout Mexico, comprising approximately 2,728 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”.
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