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

• 
  SAVE
• 
  SHARE
• 
  TEXT SIZE
• 
  PRINT
• 
  COMMENT
• 
  PDF

. August 17, 2016

MONTERREY, MX. August 17, 2016 - Deutsche Bank M¨¦xico, S.A., Banking Institution, Trust Division F/1616 or Fibra Inn (BMV: FINN13, ADR OTC: DFBRY) (¡°Fibra Inn¡± or ¡°the Company¡±), the Mexican real estate investment trust specializing in the hotel industry serving the business traveler with global brands, today announced the payment and acquisition of the Courtyard by Marriott Chihuahua hotel, which adds 152 rooms to the portfolio.

The transaction, which was paid in cash with resources obtained from a bank credit line, represented an investment of Ps. 234.4 million plus Ps. 8.7 million in taxes and acquisition-related expenses, as well as the corresponding VAT.

The acquisition of this hotel strengthens Fibra Inn¡¯s leadership in the state of Chihuahua with a leading global brand, making it the first and only Marriott hotel in that city. Fibra Inn takes the advantage of the opportunity in this location due to the significant economic activity in this northern part of the country thanks to the strong maquiladora and manufacturing industries stemming from its close proximity to the U.S. border.

Construction of the Courtyard by Marriott Chihuahua was recently completed; it will be a select service hotel managed by the hotel operator that is Fibra Inn-related party. The property is located on the main corridor of real estate development including retail, apartments and offices.

At the date of this report, Fibra Inn has a portfolio of 43 properties, of which 42 hotels are in operation and one is under a binding agreement. The number of rooms total 7,112, of which 6,806 are in operation, 85 are under a binding agreement and 221 are under construction.

About Fibra Inn

Fibra Inn is a Mexican trust formed primarily to acquire, develop and rent a broad range of hotel properties in Mexico aimed at the business traveler. The Company has signed franchise, license and brand usage agreements with international hotel brands for the operation of global brands as well as the operation of national brands. Additionally, the Company has development agreements. These hotels enjoy some of the industry¡¯s top loyalty programs. Fibra Inn trades its Real Estate Certificates (Certificados Bursa¨¬tiles Fiduciarios Inmobiliarios or ¡°CBFIs¡±) on the Mexican Stock Exchange under the ticker symbol ¡°FINN13¡±; its ADR trades on the OTC market in the U.S. under the ticker symbol ¡°DFBRY¡±. For more information, please visit our website: www.fibrainn.mx

Contact:
Lizette Chang
[email protected]
52 1 (81)1778-5926

Maria Barona
[email protected]
212-406©3691

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.