Mexico Plaza Irapuato Hotel Sold for Ps.93 Million
Fibra Inn will convert this property into a Wyndham Garden hotel with an investment of Ps.6.8 million
September 3, 2013 - Fibra Inn 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 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.
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 16 high-quality hotels and geographically-diverse located in ten states throughout Mexico, comprising approximately 2,830 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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