Marriott Int'l and Fibrahotel Reveal Partnership and Growth Plans in Mexico
November 18, 2013 - Today Marriott International (NASDAQ: MAR) announced plans to develop, open and operate 20 new hotels in partnership with FibraHotel, the largest and first publicly traded Mexican Lodging REIT (BMV: FIHO12) across key Mexican cities by 2016. The first six hotels were signed this week and will add approximately 800 rooms to the Mexican market and create well over 400 jobs for Mexican nationals.
“With a current portfolio of 23 hotels across five Marriott International brands, Mexico is one of the largest, most important and dynamic international markets for our company”, says Craig S. Smith, President of the Caribbean and Latin America at Marriott International. “In the past five years we have seen a strong emerging Mexican middle class that is eager to travel and the world's financial industry predicts that by 2020, Mexico's economy will be among the ten largest in the world, truly reinforcing the fact that we are living the Mexican Moment”.
FibraHotel is currently one of the largest hotel owners in Mexico with a portfolio of 49 business hotels representing over 6,500 rooms in 22 states, and with aggressive growth plans looking to reach 100 hotels in the next few years.
“We are fortunate to partner with FibraHotel, who have over 20 years of experience as real estate developers and hotel owners throughout Mexico, particularly in the business hotel segment” says Alejandro Acevedo, Vice President of Development for Mexico and the Caribbean for Marriott International, Inc. “Both of our companies share the vision on the potential of business hotels in Mexico, have aggressive market goals, and we look forward to growing together in Mexico to continue to offer our world class service and amenities travelers trust from our globally renowned Marriott International brands.”
“The partnership with Marriott International fits our strategy perfectly: to grow through partnerships with leading brands and operators for our local hotels. Marriott's professional systems with global distribution, processes and renowned operating excellence, combined with our local expertise in design and operating efficiencies, will ensure sustainable returns on these hotels. We are very excited about Marriott International´s commitment to grow in Mexico and the region and look forward to a long and prosperous partnership” said Simon Galante, CEO at Fibra Hotel.
With the strong focus on new hotel development in Mexico, Marriott International saw a need to open a local development office in Mexico City, spearheaded by Alonso Burgos, Director of Development for Mexico.
Marriott International is currently represented in Mexico with the The Ritz-Carlton, Cancun, JW Marriott Hotel Mexico City, JW Marriott Hotel Mexico City Santa Fe, JW Marriott Cancun Resort & Spa, CasaMagna Marriott Cancun Resort, CasaMagna Marriott Puerto Vallarta Resort & Spa, Marriott Puebla Real Hotel, Puebla, Torreon Marriott Hotel, Ixtapan de la Sal Marriott Hotel, Tijuana Marriott Hotel, Mexico City Marriott Hotel Reforma, Aguascalientes Marriott Hotel, Courtyard by Marriott Monterrey, Courtyard by Marriott Toluca Airport, Courtyard by Marriott Monterrey San Jeronimo, Courtyard by Marriott Cancun Airport Hotel, Courtyard by Marriott San Luis Potosi, Courtyard by Marriott Puebla, Courtyard by Marriott Mexico City Airport, Courtyard by Marriott Toluca Tollocan, Mexico, Courtyard by Marriott Leon at The Poliforum, Fairfield Inn Los Cabos and the Fairfield Inn Monterrey Airport.
The current pipeline of properties for Mexico include the 124-room Los Cabos, a Ritz-Carlton Reserve, the 300-room JW Marriott Cabo San Lucas Resort, the 130-room Courtyard by Marriott Hermosillo, the 130-room Courtyard by Marriott Los Cabos, the 120-room Fairfield Inn Queretaro, the 140-room Courtyard by Marriott Queretaro, and the 160-room AC Hotel Mexico City.
Marriott International, Inc. (NASDAQ: MAR) is a leading lodging company based in Bethesda, Maryland, USA, with nearly 3,900 properties in 72 countries and territories and reported revenues of nearly $12 billion in fiscal year 2012. The company operates and franchises hotels and licenses vacation ownership resorts under 18 brands. For more information or reservations, please visit our web site at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com.
FibraHotel (BMV: FIHO12) is a Mexican trust created primarily to acquire, develop and operate business-class hotels in the limited service, selected service, full service and extended-stay segments. Our objective is to provide attractive returns to our CBFI holders, through stable cash distributions and the appreciation of our real estate assets. Also, we will aim to have a high quality hotel portfolio, through the affiliation to different hotel brands and renowned operators, as well as geographic and segment diversification.
Under Mexican laws, Fibras must invest at least 70% of its assets in real estate for lease, among other requisites. Additionally, Fibras must distribute in cash at least once a year 95% of taxable income to its CBFI holders. Such characteristics, together with a solid performance of the real estate market in Mexico and a team with over two decades of real estate and hotel experience, make FibraHotel an attractive investment vehicle. For more information, please visit our website at www.fibrahotel.com
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
