Fibrahotel to Develop Two Full Service Hotels in Monterrey Business District
December 20, 2013 - FibraHotel (BMV: FILHO 12),the first real estate investment trust specialized in business-class hotels announces that it reached an agreement to develop two full service hotels with a total of 226 rooms in the municipality of San Pedro Garza García in Monterrey, the second largest city in Mexico, within the mixed use project of Trebol Monterrey. The 180 room Fiesta Americana Grand hotel and the 46 room Live Aqua hotel will be housed in one building, will be operated by Grupo Posadas and are expected to start operations in the fourth quarter of 2015.
The two full-service hotels will represent an estimated total investment of PS. $600,000,000 (six hundred million Pesos 00/100 national currency) of which FibraHotel has so far investedPS. $60,000,000.00 (sixty million pesos 00/100 national currency).
The mixed use project Trebol Monterrey will be located in the most dynamic business area of Monterrey, the second largest city in Mexico, on Avenida General Lázaro Cárdenas in the municipality of San Pedro Garza García and Colonia Valle Oriente. Trebol Monterrey will be comprised of two towers of 22 levels each.One of the a towers will house the two FibraHotel hotels with 226 rooms, and the other tower will house almost 17,000 m2 of AAA offices. In addition, the project will have a retail area of 6,500 m2 of GLA for upscale restaurants and stores as well as more than 2,000 underground parking spaces.
With this development,FibraHotel´s portfolio is comprised of 47 hotels and 6,448 rooms, of which 39hotels are currently in operation (5,547 rooms) and 8 hotels in different stages of development.
About FibraHotel
FibraHotel 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 year95% of taxable income to its CBFI holders. Such characteristics, together witha solid performance of the real estate market in Mexico and a team with overtwo decades of real estate and hotel experience, make FibraHotel an attractive investment vehicle.
FibraHotel is internally managed by Fibra Hotelera, S.C., and is externally advised by AdministradoraFibra HoteleraMexicana, S.A. de C.V whose key executives have extensive experience in the development and operations of commercial real estate and hotels in Mexico.
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