MONTERREY, Mexico--(BUSINESS WIRE)--Deutsche Bank México, S.A., Institución de Banca Múltiple, División Fiduciaria F/1616 o Fibra Inn (BMV: FINN13) (“Fibra Inn” or “the Company”), a Mexican real estate investment trust specializing in the hotel industry serving the business traveler, today announced that it concluded the construction of 50 rooms in the Camino Real Guanajuato Hotel and 104 rooms at the Marriott Puebla Hotel, which comprised the expansion projects at these properties.
In the Camino Real Guanajuato Hotel, the investment that had been allocated to this project was Ps. 48.7 million. The project had a one-year duration and it began to generate room revenue beginning August 27. It is expected that the addition of these rooms will contribute to the NOI increase of the hotel and the Company expects a stabilized cap rate of 9.2%. This property has a total of 155 rooms.
In the Marriott Puebla Hotel, a Ps. 94.5 million investment was allocated to this project. This project had a 13-month duration and it began to generate room revenue beginning September 29. Additionally, the Executive Lounge and Gym spaces were expanded and the sales offices were relocated, which allowed for an improved Business Center. The addition of rooms is estimated to contribute to the NOI increase of the hotel with an expected stabilized cap rate of 10.1%. This property has 296 rooms.
Currently, Fibra Inn has a total of 5,530 rooms, of which 886 are in acquisition agreement processes and 645 are under construction. The portfolio has 33 properties that include 3 developments.
To date, the construction of 540 rooms of the three developments continues as well as the 105 rooms in the Holiday Inn Tampico Altamira Hotel. These 105 rooms are expected to generate revenues for the second quarter of 2015.
Fibra Inn is a Mexican trust formed primarily to acquire, develop, operate and rent a broad range of hotel properties in Mexico. Headquartered in Monterrey, Fibra Inn has a portfolio of high-quality real estate properties aimed at the business traveler and that are geographically diversified throughout Mexican territory. The Company has signed Franchise Agreements with IHG to operate its global brands, including: Holiday Inn, Holiday Inn Express, Holiday Inn & Suites, Holiday Inn Express & Suites and Crowne Plaza; with Wyndham Hotel Group to operate its global brands Wyndham Garden and Microtel Inn & Suites by Wyndham. Additionally, it has licensing agreements and brand usage agreements with Hilton to operate its brand Hampton Inn by Hilton and with Starwood Hotels & Resorts Worldwide to operate the Aloft brand. The Company has properties that operate with domestic brands like Camino Real and Casa Grande. Additionally, Fibra Inn has agreements with IHG, Marriott International and Wyndham Hotel Group for development of properties. These hotels enjoy some of the industry’s top loyalty programs. Fibra Inn recently listed its Real Estate Certificates (Certificados Bursátiles Fiduciarios Inmobiliarios or “CBFIs”) on the Mexican Stock Exchange and trades under the ticker symbol “FINN13”.
For more information, please visit: www.fibrainn.mx.
Note on Forward-Looking Statements
This press release may contain forward-looking statements. These 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.