MONTERREY, Mexico--(BUSINESS WIRE)--Deutsche Bank Mexico, S.A., Banking institution, Trust Division F/1616 or Fibra Inn (BMV:FINN13) (“Fibra Inn” or “the Company”), the hotel industry specialized Mexican real estate investment trust serving the business traveler with international brands, announced today the opening of the Fairfield Inn & Suites by Marriott Coatzacoalcos Hotel, in the state of Veracruz. This 180-room hotel will be operated by Fibra Inn.
Fibra Inn announced the development of this property on January 9, 2014. The total investment was Ps. 171.8 million and the hotel was developed three months ahead of schedule. Fibra Inn allocated Ps. 25.4 million for the acquisition of land and Ps. 146.4 million for construction.
Currently, the Company has a binding agreement to acquire the Courtyard by Marriott Chihuahua hotel, which is under development. The payment will be made once construction is completed and operations initiate, which is estimated to take place during the first quarter of 2016.
With these acquisitions, Fibra Inn has a total portfolio of 41 hotels: 40 in operation and one under development, with a total of 6,834 rooms; 368 of these are currently under construction.
About the Company
Fibra Inn is a Mexican trust formed primarily to acquire, develop, operate and rent a broad range of hotel properties in Mexico aimed at the business traveler. 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, Crowne Plaza and Staybridge Suites; with Wyndham Hotel Group to operate its global brands, Wyndham Garden and Microtel Inn & Suites by Wyndham; with Marriott International to operate its brands Marriott and Courtyard by Marriott. 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 such as Camino Real, City Express, City Express Junior, Casa Grande and Arriva Express. Additionally, Fibra Inn has agreements with IHG, Marriott International, Wyndham Hotel Group and Hoteles City Express for the development of properties. These hotels enjoy some of the industry’s top loyalty programs. Fibra Inn has 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 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.