Deutsche Bank Mexico, S.A., Banking institution, Trust Division F/1616 or Fibra Inn (BMV:FINN13) announced yesterday 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.
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”.
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