Last updated: 23:25 / Monday, 27 May 2013
Fibra Inn paid 186.9 million

Fibra Inn Announces Acquisition of Holiday Inn Express Guadalajara UAG Hotel

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Fibra Inn Announces Acquisition of Holiday Inn Express Guadalajara UAG Hotel

Deutsche Bank Mexico, S.A., Banking institution, Trust Division F/1616 or Fibra Inn, a Mexican real estate investment trust specializing in the hotel industry serving the business traveler, announced that it has completed the acquisition of the Holiday Inn Express Guadalajara UAG hotel.

Fibra Inn paid Ps. 186.9 million for this hotel, excluding taxes and acquisition expenses, and the adjoining land where the Company is planning a room expansion. The property was paid in cash and it is the first hotel acquisition purchased with the proceeds from the initial public offering that took place on March 13, 2013. Furthermore, this hotel is part of the Acquisition Portfolio, which will include the purchase of five additional properties as part of the Initial Portfolio.

"This first acquisition represents a high-quality investment for the Company and one that will generate value for shareholders. As we mentioned during the IPO process, the Company is committed to disciplined growth for the Fibra, employing a long-term vision.”

The Holiday Inn Express Guadalajara UAG Hotel is a high potential property with 100 rooms; Fibra Inn expects to add 99 rooms, which will be operating by the first quarter of 2014. This property is located at close proximity to Plaza Andares, the Universityof Guadalajara, the Belenes Industrial Park, and is located a few Kilometers from Pemex's offices.

Operadora de Comercios de Vallarta, S.A de C.V. will be the hotel operator of this hotel. During 2012, the occupancy rate was 65%, the average room rate was Ps. 1,142 and the RevPar was Ps.737.

Mr. Victor Zorrilla, President and Chief Executive Officer stated: "This first acquisition represents a high-quality investment for the Company and one that will generate value for shareholders. As we mentioned during the IPO process, the Company is committed to disciplined growth for the Fibra, employing a long-term vision.”

 

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