MONTERREY, Mexico – August 16, 2016 – Deutsche Bank México, S.A., Banking Institution, Trust Division F/1616 or Fibra Inn (BMV: FINN13, ADR OTC: DFBRY) (“Fibra Inn” or “the Company”), the Mexican real estate investment trust specializing in the hotel industry serving the business traveler with global brands, today announced the payment and acquisition of the Courtyard by Marriott Chihuahua hotel, which adds 152 rooms to the portfolio.
The transaction, which was paid in cash with resources obtained from a bank credit line, represented an investment of Ps. 234.4 million plus Ps. 8.7 million in taxes and acquisition-related expenses, as well as the corresponding VAT.
The acquisition of this hotel strengthens Fibra Inn’s leadership in the state of Chihuahua with a leading global brand, making it the first and only Marriott hotel in that city. Fibra Inn takes the advantage of the opportunity in this location due to the significant economic activity in this northern part of the country thanks to the strong maquiladora and manufacturing industries stemming from its close proximity to the U.S. border.
Construction of the Courtyard by Marriott Chihuahua was recently completed; it will be a select service hotel managed by the hotel operator that is Fibra Inn-related party. The property is located on the main corridor of real estate development including retail, apartments and offices.
At the date of this report, Fibra Inn has a portfolio of 43 properties, of which 42 hotels are in operation and one is under a binding agreement. The number of rooms total 7,112, of which 6,806 are in operation, 85 are under a binding agreement and 221 are under construction.
