FibraHotel (BMV: FILHO 12),the first real estate investment trust specialized in business-class hotelsannounces that it reached an agreement to develop two full service hotels witha total of 226 rooms in the municipality of San Pedro Garza García inMonterrey, the second largest city in Mexico, within the mixed use project ofTrebol Monterrey. The 180 room Fiesta Americana Grand hotel and the 46 roomLive Aqua hotel will be housed in one building, will be operated by GrupoPosadas and are expected to start operations in the fourth quarter of 2015.
The two full-service hotelswill represent an estimated total investment of PS. $600,000,000 (six hundredmillion Pesos 00/100 national currency) of which FibraHotel has so far investedPS. $60,000,000.00 (sixty million pesos 00/100 national currency).
The mixed use projectTrebol Monterrey will be located in the most dynamic business area ofMonterrey, the second largest city in Mexico, on Avenida General LázaroCárdenas in the municipality of San Pedro Garza García and Colonia ValleOriente. Trebol Monterrey will be comprised of two towers of 22 levels each.One of the a towers will house the two FibraHotel hotels with 226 rooms, andthe other tower will house almost 17,000 m2 of AAA offices. In addition, theproject will have a retail area of 6,500 m2 of GLA for upscale restaurants andstores as well as more than 2,000 underground parking spaces.
With this development,FibraHotel´s portfolio is comprised of 47 hotels and 6,448 rooms, of which 39hotels are currently in operation (5,547 rooms) and 8 hotels in differentstages of development.
FibraHotel is a Mexicantrust created primarily to acquire, develop and operate business-class hotelsin the limited service, selected service, full service and extended-staysegments. Our objective is to provide attractive returns to our CBFI holders,through stable cash distributions and the appreciation of our real estateassets. Also, we will aim to have a high quality hotel portfolio, through theaffiliation to different hotel brands and renowned operators, as well asgeographic and segment diversification.
Under Mexican laws, Fibrasmust invest at least 70% of its assets in real estate for lease, among otherrequisites. Additionally, Fibras must distribute in cash at least once a year95% of taxable income to its CBFI holders. Such characteristics, together witha solid performance of the real estate market in Mexico and a team with overtwo decades of real estate and hotel experience, make FibraHotel an attractiveinvestment vehicle.
FibraHotel is internallymanaged by Fibra Hotelera, S.C., and is externally advised by AdministradoraFibra HoteleraMexicana, S.A. de C.V whose key executives have extensiveexperience in the development and operations of commercial real estate andhotels in Mexico.