FibraHotel (BMV: FILHO 12), the first real estate investment trust specialized in urban business-class hotels in Mexico, announced that today it closed the acquisition of the hotel Fiesta Americana Aguascalientes.
The transaction was paid with cash for a total investment of Ps. $227,328,584.00 (two hundred twenty-seven million three hundred twenty-eight thousand five hundred eighty-four Pesos 00/100 national currency).
The Fiesta Americana Aguascalientes Hotel has 192 rooms and is located in the historic downtown of Aguascalientes, in Calle Laureles s/n Col. 20220 flowers, Aguascalientes, Aguascalientes. The hotel is strategically located one block from the bullfight ring and is in the heart of the San Marcos fair, which is one of the most important fairs in Mexico, attracting over 8 million visitors a year and has a 185 year history.
During the year 2013 the hotel had occupancy of 63.4%, an ADR of Ps. $1,144 and a RevPAR of Ps. 726. Additionally, the hotel rental retail GLA of 555 m2.
The city of Aguascalientes, located in Bajio region, is one of the cities with highest industrial investment received over the last few years in Mexico, led by the automotive industry with the construction of modern plants and important industrial parks including Nissan. With this transaction FibraHotel is rounds out its presence across hotel segments in the city of Aguascalientes, with 443 rooms including the One Aguascalientes (limited services), the Fiesta Inn Aguascalientes (selected services) and the Fiesta Americana Aguascalientes (full service).
With this closing, FibraHotel´s portfolio consists of 48 hotels with 6,629 rooms of which 40 are in operation (5,739 rooms) and 8 are in different stages of development.
FibraHotel is a Mexican trust created primarily to acquire, develop and operate business-class hotels in the limited service, selected service, full service and extended-stay segments. Our objective is to provide attractive returns to our CBFI holders, through stable cash distributions and the appreciation of our real estate assets. Also, we will aim to have a high quality hotel portfolio, through the affiliation to different hotel brands and renowned operators, as well as geographic and segment diversification.
Under Mexican laws, Fibras must invest at least 70% of its assets in real estate for lease, among other requisites. Additionally, Fibras must distribute in cash at least once a year 95% of taxable income to its CBFI holders. Such characteristics, together with a solid performance of the real estate market in Mexico and a team with over two decades of real estate and hotel experience, make FibraHotel an attractive investment vehicle. FibraHotel is internally managed by Fibra Hotelera, S.C., and is externally advised by Administradora Fibra Hotelera Mexicana, S.A. de C.V whose key executives have extensive experience in the development and operations of commercial real estate and hotels in Mexico.