FibraHotel (BMV: FIHO 12), the first real estate investment trust specialized in business-class hotels announces that the construction of the Camino Real Hotel & Suites Puebla is complete is currently pre-operating. This is the third opening of four hotels originally included in FibraHotel´s development portfolio.
The total investment for the construction of the 149 room hotel was Ps. $125,000,000.00 (one hundred and twenty five million Pesos 00/100 Moneda Nacional). As part of the contribution of this hotel at the IPO the control group received 1,538,461 CBFIs with restricted economic rights, which will regain economic rights in the distribution of the first quarter of 2014. Additionally, at the opening of the hotel, FibraHotel will make a cash payment of Ps. $96,538,471.50 (ninety six million five hundred thirty eight thousand four hundred and seventy one Pesos 50/100 Moneda Nacional).
The Camino Real Hotel & Suites Puebla has 149 rooms and is located next to the Hotel Camino Real Puebla Angelopolis property of FibraHotel, in the Blvd. Atlixcayotl Km. 5, Colonia La Vista, Puebla, Puebla. The 149 room hotel will have a mix of 69 full-service Camino Real rooms and 80 extended-stay
Camino Real suites.
Additionally, the Camino Real Puebla Angelopolis property of FibraHotel which until 2013 was operating under a lease agreement with Grupo Real Turismo will convert to an operating contract with the same group in February 2014. During 2013, the Camino Real Puebla Angelopolis hotel had an occupancy of 66.2%, an ADR of PS. $1,131 and RevPAR of PS.$ 749.
With this opening, FibraHotel will have 551 rooms across all business-hotel segments in the city of Puebla, one of the fastest growing in the country with important investments in the automotive industry. The portfolio of Fibrahotel in Puebla is comprised of the 126 room limited-service One Puebla Finsa hotel operated by Grupo Posadas, the 123 room select-service Fiesta Inn Puebla Finsa hotel operated by Grupo Posadas, the 153 room full-service Camino Real Puebla Angelopolis hotel operated by Grupo Real Turismo and the 149 room extended-stay and full-service Camino Real Hotel & Suites Puebla hotel operated by Grupo Real Turismo.
With this opening, the FibraHotel´s portfolio is comprised of 48 hotels and 6,629 rooms of which 41 are in operation (5,888 rooms) and 7 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 HoteleraMexicana, S.A. de C.V whose key executives have extensive experience in the development and operations of commercial real estate and hotels in Mexico.