MONTERREY, MEXICO—Deutsche Bank Mexico, S.A., Banking Institution, Trust Division F/1616 or Fibra Inn, a Mexican real estate investment trust, has completed the acquisition of the Holiday Inn Express Playa del Carmen Hotel.
The hotel was acquired for roughly $11 million, and is the second hotel acquisition purchased with the proceeds from the company’s initial public offering that took place on March 13, 2013.
This hotel is part of the company’s acquisition portfolio, which will include four additional properties.
Fibra Inn will operate the hotel, which had an occupancy rate of 43% in 2012, via its hotel operator.
The Holiday Inn Express Playa del Carmen originally opened in 2006 and has 145 guestrooms. Fibra Inn expects to add an additional 51 rooms by the first quarter of 2014.