MONTERREY, MEXICO—Fibra Inn, a Mexican real estate investment trust, has signed a binding agreement for the purchase of the Hotel Camino Real Guanajuato.
The agreed price for this hotel was Ps. 230 million, excluding taxes and acquisition expenses and will represent 7% of the total value of Fibra Inn. This acquisition will be paid in cash with the proceeds from the initial public offering that took place on March 13, 2013 and has a 9.2% stabilized cap rate.
The Camino Real Guanajuato Hotel is an antique Hacienda that is located near the city of Silao, where is the main plant of General Motors in the country. Besides, it is close to industrial parks and other manufacturer and auto parts companies.
The Camino Real Guanajuato is a full-service hotel with salons for events and conventions. It operates 105 rooms and we expect to add another 50 rooms, to operate a total of 155 rooms. The additional rooms will be fully operating by the third quarter of 2014. During 2012, this hotel’s occupancy rate was 60%; its average daily rate was Ps. 1,262 and the RevPar was Ps. 760.