Mexico City, July 9, 2015 (hospitalitybusinessnews.com) — FibraHotel the first real estate investment trust specialized in urban business-class hotels in Mexico announces it has reached an agreement with Grupo GICSA, in a strategic alliance for FibraHotel to acquire and develop at least six hotels inside GICSA´s leading mixed-use projects in Mexico over the next couple of years.
The three initially identified locations include Paseo Queretaro, La Isla Acapulco and Forum Buenavista in Mexico City. Each location will be closed subject to obtaining permits and licenses among other closing conditions. The specific details of each hotel, including opening date, brand, operator, number of rooms and investment, as well as the remaining locations will be announced individually once the land or projects have been deeded to FibraHotel.
We estimate that this agreement will add at least six hotels with ~880 rooms to FibraHotel and can represent a total investment of over Ps. 900 million, of which FibraHotel has invested approximately Ps. 100mm to date.
Grupo GICSA and FibraHotel have a long history of working together in projects that create synergies between mixed-use projects and hotels. In the past, the parties have participated together in hotels including the Fiesta Inn Culiacan, One Culiacan, One Coatzacoalcos and Fiesta Inn Tepic hotels, and will continue working together in the future.
“We are happy to announce an alliance with GICSA for FibraHotel to develop at least six business class hotels inside mixed-use projects over the next few years. FibraHotel is getting premium locations inside GICSA´s unique projects, which fits perfectly with our strategy of developing leading hotels in the best locations with barriers to entry. This agreement continues to clearly lay out our growth pipeline for the next couple of years. GICSA has been a long-time partner and we are happy to further our relationship with one of the most well recognized real estate developers in the country“, said Simon Galante, CEO of FibraHotel.