MONTERREY, Mexico, Aug. 15, 2018 (GLOBE NEWSWIRE) -- Deutsche Bank Mexico, S.A., Banking institution, Trust Division F/1616 or Fibra Inn (BMV: FINN13, ADR OTC: DFBRY) (“Fibra Inn” or “the Company”), a Mexican real estate investment trust internally managed specializing in the hotel industry serving the traveler with global brands, announced that it has concluded the remodeling and rebranding of the Holiday Inn hotel in Ciudad Juarez, which reopened yesterday.
Fibra Inn invested a total of Ps. 211.2 million in the project, which includes Ps. 66.7 million allocated towards the construction of 54 additional rooms. The hotel is expected to stabilize during the following 24 months.
The hotel reopens operations with 196 rooms with rates above Ps. 2,100 average per room, compared to the previous rate of Ps. 877 per room charged in 2017 prior the remodeling and rebranding. This property operates under the full service format and Grupo Hotelero Prisma will continue to manage operations.
The hotel’s potential performance is supported by its strategic location, since it is 15 minutes from the Ciudad Juarez International Airport and has proximity to companies such as 3M, Lear Corporation, Delphi, Cooper Standard, Eaton Flex and Yazaki, among others. Additionally, it is located near the border at Ysleta Bridge and Cordova Americas Bridge, which are international bridges to El Paso, Texas.
“Fibra Inn’s property repositioning strategy offers an alternative to improve profitability of invested capital of certain properties located in privileged areas and which have market growth potential. Fibra Inn confirms its commitment to continue generating additional shareholder value”, stated Oscar Calvillo, Chief Executive Officer.
About the Company Fibra Inn is a Mexican trust formed primarily to acquire, develop and rent a broad range of hotel properties in Mexico for the business and leisure traveler. The Company has signed franchise, license and brand usage agreements with international hotel brands for the operation of global brands as well as the operation of national brands. These hotels enjoy some of the industry’s top loyalty programs. Fibra Inn trades its Real Estate Certificates (Certificados Bursátiles Fiduciarios Inmobiliarios or “CBFIs”) on the Mexican Stock Exchange under the ticker symbol “FINN13”; its ADRs trade on the OTC market in the U.S. under the ticker symbol “DFBRY”.
Note on Forward-Looking Statements This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management’s current view and estimates of future economic circumstances, industry conditions, Company performance and financial results. Also, certain reclassifications have been made to make figures comparable for the periods. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.
| In Mexico: Lizette Chang, IRO Fibra Inn Tel. 52-1-81-1778-5926 lchang@fibrainn.mx | In New York: Maria Barona / Melanie Carpenter i-advize Corporate Communications Tel. (212)406-3691 mbarona@i-advize.com |
