Mexico Plaza Guadalajara Andares

Mexican real estate investment trust Fibra Inn has signed a purchase-sale agreement to acquire Mexico Plaza Guadalajara Andares Hotel, located in the state of Jalisco.

Fibra Inn will pay Mex$183m ($13m) to acquire the 186-room hotel, which is in the limited service segment.

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The purchase amount excluded Mex$24.7m ($2m) for taxes, acquisition expenses and rebranding investment expenses.

Fibra Inn made a down payment of Mex$90m upon signing the agreement and plans to pay the remaining balance in January 2015 when the final public acquisition deed is completed.

Fibra Inn will operate the hotel and will use Mex$9m that is included in the acquisition expenses to rebrand it under the Wyndham Garden brand. According to the company, rebranding is expected to take place during 2015.

"The Bajio region has experienced one of the largest economic growth rates in the country."

Said to be Fibra Inn’s fourth hotel in the city of Guadalajara, the latest property is set to strengthen the ability to implement aggressive marketing strategies in the region.

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The hotel is in Guadalajara, the main city of Western Mexico is near Bajio region, which has experienced one of the largest economic growth rates in the country.

The location is adjacent to the Andares and Puerta de Hierro Mall, which is a prestigious financial and commercial area in the city, and is ideal for business travellers.

Upon completion of the acquisition, Fibra Inn will have a portfolio of 31 hotels, and three under development, with a total of 5,718 rooms, with 645 currently being constructed.

Image: Mexico Plaza Guadalajara Andares Hotel in Jalisco. Photo: courtesy of Fibra Inn.