Mexican real estate investment trust Fibra Inn has acquired the 150-room Hotel México Plaza Celaya, in the state of Guanajuato, and will convert it to the Wyndham Garden brand. The acquisition price was Ps. 139 million (around $11 million), excluding Ps. 8.1 million in expenses for brand name change.
The conversion to the Wyndham Garden flag is expected to conclude by April of 2014.
Last July, Fibra Inn worked on an agreement with Wyndham Hotel Group to own and operate a portfolio of Wyndham-branded properties in Mexico. Wyndham reportedly has 30 properties and more than 4,000 rooms in Mexico.
Fibra Inn recently acquired the 198-room Wyndham Casa Grande Monterrey and additional properties have already been identified for acquisition and conversion to Wyndham brands this year.
Fibra Inn is headquartered in Monterrey, and has has 19 hotels in its portfolio, plus two under development, with a total of 3,850 rooms, of which 3,186 are currently in operation.
Fibra Inn opted to purchase this hotel for the following reasons, it said:
- Bajio is an attractive area due to high growth caused by direct foreign investment, which has benefitted occupancy and room rates.
- The influx of people into the Bajio area has increased during weekends, due to extended stays of employees in the auto industry.
- The hotel has experienced a solid performance with the regional Mexico Plaza, which is expected to improve even more upon conversion to the international Wyndham Garden brand.
- The hotel is located at the northern entrance of the city and is surrounded by stores and restaurants.
- The property is located near the Mazda and Honda automotive plants as well companies in the food and beverage, electronics and metallurgical sectors, such as Bachoco, Gamesa, Grupo Modelo, Campbell´s, Mabe, Moulinex, P&G, Whirlpool, and others.
This hotel is located at Eje N, Poniente 101, almost at the corner of Av. Tecnológico, Col. Ciudadela, Celaya, C.P. 38017, Guanajuato.