Mexico-based Grupo Hotelero Santa Fe has signed a contract to acquire a 50-percent stake in the Cleviá Grand Hotel Leon in Leon, Mexico.
The 140-room hotel, which is in its final stages of completion, is in Guanajuato. Grupo Hotelero Santa Fe is evaluating brand alternatives.
The Cleviá Grand Hotel is worth Ps. 383 Million. Grupo Hotelero Santa Fe has invested Ps. 128 million into the property, which represents 50 percent of the equity, and will consolidate the hotel in its financial statements. The private Mexican investors, who previously owned the hotel, will retain the remaining 50-percent stake.
The property is in Puerta Bajío in a mixed-use development with a shopping mall, residential apartments and office space. It is in the north of the city in the Zona Dorada neighborhood.
This acquisition aligns with the group's diversification strategy, which seeks out growth in the urban hotel segment with local partners. The company will continue seeking and analyzing investment opportunities in hotels and properties as well as third-party hotel management contracts.
The hotel buy also follows Grupo Hotelero Santa Fe's partnership with Apple Leisure Group’s AMResorts to open three dual-brand resorts with a total of 1,329 guestrooms in Mexico. The new hotels in Punta Cancun, Los Cabos and Nuevo Vallarta will operate as Reflect Resorts & Spas and Krystal Grand Hotels & Resorts properties. AM Resorts will handle brand management, sales and marketing of the three resorts while Grupo Hotelero Santa Fe will maintain operational control.
The additions will expand Grupo Hotelero Santa Fe's portfolio, which currently includes 26 hotels with 6,490 guestrooms across 17 cities in Mexico. These include hotels currently in construction or expansion.