Mexican REIT Fibra Inn has signed a binding agreement for the acquisition of the Hotel Holiday Inn Tampico Altamira, in the State of Tamaulipas, in Mexico. The agreed price was Ps. 102.5 million, with an additional Ps. 6.1 million in taxes and acquisition expenses, and Ps. 2.2 million in working capital.
This hotel has a cap rate of 10 percent.
Expected expenses include: an expansion of 105 rooms, for which Ps. 82.6 million are allocated; and the purchase of an adjacent 3,823 m2 lot for Ps. 10.5 million, which, in the short term will be rented as a restaurant and in the medium term will be used for the development of a limited-service or extended-stay hotel.
Fibra Inn said it acquired the hotel for the following reasons:
- This market is considered to form part of a corridor that is comprised of cities with important oil activity, which is expected to increase as a result of the Energy Reforms.
- The hotel is strategically situated for serving companies with activity in the Altamira port. The main employment-generating companies are Weatherford, Halliburton, Vopat, Dupont, Nhumo, Dyanosol, ICA, Pemex, Coca-Cola Femsa, Mexichem, Iberdrola and Posco.
- The negotiation between the government of the state of Tamaulipas and the company Keppel Offshore and Marine resulted in an investment for the construction of the first primer offshore drilling shipyard to build jackup drilling rigs in the area for a total value of US$ 400 million, which will generate approximately 4,000 direct jobs. Currently, there is a lack of hotel offerings and most of the hotels are either local or independent hotels.