By: Steven Ongenaet
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Advising FibraHotel on the acquisition of the Fiesta Americana Condesa Cancun
NHG acted as counsel to FibraHotel, the first real estate investment trust (REIT) specialized in hotels in Mexico, in the acquirsition of the Fiesta Americana Condesa Cancun All Inclusive Resort in a sale and lease back transaction with Grupo Posadas.
The Fiesta Americana Condesa Cancun is an iconic All-Inclusive five star resort in a prime location with over 200m of beach front and over 40,000m2, in the “zona hotelera” region of Cancun, Mexico. The Resort has 507 full-service rooms that were recently renovated, and will be operated by Grupo Posadas and FibraHotel under a long-term lease agreement with fixed and variable rent components.
The acquisition of this Resort represents FibraHotel’s first property in the resort segment, which increases the proportion of its U.S. dollar-denominated revenues and adds diversification to its portfolio. With this acquisition FibraHotel’s portfolio consists of 83 operating hotels with 11,926 rooms. FibraHotel’s total portfolio consists of 87 hotels with 12,724 rooms, including 4 hotels in different stages of development.