MONTERREY, Mexico, Oct. 10, 2017 (GLOBE NEWSWIRE) -- Deutsche Bank Mexico, S.A., Banking institution, Trust Division F/1616 or Fibra Inn (BMV:FINN13) (ADR OTC:DFBRY) (“Fibra Inn” or “the Company”), the Mexican REIT internally managed specializing in the hotel industry serving the business traveler with global brands, announces that the Holiday Inn Mexico Coyoacan hotel has resumed operations and continues to experience minor repairs for damages incurred following the earthquake that took place on September 19. Fibra Inn obtained safety inspection results stating that the property did not suffer structural damage.
Minor repairs to both the rooms and the public areas have been taking place, therefore to date, 71 out of the hotel’s 214 rooms are in operation as of this last Saturday, October 7. Fibra Inn will be re-opening rooms as each floor is remodeled during October and November, seeking not to affect the comfort of guests.
Expenses derived from the damages are covered by the corresponding insurance policy, which also covers any consequential losses. The Company considers that the impact on total revenues caused by the partial closure of this property will be of approximately Ps. 9.2 million for the remainder of 2017 as a result of collateral losses, which will be covered by the insurance policy. This hotel’s participation in the Fibra’s total revenues will be of approximately 3.9% for 2017.
About the Company
Fibra Inn is a Mexican trust formed primarily to acquire, develop and rent a broad range of hotel properties in Mexico aimed at the business traveler. The Company has signed franchise, license and brand usage agreements with international hotel brands for the operation of global brands as well as the operation of national brands. Additionally, the Company has development agreements. These hotels enjoy some of the industry’s top loyalty programs. Fibra Inn trades its Real Estate Certificates (Certificados Bursátiles Fiduciarios Inmobiliarios or “CBFIs”) on the Mexican Stock Exchange under the ticker symbol “FINN13”; its ADRs trade on the OTC market in the U.S. under the ticker symbol “DFBRY”.
Note on Forward-Looking Statements
This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management’s current view and estimates of future economic circumstances, industry conditions, Company performance and financial results. Also, certain reclassifications have been made to make figures comparable for the periods. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.