TravelNewsAsia.com

Starwood Sells Hotel in Mexico; Strengthens Partnership with FibraHotel

Travel News Asia Videos Podcasts Latest Travel News Asia Wednesday, 19 November 2014
 

Starwood has sold the 229-room Sheraton Ambassador Monterrey hotel to FibraHotel.

The transaction will represent a total investment of US$13.5 million by FibraHotel, including a comprehensive property renovation over the next two years.

The hotel will be operated by Starwood through a long-term management agreement.

The Sheraton Ambassador Hotel is located at Ave. Hidalgo 310 Oriente in the heart of downtown Monterrey one of Mexicos largest cities and an important industrial and global business hub. The hotel currently features 229 guest rooms, over 13,000 square feet of meeting space, full-service dining at Los Vitrales Restaurant, a lobby bar, a health club, an outdoor pool and tennis court, and a Sheraton Club Lounge. The hotel is walking distance to the restaurants, shops and museums of historic downtown Monterrey and just 30 minutes from Monterrey International Airport (MTY).

The sale of Sheraton Ambassador Hotel is another example of Starwoods commitment to both an asset-light strategy and working with value-add partners who share our vision for our hotels to be brand-enhancing properties, said Simon Turner, President of Global Development for Starwood. We continue to seek the right asset disposition opportunities to create value for our shareholders, and very much look forward to working closely with FibraHotel to ensure the future success of this hotel and as we broaden our relationship to expand our presence in Mexico.  

FibraHotel and Starwood have also agreed to expand the number of hotels they work on together in Mexico as FibraHotel looks to grow its hotel portfolio.

FibraHotel recently signed an agreement with local developers for five business hotels in the country, and will work with Starwood to open those hotels under Starwoods vibrant Aloft brand with Starwood as the operator.

We are proud to add the world-renowned Sheraton brand to our expanding portfolio and look forward to collaborating with Starwood on this hotel and are excited about the possibility to grow this partnership in the future, said Simon Galante, CEO of FibraHotel. Starwood operates many of the industrys most well-respected and innovative hotel brands, and also has a leading operating platform and we are excited to partner with them as we grow our portfolio in Mexico with leading international brands.

Mexico is Starwoods largest market in Latin America and continues to lead the companys growth in the region. The agreement with FibraHotel will allow Starwood to grow with a recognized hotel owner and add to its already strong operating portfolio of 28 hotels in Mexico, with six more under development, across eight of its nine world-class brands including Sheraton, Westin, Le Mridien, St. Regis, The Luxury Collection, W Hotels, Aloft and Four Points by Sheraton.

With this acquisition, FibraHotels portfolio consists of 66 hotels and 9,098 rooms, of which 53 hotels are in operation (7,334 rooms), 12 in different stages of development, and a hotel under expansion and remodeling.

FibraHotel, Starwood, Mexico

Subscribe to our Travel Industry News RSS Feed Travel Industry News RSS Feed from TravelNewsAsia.com. To do that in Outlook, right-click the RSS Feeds folder, select Add a New RSS Feed, enter the URL of our RSS Feed which is: https://www.travelnewsasia.com/travelnews.xml and click Add. The feed can also be used to add the headlines to your website or channel via a customisable applet. Have questions? Please read our Travel News FAQ. Thank you.

     
Advertising
Advertising
Copyright © 1997-2022 TravelNewsAsia.com