Finance & DevelopmentFibraHotel, Starwood Partner to Grow Portfolio in Mexico

FibraHotel, Starwood Partner to Grow Portfolio in Mexico

MEXICO CITY, Mexico—FibraHotel and Starwood announced they will collaborate to expand the number of hotels they work on together in Mexico. 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 Starwood’s Aloft brand with Starwood as the operator. FibraHotel has also purchased the 229-room Sheraton Ambassador Monterrey hotel, which will be operated by Starwood through a long-term management agreement.

“Starwood operates many of the industry’s 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,” said Simon Galante, CEO of FibraHotel.

“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,” said Simon Turner, president of Global Development for Starwood.

Mexico is Starwood’s largest market in Latin America. The agreement with FibraHotel will allow Starwood to grow with a recognized hotel owner and add to its operating portfolio of 28 hotels in Mexico, with six more under development, across eight of its nine brands.

With the acquisition of the Sheraton Ambassador Monterrey, FibraHotel´s 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.