Mexico's Fibra Hotel joins Marriott to build 20 new hotels

MEXICO CITY Thu Nov 14, 2013 11:55pm EST

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MEXICO CITY Nov 14 (Reuters) - Mexican real estate investment trust Fibra Hotel said on Thursday it had signed a deal with U.S. hotel chain Marriott International Inc to build and operate 20 new hotels in Mexico by 2016.
"The first six hotels were signed this week and will add approximately 800 rooms to the Mexican market," Fibra Hotel said in a statement.

It did not disclose the financial terms of the deal.

Fibra Hotel is a trust, known locally as a fibra, that issues certificates that function much like shares on the stock exchange. The fibras allow investors to participate in Mexico's property market without owning buildings.

Fibra Hotel has a portfolio of 49 business hotels across Mexico, offering more than 6,500 rooms, the company said, while Marriott has 23 hotels in the country.