Mexico City, December 22nd, 2021 – Hoteles City Express, S.A.B. de C.V. (“Hoteles City Express” or “the Company”) (BMV: HCITY) announces, as part of the Company’s asset recycling and liquidity strategy, the signing of the sale of a 50% equity stake in a portfolio of three hotels located in Tijuana (City Express and City Junior Tijuana Otay) and Ensenada (City Express Ensenada). The agreed transaction price was $539,229,000.00 (five hundred thirty-nine million, two hundred twenty-nine thousand Mexican pesos 00/100 M.N.). This represents a cap rate of 9.5%, considering the 2021E NOI, and an appreciation of 57% over the historical acquisition cost. The transaction is expected to close no later than February 2022. Upon completion, Hoteles City Express will continue to operate the hotels under its management and franchise scheme.
During the current year, the Company has announced asset sales for a total amount of $627,428,687.00 (six hundred twenty-seven million, four hundred twenty-eight thousand, six hundred eighty-seven Mexican pesos 00/100 M.N.). It will also continue to monitor and analyze different balance sheet deleveraging opportunities and strategies to preserve and capture greater liquidity.
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