Fibra Inn Announces Results for the Fourth Quarter 2017

MONTERREY, Mexico, Feb. 27, 2018 (GLOBE NEWSWIRE) -- Deutsche Bank Mexico, S.A., Institución de Banca Múltiple, Trust Division F/1616 or Fibra Inn (BMV:FINN13) (“Fibra Inn” or “the Company”), the Mexican real estate investment trust internally managed and specialized in the hotel industry serving the business traveler with global brands, today announced its non-audited fourth quarter results for the period ended December 31, 2017 (4Q17). These results were prepared in accordance with International Financial Reporting Standards (IFRS) and are stated in nominal Mexican pesos (Ps.).

  • Total Revenue: Ps. 1,952.5 million, an increase of 8.6% compared to 2016.
  • NOI1: Ps. 693.6 million, a 5.2% increase vs. the prior year; 35.5% margin was 120 basis points lower than the 36.7% for the prior year.
  • Adjusted EBITDA2: reached Ps. 605.3 million, a 7.9% increase. The 31.0% margin was 20 basis points lower than the 31.2% of the prior year.
  • FFO3: Ps. 440.1 million with an increase of 0.7%, for a 22.5% margin, 1.8 pp lower than the 24.3% reported in 2016.
  • Distributions to Holders4: Ps. 440.0 million; a 5.2% increase vs. Ps. 418.1 million for the prior year. Distributions per CBFI were Ps. 1.0022, representing an annualized dividend yield for the quarter of de 8.9%

Oscar Calvillo, Chief Executive Officer of Fibra Inn, stated: “2017 was a year of major challenges in economic terms for the country as well as the Fibras. Even in the face of this, the Company has solid, strategic business fundamentals and the conviction that the structural changes, such as the internalization and corporate governance improvement plans will continue to make us one of the best and most trusted Fibras to invest in Mexico. Fibra Inn was able to improve its revenue by 250 bp above inflation to achieve solid margins. Furthermore, Fibra Inn began 2018 with an improved financial profile by conducting a public debt offering at a fixed rate for 10 years. We also completed the revaluation of our assets, which raised our Fibra’s equity by 26.9%.”

4Q17 Financial Highlights:

  • Fibra Inn concluded the quarter with 42 hotels in operation plus one property in the expansion process. This represents a total of 6,944 rooms, 145 of which are undergoing brand conversions and 51 are under expansion. Fibra Inn is invested in 3 properties, under the Strategic Hotel Acquisition Pipeline model, that will add 633 rooms.
  • Total Revenue: Ps. 492.1 million, of which 95.3% were from room revenues and 4.7% were from other rental revenues, for a total increase of 4.2% compared to 4Q16.
  • NOI1: Ps. 172.6 million, a 6.5% increase compared with the Ps. 162.1 million reported in 4Q16; NOI margin was 35.1%.
  • Adjusted EBITDA2: reached Ps. 157.8 million, an 18.8% increase compared to the Ps. 132.8 million in 4Q16.
  • FFO3: Ps. 116.7 million, or 23.7% FFO margin.
  • Distributions to Holders4: Ps. 110.0 million for the 437,373,359 CBFIs outstanding. Distribution per CBFI was Ps. 0.2515, representing an 8.9% annualized dividend yield for the quarter.

Same-Store Sales for 4Q17 for the 42 comparable hotels5:

  • Room revenue: Ps. 469.2 million; an increase of 6.2% vs 4Q16.
  • Occupancy: 61.8%, an increase of 2.6 percentage points (pp) and an Average Daily Rate (ADR) of Ps. 1,222.9, with 1.5% growth.
  • Revenue per Available Room (“RevPAR”): was Ps. 755.9, a 6.0% increase.

Total Revenues for 4Q17 for the 42 hotels in operation5:

  • Room revenues: Ps. 469.2 million; an increase of 4.7% compared to 4Q16.
  • Occupancy: 62.1%; a decrease of 3.0 pp versus 4Q16.
  • Average Daily Rate: Ps. 1,222.8; an increase of 2.1%.
  • Revenue per Available Room (RevPAR): Ps. 758.9, a 7.2% increase vs. 4Q16.


1 NOI is the calculation of the Fibra’s revenue (rent and other revenue) minus operating expenses for administration, maintenance, lodging, utilities, fees, royalties, marketing and promotion, as well as property tax and insurance.
2 Adjusted EBITDA excludes acquisition and organization expenses.
3 FFO is calculated as the Adjusted EBITDA plus interest gain less interest expense and foreign exchange fluctuations.
4 Calculated using 437,373,359 CBFIs outstanding on December 29, 2017. Yield is based on a Ps. 11.26 per CBFI as of December 29, 2017.
5 Includes lodging revenues of the Holiday Inn Mexico Coyoacan Hotel corresponding to the reimbursement of the consequential loss related to the earthquake that took place in September 2017.

In Monterrey, Mexico:

Lizette Chang, IRO
Fibra Inn
Tel: 52 1 (81)1778-5926

In New York:

Maria Barona
i-advize Corporate Communications, Inc.
Tel: (212) 406-3691

Source:Fibra Inn