MONTERREY, Mexico—CBRE Hotels and CapitalMarkets have arranged the sale of the SheratonAmbassador Hotel, a 14-story hotel located in the renownedhistoric district of downtown Monterrey, Mexico.

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FibraHotel acquired the property fromStarwood Hotels & Resorts for an undisclosedprice.

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The Miami-based team representing the seller includedChristian Charre, senior vice president, CBREHotels, and Tim Gifford, senior vice president,CBRE Capital Markets.

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“Hotel sales in Mexico have rebounded because of improvingperformance in the hotel industry, a direct result of the strongU.S. economy and low unemployment,” said Charre. “Additionally,domestic and international capital is bullish about Mexico'sfundamentals, and competition for assets in key markets is heatingup, which will lead to more transactions in 2015 and 2016.”

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“CBRE was successful in advising Starwood Hotels in securing thesale of the Sheraton Ambassador to FibraHotel, representing theREIT's first Starwood-branded hotel acquisition and another marketfirst for CBRE,” added Gifford.

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The 229-room Sheraton Ambassador is located in a key Mexicanfinancial center in Monterrey—Mexico's third-largestcity and the leading industrial center in Northern Mexico.The hotel offers a great location and is within walking distance ofmany of Monterrey's educational institutions and historicattractions. The property contains a restaurant servinginternational cuisine, an informal lounge and a lobby bar. It hasmore than 13,000 square feet of flexible meeting space, including agrand ballroom and 11 banquet and meeting rooms. Additionalamenities include an outdoor pool, fitness center and businesscenter.

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In addition, the property is one of the closest hotels to boththe Fundidora Convention Center and the new CintermexConvention Centre, which offers more than 250,000 squarefeet of exhibition and conference space.

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CBRE Hotels is a specialized advisory group within CBREproviding brokerage, valuation and capital markets services tocompanies in the hotel sector. CBRE Hotels is comprised of over 150dedicated hospitality professionals located in 37offices across the globe.

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David Phillips

David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.