MONTERREY, Mexico—CBRE Hotels and Capital Markets have arranged the sale of the Sheraton Ambassador Hotel, a 14-story hotel located in the renowned historic district of downtown Monterrey, Mexico.
FibraHotel acquired the property from Starwood Hotels & Resorts for an undisclosed price.
The Miami-based team representing the seller included Christian Charre, senior vice president, CBRE Hotels, and Tim Gifford, senior vice president, CBRE Capital Markets.
“Hotel sales in Mexico have rebounded because of improving performance in the hotel industry, a direct result of the strong U.S. economy and low unemployment,” said Charre. “Additionally, domestic and international capital is bullish about Mexico's fundamentals, and competition for assets in key markets is heating up, which will lead to more transactions in 2015 and 2016.”
“CBRE was successful in advising Starwood Hotels in securing the sale of the Sheraton Ambassador to FibraHotel, representing the REIT's first Starwood-branded hotel acquisition and another market first for CBRE,” added Gifford.
The 229-room Sheraton Ambassador is located in a key Mexican financial center in Monterrey—Mexico's third-largest city and the leading industrial center in Northern Mexico. The hotel offers a great location and is within walking distance of many of Monterrey's educational institutions and historic attractions. The property contains a restaurant serving international cuisine, an informal lounge and a lobby bar. It has more than 13,000 square feet of flexible meeting space, including a grand ballroom and 11 banquet and meeting rooms. Additional amenities include an outdoor pool, fitness center and business center.
In addition, the property is one of the closest hotels to both the Fundidora Convention Center and the new Cintermex Convention Centre, which offers more than 250,000 square feet of exhibition and conference space.
CBRE Hotels is a specialized advisory group within CBRE providing brokerage, valuation and capital markets services to companies in the hotel sector. CBRE Hotels is comprised of over 150 dedicated hospitality professionals located in 37 offices across the globe.
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