Fibra Inn has signed a binding agreement to acquire the Secrets Puerto Los Cabos hotel, located in San José del Cabo, Baja California Sur, with a reported value of $200 million, subject to transaction adjustments and final negotiations.
The announced structure includes the issuance and delivery of CBFIs at a price of 5.40 pesos per certificate and the assumption of associated bank debt.
Fibra Inn has not yet disclosed the final structure, the amount of debt to be assumed, or the number of certificates to be issued.
The agreement does not equate to the closing of the acquisition, as it requires financial, legal, operational, tax, and technical review, as well as a reasonable value opinion on the property.
The defined structure must pass through the corresponding corporate instances and comply with applicable legislation.
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The announcement does not identify specific regulatory authorizations, but Fibra Inn stated that it will convene a Meeting of Holders to submit the acquisition and its final terms for consideration when all necessary elements are available.
Cautiousness is important because one of the potential sellers is a Related Person of the trust, and the issuer indicated that the corresponding corporate bodies, composed exclusively of Independent Members of the Technical Committee, are involved.
The final information will allow holders to evaluate the price, structure, and conditions of the transaction.
On September 1, Fibra Inn called an ordinary meeting of holders for September 23, with a proposed agenda to contract a loan of up to 3,200 million pesos to refinance and prepay FINN18, the company’s stock debt, and an additional loan of up to 1,000 million pesos for potential investment opportunities.
The call does not mention Secrets Puerto Los Cabos or explicitly submit that acquisition to a vote, instead seeking financial flexibility.
The eventual approval of the purchase will be left to the Meeting of Holders that Fibra Inn has indicated it will convene with the final terms.
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Secrets Puerto Los Cabos is a 500-suite resort in San José del Cabo that is marketed under the Secrets Resorts & Spas brand of Hyatt.
Fibra Inn presents itself as a specialized hotel trust in international brands, but the announcement does not detail the brand or operating contracts that would accompany the acquisition.
The acquisition of Secrets Puerto Los Cabos is subject to various conditions and approvals, and its completion will depend on the satisfaction of these conditions, including the approval of the Meeting of Holders.
It is essential for Fibra Inn to secure financing for the acquisition, and the company has proposed a loan to refinance its debt and explore investment opportunities.
Fibra Inn’s decision to acquire Secrets Puerto Los Cabos demonstrates the company’s strategy to invest in high-quality assets and expand its presence in the hotel industry.