Mexican real estate investment trust Fibra Hotel said on Thursday it had signed a deal with U.S. hotel chain?Marriott International Inc?to build and operate 20 new hotels?in Mexico by 2016.
“The first six?hotels?were signed this week and will add approximately 800 rooms to the Mexican market,” Fibra Hotel said in a statement.
It did not disclose the financial terms of the deal.
Fibra Hotel is a trust, known locally as a fibra, that issues certificates that function much like shares on the stock exchange. The fibras allow investors to participate in Mexico’s property market without owning buildings.
Fibra Hotel has a portfolio of 49?business?hotels across?Mexico, offering more than 6,500 rooms, the company said, while Marriott has 23 hotels in the country.