After Years of Selling Hotels, FIBRA Inn Is Looking to Buy Again

After several years of shrinking and reorganizing its portfolio, FIBRA Inn could return to growth through an acquisition. And it would not be a small one. The real estate investment trust signed a binding agreement to acquire Secrets Puerto Los Cabos Golf & Spa Resort, a 500-suite property in Baja California Sur, in a transaction preliminarily valued at around $200 million.

If completed, the transaction would add roughly 9% to the number of rooms currently in FIBRA Inn’s operating portfolio in a single move. But it would also represent something less obvious: another step in the transformation of a portfolio that has grown smaller in recent years as the trust shifted its strategy toward more profitable hotels.

At the height of its expansion between 2013 and 2017, FIBRA Inn had 43 hotels. It then changed course and began reducing its portfolio through a capital recycling strategy that involved selling assets deemed nonstrategic. Between 2018 and 2025, it divested 12 properties and, although during part of that period it participated through its “Hotel Factory” co-investment platform in land acquisitions and the development of projects such as The Westin Monterrey Valle and JW Marriott Monterrey, it made no direct real estate acquisitions between 2019 and 2025. The portfolio streamlining continued, leaving it with 33 hotels and 5,760 rooms at the end of last year, and extended into 2026: it currently has 31 operating properties and 5,431 rooms.

Against this backdrop, the potential acquisition of Secrets Puerto Los Cabos takes on another dimension. FIBRA Inn would not only complete its first direct acquisition of a hotel property since 2018, but also advance a strategy it began outlining then: gradually reducing its exposure to limited-service hotels while expanding into luxury properties, particularly in beach destinations.

That strategy has a financial rationale. In its reports, the trust has said beach hotels can complement the seasonality of its business-oriented properties, increase the share of dollar-denominated revenue and provide exposure to markets with international demand and higher profitability.

In the case of Secrets, the difference is already considerable. At an exchange rate of 17-18 pesos per dollar, the EBITDA generated by the resort last year ($20 million) would be equivalent to nearly half the EBITDA reported by FIBRA Inn over the same period (654.9 million pesos). While that does not mean adding the property would increase the trust’s results by the same proportion, it does help put the asset’s economic weight relative to the current portfolio into perspective.

Incorporating an asset of that magnitude, however, also means determining how to finance the transaction. Under the binding agreement, the transaction’s estimated value would be settled through the issuance and delivery of FIBRA Inn CBFIs for 5.40 pesos per certificate and, if applicable, the assumption of bank debt associated with the property, which totaled around $60 million at the end of 2025. In addition, because one of the potential sellers is a related party to the trust, the transaction must still complete due diligence, obtain a fairness opinion and receive approval from the Holders’ Meeting.

The decision ahead is therefore significant, particularly if viewed as a potential change in course after years of a strategy centered on asset sales and with a transaction that would shift an important part of the portfolio’s transformation toward direct acquisitions.

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