Savills has completed the sale of 69, Paseo de la Reforma in Mexico City, which is currently home to Le Meridien Hotel in the city’s business district.
The hotel is operated by the Marriott International Group under the Le Meridien brand. It is a four-star category hotel with 162 suites and a full range of services including a restaurant, bar, gym with indoor pool and around 200 sq m of flexible meeting spaces. In addition, it has a Starbucks on the ground floor of the building.
Built in 2006, the building has a total area of 14,451 sq m distributed over 19 floors and three more under basement.
The Savills Global Hotel team carried out an off-market sale process that generated great interest from both international institutional and local private investors. The transaction has now successfully closed thanks to the team’s in-depth knowledge of the local market in Mexico City as well as their understanding of the current dynamics of the international hospitality industry.
Javier Oroz, director of Savills Hotels Spain, comments: “ This sale represents the strength of investor confidence in hotel assets across key international cities. In addition to having a very solid business demand, Mexico City has consolidated a relevant position in LATAM as a key destination for events and congresses (MICE). It also continues to present very good prospects for the growth of leisure tourism.”
Javier Kutz, CEO Savills Latam, comments: "Le Meridien Hotel is an integral part of the hub that will consolidate the Reforma corridor as the central axis of urban life in Mexico City. This is where key commercial and residential projects will soon be underway, offering opportunistic positioning for the hotel, in a location where there is currently very limited stock.”