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Hoteles City Announces a Strategic Relationship and the Sale of its Brands to Marriott International, Inc.
19 Octubre 2022
Hoteles City Express, S.A.B. de C.V. (“Hoteles City” or “the Company”) (BMV: HCITY) announces today its entry into a strategic relationship with Marriott International, Inc. (“Marriott”) and the sale of its five brands (City Express, City Express Plus, City Express Suites, City Express Junior and City Centro), associated trademarks, domains and related intellectual property, the City Premios Rewards loyalty program, as well as other assets and liabilities related to the brands (the “Brand”) to Marriott for US$100,000,000.00 (one hundred million dollars) (the “Transaction”). In connection with the Transaction, all leased and wholly owned hotels will enter into long-term franchise agreements with Marriott, while all franchise contracts of co-invested, franchise and managed properties will be assigned to Marriott with the opportunity to sign a new agreement. The Company will retain all its Management Agreements, development activities and ownership of hotels (wholly owned, co-owned and leases). In addition, all Hoteles City brand names are expected to be renamed with Marriott’s signature “by Marriott” endorsement.SEGUIR LEYENDO