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Washington, D.C., June 30, 2009—
IFC, a member of the World Bank Group, is providing $17.5 million to Hoteles City Express for the construction of five new hotels in underserved, mid-sized cities across Mexico, to help meet the growing demand for quality accommodations in the country’s budget and mid-market business travel segment. This investment will not only create over 450 temporary jobs during construction and 150 permanent jobs but will also enhance the country’s business and tourism infrastructure.
“City Express looks forward to a long-lasting relationship with IFC,” said Luis Barrios, Chief Executive Officer of Hoteles City Express. “This investment will support the local economy and help us expand the availability of quality accommodation for a vast segment of domestic and international business travelers.”
City Express pioneered the budget business travel concept in Mexico. The model has shown strength despite difficult economic conditions because of its value. City Express now operates 42 hotels throughout Mexico, and with IFC’s support, it is expected to open additional hotels in Ciudad Juarez, Ciudad Obregon, Los Cabos, Merida and Minatitlan. IFC’s loan will also enable the company to refinance an existing hotel in Mexico City.
“IFC is pleased to support City Express, which is helping develop the quality budget business hotel market in Mexico, a market currently characterized by supply gaps. IFC’s role in this project reinforces its commitment to supporting much needed business infrastructure in underserved markets,” said Dimitris Tsitsiragos, IFC Director for Global Manufacturing and Services.
IFC’s strategy in Mexico focuses on enhancing the competitiveness of the private sector, deepening the financial sector, supporting infrastructure development, and investing in areas newly opened to private-sector participation. IFC also promotes environmental sustainability, social development, and corporate governance. Since Mexico became an IFC member in 1956, IFC has provided more than $6 billion to support the country’s private sector.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit
www.ifc.org
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About Hoteles City Express
Founded in 2003, Hoteles City Express is a hotel development and management company that has successfully engaged in the development and operation of 42 business hotels in 23 of the 31 states in Mexico. The company targets the middle- and middle-low income traveler segment. It employs over 1,200 people. For more information, visit
www.cityexpress.com.mx
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