apulco, Gro. Aguascalientes, Ags. Chihuahua, Chih. Ciudad del Carmen, Camp. Ciudad Juaréz, Chih. Ciudad Obregón, Son.

Tamaño: px
Comenzar la demostración a partir de la página:

Download "apulco, Gro. Aguascalientes, Ags. Chihuahua, Chih. Ciudad del Carmen, Camp. Ciudad Juaréz, Chih. Ciudad Obregón, Son."

Transcripción

1 @ F i b r a H o t e l A n n u a l R e p o r t d. de M

2 +4.2 % stabilized portfolio In the cover: AC Torre Américas Guadalajara RevPAR increase 2014 Highlights 63.5 % stabilized +12 % +38 % increase in distribution per CBFI portfolio occupancy rate room inventory for operating hotels d. de M

3 d. de M 2,693million pesos invested in hotels +79bpsincrease in the lodging contribution margin for managed hotels Camino Real Puebla 14hotels acquired 424million pesos distributed to holders 2,000 million in credit lines available as of Dec. 31, 2014

4 d. de M 2 Hotel s list At the time of this Annual Report, the portfolio of hotels in operation was as follows: No. A n n u a l R e p o r t Hotel Page 1. One Acapulco 3 2. One Aguascalientes 3 3. One Coatzacoalcos 7 4. One Cuernavaca 7 5. One Culiacán 7 6. One Guadalajara Tapatío 9 7. One Monclova 9 8. One Monterrey Aeropuerto 9 9. One Patriotismo One Puebla FINSA One Querétaro Plaza Galerías One Toluca One Xalapa Fiesta Inn Aguascalientes Fiesta Inn Ciudad Juárez Fiesta Inn Ciudad Obregón Fiesta Inn Chihuahua Fiesta Inn Culiacán Fiesta Inn Cuautitlán Fiesta Inn Cuernavaca Fiesta Inn Durango Fiesta Inn Ecatepec Fiesta Inn Guadalajara Expo Fiesta Inn Hermosillo Fiesta Inn León Fiesta Inn Mexicali Fiesta Inn Monclova Fiesta Inn Monterrey La Fe / Aeropuerto Fiesta Inn Naucalpan Fiesta Inn Nuevo Laredo Fiesta Inn Oaxaca 37 No. Hotel Page 32. Fiesta Inn Perinorte Fiesta Inn Perisur Fiesta Inn Puebla FINSA Fiesta Inn Querétaro Fiesta Inn Saltillo Fiesta Inn San Luis Potosí Oriente Fiesta Inn Tepic Fiesta Inn Tlalnepantla Fiesta Inn Torreón Galerías Fiesta Inn Toluca Fiesta Inn Xalapa Fiesta Inn Lofts Querétaro Hotel Fiesta Inn Lofts Monclova Gamma Ciudad Obregón Gamma León Gamma Tijuana Fiesta Americana Aguascalientes Real Inn Guadalajara Centro Real Inn Mexicali Real Inn Morelia Camino Real Puebla Camino Real Hotel & Suites Puebla Hotel Fairfield Inn by Marriott Los Cabos Hotel Fairfield Inn & Suites by Marriott Saltillo Sheraton Ambassador Monterrey Cacao Playa del Carmen 55 AC Antea Querétaro

5 Annual Report 2014 Letter from the CEO Introduction to FibraHotel Presentation History Structure Management Team Industry overview FibraHotel s Strategy Competitive strengths Strategy Acquisitions Developments FibraHotel s Portfolio Presentation Map Brands and Operators Portfolio Segments Key Performance Indicators Financial section Financial results for 2014 Cash flow and liquidity position Capital Expenditures Cash flow distribution FibraHotel Corporate Governance Technical Committee and FibraHotel Committees Alignment of long-term interests FibraHotel on the Mexican Stock Exchange CBFI price Stock ownership Post-2014 events Consolidated Financial Statementss NOTE: The publication date of this Annual Report is May 15th, Page One Acapulco d. de M This limited-service, 126-room, hotel is located in the city of Acapulco, in the State of Guerrero. Acapulco is one of the primer touristic beach destinations in Mexico. This property is on Avenue Costera Miguel Alemán in the heart of Acapulco city, just 20 minutes from Acapulco International Airport. It is nearby the Acapulco Convention Center, and has easy access to restaurants, nightclubs, and shopping centers. This hotel is an excellent alternative for business travelers during the week, and for tourists on weekends. Retail component included. As of Dec. 31, 2014, the number of employees was One Aguascalientes This limited-service, 126-room hotel is located in the city of Aguascalientes, in the State of Aguascalientes. The property is on José Ma. Chávez Boulevard, just 20 minutes from the Aguascalientes International Airport, and ten minutes from downtown Aguascalientes. It is also located nearby a busy shopping center, with various entertainment options. It is just 100 meters from the Nissan assembly plant, as well as the Aguascalientes Convention Center. As of Dec. 31, 2014, the number of employees was 24. F i b r a H o t e l 3

6 4 Dear FibraHotel Certificate Holders, Letter from the CEO 2014 was a growth year for FibraHotel with 24 new hotels and over 3,200 additional rooms representing an investment of over three billion pesos, which led us to fully commit all available cash and clearly lay out our growth plan. We are the leading owner of business hotels in Mexico with a portfolio of diversified, high quality hotels, managed by the best team with the ability to identify and execute on attractive investment opportunities, and all of this on top of the right vehicle to grow and with aligned incentives with our investors. During our second year as a public company, we reached important milestones across our business leading the way to our goal of FibraHotel 100. I will go into detail of our achievements during the year, as well as our future growth plans in this letter, but first I would like to highlight the partnership we signed with Starwood in which FibraHotel will grow through the ownership of hotels in Mexico that will be operated by Starwood under their well-regarded portfolio of brands. This agreement once again proves our open architecture business model and gives us access to an attractive array of growth options. Additionally, as part of the agreement we were able to acquire the Sheraton Ambassador Monterrey hotel, which was a strategic and highly profitable addition to our portfolio. The business hotel market in Mexico performed relatively well during the year in the context of a slower than expected Mexican economy, and we continue being very optimistic about the potential growth, on which we plan to capitalize. In 2014 there were several investment announcements across the country but focused in the Bajio and North regions, positioning room demand growth in a sustainable way for the near future. The announced investments were led by export driven business including manufacturing and automotive. For example, during the year we acquired the Fiesta Inn San Luis Potosi hotel, which will be benefited by the construction of a BMW manufacturing plant in San Luis Potosi with an annual production of 150,000 cars. Additionally, we continue believing that were will be a positive impact from reforms, specifically the energetic one which will potentially bring large investments into the Gulf and Center/South regions of the country. All of these investments benefit A n n u a l R e p o r t our existing portfolio of hotels and present opportunities for investments in new locations. Aside from these future investments, during the year we saw attractive investments from existing companies mainly led by export and consumer companies, which continued increasing production in the country and adding projects that require room nights at our hotels. On the supply side, we continue seeing both interest and hotel construction which will come in line in the following years in certain cities. To date, we believe that demand continues to grow faster than supply, and as an example, in Queretaro we saw almost 19% new rooms in the market and our hotels either maintained or slightly increased RevPAR. We continue focused on growing through acquisition of stabilized hotels which meet our investment criteria of a proper return (>10% cap rate) and real estate asset value (price per key). During 2014, we acquired 14 hotels with 1,995 rooms, representing an investment of almost two billion pesos. These acquisitions were done at a cap rate above 10% and with an average price per key of Ps. 975, These acquisitions were strategic for the growth of our portfolio, and as a summary, these acquisitions added: > Presence in four new states in the country (i) San Luis Potosi (Fiesta Inn San Luis Potosi), (ii) Veracruz (Fiesta Inn y One Xalapa), (iii) Baja California Sur (Fairfield Inn Los Cabos), (iv) Quintana Roo (Cacao Playa del Carmen), y Morelos (Fiesta Inn y One Cuernavaca). > International brands and operators: (Fairfield Inn Los Cabos operated by Marriott International and Sheraton Ambassador Monterrey operated by Starwood). > Our first boutique hotel (Cacao Playa del Carmen). > Conversions of independent hotels, including the partial repositioning of the Gamma Tijuana, Gamma Leon and Gamma Ciudad Obregon hotels and the total repositioning and expansion of the Fairfield Inn & Suites Saltillo hotel. > The addition of iconic full service hotels (Fiesta Americana Aguascalientes and Sheraton Ambassador Monterrey). Even though strategically we prefer to acquire stabilized hotels to conversions or new developments, we analyze each market and opportunity for the best available alternative between these options. As such, during 2014 we d. de M May 2015

7 saw an important shift in the market turning into a sellers-market, and as such we adapted to the market conditions and in order to maximize the value per certificate in the medium term, we turned our focus to our development pipeline, which provides attractive investment opportunities and leverages our know-how as hotel developers, with high quality products in unique locations developed at the right price. During the year, we grew our development portfolio from eight to 14 hotels with a focus on securing a strong pipeline to insure our growth in the near term. During the year, we opened on budget and on time four hotels, the: (i) Fiesta Inn Lofts Queretaro with 50 extended-stay rooms, (ii) Fiesta Inn Lofts Monclova with 37 extended-stay rooms, (iii) One Monclova with 66 limited-service rooms, and (iv) Camino Real Suites Puebla with 121 extended-stay rooms. These properties are currently in the stabilization period and allowed us to expand our extended-stay offering. Additionally, we invested over 500 million pesos during the year in development projects and had important construction progress in hotels to be opened during 2015, such as the Trebol Monterrey, Torre Americas, Courtyard and Fiesta Inn Ciudad del Carmen projects. We are very focused on executing our development pipeline and in line with our information transparency; you will be able to see in this document and in our quarterly releases the progress, details and pictures of all of our development hotels. We continue focused on the organic growth of our portfolio, especially on increasing room rates. During 2014 we achieved an ADR and RevPAR growth of 4.0% and 4.2% respectively, almost double the 2.1% Mexico GDP growth, and slightly above inflation of 4.1%. Our team continues working on either increasing or maintaining the high RevPAR penetration levels of our hotels with a focus on sales and cost control to maximize the cash flow of each asset. Our open architecture strategy continues being a key growth driver going forward, and we are happy that in less than a year from our agreement with Marriott, today we have 10 hotels either in operation or development with them. Additionally, as I mentioned at the beginning of this letter, we were pleased to add Starwood as an operating partner, and with the access this provides us for future growth with their well-regarded brand portfolio including W, Westin, Sheraton, Le Meridien, Aloft, Four Points and Element. Finally, during 2014 we distributed 86 cents per certificate notwithstanding the fact that we continue in our investment phase. I would like to thank all of our investors, associates and operating partners for all their effort and support during the year was very productive and represented an important step towards our goal of FibraHotel 100 and on capitalizing the opportunities that lay ahead. Simon Galante CEO FibraHotel d. de M Live Aqua Monterrey F i b r a H o t e l 5

8 6 Introduction to FibraHotel FibraHotel is a Mexican trust created primarily to acquire, develop and operate business-class hotels in the limited service, selected service, full service and extended-stay segments. FibraHotel is the first lodging real-estate investment trust (REIT), known as Fideicomiso de Inversión en Bienes Raíces or FIBRA in Spanish, listed on the Mexican Stock Exchange (Bolsa Mexicana de Valores). The trust is the first lodging REIT in Latin America and the best-positioned as the owner of the largest hotel portfolio in Mexico. FibraHotel s objective is to provide attractive returns to its CBFI holders, through stable cash distributions and the appreciation of our real estate assets. Also, FibraHotel will aim to have a high quality hotel portfolio, through the affiliation to different hotel brands and renowned operators, as well as geographic and segment diversification. FibraHotel is only owner of the real estate property of each hotel, as such it participates only as an owner and not as an operator or brand owner. This open A n n u a l R e p o r t Fiesta Americana Grand Monterrey architecture allows to work with the hotel operator and brand appropriate for each asset. d. de M FibraHotel successfully completed its Initial Public Offering (IPO) through a public offering in Mexico and an international private offering on Nov. 30, 2012, raising MXN $4,137 million (US $321 million). FibraHotel successfully completed a follow-on offer on May 30, 2013 through a public offering in Mexico as well as an international private offering, raising MXN $4,878 million (US $381 million) to continue to execute its growth plans and as at that time total resources left over from the IPO (approximately MXN $1,100 million) were totally committed to acquisitions and/or development projects. During 2013 and 2014, FibraHotel has grown very rapidly though a mix of acquisitions of operating hotels and development of new properties. This strong increase in number of rooms has allowed FibraHotel to expand our portfolio geographically and across service segments, operators and brands.

9 As of Dec. 31, 2014, FibraHotel s portfolio was composed of the following: > 56 operating hotels: 39 owned by FibraHotel as of Dec. 31, hotels acquired during the year Four hotels which FibraHotel had in its development portfolio as of Dec. 31, 2013, which initiated operations during the year > 14 hotels under development: 13 in distinct phases of development. One hotel in the process of being repositioned. As of the date of this Annual Report, FibraHotel s portfolio consists of 71 hotels (57 in operation and 14 under development) thanks to the opening of one hotel that was part of the development portfolio and the acquisition of a hotel project under development. These hotels are located in 27 states throughout Mexico, and are tied to wellestablished hotel brands which confer significant advantages and increased demand as a result of the: i) quality of service, ii) loyalty programs, iii) modern reservation systems, and iv) national and international distribution channels. FibraHotel will continue to expand its portfolio of brands through development projects under way, including Live Aqua, Courtyard by Marriott, AC by Marriott, Aloft, among others. The hotels in FibraHotel s portfolio fundamentally provide services to national business travelers and to a lesser degree to international travelers. For this reason, the majority of FibraHotel s hotels are in strategic locations where there is significant business and industrial activity as well as close to mixed-use developments, malls and industrial parks, airports and bus terminals which provide guests with access to a great variety of amenities and services. Fiesta Inn Culiacán 3. One Coatzacoalcos This limited-service, 126-room hotel is located in the city of Coatzacoalcos, in the State of Veracruz. This property is located within Fórum Coatzacoalcos, a busy shopping center with various entertainment options like restaurants, prestigious boutiques, and cinemas. It is located just 15 minutes from Minatitlán International Airport, as well as several industrial installations, and Pemex offices. As of Dec. 31, 2014, the number of employees was One Cuernavaca This select-service, 125-room hotel is located on the Mexico-Acapulco highway, opposite the Galleries Cuernavaca, and just 10 minutes from the Historic Center and CIVAC, the most important industrial area of the city. The hotel has a restaurant and serves hot breakfast as a courtesy. Hotel amenities include: Internet, laundry and an ironing area. As of Dec. 31, 2014, the number of employees was One Culiacán This limited-service, 119-room hotel is located in Culiacán, in the State of Sinaloa. This property is located within Plaza Fórum, a shopping center with various entertainment options like restaurants, prestigious boutiques, and cinemas. It is just 20 kilometers from the city s airport, with easy access to downtown Culiacán, and the principal agro-business district. As of Dec. 31, 2014, the number of employees was 27. F i b r a H o t e l d. de M 7

10 d. de M 8 Introduction to FibraHotel Main Events since FibraHotel s creation until December : Cacao Playa del Carmen A n n u a l R e p o r t Summary > July 31, 2012: the Trust is formed. > Nov. 30, 2012: FibraHotel Initial Public Offering on the Mexican Stock Exchange. > Jan. 15, 2014: acquisition of the Fiesta Americana Aguascalientes (192 rooms / investment of MXN $227 million). > Jan. 21, 2014: completion of the construction of the Camino Real Hotel & Suites in Puebla (121 rooms / investment of MXN $125 million). > March 27, 2014: acquisition of Fiesta Inn Xalapa and One Xalapa hotels (245 rooms / investment of MXN $221 million). > April 4, 2014: acquisition of a development project in Villahermosa for the building of a Fairfield Inn & Suites by Marriott (135 rooms / investment of MXN $110 million). > April 7, 2014: acquisition of Fiesta Inn Ciudad Obregon (141 rooms / investment of MXN $148 million). > May 16, 2014: announcement of the development of a Fiesta Inn Lofts hotel in Queretaro (45 rooms / investment of MXN $45 million). > May 22, 2014: acquisition Hotel Fusion 5 in Leon, which was repositioned as Gamma by Fiesta Inn (165 rooms / investment of MXN $136 million). > May 28, 2014: announcement of the development of two hotels in Ciudad del Carmen: a Courtyard by Marriott with 130 rooms and a Fiesta Inn lofts with 124 rooms (investment of MXN $256 million). > May 30, 2014: acquisition of the Valle Grande hotel in Ciudad Obregón, which was repositioned as a Gamma by Fiesta Inn (135 rooms / investment of MXN $110 million). > June 20, 2014: acquisition of the Fairfield Inn by Marriott in Los Cabos (128 rooms / investment of MXN $110 million). Summary > May 31, 2013: FibraHotel Follow-On on the Mexican Stock Exchange. > Acquisition of 19 hotels (2,779 rooms / investment of more than MXN $2.5 billion). > Opening of two hotels of the development portfolio (281 rooms). > Announcement of six hotel projects under development. Details > July 21, 2014: acquisition of the Fiesta Inn San Luis Potosi Oriente (140 rooms / investment of MXN $125 million). > July 24, 2014: acquisition of the Lausanne Tijuana hotel, which was repositioned as Gamma by Fiesta Inn (140 rooms / investment of MXN $120 million). > Sept. 25, 2014: acquisition of the Microtel Inn Saltillo, which was repositioned as Fairfield Inn & Suites by Marriott (142 rooms / investment of MXN $112 million). > Oct. 21, 2014: announcement of the development of an AC by Marriott hotel in Guadalajara within the Americas 1500 tower mixed-use project (189 rooms / investment of MXN $246 million). > Oct. 28, 2014: announcement of an agreement to purchase five turnkey hotels to be developed with international brands (775 rooms / investment of MXN $900 million). > Oct. 31, 2014: announcement of the development of an AC by Marriott Queretaro hotel within the Antea mall (175 rooms / investment of MXN $212 million) > Nov. 4, 2014: announcement of the opening of two hotels under development in Monclova, a One with 66 rooms and a Fiesta Inn Lofts with 37 rooms (investment of MXN $80 million). > Nov. 14, 2014: announcement of the opening of the Hotel Fiesta Inn Lofts under development in Querétaro with 50 rooms (investment of MXN $45 million). > Nov. 19, 2014: acquisition of Sheraton Ambassador in Monterrey (229 rooms / investment of USD$13.5 million). > Nov. 19, 2014: Acquired the Hotel Cacao, Playa del Carmen (60 rooms / investment of USD $15 million). > Nov. 20, 2014: announcement of the development of a Fiesta Inn in Los Mochis inside the Paseo Los Mochis mall (125 rooms / investment of MXN $112 million). > Dec. 15, 2014: acquisition of the Fiesta Inn and One Cuernavaca (155 plus 125 rooms / investment of MXN $268 million). 6. One Guadalajara Tapatío This limited-service, 126-room hotel is located in Tlaquepaque, in metropolitan Guadalajara, in the State of Jalisco. It is just 10 minutes from the airport, and located within a shopping center that has convenience stores and restaurants. As of Dec. 31, 2014, the number of employees was One Monclova This limited-service, 66-room hotel is located just five minutes from the major industrial areas of the city. It is located in a complex, adjacent to the Fiesta Inn Lofts and Fiesta Inn Monclova hotels. As of Dec. 31, 2014, the number of employees was One Monterrey Aeropuerto This limited-service, 126-room hotel is located on Boulevard Aeropuerto Avenue, in the city of Monterrey, in the State of Nuevo León. This property is just five minutes from the Monterrey International Airport. Its location is ideal for business travelers, due to its proximity to the airport, and to Cintermex, one of the most important business centers in Monterrey. Retail component included. As of Dec. 31, 2014, the number of employees was 27. F i b r a H o t e l d. de M 9

11 d. de M 10 Introduction to FibraHotel The following diagram outlines the FibraHotel structure: Deutsche Bank México, S.A. (Trustee) CBFIs Holders > Receives rental revenue from rooms and pays related costs and expenses as well as real estate expenses. > Receives after tax dividend from the Management Subsidiary and pays any expense shortfall. CI Banco, S.A. (Common Representative) > Provides hotel services and property management services (with assistance form third parties). > Receives revenue from non-room related hotel services and pays related costs and expenses. > Pays expenses related to its own operation. > Taxable entity. > Pays after-tax dividends to FibraHotel or receives distributios to cover shortfall. CBFIs Holders Assembly 83.7% 16.3% Hotel Portfolio A n n u a l R e p o r t Management Subsidiary Agreement Fibra Hotelera, S.C. (Management Subsidiary) Service Agreements Compensation of 5% of Gross Payroll Control Trust Administradora Fibra Hotelera Mexicana, S.A. de C.V. (Advisor) Hotel Management Agreements Rental Revenue (lodging) > Elects Technical Committee and appoints Common Representative. > Able to amend Trust Agreement or liquidate trust assets. > Able to terminate Advisory Agreement without cause. > Approves CBFIs issuance, delisting or cancel registration of CBFIs with CNBV. > Approve large Real Estate transactions. Advisory Agreement. Annual fee of 1.00 % of undepreciated book value of assets, net of debt, payable quarterly. Hotel Management Companies Guests Revenue from non-room hotel services. Services Companies > Provides personnel services. > Empoyees: operating staff of hotel portfolio. Camino Real Hotel & Suites Puebla

12 FibraHotel s structure is composed of the following entities: Advisor. FibraHotel is externally advised by Administradora Fibra Hotelera, S.A. de C.V., the Advisor. The Advisor was founded on Sept. 20, 2012 for the purpose of providing advisory services to FibraHotel and said advisory services are the sole purpose of the Advisor s operations. The Advisor is responsible for, among other things, providing orientation and consulting to FibraHotel in its development and hotel acquisition strategies, long-term strategic planning and financial planning, implementation of important decisions, and the management of investor relations. The Advisor has the right to an annual commission, paid every quarter, equivalent to 1.00% of the undepreciated book value of assets, net of debt. No other commission is paid to the Advisor (acquisition commission, development commission or any other type of commission). Administrator. FibraHotel is internally managed by Fibra Hotelera S.C., the Administrator. The Administrator was founded on Oct. 5, 2012 for the sole purpose of taking responsibility for the day-to-day management of FibraHotel s business. As of the date of this Annual Report, the Administrator has a team of 21 (Senior management, Administration and Finance, Legal, Development, and Operations). The Administrator is responsible, among other things, for the day-to-day management of FibraHotel s business, maintenance of the properties and hotels, acquisition of the necessary permits and licenses, implementation of the auditing tasks necessary for the pre-assessment of acquisition opportunities and development, supervision of renovations / development / re-development projects, supervision of matters related to property insurance, negotiations in behalf FibraHotel, and the organization and signing of hotel management contracts associated with the hotels. The Administrator is also responsible for providing certain services unrelated to the rental of rooms, such as food and beverage, phone, Internet and similar services, which are billed to hotel guests separately in that such services are subject to taxation. The Administrator is not subject to the FIBRA tax structure and pays taxes, as any business organization is required to do. The Administrator pays its portion of the general costs of FibraHotel and its taxes as a result of the profits generated by activities not related to the rental of rooms. Any profits left over after the Administrator s taxes are distributed to FibraHotel, which is responsible for any deficits resulting from the income and costs of the Administrator. Services companies. Services companies are responsible for providing Fibra- Hotel with the personnel necessary to operate the hotels, sometimes excluding the Executive Committee of each hotel (general manager, controller, sales force, and housekeeping). In some cases, the services of the Executive Committee are provided directly by the hotel operators and are subject to the supervision and monitoring of the Administrator. In conformance with the services contracts terms, the Services Companies have the right to receive a consideration of 5% calculated based upon the total payroll that they administer, for the purposes of covering their operational costs and expenditures. FibraHotel reimburses the Services Companies on a monthly basis for the salaries that they pay to the employees that deliver services at the hotels. 9. One Patriotismo This limited-service, 132-room hotel is located in Mexico City. It is located on one of the city s main avenues, Avenue Patriotismo, within the Plaza Metrópoli shopping center, offering access to restaurants, cinemas, prestigious boutiques, and a gym. It is located just six blocks from the World Trade Center of Mexico, which hosts numerous exhibitions and conventions, and nine kilometers from the international airport. As of Dec. 31, 2014, the number of employees was One Puebla FINSA This limited-service, 126-room hotel is located in the City of Puebla, in the State of Puebla. It is five minutes from FINSA industrial park, which houses major automotive companies. It is nearby the México-Puebla highway, and at the main entrance to Hermanos Serdán Boulevard. The hotel is 20 minutes from the city center, and 15 minutes from important shopping centers. Retail component included. As of Dec. 31, 2014, the number of employees was One Querétaro Plaza Galerías This limited-service, 126-room hotel is located in the city of Querétaro, in the State of Querétaro. It is ten minutes from downtown, 30 minutes from the international airport, and is nearby the city s principal industrial parks. As of Dec. 31, 2014, the number of employees was 27. F i b r a H o t e l d. de M 11

13 12 Introduction to FibraHotel FibraHotel s management team is made up of the following persons: > Simón Galante Zaga: is Chief Executive Officer of the Advisor and a member of the FibraHotel Technical Committee. Founding Member and CEO of Grupo GDI, Mr. Galante Zaga has more than 20 years of experience in the hotel, commercial and residential sectors as both a developer and in real estate management as well as in acquisitions and the development and financing of these types of projects. Mr. Galante Zaga is a member of the Board of Directors of the Fondo Hotelero Mexicano I and II, Fondo Comercial Mexicano, La Vista Country Club, and Bosque Real and Mercap, which are Grupo GDI companies. He has a specialty in business administration from IPADE. > Eduardo López García: is CEO of the FibraHotel Administrator. Mr. López García served as the investment and development manager at Grupo Posadas beginning in 1993 and up until he joined Grupo GDI as Director of Hotels in 2006 when the group had just six hotels. Eduardo López Garcia negotiated a contract with the leading real estate developer in Mexico and with Grupo Posadas for the development of additional hotels to be operated by Grupo Posadas. He has 20 years of experience in hotel development and management. A n n u a l R e p o r t d. de M Fairfield Inn Los Cabos > Edouard Boudrant: is CFO of the FibraHotel Administrator. He has a Bachelor s Degree in Business Management from the Universidad de las Américas (UDLA) in Puebla and from the Centre d Études Supérieures Européennes de Management (CESEM) in Reims, France, and a Master s Degree in Corporate Law from the École Supérieure des Sciences Économiques et Commerciales (ESSEC) in Paris. His professional experience includes eight years working in investment banking in both France (Société Générale and Lazard-NATIXIS) and in Mexico (BBVA Bancomer). > Guillermo Bravo Escobosa: is Head of Corporate Development & Investors Relations of the Fibra- Hotel Administrator. He has a Bachelor s Degree in Industrial Engineering from the Universidad Iberoamericana de México and an MBA from the Universidad de Chicago Booth School of Business and his professional experience includes working as a Credit Analyst and Executive Relations Manager at Scotiabank Inverlat in Mexico as well as Associate in M&A and US Diversified Industries at J.P. Morgan in New York. > Lorena García Núñez: is Legal Counsel of the Fibra- Hotel Administrator. She joined Grupo GDI in 2002 and has more than 15 years of experience in both the hotel and real estate industries.

POR QUÉ ROOM PROJECT ES UNA SOLUCIÓN FIABLE?

POR QUÉ ROOM PROJECT ES UNA SOLUCIÓN FIABLE? POR QUÉ ROOM PROJECT ES UNA SOLUCIÓN FIABLE? WHY IS ROOM PROJECT THE BEST RELIABLE SOLUTION TO YOUR MANAGEMENT PROBLEMS? Y porque... And also because Compartimos los riesgos. Servicios en outsourcing.

Más detalles

FIBRA MACQUARIE MÉXICO NOMBRA A TOE MATSUMURA PARA ENCABEZAR EL AREA DE RELACIÓN CON INVERSIONISTAS

FIBRA MACQUARIE MÉXICO NOMBRA A TOE MATSUMURA PARA ENCABEZAR EL AREA DE RELACIÓN CON INVERSIONISTAS Eventos Relevantes FIBRA MACQUARIE MÉXICO NOMBRA A TOE MATSUMURA PARA ENCABEZAR EL AREA DE RELACIÓN CON INVERSIONISTAS CIUDAD DE MÉXICO, 19 DE MAYO, 2015 Fibra Macquarie México (FIBRAMM) (BMV: FIBRAMQ)

Más detalles

FIBRA INN ANUNCIA ACUERDO VINCULANTE PARA ADQUIRIR PRIMER HOTEL EN EL DISTRITO FEDERAL EL HOTEL HOLIDAY INN MÉXICO COYOACÁN

FIBRA INN ANUNCIA ACUERDO VINCULANTE PARA ADQUIRIR PRIMER HOTEL EN EL DISTRITO FEDERAL EL HOTEL HOLIDAY INN MÉXICO COYOACÁN FIBRA INN ANUNCIA ACUERDO VINCULANTE PARA ADQUIRIR PRIMER HOTEL EN EL DISTRITO FEDERAL EL HOTEL HOLIDAY INN MÉXICO COYOACÁN Monterrey, México 3 de septiembre de 2013 Deutsche Bank México, S.A., Institución

Más detalles

Esta fase termina presentando el producto diseñado para cumplir todas estas necesidades.

Esta fase termina presentando el producto diseñado para cumplir todas estas necesidades. Resumen Autor: Directores: Alfonso Villegas García de Zúñiga Eduardo García Sánchez Objetivo El objetivo de este proyecto es estudiar la creación e implantación de un módulo de habitabilidad portátil.

Más detalles

Industry: an Outlook towards 2020

Industry: an Outlook towards 2020 Mexican Automotive Industry: an Outlook towards 2020 October 9, 2015 El Paso, Texas Eduardo J. Solís Sánchez President Mexican Automotive Industry Association Automotive Sector Economic Relevance: Top

Más detalles

Nos adaptamos a sus necesidades We adapt ourselves to your needs

Nos adaptamos a sus necesidades We adapt ourselves to your needs Nos adaptamos a sus necesidades We adapt ourselves to your needs Welcome to Select Aviation The largest and most successful airline representation group in Spain, SELECT AVIATION (GSA) Airline Representatives

Más detalles

Geskaria REI es una firma inmobiliaria internacional de servicios profesionales cuyo enfoque principal es:

Geskaria REI es una firma inmobiliaria internacional de servicios profesionales cuyo enfoque principal es: PRESENTACIÓN CORPORATIVA 2012 CORPORATE PRESENTATION 2012 Geskaria REI es una firma inmobiliaria internacional de servicios profesionales cuyo enfoque principal es: Gestión de compras de inmuebles para

Más detalles

CETaqua, a model of collaborative R&D, an example of corporate innovation evolution

CETaqua, a model of collaborative R&D, an example of corporate innovation evolution CETaqua, a model of collaborative R&D, an example of corporate innovation evolution CETaqua: manage projects, create value Tomas Michel General Manager, CETaqua September 2011 1. AGBAR: R&D indicators

Más detalles

FIBRA MACQUARIE MÉXICO DARA A CONOCER VIA CONFERENCIA TELEFONICA SUS RESULTADOS DEL PRIMER TRIMESTRE DE 2013 Y ANUNCIA SU ASAMBLEA ANUAL DE TENEDORES

FIBRA MACQUARIE MÉXICO DARA A CONOCER VIA CONFERENCIA TELEFONICA SUS RESULTADOS DEL PRIMER TRIMESTRE DE 2013 Y ANUNCIA SU ASAMBLEA ANUAL DE TENEDORES Eventos Relevantes FIBRA MACQUARIE MÉXICO DARA A CONOCER VIA CONFERENCIA TELEFONICA SUS RESULTADOS DEL PRIMER TRIMESTRE DE 2013 Y ANUNCIA SU ASAMBLEA ANUAL DE TENEDORES CIUDAD DE MEXICO, 17 DE ABRIL DE

Más detalles

apulco, Gro. Aguascalientes, Ags. Chihuahua, Chih. Ciudad del Carmen, Camp. Ciudad Juaréz, Chih. Ciudad Obregón, Son.

apulco, Gro. Aguascalientes, Ags. Chihuahua, Chih. Ciudad del Carmen, Camp. Ciudad Juaréz, Chih. Ciudad Obregón, Son. @ F i b r a H o t e l I n f o r m e A n u a l 2 0 1 4 d. de M +4.2 % incremento en RevPAR del En portada: AC Torre Américas Guadalajara portafolio estabilizado Panorama de 2014 63.5 % tasa de ocupación

Más detalles

KMD PERSPECTIVAS Y TENDENCIAS 2014. 50 AÑOS EN EL MUNDO 20 EN MÉXICO KMD 50 years in the world... 20 in Mexico Roberto Velasco, Director General

KMD PERSPECTIVAS Y TENDENCIAS 2014. 50 AÑOS EN EL MUNDO 20 EN MÉXICO KMD 50 years in the world... 20 in Mexico Roberto Velasco, Director General NEGOCIOS INMOBILIARIOS / REAL ESTATE BUSINESS KMD 50 AÑOS EN EL MUNDO 20 EN MÉXICO KMD 50 years in the world... 20 in Mexico Roberto Velasco, Director General AÑO 14 - NÚMERO 81 $90 PESOS PERSPECTIVAS

Más detalles

GENERAL INFORMATION Project Description

GENERAL INFORMATION Project Description RESULTADOS! GENERAL INFORMATION Project Description The campaign "Adopt a car " had as its main objective to position Autoplaza, the main automotive selling point of Chile, as a new car sales location

Más detalles

The date of this call is April 23, 2013. Before we start, let me remind you that this call is property of Wal-Mart de México S.A.B. de C.V.

The date of this call is April 23, 2013. Before we start, let me remind you that this call is property of Wal-Mart de México S.A.B. de C.V. The date of this call is April 23, 2013. Before we start, let me remind you that this call is property of Wal-Mart de México S.A.B. de C.V. and is intended for the use of the company s shareholders and

Más detalles

FIBRA MACQUARIE MÉXICO ANUNCIA LA FIRMA DE UN CONTRATO INDUSTRIAL POR 19,000 METROS CUADRADOS (208,000 PIES CUADRADOS) EN CIUDAD JUÁREZ

FIBRA MACQUARIE MÉXICO ANUNCIA LA FIRMA DE UN CONTRATO INDUSTRIAL POR 19,000 METROS CUADRADOS (208,000 PIES CUADRADOS) EN CIUDAD JUÁREZ Eventos relevantes FIBRA MACQUARIE MÉXICO ANUNCIA LA FIRMA DE UN CONTRATO INDUSTRIAL POR 19,000 METROS CUADRADOS (208,000 PIES CUADRADOS) EN CIUDAD JUÁREZ CIUDAD DE MÉXICO, 20 DE ABRIL, 2015 Fibra Macquarie

Más detalles

LA FIRMA THE FIRM QUIENES SOMOS ABOUT US

LA FIRMA THE FIRM QUIENES SOMOS ABOUT US LA FIRMA THE FIRM QUIENES SOMOS Somos una firma de abogados especialistas en derecho laboral, comercial y administrativo que entrega a sus clientes su conocimiento y experiencia de manera eficiente, oportuna

Más detalles

Desarrollo financiero Fondo de Desarrollo Económico Financial development Economic Development Fund

Desarrollo financiero Fondo de Desarrollo Económico Financial development Economic Development Fund Desarrollo financiero Fondo de Desarrollo Económico Financial development Economic Development Fund ESTRUCTURA DE ACTIVOS La estructura de activos del FDE ha presentado cambios en su composición, principalmente

Más detalles

Subdirección de Desarrollo de Proyectos. March 2012

Subdirección de Desarrollo de Proyectos. March 2012 S March 2012 CFE is Comisión Federal de Electricidad (CFE) is a public & decentralized agency, with legal personality and properties, created in 1937 due to a Presidential decree. CFE generates, transmits,

Más detalles

SÉPTIMA REUNIÓN DELGRUPO DE EXPERTOS EN ASUNTOS POLÍTICOS, ECONÓMICOS Y JURÍDICOS DEL TRANSPORTE AÉREO (GEPEJTA/7)

SÉPTIMA REUNIÓN DELGRUPO DE EXPERTOS EN ASUNTOS POLÍTICOS, ECONÓMICOS Y JURÍDICOS DEL TRANSPORTE AÉREO (GEPEJTA/7) CLAC/GEPEJTA/7-NE/19 16/03/01 SÉPTIMA REUNIÓN DELGRUPO DE EXPERTOS EN ASUNTOS POLÍTICOS, ECONÓMICOS Y JURÍDICOS DEL TRANSPORTE AÉREO (GEPEJTA/7) (La Habana, Cuba, 28 al 30 de marzo de 2001) Cuestión 7

Más detalles

Reporte de Prensa Fibra Inn Anuncia la Incorporación de los hoteles Staybridge Suites Guadalajara Expo y Arriva Express Guadalajara Plaza del Sol Expo

Reporte de Prensa Fibra Inn Anuncia la Incorporación de los hoteles Staybridge Suites Guadalajara Expo y Arriva Express Guadalajara Plaza del Sol Expo Reporte de Prensa Fibra Inn Anuncia la Incorporación de los hoteles Staybridge Suites Guadalajara Expo y Arriva Express Guadalajara Plaza del Sol Expo Monterrey, México, 17 de agosto de 2015 - Deutsche

Más detalles

Karina Ocaña Izquierdo

Karina Ocaña Izquierdo Estudié Ingeniería en Sistemas Computacionales (1997) y una Maestría en Ingeniería de Cómputo con especialidad en Sistemas Digitales (2000), ambas en el Instituto Politécnico Nacional (México). En el 2003,

Más detalles

ACTIVITIES 2014 CHILEAN MINING COMMISSION

ACTIVITIES 2014 CHILEAN MINING COMMISSION ACTIVITIES 2014 CHILEAN MINING COMMISSION Santiago, June 2014 Overview Introduction Organizations Main Events - year 2014 Some Details Constitution of the Board The current Board is constituted, composed

Más detalles

Descripción de contenidos del E-FORM Capítulo Proyectos de cooperación europea

Descripción de contenidos del E-FORM Capítulo Proyectos de cooperación europea Descripción de contenidos del E-FORM Capítulo Proyectos de cooperación europea DOCUMENTO NO VÁLIDO PARA PRESENTAR LA SOLICITUD* *Documento-resumen del formulario online (eform) de la 2ª convocatoria de

Más detalles

PRESS CLIPPING 5 May 2015 www.proinso.net

PRESS CLIPPING 5 May 2015 www.proinso.net PRESS CLIPPING 5 May 2015 www.proinso.net PROINSO and Solar Energy Management partner making Commercial Solar affordable for the first time in the state of Florida Leading Global PV integrator PROINSO

Más detalles

FIBRA MACQUARIE MÉXICO NOMBRA A JAIME DEL RíO CASTILLO JEFE DE RELACIONES CON INVERSIONISTAS

FIBRA MACQUARIE MÉXICO NOMBRA A JAIME DEL RíO CASTILLO JEFE DE RELACIONES CON INVERSIONISTAS Eventos Relevantes FIBRA MACQUARIE MÉXICO NOMBRA A JAIME DEL RíO CASTILLO JEFE DE RELACIONES CON INVERSIONISTAS CIUDAD DE MÉXICO, 3 DE ABRIL, 2014 Fibra Macquarie México (FIBRAMM) (BMV: FIBRAMQ) anunció

Más detalles

En Monterrey, México: Lizette Chang, IRO Fibra Inn Tel: 52 1 (81)1778-5926 Email:lchang@fibrainn.mx

En Monterrey, México: Lizette Chang, IRO Fibra Inn Tel: 52 1 (81)1778-5926 Email:lchang@fibrainn.mx Reporte de Prensa Fibra Inn Anuncia el Acuerdo Vinculante para la Adquisición de los hoteles Staybridge Suites Guadalajara Expo y Monterrey, México, 9 de julio de 2015 - Deutsche Bank México, S.A., Institución

Más detalles

UNIVERSIDAD NUEVA ESPARTA FACULTAD DE CIENCIAS ADMINISTRATIVAS ESCUELA DE ADMINISTRACIÓN DE EMPRESAS TURÍSTICAS

UNIVERSIDAD NUEVA ESPARTA FACULTAD DE CIENCIAS ADMINISTRATIVAS ESCUELA DE ADMINISTRACIÓN DE EMPRESAS TURÍSTICAS UNIVERSIDAD NUEVA ESPARTA FACULTAD DE CIENCIAS ADMINISTRATIVAS ESCUELA DE ADMINISTRACIÓN DE EMPRESAS TURÍSTICAS LINEAMIENTOS DE UN SISTEMA DE CRM (CUSTOMER RELATIONSHIP MANAGEMENT) EN FUNCIÓN A LA SATISFACCIÓN

Más detalles

Este proyecto tiene como finalidad la creación de una aplicación para la gestión y explotación de los teléfonos de los empleados de una gran compañía.

Este proyecto tiene como finalidad la creación de una aplicación para la gestión y explotación de los teléfonos de los empleados de una gran compañía. SISTEMA DE GESTIÓN DE MÓVILES Autor: Holgado Oca, Luis Miguel. Director: Mañueco, MªLuisa. Entidad Colaboradora: Eli & Lilly Company. RESUMEN DEL PROYECTO Este proyecto tiene como finalidad la creación

Más detalles

DESARROLLO DE UN SISTEMA INTEGRADO DE GESTIÓN DE PROYECTOS: PLANIFICACIÓN OPERATIVA, PLANIFICACIÓN ECONÓMICA Y PLANIFICACIÓN DE LA EJECUCIÓN.

DESARROLLO DE UN SISTEMA INTEGRADO DE GESTIÓN DE PROYECTOS: PLANIFICACIÓN OPERATIVA, PLANIFICACIÓN ECONÓMICA Y PLANIFICACIÓN DE LA EJECUCIÓN. DESARROLLO DE UN SISTEMA INTEGRADO DE GESTIÓN DE PROYECTOS: PLANIFICACIÓN OPERATIVA, PLANIFICACIÓN ECONÓMICA Y PLANIFICACIÓN DE LA EJECUCIÓN. Autor: Ramírez Vargas, Gema. Director: Muñoz García, Manuel.

Más detalles

http://www.fibrahotel.com 1 @FibraHotel

http://www.fibrahotel.com 1 @FibraHotel FibraHotel ( FibraHotel ), la primera FIBRA especializada en hoteles en México, anuncia sus resultados financieros y la distribución del cuarto trimestre de 2014. México D.F. a 19 de febrero de 2015 ---

Más detalles

Annex III Schedule of Mexico

Annex III Schedule of Mexico Annex III Schedule of Mexico Section A. Activities Reserved to the Mexican State Mexico reserves the right to perform exclusively, and to refuse to permit the establishment of investments in, the following

Más detalles

Your Clients Your Bussines The World Your Future The Solutions. Your Company Your Ideas. Uruguay. Your Proyects Your Needs. Su Empresa Sus Ideas

Your Clients Your Bussines The World Your Future The Solutions. Your Company Your Ideas. Uruguay. Your Proyects Your Needs. Su Empresa Sus Ideas Your Clients Your Bussines The World Your Future The Solutions Sus Clientes Sus Negocios El Mundo Su Futuro Las Soluciones Your Company Your Ideas Your Proyects Your Needs Su Empresa Sus Ideas Sus Proyectos

Más detalles

Juan José Barrera Cerezal Managing Director on Social Economy, Self- Employment and CSR

Juan José Barrera Cerezal Managing Director on Social Economy, Self- Employment and CSR Juan José Barrera Cerezal Managing Director on Social Economy, Self- Employment and CSR 1 SUSTAINABLE ECONOMY LAW Articles 1 and 2 of the Law The importance of the Law for promoting CSR in Spain Purpose

Más detalles

RESUMEN. (Palabras clave: Creditos hipotecarios, UDI, Peso, Doiar.)

RESUMEN. (Palabras clave: Creditos hipotecarios, UDI, Peso, Doiar.) RESUMEN Ante la creacion y apertura de multiples opciones de creditos hipotecarios se plantea la necesidad de analizar que tip0 de credito es la mejor opcion entre 10s realizados en UDIS, en Pesos y en

Más detalles

http://www.fibrahotel.com 1 @FibraHotel

http://www.fibrahotel.com 1 @FibraHotel FibraHotel ( FibraHotel ), la primera FIBRA especializada en hoteles en México, anuncia sus resultados financieros y la distribución del cuarto trimestre de 2015. México D.F. a 17 de febrero de 2016 ---

Más detalles

July 2011. Graduations & Learning After High School. Español/Spanish

July 2011. Graduations & Learning After High School. Español/Spanish July 2011 Graduations & Learning After High School Español/Spanish Last month our schools graduated 1,734 students from high school. These are students who met all the graduation standards from the State

Más detalles

http://www.fibrahotel.com 1 @FibraHotel

http://www.fibrahotel.com 1 @FibraHotel FibraHotel ( FibraHotel ), la primera FIBRA especializada en hoteles en México, anuncia sus resultados financieros y la distribución del segundo trimestre de 2015. México D.F. a 22 de julio de 2015 ---

Más detalles

ADAPTACIÓN DE REAL TIME WORKSHOP AL SISTEMA OPERATIVO LINUX

ADAPTACIÓN DE REAL TIME WORKSHOP AL SISTEMA OPERATIVO LINUX ADAPTACIÓN DE REAL TIME WORKSHOP AL SISTEMA OPERATIVO LINUX Autor: Tomás Murillo, Fernando. Director: Muñoz Frías, José Daniel. Coordinador: Contreras Bárcena, David Entidad Colaboradora: ICAI Universidad

Más detalles

Annex 8 referred to in Chapter 7 Activities Reserved to the State. Schedule of Mexico. Section 1 Activities Reserved to the Mexican State

Annex 8 referred to in Chapter 7 Activities Reserved to the State. Schedule of Mexico. Section 1 Activities Reserved to the Mexican State Annex 8 referred to in Chapter 7 Activities Reserved to the State Schedule of Mexico Section 1 Activities Reserved to the Mexican State Mexico reserves the right to perform exclusively, and to refuse to

Más detalles

Innovando Negocios. Business Innovation. Precios de Transferencia y Valuación de Negocios. Transfer Pricing and Business Valuation

Innovando Negocios. Business Innovation. Precios de Transferencia y Valuación de Negocios. Transfer Pricing and Business Valuation Innovando Negocios Business Innovation Precios de Transferencia y Valuación de Negocios Transfer Pricing and Business Valuation Como especialistas en consultoría de Precios de Transferencia y Valuación

Más detalles

Measuring Poverty at the Municipal Level

Measuring Poverty at the Municipal Level Measuring Poverty at the Municipal Level Graciela Teruel December 2012 www.coneval.gob.mx What for? Established by the General Law of Social Development National figures must be presented every two years.

Más detalles

HERRAMIENTA PARA LA OPTIMIZACIÓN DEL PORFOLIO DE PRODUCTOS DE LAS REDES DE VENTAS DE UN LABORATORIO FARMACÉUTICO

HERRAMIENTA PARA LA OPTIMIZACIÓN DEL PORFOLIO DE PRODUCTOS DE LAS REDES DE VENTAS DE UN LABORATORIO FARMACÉUTICO HERRAMIENTA PARA LA OPTIMIZACIÓN DEL PORFOLIO DE PRODUCTOS DE LAS REDES DE VENTAS DE UN LABORATORIO FARMACÉUTICO Autor: Tárano Pastor, Ramón. Director: Moreno Alonso, Pablo. Director: Ruiz del Palacio,

Más detalles

Resumen de Entrevista: Asociación Mexicana de Agentes de Carga

Resumen de Entrevista: Asociación Mexicana de Agentes de Carga Resumen de Entrevista: Asociación Mexicana de Agentes de Carga 1. In regard to the hiring and payment of international freight services, can you tell me in what percentage of total export transactions

Más detalles

El desarrollo del mercado ISR: Integración

El desarrollo del mercado ISR: Integración El desarrollo del mercado ISR: Integración III Evento Anual SpainSIF 17 octubre 2012 Amundi, French joint stock company ( Société Anonyme ) with a registered capital of 578 002 350 and approved by the

Más detalles

PROGRAMA. Operaciones de Banca y Bolsa SYLLABUS BANKING AND STOCK MARKET OPERATIONS

PROGRAMA. Operaciones de Banca y Bolsa SYLLABUS BANKING AND STOCK MARKET OPERATIONS PROGRAMA 4º Curso. Grado en Administración y Dirección SYLLABUS BANKING AND STOCK MARKET OPERATIONS 4 rd year. Pág. 1 / 8 Colegio Universitario de Estudios Financieros Leonardo Prieto Castro, 2 Tel. +34

Más detalles

ANÁLISIS Y DESARROLLO DE UNA PLATAFORMA BIG DATA

ANÁLISIS Y DESARROLLO DE UNA PLATAFORMA BIG DATA ANÁLISIS Y DESARROLLO DE UNA PLATAFORMA BIG DATA Autor: de la Cierva Perreau de Pinninck, Leticia Director: Sonia García, Mario Tenés Entidad Colaboradora: VASS RESUMEN DEL PROYECTO Tras la realización

Más detalles

RECORDATORIO / REMINDER VERSIÓN EN ESPAÑOL E INGLÉS / SPANISH AND ENGLISH VERSION

RECORDATORIO / REMINDER VERSIÓN EN ESPAÑOL E INGLÉS / SPANISH AND ENGLISH VERSION RECORDATORIO / REMINDER VERSIÓN EN ESPAÑOL E INGLÉS / SPANISH AND ENGLISH VERSION México, D.F. a 9 de julio de 2015 Quálitas Controladora, S.A.B. de C.V. ( Quálitas, QC, o la Compañía ) (BMV: QC CPO),

Más detalles

SAFETY ROAD SHOW 2015 Paul Teboul Co Chairman HST México

SAFETY ROAD SHOW 2015 Paul Teboul Co Chairman HST México SAFETY ROAD SHOW 2015 Paul Teboul Co Chairman HST México How did started the Safety Road Show? Airbus Helicopters and others manufacturers did invest since a long time in improving Aviation Safety. In

Más detalles

Eventos Relevantes: FIBRA MACQUARIE MÉXICO NOMBRA A JUAN MONROY DIRECTOR GENERAL

Eventos Relevantes: FIBRA MACQUARIE MÉXICO NOMBRA A JUAN MONROY DIRECTOR GENERAL Eventos Relevantes: FIBRA MACQUARIE MÉXICO NOMBRA A JUAN MONROY DIRECTOR GENERAL CIUDAD DE MÉXICO, 1 DE JULIO DE 2015 FIBRA Macquarie México (FIBRA Macquarie) (BMV: FIBRAMQ) anunció el día de hoy el nombramiento

Más detalles

Patters of evolution of the Mexican clearing house system (1940-1980) Demography or Levels of Economic Activity? Gustavo A.

Patters of evolution of the Mexican clearing house system (1940-1980) Demography or Levels of Economic Activity? Gustavo A. Patters of evolution of the Mexican clearing house system (1940-1980) Demography or Levels of Economic Activity? Gustavo A. Del Angel 2 Some facts for the period 1940-1980: Between the 1940s and the late

Más detalles

El Salvador en cifras. El Salvador in figures

El Salvador en cifras. El Salvador in figures El Salvador en cifras El Salvador in figures E L S A LV A D O R I N F I G U R E S El Salvador en cifras El Salvador in figures INDICADOR / INDICATOR 2007 2008 2009 2010 Indicadores de producción, precios

Más detalles

UTILIZACIÓN DE UN BOLÍGRAFO DÍGITAL PARA LA MEJORA DE PROCEDIMIENTOS DE CAMPO EN UNA CENTRAL NUCLEAR.

UTILIZACIÓN DE UN BOLÍGRAFO DÍGITAL PARA LA MEJORA DE PROCEDIMIENTOS DE CAMPO EN UNA CENTRAL NUCLEAR. UTILIZACIÓN DE UN BOLÍGRAFO DÍGITAL PARA LA MEJORA DE PROCEDIMIENTOS DE CAMPO EN UNA CENTRAL NUCLEAR. Autor: Ruiz Muñoz, Rafael. Director: Muñoz García, Manuel. Entidad Colaboradora: Empresarios Agrupados.

Más detalles

UNIVERSIDAD NACIONAL DEL SUR

UNIVERSIDAD NACIONAL DEL SUR UNIVERSIDAD NACIONAL DEL SUR TESIS DE MAGISTER EN INGENIERIA DE PROCESOS PETROQUIMICOS Estudio de Viabilidad de la Producción de GTL en Punta Loyola. Evaluación privada y social María Florencia Arnaudo

Más detalles

COMPANY PROFILE. February / 2008. Iquique N 112 Fracc. Las Américas Naucalpan de Juárez. C.P. 53040 Edo. de México Tel. 5363-19-73

COMPANY PROFILE. February / 2008. Iquique N 112 Fracc. Las Américas Naucalpan de Juárez. C.P. 53040 Edo. de México Tel. 5363-19-73 COMPANY PROFILE Ubicación de Rios y Zonas de Inundación February / 2008 About us isp is a leading provider of geographic information system services in México. We serve a broad range of customers including

Más detalles

CPTM. Travel Agent Database Build

CPTM. Travel Agent Database Build CPTM Travel Agent Database Build Table of Contents Purpose Methodology Agent Survey Results USA Regional Office Recap Methodology Gather agency e-mail addresses through the IATA/IATAN Global Source Put

Más detalles

El Salvador en Cifras El Salvador Economic Overview

El Salvador en Cifras El Salvador Economic Overview El Salvador en Cifras El Salvador Economic Overview El desenvolvimiento de la economía de El Salvador durante el 2003, estuvo influenciado directamente por el nivel de precios de productos estratégicos

Más detalles

(MUST BE COMPLETED IN ENGLISH) DATE: June 15-22, 2014 EVENT: PUERTO RICO TRADE MISSION TO THE CARIBBEAN 2014 COMPANY NAME: Physical Address:

(MUST BE COMPLETED IN ENGLISH) DATE: June 15-22, 2014 EVENT: PUERTO RICO TRADE MISSION TO THE CARIBBEAN 2014 COMPANY NAME: Physical Address: DATE: June 15-22, 2014 EVENT: PUERTO RICO TRADE MISSION TO THE CARIBBEAN 2014 COMPANY NAME: Physical Address: Postal Address: Name of the President or CEO: Web Page: First Participant: Telephone(s): E-mail:

Más detalles

Mi ciudad interesante

Mi ciudad interesante Mi ciudad interesante A WebQuest for 5th Grade Spanish Designed by Jacob Vuiller jvuiller@vt.edu Introducción Tarea Proceso Evaluación Conclusión Créditos Introducción Bienvenidos! Eres alcalde de una

Más detalles

FIBRA INN ANUNCIA LA ADQUISICIÓN DEL HOTEL HOLIDAY INN EXPRESS PLAYA DEL CARMEN

FIBRA INN ANUNCIA LA ADQUISICIÓN DEL HOTEL HOLIDAY INN EXPRESS PLAYA DEL CARMEN FIBRA INN ANUNCIA LA ADQUISICIÓN DEL HOTEL HOLIDAY INN EXPRESS PLAYA DEL CARMEN Monterrey, México, 24 de mayo de 2013 Deutsche Bank México, S.A., Institución de Banca Múltiple, División Fiduciaria F/1616

Más detalles

Playa de Huanchaco en Trujillo - La Libertad Huanchaco beach in Trujillo. Memoria Anual / Annual Report

Playa de Huanchaco en Trujillo - La Libertad Huanchaco beach in Trujillo. Memoria Anual / Annual Report Playa de Huanchaco en Trujillo - La Libertad Huanchaco beach in Trujillo Memoria Anual / 36 Memoria Anual / GESTIÓN INSTITUCIONAL 2010 - COLOCACIONES INSTITUTIONAL PROGRESS DURING 2010 - LOANS 37 Memoria

Más detalles

Diseño de un directorio Web de diseñadores gráficos, ilustradores y fotógrafos.

Diseño de un directorio Web de diseñadores gráficos, ilustradores y fotógrafos. Universidad Nueva Esparta Facultad de Ciencias Administrativas Escuela de Administración de Diseño de un directorio Web de diseñadores gráficos, ilustradores y fotógrafos. Tutor: Lic. Beaujon, María Beatriz

Más detalles

SCADA BASADO EN LABVIEW PARA EL LABORATORIO DE CONTROL DE ICAI

SCADA BASADO EN LABVIEW PARA EL LABORATORIO DE CONTROL DE ICAI SCADA BASADO EN LABVIEW PARA EL LABORATORIO DE CONTROL DE ICAI Autor: Otín Marcos, Ana. Directores: Rodríguez Pecharromán, Ramón. Rodríguez Mondéjar, José Antonio. Entidad Colaboradora: ICAI Universidad

Más detalles

FIBRA MACQUARIE MÉXICO COMPLETA LA ADQQUISICIÓN DE UN PORTAFOLIO DE DIEZ PROPIEDADES INDUSTRIALES EN EL NORTE DEL PAÍS

FIBRA MACQUARIE MÉXICO COMPLETA LA ADQQUISICIÓN DE UN PORTAFOLIO DE DIEZ PROPIEDADES INDUSTRIALES EN EL NORTE DEL PAÍS Eventos Relevantes FIBRA MACQUARIE MÉXICO COMPLETA LA ADQQUISICIÓN DE UN PORTAFOLIO DE DIEZ PROPIEDADES INDUSTRIALES EN EL NORTE DEL PAÍS CIUDAD DE MEXICO, 19 DE AGOSTO DE 2015 FIBRA Macquarie México (FIBRA

Más detalles

http://mvision.madrid.org

http://mvision.madrid.org Apoyando el desarrollo de carrera de investigadores en imagen biomédica Supporting career development of researchers in biomedical imaging QUÉ ES M+VISION? WHAT IS M+VISION? M+VISION es un programa creado

Más detalles

FIBRA MACQUARIE MÉXICO ANUNCIA CONFERENCIA TELEFÓNICA PARA DAR A CONOCER SUS RESULTADOS AL TERCER TRIMESTRE DE 2015

FIBRA MACQUARIE MÉXICO ANUNCIA CONFERENCIA TELEFÓNICA PARA DAR A CONOCER SUS RESULTADOS AL TERCER TRIMESTRE DE 2015 Eventos Relevantes FIBRA MACQUARIE MÉXICO ANUNCIA CONFERENCIA TELEFÓNICA PARA DAR A CONOCER SUS RESULTADOS AL TERCER TRIMESTRE DE 2015 CIUDAD DE MEXICO, 25 DE SEPTIEMBRE DE 2015 FIBRA Macquarie México

Más detalles

EMPLOYER & EMPLOYEE RETIREMENT PLAN TAX CREDITS

EMPLOYER & EMPLOYEE RETIREMENT PLAN TAX CREDITS EMPLOYER & EMPLOYEE RETIREMENT PLAN TAX CREDITS For employers who set up and maintain retirement plans, the setup costs, annual administrative costs, and retirement-related employee education costs are

Más detalles

Health & Safety Manager

Health & Safety Manager Health & Safety Manager PROJECT SPANISH ENGINEERING AND CONSULTANCY COMPANY is in the process of expanding its base in the Middle East and is seeking the following position: Therefore we are in the process

Más detalles

TIPO DE CAMBIO AL CIERRE DE 2011 2 de enero de 2012 CLOSING EXCHANGE RATES AT YEAR END 2011 January 2, 2012. January 2, 2012 2 de enero de 2012

TIPO DE CAMBIO AL CIERRE DE 2011 2 de enero de 2012 CLOSING EXCHANGE RATES AT YEAR END 2011 January 2, 2012. January 2, 2012 2 de enero de 2012 CLOSING EXCHANGE RATES AT YEAR END 2011 TIPOS DE CAMBIO AL CIERRE DE 2011 January 2, 2012 2 de enero de 2012 This document is prepared by Acus Consulting and Alberto Calva. This document is available at

Más detalles

FIBRA MACQUARIE MEXICO ATIENDE REQUERIMIENTO DE LA BOLSA MEXICANA DE VALORES RESPECTO AL VOLUMEN OPERADO HOY

FIBRA MACQUARIE MEXICO ATIENDE REQUERIMIENTO DE LA BOLSA MEXICANA DE VALORES RESPECTO AL VOLUMEN OPERADO HOY Eventos Relevantes FIBRA MACQUARIE MEXICO ATIENDE REQUERIMIENTO DE LA BOLSA MEXICANA DE VALORES RESPECTO AL VOLUMEN OPERADO HOY MÉXICO, D.F., A 24 DE SEPTIEMBRE DE 2014 En relación a los movimientos presentados

Más detalles

Strategic Plan Cancún 2030

Strategic Plan Cancún 2030 Strategic Plan Cancún 2030 Arq. Eduardo Ortiz Jasso Cancun, Mexico 22 September, 2008 Cancun - Network City México In 1974 Cancun was constituted and planned to be a tourist city with a support village

Más detalles

INTEGRACIÓN HORIZONTAL PARA CONSTITUIR EL SECTOR AEROPUERTOS

INTEGRACIÓN HORIZONTAL PARA CONSTITUIR EL SECTOR AEROPUERTOS INTEGRACIÓN HORIZONTAL PARA CONSTITUIR EL SECTOR AEROPUERTOS El proyecto comienza explicando en el prólogo lo que supone un cambio como este. El primer objetivo es desarrollar una base estable que apoye

Más detalles

Prueba de Suficiencia en Comprensión Lectora en Inglés. Texto 1: Risk Reduction Strategies for Multinational Companies (50 puntos)

Prueba de Suficiencia en Comprensión Lectora en Inglés. Texto 1: Risk Reduction Strategies for Multinational Companies (50 puntos) Instituto Universitario Aeronáutico - Facultad de Ciencias de la Administración Contador Público Apellido y Nombre:.. DNI: Año de la carrera que cursa:. Cantidad de hojas utilizadas:.. Sede:. Fecha: Calificación:....

Más detalles

Presentación Bono 22 de Abril, 2013

Presentación Bono 22 de Abril, 2013 Presentación Bono 22 de Abril, 2013 Bono de Productividad para el Management: Actualmente nuestro equipo de Management es el más talentoso y experimentado de la industria. Con el surgimiento de nuevas

Más detalles

@ F i b r a H o t e l 2013

@ F i b r a H o t e l 2013 @ F i b r a H o t e l Informe Anual 2 0 1 3 Panorama de 2013 Tasa de ocupación del portafolio % 66 Incremento en Tarifa Efectiva 5.6 % 20 hoteles adquiridos 2,924 millones de pesos invertidos en hoteles

Más detalles

RESULTADOS DE COLOCACIÓN POR SECTOR PRODUCTIVO

RESULTADOS DE COLOCACIÓN POR SECTOR PRODUCTIVO RESULTADOS DE COLOCACIÓN POR SECTOR PRODUCTIVO PLACEMENT RESULTS BY PRODUCTION SECTOR En este capítulo se presentarán los resultados de colocación que se realizaron a través de y de los fondos que éste

Más detalles

XI ENCUENTRO IBEROAMERICANO DE COPRODUCCIÓN CINEMATOGRÁFICA

XI ENCUENTRO IBEROAMERICANO DE COPRODUCCIÓN CINEMATOGRÁFICA CONVOCATORIA Con el objetivo principal de propiciar el contacto directo entre proyectos cinematográficos en desarrollo de Iberoamérica con profesionales de la industria audiovisual, fondos de financiamiento,

Más detalles

UNIVERSIDAD NACIONAL MAYOR DE SAN MARCOS UNIDAD DE POSTGRADO DE INGENIERÍA DE SISTEMAS E INFORMATICA

UNIVERSIDAD NACIONAL MAYOR DE SAN MARCOS UNIDAD DE POSTGRADO DE INGENIERÍA DE SISTEMAS E INFORMATICA UNIVERSIDAD NACIONAL MAYOR DE SAN MARCOS UNIDAD DE POSTGRADO DE INGENIERÍA DE SISTEMAS E INFORMATICA DISEÑO E IMPLEMENTACIÓN DE UNA OFICINA DE GESTION DE PROYECTOS PARA LA POSITIVA SEGUROS Informe Profesional

Más detalles

Chapter Six. Sanitary and Phytosanitary Measures

Chapter Six. Sanitary and Phytosanitary Measures Chapter Six Sanitary and Phytosanitary Measures Objectives The objectives of this Chapter are to protect human, animal, or plant life or health in the Parties territories, enhance the Parties implementation

Más detalles

Facilities and manufacturing

Facilities and manufacturing Facilities and manufacturing diseño y producción design and production Roomdimensions Ibérica,s.l (RDI) es una empresa experta en la fabricación de mobiliario técnico, diseño integral de soluciones arquitectónicas

Más detalles

SOFTWARE PARA LA GESTIÓN INFORMÁTICA DE UNA CLÍNICA DENTAL

SOFTWARE PARA LA GESTIÓN INFORMÁTICA DE UNA CLÍNICA DENTAL SOFTWARE PARA LA GESTIÓN INFORMÁTICA DE UNA CLÍNICA DENTAL Autora: Laura Martín García Director: Alberto Ciudad Sánchez RESUMEN El objetivo de este proyecto es realizar el análisis, diseño y desarrollo

Más detalles

CAMBIOS AL CONSEJO DE ADMINISTRACION DEL ADMINISTRADORY EL COMITÉ TÉCNICO DEL FIDEICOMISO DE INFRAESTRUCTURA MACQUARIE MÉXICO I

CAMBIOS AL CONSEJO DE ADMINISTRACION DEL ADMINISTRADORY EL COMITÉ TÉCNICO DEL FIDEICOMISO DE INFRAESTRUCTURA MACQUARIE MÉXICO I Eventos Relevantes CAMBIOS AL CONSEJO DE ADMINISTRACION DEL ADMINISTRADORY EL COMITÉ TÉCNICO DEL FIDEICOMISO DE INFRAESTRUCTURA MACQUARIE MÉXICO I MÉXICO, D.F., A 21 DE FEBREO DE 2014 El Fideicomiso de

Más detalles

UNIVERSIDAD NUEVA ESPARTA FACULTAD DE CIENCIAS ADMINISTRATIVAS ESCUELA DE ADMINISTRACIÓN DE EMPRESAS TURÍSTICAS

UNIVERSIDAD NUEVA ESPARTA FACULTAD DE CIENCIAS ADMINISTRATIVAS ESCUELA DE ADMINISTRACIÓN DE EMPRESAS TURÍSTICAS UNIVERSIDAD NUEVA ESPARTA FACULTAD DE CIENCIAS ADMINISTRATIVAS Lineamientos estratégicos para un plan de marketing de la Feria Internacional de San Sebastián, en San Cristóbal, Estado Táchira Tutor Juan

Más detalles

b) Desarrollar mecanismos que incrementen las cuotas de mercado exterior.

b) Desarrollar mecanismos que incrementen las cuotas de mercado exterior. Resumen: la propuesta denominada Plan Estratégico de Marketing para el Malvasía de Tenerife, ha sido elaborada con el objeto de realizar un desarrollo de las aptitudes necesarias para la maximización del

Más detalles

RTD SUPPORT TO AERONAUTICS IN SPAIN

RTD SUPPORT TO AERONAUTICS IN SPAIN RTD SUPPORT TO AERONAUTICS IN SPAIN Juan Francisco Reyes Sánchez International Programmes Bonn, 11 st December 2013 Index 1. CDTI 2. RTDI funding 3. CDTI support to aeronautics R&D 1. CDTI Center for Industrial

Más detalles

CADENA DE SUMINISTRO ADMINISTRACIÓN DE ALMACÉN CONSULTORÍA INSPECCIÓN, RETRABAJO Y ENSAMBLE

CADENA DE SUMINISTRO ADMINISTRACIÓN DE ALMACÉN CONSULTORÍA INSPECCIÓN, RETRABAJO Y ENSAMBLE LAB: 17 days / 17días SUPPLY CHAIN MANAGEMENT INVENTORY MANAGEMENT CONSULTING INSPECTION, REWORK & ASSEMBLY CADENA DE SUMINISTRO ADMINISTRACIÓN DE ALMACÉN CONSULTORÍA INSPECCIÓN, RETRABAJO Y ENSAMBLE +SUPPORT

Más detalles

INFORME ANUAL 07 / ANNUAL REPORT 07

INFORME ANUAL 07 / ANNUAL REPORT 07 66 67 Uralita en Bolsa Uralita on the Stock Market 68 La acción de Uralita experimentó en el ejercicio 2007 una revalorización del 20,2% con respecto al año anterior, evolución más positiva que la del

Más detalles

PROBLEMAS PARA LA CLASE DEL 20 DE FEBRERO DEL 2008

PROBLEMAS PARA LA CLASE DEL 20 DE FEBRERO DEL 2008 PROBLEMAS PARA LA CLASE DEL 20 DE FEBRERO DEL 2008 Problema 1 Marketing estimates that a new instrument for the analysis of soil samples will be very successful, moderately successful, or unsuccessful,

Más detalles

Investigación, Ciencia y Tecnología en Medio Ambiente y Cambio Climático. Environmental and Climate Change related Research and Technology Programme

Investigación, Ciencia y Tecnología en Medio Ambiente y Cambio Climático. Environmental and Climate Change related Research and Technology Programme Programa de: Investigación, Ciencia y Tecnología en Medio Ambiente y Cambio Climático MECANISMO FINANCIERO DEL ESPACIO ECONÓMICO EUROPEO PARA ESPAÑA Programme on: Environmental and Climate Change related

Más detalles

México s economy and energy situation

México s economy and energy situation México s economy and energy situation JONATHAN RUIZ TORRE jruiz@elfinanciero.com.mx @ruiztorre MÉXICO MAYO 2014 Time of change? Time of chances An age of economic growth Opportunities for all Energy and

Más detalles

Agustiniano Ciudad Salitre School Computer Science Support Guide - 2015 Second grade First term

Agustiniano Ciudad Salitre School Computer Science Support Guide - 2015 Second grade First term Agustiniano Ciudad Salitre School Computer Science Support Guide - 2015 Second grade First term UNIDAD TEMATICA: INTERFAZ DE WINDOWS LOGRO: Reconoce la interfaz de Windows para ubicar y acceder a los programas,

Más detalles

ESCUELA POLITECNICA NACIONAL INSTITUTO GEOFISICO

ESCUELA POLITECNICA NACIONAL INSTITUTO GEOFISICO IG-35 Quito, September 2, 25 Dr. Domenico Giardini FDSN Chair This letter is to express our official interest in joining the Federation of Digital Seismograph Networks (FDSN) and to present a brief description

Más detalles

Embargoed for release at 7:00 a.m. 18 December 2012 LG INTERNATIONAL CORPORATION AND GEOPARK HOLDINGS LIMITED

Embargoed for release at 7:00 a.m. 18 December 2012 LG INTERNATIONAL CORPORATION AND GEOPARK HOLDINGS LIMITED Embargoed for release at 7:00 a.m. 18 December 2012 LG INTERNATIONAL CORPORATION AND GEOPARK HOLDINGS LIMITED EXPANSION OF LG INTERNATIONAL / GEOPARK PARTNERSHIP INTO COLOMBIA LG International Corporation

Más detalles

Historic Architectural

Historic Architectural Historic Architectural Rehabilitation Grant Program 50/50 GRANT PROGRAM 75/25 GRANT PROGRAM EXTERIOR PAINT PROGRAM CITY OF Elgin PLANNING & NEIGHBORHOOD SERVICES CITY OF Elgin Historic Architectural Rehabilitation

Más detalles

TRADICIÓN Tradition. CONOCIMIENTO Knowledge

TRADICIÓN Tradition. CONOCIMIENTO Knowledge TRADICIÓN Tradition CONOCIMIENTO Knowledge CALIDAD Quality COSTO Cost TIEMPO Time G.V. Arquitectos trabaja bajo la premisa de una excelente relación entre calidad, costo y tiempo. G.V. Arquitectos works

Más detalles

Guide to Health Insurance Part II: How to access your benefits and services.

Guide to Health Insurance Part II: How to access your benefits and services. Guide to Health Insurance Part II: How to access your benefits and services. 1. I applied for health insurance, now what? Medi-Cal Applicants If you applied for Medi-Cal it will take up to 45 days to find

Más detalles

http://www.fibrahotel.com 1 @FibraHotel

http://www.fibrahotel.com 1 @FibraHotel FibraHotel ( FibraHotel ), la primera FIBRA especializada en hoteles en México, anuncia sus resultados financieros y la distribución del primer trimestre de 2015. México D.F. a 22 de abril de 2015 ---

Más detalles

RESUMEN EJECUTIVO. trabajar por la seguridad y el rendimiento del vehículo. En la actualidad la empresa

RESUMEN EJECUTIVO. trabajar por la seguridad y el rendimiento del vehículo. En la actualidad la empresa RESUMEN EJECUTIVO Ing. Vinicio Ramírez & Cía. Ltda. es una empresa familiar creada en el año 1989, con la idea de brindar al mercado bolivarense lo mejor en llantas además de trabajar por la seguridad

Más detalles

APLICACIÓN WEB BASADA EN UNA SOLUCIÓN EN SAP R/3 PARA EL MANTENIMIENTO DE TRENES

APLICACIÓN WEB BASADA EN UNA SOLUCIÓN EN SAP R/3 PARA EL MANTENIMIENTO DE TRENES APLICACIÓN WEB BASADA EN UNA SOLUCIÓN EN SAP R/3 PARA EL MANTENIMIENTO DE TRENES Autor: Alberny, Marion. Director: Alcalde Lancharro, Eduardo. Entidad Colaboradora: CGI. RESUMEN DEL PROYECTO La mayoría

Más detalles

D.ª SILVIA CAIRO JORDÁN

D.ª SILVIA CAIRO JORDÁN D.ª SILVIA CAIRO JORDÁN D.ª Silvia Cairo Jordán es licenciada en Filosofía y letras por la Universidad Autónoma de Barcelona y estudió Derecho en la Universidad de Alicante. Silvia ha desarrollado gran

Más detalles

Semana del emprendedor para mover y transformar a México

Semana del emprendedor para mover y transformar a México Semana del emprendedor para mover y transformar a México 06 AGO ESCRITO POREnrique Peña NietoPresidente de los Estados Unidos Mexicanos El presente y el futuro económico de nuestro país dependen del impulso

Más detalles