Fibra Inn Announces Changes to its Organizational Structure Aimed at Addressing the Company’s Future Growth
Deutsche Bank Mexico, S.A., Banking institution, Trust Division F/1616 or Fibra Inn (BMV:FINN13) ("Fibra Inn" or "the Company"), a Mexican real estate investment trust specializing in the hotel industry serving the business traveler, announced today that it has made changes to strengthen its management team to address the Fibra's future growth.
Deutsche Bank Mexico, S.A., Banking institution, Trust Division F/1616 or Fibra Inn (BMV:FINN13) ("Fibra Inn" or "the Company"), a Mexican real estate investment trust specializing in the hotel industry serving the business traveler, announced today that it has made changes to strengthen its management team to address the Fibra's future growth.
These changes will become effective on February 16th and will allow Fibra Inn to fulfill its corporate vision of becoming the leading hotel Fibra in the market that operates with international brands. This decision was made following the recent equity subscription that seeks to accelerate Fibra Inn's growth rate for the coming two years. The organizational structure was reinforced in order to ensure an optimal investment process, improve operating efficiency and profitability, to continue delivering attractive results to its CBFI holders.
The most notable aspects of the changes include:
(i) Messrs. Victor Zorrilla, Joel Zorrilla and Oscar Calvillo will be better able to focus on the implementation of the Fibra's long-term strategy in order to drive growth, consolidate its leadership position and oversee optimal profitability levels; (ii) These changes will reinforce the Fibra to face its new, larger scale and the expected growth levels; (iii) Lastly, hiring of key management will have no impact in additional cost to the Fibra, as these costs correspond to the Fibra's Advisor and/or its affiliates.
Victor Zorrilla, Chairman of the Technical Committee stated, "These changes to the Management Team were made in order to support the growth of Fibra Inn and to continue creating long-term value for our CBFI holders. We welcome our new executives and wish them all success in their new roles."
New Roles:
Victor Zorrilla Vargas, Chairman of the Technical Committee – In the same role he has performed until now, Mr. Zorrilla will concentrate on the leadership of the Technical Committee, with emphasis on delivering accretive growth, and a focus on corporate governance.
Joel Zorrilla Vargas, Vice-President of Corporate Strategy – Mr. Zorrilla will be responsible for the Fibra's strategic aspects, with regards to relationships with international chains, with hotel owners where he will pursue acquisition opportunities as well relationships with key investors. Mr. Zorrilla will also oversee initiatives for continuous improvement to maximize the human capital contributions, while leading sustainability and social responsibility projects.
Oscar Eduardo Calvillo Amaya, Chief Executive Officer –Mr. Calvillo will execute Fibra Inn's vision and long-term growth strategy, mainly focusing on three key areas: (i) overseeing the profitability of operations by maximizing income, implementing processes, improving client service and ensuring that the Fibra has the necessary talent, throughout the entire organization, through training, evaluations and fair compensation; (ii) identifying opportunities to acquire and develop properties; and (iii) value-generation for CBFI holders.
The following executives will report to the Chief Executive Officer:
- Rafael de la Mora Ceja, Director of Hotel Operations – Prior to joining Fibra Inn, Mr. Mora worked for Grupo Posadas, beginning in 1994, holding various positions including: Director of Corporate Operations, Managing Director of Hotelera Posadas, Director of the Office of Transformation and Strategy, General Managing Director and Managing Director of Resorts - South America and Posadas USA, Managing Director for the North and West, Managing Director of Hoteles Fiesta Inn, and Managing Director of Hoteles Fiesta Americana. Prior to Posadas, he was Senior Manager of the Hospitality Consulting Group at Andersen Consulting and for 10 years he was General Manager of Villa Vera Hotel & Racquet Club. In addition, he was Vice President of the National Association of Hotel Chains. Mr. Mora has a degree in Public Accounting from La Salle University and has studied at the School of Hotel Administration at Cornell University. He is a graduate of the Business Administration Program D1 at IPADE and has attended leadership classes at Gallup University.
- Fernando Rocha Huerta, currently Director of Acquisitions and Development – Mr. Rocha Huerta began at Grupo Posadas in 2005 and occupied roles as Director of Strategic Management (Project Gamma Hotels), Director of Business Process Outsourcing, Director of Hotel Investments and Director of Development. He worked for Cendant Corporation (RCI) as Senior Director of Product Development for Latin America, Africa, Middle East, Asia and Australia. He was also Managing Director and President of the Board of Directors at Howard Johnson, Days and Casa Inn Mexico. Mr. Rocha studied at the Professional Development Program at the School of Hotel Management at Cornell University.
- Chief Financial Officer, currently this position is under recruitment. Oscar Calvillo, the new CEO, will be in charge of this function until a replacement has been named.