Marriott International to acquire City Express brand for $100M
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Marriott International (NASDAQ:MAR) said Wednesday it will acquire the City Express brand portfolio from Mexico-based Hoteles City Express (OTC:HOCXF) for $100M.
The deal is expected to make Marriott (MAR) the largest hotel company in the Caribbean and Latin America.

Marriott (MAR) will acquire the brands City Express, City Express Plus, City Express Suites, City Express Junior, and City Centro as well as the City Premios loyalty program, and other assets related to the brand.
The firm expects stabilized franchise fees to be ~$10M for the existing portfolio.
The portfolio includes 152 hotels across 75 cities in Mexico and three additional Latin American countries.
Marriott (MAR) will also acquire the franchise rights to five under-construction projects in the pipeline.
The company sees opportunity to expand the City Express by Marriott brand in the region, given the high-growth nature of the affordable midscale segment
The deal is expected to close between the end of 2022 and H1 2023.