EconomyHoteles City Express has its best level of the...

Hoteles City Express has its best level of the year on the Stock Market after selling brands to Marriott

Shares of the Mexican chain Hoteles City Express soared to their best level of the year on Wednesday after announcing the sale of its five brands to the giant Marriott International for 100 million dollars, in a transaction that it said will boost its finances and help it. to expand.

Shares of City Express Hotels, which specializes in business travelers, gained 17% at 5:26 am at 10 am local time, after climbing as high as 31% moments earlier.

The resources obtained by the operation, net of taxes and relevant transaction costs, will help City Hotels strengthen its balance sheet by reducing its leverage levels and improving its liquidity, said the firm, adding that it will have funds to invest in maintenance and reactivate projects. paused due to the pandemic.

"As part of the strategic relationship, both parties are expected to work to expand the presence and strengthen the distribution of the City Express brands in Latin America, the Caribbean and elsewhere," the company added in a statement, adding that it hopes that the operation closes between the end of 2022 and the first half of 2023.

Everything goes up, but Mexicans do not give up their Starbucks coffee or Domino's...

Starbucks and Domino's Pizza remain the restaurant operator's most profitable brands, with revenue growth of 43.3% and 16.5%, respectively.

The drop in copper production impacts the profits of Grupo México

At the same time that its copper production fell 6.6%, it observed a decrease in the price of the mineral of 18.6%

Get rid of inflation! Gentera achieves triple-digit profits

Despite the good dynamism of its portfolio, the institution will show caution in 2023 due to the "January slope" and the possible defaults of its clients.

Arca Continental enters the distribution of Don Julio tequila

The Coca-Cola bottler will now test distillate distribution, while reinforcing Topo Chico's presence in the ready-to-drink category.

Orbia's profitability falls in the face of inflation, currency volatility and Europe's energy crisis

The company's sales stagnated, its operating flow fell 28% and its net income fell 56%, due to the complex macroeconomic environment.