With 21 hotels already in Mexico, Barcelo Hotel Group has signed an agreement to purchase its first in Mexico City.

Subject to certain terms and government approval, the agreement includes the purchase of a five-star hotel with 500 rooms on the renowned Avenida Reforma. Barcelo Mexico Reforma is expected to join the company this August once all terms and government approvals have been resolved.

Avenida Reforma, considered to be one of the most dynamic areas in Mexico City, has experienced strong real estate growth in recent years due to the construction of skyscrapers and the restoration of buildings. The property, which was completely renovated in 2015, will boast a buffet restaurant, a steakhouse, lobby bar, sports bar and lounge.