Grupo Posadas in $370 Million Refinancing

Cleary Gottlieb represented Grupo Posadas S.A.B. de C.V. (Grupo Posadas), the largest hotel operator in Mexico, in the successful refinancing of its $370 million senior secured notes due 2027.

The refinancing was arranged through a $270 million dual-tranche secured term loan facility with a syndicate of lenders led by Banco Citi México S.A., Institución de Banca Múltiple, Grupo Financiero Citi México, as sole global coordinator, and Banco Inbursa S.A., Institucion de Banca Multiple, Grupo Financiero Inbursa; Banco Santander Mexico S.A., Institución de Banca Múltiple, Grupo Financiero Santander México; and Banco Sabadell S.A., Institución de Banca Múltiple, as lenders.

The facility was fully disbursed on February 26, 2026, and was comprised of (i) a U.S. dollar-denominated tranche in an aggregate principal amount of $120 million and (ii) a Mexican peso-denominated tranche in an aggregate principal amount equivalent to $150 million. The facility is guaranteed by certain of Grupo Posadas’ subsidiaries, and secured by real estate interests in property owned by the company and its subsidiaries as well as accounts receivable from the company’s vacation programs. Grupo Posadas used the proceeds of the facility together with additional cash on hand to redeem the notes in full on February 27, 2026.

The notes were part of Grupo Posadas’ pre-packaged Chapter 11 exit financing, from which it emerged in December 2021. Cleary also represented Grupo Posadas in connection with the Chapter 11.

Posadas is the largest hotel operator in Mexico, managing over 200 hotels and nearly 30,000 rooms across Mexico and the Caribbean under the Live Aqua, Grand Fiesta Americana, Fiesta Americana, and Fiesta Inn brands.

The Cleary team included partners Richard Cooper and Carina Wallance, associates Pritika Advani and Carla Martini, and international lawyer Marina Rotman. Partner Manuel Silva advised on liability management matters. Partner Bill McRae and associate Michael Hughes advised on tax matters. Partner Liz Dyer advised on ERISA matters. Partners Yulia Solomakhina and Chase Kaniecki advised on sanctions matters. Partner Amber Phillips advised on Investment Company Act matters.