Hoteles City Express in $197 Million Initial Public Offering
June 19, 2013
June 19, 2013
Cleary Gottlieb represented Hoteles City Express, a leading Mexican hotel chain, in the recent $197 million initial public offering of the company’s shares. The offering was comprised of an initial public offering on the Mexican Stock Exchange and a Rule 144A/Reg S offering in the United States and outside of Mexico and the United States. The transaction priced on June 13 and closed on June 19.
Hoteles City is a rapidly expanding hotel chain that targets the value-conscious business traveler. Founded in 2003, it currently has 70 hotels across Mexico and 1 hotel in Costa Rica, with 13 further openings planned for 2013. The chain’s founders previously served in the top management of Grupo Posadas, one of the largest hotel chains of Mexico.
Hoteles City’s initial public offering is the eighth Mexican equity offering in which Cleary Gottlieb has acted as special U.S. counsel within the last 12 months.