Hoteles City Express in Follow-On Equity Offering

October 29, 2014

Cleary Gottlieb represented Hoteles City Express, a leading Mexican hotel chain, in the recent $192 million follow-on equity offering of 109,696,093 shares of common stock (including 9,696,093 shares sold upon exercise of the overallotment option). The offering was comprised of a 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 October 8, 2014 and closed on October 14, 2014. The overallotment option was exercised on October 23, 2014 and closed on October 29, 2014.

Morgan Stanley, Citigroup Global Markets, Merrill Lynch and HSBC Securities acted as initial purchasers of the offering.

Hoteles City Express is considered the leading and fastest-growing limited-service hotel chain in Mexico. Founded in 2002, it currently has 90 hotels across Mexico, Costa Rica and Colombia targeting the value-conscious business traveler. Cleary Gottlieb previously represented Hoteles City Express in its $197 million initial public offering in June 2013.