Mexican Hotel Operator in $189 Million Tender Offer

April 11, 2008

Cleary Gottlieb represented Credit Suisse as dealer-manager in a cash tender offer and consent solicitation by Grupo Posadas to purchase its 8¾% Senior Notes due 2011. The offer was part of Grupo Posadas’ plan to refinance its existing debt with proceeds from a debt offering in the Mexican market. The tender offer launched on March 17 and expired on April 11. Grupo Posadas received tenders of $189,217,000 million of the Notes, representing 84.1% of the Notes outstanding at the time of launch.

Grupo Posadas is a hotel owner and operator, with 102 hotels and approximately 18,800 rooms under operation throughout Mexico, the United States and South America under the Aqua, Fiesta Americana, Fiesta Americana Grand, Fiesta Americana Vacation Club, Fiesta Inn, One Hotel, Caesar Park, Caesar Business, and Explorean brands. Grupo Posadas is based in Mexico City and has shares listed on the Mexican Stock Exchange and the U.S. PORTAL market.