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Foreign Buyers Check in to Hotel Fibra

Dec 3, 2012

Better than anticipated foreign participation has boosted Concentradora Fibra Hotelera’s MXP4.14bn ($318m) IPO, the Mexican Fibra asset class’s second-ever fund and the first to focus on hotel properties. The deal was heard 4x subscribed, and a larger retap should eventually be in the cards, following the pattern of Fibra Uno, the market’s debut transaction. The fund operated by Mexican developer Grupo GDI sold 224m shares, including a 15% greenshoe, at MXP18.50 each, toward the low end of a MXP18.00-MXP21.00 range. The issuer placed 44% of the shares in the ex-Mexico...

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