Fibra Hotel Plans Return ECM Visit

Concentradora Fibra Hotelera Mexicana is planning to return to the equity markets to raise more than MXP4.0bn ($324m). The hotel real estate fund owned by Grupo GDI and known as Fibra Hotel is planning to follow up its MXP4.14bn IPO in December with the follow-on sale of 170m primary shares, according to regulatory documents. Such a deal would raise MXP5.0bn at Friday’s MXP25.56 closing price, assuming a 15% greenshoe is included. The issuer is planning a May 30 pricing, with both domestic and international tranches. BBVA and JPMorgan are global coordinators, joined by Goldman Sachs on the international portion and Evercore and Banorte-Ixe on the domestic piece. Proceeds will be used for acquiring and developing additional properties, as well as for general corporate purposes. Fibra Hotel has been widely expected to hold a follow-on, following the successful pattern of Fibra Uno, the trust that was the pioneer of the Fibra real estate fund asset class and has been to the market three times to raise more than MXP34bn. FIbra Hotel’s IPO saw 4x demand and placed 44% of the shares abroad. The fund includes 39 operating Mexican hotels and 16 in development, under the Fiesta Inn, One and Camino Real brands, in 22 Mexican states. Fibra Hotel is the first equity issuer to file after a short lull in the Mexican market that followed a very active January-March period. Bankers expect several more deals to appear in the coming weeks.