Bolsa Readies for Next Hotel Operator

Grupo Hotelera Santa Fe plans to become the latest Mexican hotel operator to hold an IPO, according to offering documents. The size and timing remain to be set for the deal that features primary as well as secondary shares sold by existing shareholders. Developer Grupo Chartwell and private equity funds Walton Street and Nexxus are the main owners. Santa Fe is raising funds to repay debt and for expansion. Barclays and JPMorgan are managing the international portion, and BBVA and Santander the Mexican portion. Santa Fe operates 10 hotels in 5 Mexican states, including a mix of city and beach resort properties, under brands including Hilton, Hampton Inn, Hyatt and Krystal. The issuer reported MXP1.05bn ($80m) revenue last year. It would follow City Hoteles and the Fibra Inn and Fibra Hotel trusts in going public in the past year. Next up in the Mexican pipeline is the IPO of airline Volaris, scheduled to price Wednesday.