Concentradora Fibra Hotelera Mexicana SA, a real-estate investment trust in Mexico that went public in November, plans to sell additional shares this month in a follow-on offering.
FibraHotel, as the trust is known, intends to sell as many as 170 million new shares known as CBFIs on May 30, according to a company presentation posted on the regulator’s website. At yesterday’s closing price, that many shares would be worth 4.4 billion pesos ($357 million). The Mexico City-based company had 300 million shares outstanding as of today.
The company has said it plans to triple hotel properties to 100 in coming years from 34 at the end of the first quarter. The goal is emphasized in one of the company’s corporate logos, where the name “FibraHotel” sits atop a yellow “100.”
The offering, which will be carried out in overseas markets as well as in Mexico, will be led by Banco Bilbao Vizcaya Argentaria SA, JPMorgan Chase & Co., Goldman Sachs Group Inc., Evercore Casa de Bolsa SA and Grupo Financiero Banorte SAB, FibraHotel said today in a separate statement.
An overallotment option for the underwriters would increase the size of the sale by 15 percent, the company said.