Mexico's Hoteles City Express plans global share offering
MEXICO CITY, Sept 24 (Reuters) - Mexican hotel chain Hoteles City Express said on Wednesday it is planning a global share offering to take advantage of growth opportunities, buy new hotels and improve its technological infrastructure.
The company gave no details on the size of the share offering, which is conditional on regulatory approval, nor how much money it hoped to raise.
"Hoteles City maintains its promise to grow with new hotels ... mainly in Mexico," the company said in a statement to the Mexican bourse, adding that Morgan Stanley and Citigroup Inc would act as global bookmakers.
Hoteles City Express said it hoped to realize the offering as soon as it was given regulatory permission, adding that it would be dependent on market conditions.
On Tuesday, Mexican bread maker Bimbo postponed its follow-on share offering after deciding market conditions were unfavorable for such a move.
Hoteles City Express runs 88 hotels in Mexico, Costa Rica and Colombia, which are mainly aimed at lower-end business travelers.
Shares in the company ended down 1.53 percent at 25.68 Mexican pesos ($1.93) before the announcement was made.
($1 = 13.2855 pesos) (Reporting by Gabriel Stargardter; Editing by Lisa Shumaker)
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