MEXICO CITY, Oct 9 (Reuters) - Mexican hotel chain Hoteles City Express said on Thursday it had sold 2.35 billion pesos ($176.11 million) in shares in a follow-on offering to continue developing new hotel projects.
Foreign investors bought up a bigger portion of the 100 million shares at 23.5 pesos each, while Mexican investors purchased about 36 percent, the company said in a statement to Mexico’s bourse. The offering did not include a green shoe of 15 million additional shares.
Founded in 2002, Hoteles City Express runs 90 hotels in Mexico, Costa Rica and Colombia, which are mainly aimed at lower-end business travelers. (1 US dollar = 13.3440 Mexican peso) (Reporting by Alexandra Alper and Cyntia Barrera)