The first lodging Fibra (Fideicomisos de Inversión en
the Mexican version of a real estate investment trust (Reit),
was offered by GDI Group on November 29.
The units were offered publicly
on a Mexican exchange, sold to US investors through a 144A
private placement, and in Europe through a Regulation S
GDIs Fibra, known as
FibraHotel, is only the third Fibra offering and the first to be based on hotel
payments. Earlier offerings were based on diverse portfolios of
office buildings, shopping malls and industrial warehouses
among other things.
The most significant difference
in a lodging Fibra from a structuring perspective is the
necessity of the issuer to separate hotel room rentals from
other hotel expenses.