Legal counsel to Balanz Sociedad Gerente de Fondos Comunes de Inversión S.A.U., Balanz Capital Valores S.A.U. and Macro Securities S.A.U. in connection with the issuance of the first tranche of Class A co-ownership units of the closed-end real estate investment fund (Fondo Común de Inversión Cerrado Inmobiliario) “Simon Hotel,” for a face value of AR$49,176,637,000 (approximately US$32 million).
The fund will apply the proceeds of the offering to the construction and commercial operation of a premium-category hotel with approximately 500 rooms, to be built on a property of approximately 36,800 sqm at the corner of Godoy Cruz and Costa Rica streets, in the Palermo neighborhood of the City of Buenos Aires, which also contemplates an events venue, retail units and a parking facility with approximately 300 spaces.
The hotel will be operated under the “Simon Hotel” brand, created by Patricio Fuks and Alejandro Frenkel, founders of Fen Hoteles. Through the fund, investors are able to participate in the project from AR$1,000, from its development stage and throughout its subsequent commercial operation, and the units are listed for secondary trading on Bolsas y Mercados Argentinos S.A. (BYMA) under the ticker “HSIM.”