MEXICO CITY -- Mexico's government-run airline holding company, Cintra SA, said Friday that its shareholders unanimously approved the sale of its Mexicana airline group to local hotel chain Grupo Posadas SA.

The deal is expected to close by Dec. 28, Cintra said in a filing with the Mexican Stock Exchange.

Posadas is buying the Mexicana airline and low-cost carrier Click, and will take a 50 percent stake in Cintra's ground services unit, cargo division, personnel training unit, and other services.

The hotel chain is paying $165.5 million plus debt and other financial obligations, setting the value of the carrier at $1.46 billion.

The government received only two bids for each of Cintra's airlines, Mexicana and AeroMexico. Posadas and Grupo Xtra, the holding company for Mexican pharmaceutical distributor Grupo Casa Saba SA, both offered to buy 100 percent of Mexicana.

Posadas also put up an offer to purchase 75 percent of AeroMexico, while Xtra tried to buy that carrier in full.

However, Cintra decided to keep control of AeroMexico because Xtra's offer was too low.