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Carefully check the amplitude of the letter 'O', the termination of the letter 'R' and the shape of the letter 'E'
I'm almost certain this is custom drawn, but these come close:
http://www.myfonts.com/fonts/gatf/chipping/regular/ (more for LEONA, not so much for CERVEZA)
http://www.fonts.com/font/berthold/laudatio-bq/volume (medium weight)
Perhaps the closest out of the box tiny/spur serif fonts to this lettering are:
Mythica http://www.myfonts.com/fonts/k-type/mythica/ Even has a similar convex curve to the leg on the _R_ Has several weights to handle the different versions sof the lettering.
Modesto http://www.myfonts.com/fonts/parkinson/modesto/ Note the close _E_. Several widths and weights.