BHG Buys Icon of Brazil's Hotel Industry in Rio de Janeiro
The acquisition consolidates the company's growth strategy for 2010.
BHG also agreed to anticipate its receivable from its participation in the Projeto Sao Paulo Fair.
SAO PAULO, Dec. 28, 2010 /PRNewswire-FirstCall/ -- BHG S.A. – Brazil Hospitality Group (BM&FBOVESPA: BHGR3) announces that it signed a contract today, December 28th, 2010, for the acquisition of 100% of the shares of Brascan Imobiliaria Hotelaria e Turismo S.A., which is the sole owner of the building located at Avenida Prefeito Mendes de Morais 222, Sao Conrado, Rio de Janeiro, currently known as "Hotel Intercontinental." With this purchase, BHG S.A. adds a major hotel to its portfolio, just 15 days after the company's entry into the northern region of Brazil with the simultaneous acquisition of two hotels in the city of Belem.
The establishment has 418 high quality apartments and offers a complete structure for business tourism, with 22 chambers for events and trade fairs, able to accommodate more than two thousand people at the same time. The hotel has a heliport and is located only 21 km away from Santos Dumont Airport and 35 km away from Galeao International Airport.
"This acquisition adds a great icon of Brazil's hotel industry to the company's portfolio, which is closing the year with 38 hotels in its network. In 2011, we will continue with our aggressive growth rate, with plans to add at least 1,500 new rooms to our chain. The consolidation of our brand throughout the country will follow, and with no doubt, Rio de Janeiro will be one of our main markets," emphasizes company's president, Pieter J. F. van Voorst Vader.
In a privileged location, right over the green course of the Gavea Golf Club, the hotel is surrounded by Pedra da Gavea and the Sao Conrado beach. All of its apartments have an amazing ocean view and the hotel counts with exclusive floors with great differentials, as well as two pools, sauna, a fitness center, two tennis courts and two restaurants of international level and widely recognized in the city, representing a total of approximately 33,000 sqmt. of built area.
The company plans to modernize the hotel along 2011, enhancing even further its outstanding position in Rio de Janeiro's hotel market .
Who Are We:
BHG S.A. – Brazil Hospitality Group is one of the leading hotel companies in Brazil, with owned and managed hotels divided into 3-, 4- and 5-Star categories. The company is responsible for the Golden Tulip brand in South America.
BHG is a public company, with its shares traded on Bovespa's Novo Mercado.
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It's been reported by Brazilian media that the hotel will be rebranded Royal Tulip some time next year while the renovation begins. Brascan Imobiliaria Hotelaria e Turismo S.A. belonged to Brookfield Asset Management, so the hotel was not a direct property of IHG.