Judgment of the Motion for Clarification Does not Affect the Result of the Court Decision on the Acquisition of the Rio Palace Hotel by the BHG Group
SAO PAULO, July 11, 2012 /PRNewswire/ -- (BM&FBovespa: BHGR3; OTC: BZHGY ) On May 23, 2012, the 4th Civil Chamber of the Rio de Janeiro State Court granted the interlocutory appeal filed by the BHG Group in order to, by modifying a Lower Court's decision, reject the preemptive right alleged by Nova Riotel for the acquisition of the Rio Palace hotel. In such occasion, therefore, the Judiciary Branch confirmed the validity and the effectiveness of the acquisition of the hotel by the BHG Group, supporting all the matters then raised by the BHG Group.
Nova Riotel filed, on June 5, 2012, motion for clarification (embargos de declaracao) against the decision that ruled the interlocutory appeal. On the date hereof, the 4th Civil Chamber of the Rio de Janeiro State Court ruled such motion for clarification.
During the oral discussions among the justices in the public session, the Reporting Justice explained that the motion for clarification had been accepted only for the purpose of including additional clarifications, without modifying the result of the previous court decision.
Further details will be disclosed as soon as the court decision related to the motion for clarification is published in the official gazette, after the accomplishment of the applicable procedural steps.
Brazil Hospitality Group is one of the leading hotel companies in Brazil, with its own and administered hotels in the 3, 4 and 5 star categories. The Company is responsible for the Golden Tulip brand in South America.
BHG is a publicly held company, with shares listed on the BM&FBovespa's Novo Mercado segment, under the ticker BHGR3, and with an ADR Level I Program for trading shares on the OTC market in New York, under the ticker BZHGY.
SOURCE BHG S.A. - Brazil Hospitality Group