BHG Closed the Acquisition of Shares of Brascan Imobiliaria Hotelaria e Turismo S.A., Owner of the Hotel Intercontinental in Rio de Janeiro

Mar 24, 2011, 10:25 ET from BHG S.A. - Brazil Hospitality Group

SAO PAULO, March 24, 2011 /PRNewswire/ -- BHG S.A.– Brazil Hospitality Group (BM&FBovespa: BHGR3) has announced the closing of the acquisition of the shares representing 100% of the stock of Brascan Imobiliaria Hotelaria e Turismo S.A., the company that owns one of the most emblematic hotels in the country, currently known as the Hotel Intercontinental, in Sao Conrado, Rio de Janeiro.

The transfer of the shares occurred March 22, 2011, thus bringing to a close a transaction initiated with the signing of a Memorandum of Understanding in December of 2010. The hotel has 418 high quality suites, complete infrastructure for business tourism, in addition to 22 meeting rooms for events and trade fairs, which can simultaneously accommodate more than two thousand people. The building has a heliport and is in a privileged location, only 21 kilometers from Santos Dumont Airport and 35 kilometers from Galeao International Airport.

Spread out along the green course of the Gavea Golf Club, the hotel is surrounded by the remarkable Pedra da Gavea rock formation and Sao Conrado beach. All of its suites have a view of the ocean. The hotel has private floors with splendid differentials, in addition to two pools, a sauna, fitness center, two tennis courts, and two restaurants that meet international standards, adding up to a total of approximately 33.000 square meters of built area.  

The establishment will receive the Royal Tulip flag, which is the upscale brand of Golden Tulip, bringing the highest and most exclusive level of the hotel chain's service to Rio de Janeiro. It will be the first establishment with this service standard in the southeast of Brazil, which strengthens BHG's market position in one of the most important markets in the Brazilian hotel industry.  

"We are planning to invest R$ 25 million in the renovation of the establishment, to bring it back to the highest standards of the international hotel industry," says company president, Pieter J. F. van Voorst Vader. "We will be moving ahead with our plan for the consolidation of our brand throughout the country, and Rio de Janeiro will unquestionably be one of the most strategic regions for BHG," he concluded.

Establishing its presence in every region in Brazil

In addition to this acquisition, BHG recently announced that it has undertaken the management of new establishments: Tulip Inn Batista Campos and Tulip Inn Nazare, in Belem; and Tulip Inn Centro Historico, in Porto Alegre. Now BHG is present in every region of Brazil, with a portfolio of approximately 6 thousand suites.  

Who we are:

BHG S.A. – Brazil Hospitality Group is one of the leading companies in the Brazilian hotel industry, with its own hotels as well as those it manages divided into categories of 3, 4 and 5 stars. The company has the exclusive rights to use the Golden Tulip brands in South America.

BHG is a public company, whose shares are traded on the Novo Mercado of BM&FBovespa with the ticker BHGR3.

Communication Office
BHG S.A. – Brazil Hospitality Group
Fernanda Pannunzio
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SOURCE BHG S.A. - Brazil Hospitality Group