SAO PAULO, March 20, 2012 /PRNewswire/ -- BHG S.A. - Brazil Hospitality Group hereby announces the completion of negotiations for the acquisition of the new hotels in Belem, the capital of the state of Para, and the beginning of preparation of corporate documents required to complete the acquisition.
The operation in question, which began on August 25, 2011, involves the acquisition of significant interest in two currently operating hotels, in addition to the acquisition of substantial interest in two hotels that are nearing completion of construction and another hotel to be managed as of 2014.
The acquisition of interest in these hotels will be concluded through a corporate operation, where BHG will merge the shares of the company that holds interest in these properties and, in return, the current shareholders of said company, that have already received 45.5% of the stipulated price in cash, shall receive the remaining 54.5% in BHG shares, at a price of twenty-three reais (R$23.00) per share, a price previously established in agreements between the two parties.
The corporate documents related to this operation will be prepared and published, as well as submitted for approval by the Company's shareholders within the next 60 days, in accordance with applicable regulation. A new Material Fact regarding the operation will be published by the Company in due time.
BHG S.A. – Brazil Hospitality Group is one of the leading hotel companies in Brazil, with its own and managed hotels in the three-, four- and five-star categories. It is responsible for the Golden Tulip brand in South America.
BHG is a publicly-held company with shares traded on the Novo Mercado segment of the BM&FBovespa under the ticker BHGR3, and a Level I ADR program for trading its shares on the over-the-counter (OTC) market in New York, USA, under the ticker BZHGY.
BHG S.A. – Brazil Hospitality Group
11.3577.2302 / 11.9668.7249
SOURCE BHG S.A. - Brazil Hospitality Group