SAO PAULO, Jan. 8, 2014 /PRNewswire/ -- BHG S.A. - Brazil Hospitality Group (BM&FBovespa: BHGR3; OTC: BZHGY) hereby announces the conclusion of the transaction to acquire 100% of the shares representing the capital stock of LM Empreendimentos e Participacoes S.A., owner of one of Brazil's most iconic hotel developments, currently named Hotel Marina Palace, in Rio de Janeiro. The acquisition was concluded yesterday, January 7, 2014, ending the transaction started with the signature of the Memorandum of Understanding on October 16, 2013. Located in front of Leblon beach, one of the most exclusive and upscale regions in the country, hotel Marina Palace has 150 rooms with an ocean view, two renowned restaurants and a complete structure for hosting events.
BHG will take over the operation of the hotel today, January 8, 2014, maintaining the name "Marina Palace" during the remodeling and improvement period to adjust it to the standards required by the Golden Tulip Hospitality Group. "We intend to invest R$15 million in improving the hotel, affording it an outstanding position in the national hotel industry", declared the Company's CEO, Eduardo Bartolomeo.
At no point BHG's management will interrupt the hotel operation nor affect the services provided to the guests.
With the operation, BHG will have five hotels in the city of Rio de Janeiro, with 1,300 rooms.
Who we are:
BHG S.A. - Brazil Hospitality Group, the country's third largest hotel chain, is the first Brazilian company to operate in the real estate segment specializing in business tourism hotels, with owned and managed hotels in the 2-, 3-, 4- and 5-star categories.
The exclusive contract with the Golden Tulip Hospitality Group in South America allows it to use the Royal Tulip (5-star), Golden Tulip (4-star) and Tulip Inn (3-star) brands. BHG also has the Soft Inn brand, used for limited-service 2-star hotels, which offer an attractive cost-benefit ratio for business tourism.
BHG ended the third quarter of 2013 with a total of 9,125 rooms in operation, distributed through 48 hotels. Considering all the hotels under development with Memorandums of Understanding signed and the hotels that are being developed by FIP, the Company will reach approximately 13,790 rooms by the end of 2016, distributed through 72 hotels.
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, United States, under the ticker BZHGY.
SOURCE BHG S.A. - Brazil Hospitality Group