SAO PAULO, Sept. 26, 2012 /PRNewswire/ -- BHG S.A. - Brazil Hospitality Group (BM&FBovespa: BHGR3; OTC: BZHGY ) has entered into a "Share Purchase Agreement and Other Covenants" with H11 ASSESSORIA FINANCEIRA E PARTICIPACOES LTDA. through which it agreed to sell its entire indirect interest in TERRAVISTA BOUTIQUE EMPREENDIMENTOS IMOBILIARIOS SPE S.A., the owner of the property which will be used to develop the TXAI Terravista Trancoso project.
The document was signed by its subsidiary TERRAVISTA INVESTIMENTOS S.A. and will earn the Company around R$14.25 million, R$13.5 million of which to be paid via the transfer of 13 project units and the remaining R$0.75 million to be paid in cash on demand.
"This agreement reinforces the Company's strategy of divesting non-core landbank assets and/or ensuring greater liquidity for these assets," declared Pieter J. F. van Voorst Vader, CEO of BHG S.A. - Brazil Hospitality Group. "As a result, we will reduce our landbank costs in order to strengthen our core activity, which is business tourism."
In addition to Txai Itacare, BHG will be responsible for operating Txai Terravista Trancoso when the project is ready.
TXAI TERRAVISTA TRANCOSO
Txai Terravista Trancoso, conceived in accordance with the philosophy of the Txai brand, will be installed on a site of approximately 70,000 m2 and will be equipped with complete infrastructure, including a restaurant, kids club, lounge, convention rooms, swimming pool with poolside bar, fitness center and a spa with wet and dry saunas, hydromassage, massage rooms and aesthetic treatment rooms. There will be 69 units with distinct areas, divided into eight chalets, 42 apartments and 19 homes. The project is in the selling phase.
Works are scheduled to begin in December 2012, with operational start-up in December 2014.
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 3-, 4- and 5-star categories. It currently has 48 operational hotels in its portfolio, with 8,539 rooms, as well as 22 projects under development.
The exclusive contract with 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 corporate tourism.
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 under the ticker BZHGY. In September 2012, it announced the beginning of a Fundo de Investimento em Participacoes (FIP), a private equity fund, with the purpose of investing in the development of greenfield real estate projects in the domestic hotel sector in the midscale category. The development of greenfield hotels will be one of BHG's key growth drivers in the coming years.
SOURCE BHG S.A. - Brazil Hospitality Group