SAO PAULO, Feb. 6, 2013 /PRNewswire/ -- "There was not any reversal in Hotel Rio Palace's case. The third Vice Chairman of the State Appellate Court of Rio de Janeiro only decided that an appeal by Accor must be submitted to the Superior Court of Justice for analysis. Consequently, there will not be any reversal until the Superior Court of Justice analyzes the appeal. The BHG Group believes there will be no reversal and that the Superior Court of Justice will uphold the unanimous decision of the 4th Civil Chamber of the State Appellate Court of Rio de Janeiro, which, supported by the Prosecution Office's opinion, rejected the allegations of the Accor Group".
Fernanda Pannunzio, spokesperson of BHG S.A. - Brazil Hospitality Group
Who we are:
BHG S.A. - Brazil Hospitality Group (BM&FBovespa: BHGR3; OTC: BZHGY), 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.
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 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. In September 2012, BHG announced the beginning of a FIP- 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 the key growth drivers for BHG in the coming years.
SOURCE BHG S.A. - Brazil Hospitality Group