Brazil Hospitality Group S.A (BHG) announced Thursday it attained approval to acquire Hotel Rio Palace.
 
The approval was by unanimous decision of the Registered Instrument of Promise of Purchase and Sale established on August 26, 2010, and amended on September 2, 2010, between BHG and Veplan Hoteis e Turismo S.A. (Veplan), a company in bankruptcy reorganization (Chapter 11) for the acquisition of the Hotel Rio Palace (currently operated with the "Sofitel" brand). The decision was announced yesterday.

The acquisition received the approval of the Creditors Committee, duly authorized in the bankruptcy reorganization proceedings of Veplan, at a meeting held on September 3, 2010.

Considered one of the city's most relevant hotels, the Rio Palace has a total built area of 57,811 m?, 388 suites with balcony, 10 event rooms for up to 2,000 persons, 13 meeting rooms in the Business Center, two restaurants, a bar, a gym and underground parking.
 
Pieter Jacobus F. van Voorst Vader, President of BHG S.A – Brazil Hospitality Group, said the investment is one of BHG's most significant achievements, and it will guarantee to the Company an excellent return.
 
The Rio Palace, in addition of having easy access to the Santos Dumont Airport, is located between the two most famous beaches in Rio de Janeiro: Copacabana and Ipanema. With this, the company will have excellent opportunities for business tourism and receptive tourism, said Vader.

With the acquisition of this property, BHG reaches 1,530 rooms in the State of Rio de Janeiro, under 3, 4 and 5 stars hotels, and 40 event rooms.

Brazil Hospitality Group is one of Brazil's main hotel companies, with hotels of its own and those it manages divided into 3, 4 and 5-star categories. The company is responsible for the Golden Tulip brand in South America.

Brazil Hospitality Group engages in the planning, investment, development, and exploration of real estate properties in the leisure and business sectors in Brazil. The company engages in the acquisition, sale, exploration, or lease of properties, land, buildings, and real estate in rural and/or urban areas for tourism purposes.

It has 16 projects, consisting of approximately 86 million square meters, including long-term land bank, and hotel and real estate projects, as well as manages 33 hotels. The company was formerly known as INVEST TUR Brasil – Desenvolvimento Imobiliario Turistico S.A. and changed its name to BHG S.A. - Brazil Hospitality Group in January 2010. BHG S.A. - Brazil Hospitality Group was founded in 2007 and is based in Sao Paulo, Brazil.

7th July 2011