Brazil Hospitality Group (BM&FBovespa: BHGR3; OTC: BZHGY ) has entered into an agreement to acquire 100% of the shares representing the capital stock of LM Empreendimentos e Participacoes S.A., thereby becoming the owner of the Marina Palace Hotel, in the city of Rio de Janeiro.
The hotels "Marina All Suites" and "Villa Rasa Marina" are not part of the acquisition agreement, neither is the management of the restaurants Bar d´Hotel and Bar do Lado.
Located in front of Leblon beach, one of the most exclusive and upscale regions in the country, the Marina Palace Hotel has 150 rooms with an ocean view and is considered to be an icon of the national hotel segment. Among other facilities, the hotel has two renowned international-standard restaurants and a complete congress and conference structure that can accommodate up to 560 people at the same time.
BHG intends to invest R$15 million in improving and expanding the hotel. The operation will further strengthen BHG's presence in the country's leading hotel market – it now has five hotels in Rio de Janeiro, all located in prestigious ocean-front areas, with approximately 1,300 rooms.
"This is one of the company's most important acquisitions, giving us a strategic position in Rio de Janeiro, with the capability of serving both leisure and business travelers, and expanding our capacity in relation to major international events, such as the World Cup and the Olympic Games," declared the Company's CEO, Eduardo Bartolomeo.
BHG is scheduled to take over management in January 2014.
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