Brazil Hospitality Group To Acquire Rio Palace
Acquisition of Hotel Rio Palace approved by Rio de Janeiro Court of Justice
SAO PAULO, Brazil - BHG S.A. - Brazil Hospitality Group announces the approval 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 m², 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.
"This 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, we will have excellent opportunities for business tourism and receptive tourism," notes Pieter Jacobus F. van Voorst Vader, President of BHG S.A – Brazil Hospitality Group.
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.