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BHG S.A. – Brazil Hospitality Group announces the acquisition of Hotel Rio Palace, concluding the negotiation with Veplan Hoteis e Turismo S.A., a company undergoing judicial reorganization ("Veplan"). The signature of the Deed of Purchase of the property, on August 17, 2011, materializes the final transfer of the property’s ownership to the Company.
The negotiation began on August 26, 2010, with the execution of a Private Instrument of Purchase, amended on September 2, 2010, between BHG and Veplan.
The acquisition was approved by the Committee of Creditors duly qualified in the process of judicial reorganization of Veplan, at a meeting held on September 3, 2010. Finally, the Private Instrument of Purchase was unanimously approved by a decision of the 4th Rio de Janeiro District Court, as per the notice to the market of July 6, 2011.
"It is one of the most important hotels in the country and we are very glad with the formalization of the acquisition of Hotel Rio Palace", says Pieter J. F. van Voorst Vader, CEO of BHG S.A.
Rio Palace has a total built area of 57,811 sq.m., 388 rooms with balconies, ten conference rooms for up to 2,000 people and 13 meeting rooms in its business center, two restaurants, a bar, a gym and an underground parking lot.
With this acquisition, BHG totals 1,611 rooms in the city of Rio de Janeiro and 40 event rooms.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
