Brazil Hospitality Group Acquires Grupo Solare
January 30, 2012 - BHG S.A. - Brazil Hospitality Group (BM&FBovespa: BHGR3) has signed an agreement for the acquisition of the hotel management company Grupo Solare, marking the beginning of BHG's operations in Maranhao, the second largest state in Brazil's Northeast region, with the management of 8 hotels with a total of 1,100 rooms.
Currently, Grupo Solare manages 7 hotels in Sao Luis, in the budget (Soft Inn), economy (Expresso XXI), and midscale (Solare Hoteis and Suites) categories, totaling 858 rooms. The Group also manages the luxury hotel Gran Solare Lencois Resort, with 242 rooms, which located at the entry gate of the Lencois Maranhenses National Park, in the city of Barreirinhas.
The Company will take over operations on April 1, 2012, maintaining Solare's structure and operational base, which will also be responsible for managing the hotels acquired in Belem do Para during 2011.
"Business tourism is booming in the northeast of Brazil, as many investments are being made in the region. The acquisition of Grupo Solare is fundamental, in that it will enable us to take up a strategic position in the states of Para and Maranhao," declared Pieter J. F. van Voorst Vader, BHG's CEO. With this acquisition, BHG now has 45 owned and managed hotels, with 8,322 rooms, distributed across 15 states plus the Federal District, in addition to 12 hotels under development, which will add 2,329 rooms to the network in the coming years, increasing the number of own and managed rooms to approximately 10,700 by the end of 2014.
About BHG:
BHG S.A. - Brazil Hospitality Group is one of the leading hotel companies in Brazil, with its own and managed hotels in the three, four and five-star categories. The Company is responsible for the Golden Tulip brand in South America.
BHG is a publicly-held company, with shares listed on the BM&FBovespa's Novo Mercado trading segment under the ticker BHGR3.
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