AccorHotels Partners With Brazil Hospitality Group
- Nov 24, 2017
Brazil Hospitality Group, one of the largest owners of hotel assets in Brazil, has partnered with AccorHotels, which will manage 17 of BHG’s properties. During the next four years, the company plans to invest roughly $93 million (R$ 300 million) in the renovation and repositioning of the properties, which will be progressively rebranded under AccorHotels flags.
“Precisely now when the Brazilian hospitality market is soft, we will carry on a major renovation program in mostly all of our hotels, so that by 2020 BHG will emerge in a recovering market with a markedly superior hotel portfolio in the country,” said Rubens Freitas, chairman of BHG & managing director of GP Investments, in a prepared statement.
Almost two years after the sale of its $550 million European portfolio, AccorHotels has also recently acquired LEBSPE Ltda from BHG, a company that manages The Capital São Paulo Itaim and Grand Plaza São Paulo Jardins hotels in São Paulo; Soft Inn São Luis in Maranhão; and Presidente Uberlândia Hotel in Minas Gerais.
BHG has a portfolio valued at up to $372 million (R$1.2 billion) in properties across the country. In parallel to this partnership, the company continues its expansion in hotel management, with the opening of the Soft Inn Maceió in the beginning of 2018, which will join the other 16 hotels operating under the Royal Tulip, Golden Tulip, Tulip Inn and Soft Inn brands.