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Third-largest hotel chain in Brazil scores high

Third-largest hotel chain in Brazil scores high

Posted by Laura Zúñiga on August 27, 2014

A U.S. real-estate investor could become one of the largest hotel owners in Brazil if the firm succeeds in a tender offer that values Brazil Hospitality Group BHGR3.BR +0.29% at $1 billion.

GTIS Partners, a New York-based private-equity firm, is part of a group offering 19 reais ($8.30) a share in a tender offer for the country's third-largest hotel chain, with more than 9,000 rooms in Brazil, according to documents describing the tender offer. That offer represents a 36% premium over the closing price before the tender offer was made on Aug. 8.

The Brazil hotel company, known for its beachfront properties such as the Txai Resort in Itacaré, was founded in 2009 by GP Investments, GPIV33.BR -1.01% an alternative investment firm that focuses on Latin America and is joining with GTIS in making the tender offer.

GTIS is using money from its $810 million Brazil fund to acquire the hotel operator, which could be well positioned for the 2016 Summer Olympics in Rio de Janeiro, with five properties in and around the city.

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