GTIS makes major bid for Brazil hotel business
GTIS Partners, which has already invested more than $1.3 billion in Brazil, is offering to fork out another $350 million to take a major stake in the country’s hotel business.
According to documents and media reports, GTIS has offered to buy a 70 percent stake in Brazil Hospitality Group and take the company private. BHG, the country’s third-largest hotelier, owns and manages more than 50 hotels and 10,000 guest rooms, with most of its properties located in Rio de Janeiro and São Paulo.
Though GTIS’ executives declined comment, a report in The Wall Street Journal says the cash for the deal will come from the firm’s $810 million Brazil fund. The offer to buy 42 million shares at $8.30 per share each represents a 36 percent premium over the closing price the day prior to the Aug. 8 offer. According to Th