ACRON has acquired the real estate of Hotel Glória in Rio de Janeiro. The seller is REX, the real estate holding of Eike Batista.
ACRON acquires Hotel Glória in Rio de Janeiro, a hotel with a long tradition. Hence a prominent property of entrepreneur Eike Batista’s assets changes ownership. The Brazilian subsidiary of ACRON, ACRON do Brasil Ltda, and Eike Batista’s real estate holding REX signed the purchase agreement on February 1, 2014. ACRON is currently negotiating potential management of the hotel with five important international hotel management groups, amongst others Four Seasons.
“We are very pleased that our group company in Brazil, introduces its first ever investment. Hotel Gloria is a landmark and a hotel with a long tradition in Rio de Janeiro. It perfectly fits into our current real estate portfolio. After the re-opening Hotel Glória will be a leading hotel, managened by an internationally well-established hotel management group. This will offer a superior return potential for our investors”, said Kai Bender, CEO of ACRON AG.
The five-star hotel Glória was inaugurated in 1922 and is currently being thoroughly refurbished. After the renovation, the hotel will offer 352 rooms, restaurants, a theater, shops, a gym and a swimming pool with view to the Sugar Loaf Mountain. The opening is planned for December 2015/2016 and just in time for the 2016 Olympic Games of Rio de Janeiro.
ACRON aims at a long term investment of the property and offers it as a Luxembourg single-property stock corporation to interested qualified investors in a private placement. ACRON will handle asset and property management, and manage the investment on behalf of investors.