Eike Batista selling his hotel projects in Rio

The European group Acron announced on Sunday the purchase of the Hotel Gloria, bought from Eike Batista in Rio de Janeiro, on its first investment in Brazil. The company, which did not mention the amount paid for the hotel which was controlled by Eike’s real estate company, REX, said they are negotiating the management of the hotel with five major international hotel chains.

Hotel Gloria remodelling project in Rio

The five-star 352 room hotel opened in 1922 and purchased by Eike in 2008 for R$ 80 million, according to information published by the media. Acron expects the hotel to reopen in December, in time for the 2016 Olympics, but not in time for World Cup.

In September, the Brazilian Administrative Council for Economic Defense (CADE) approved the unrestricted sale of the control of the Marina da Gloria, in Rio de Janeiro, to BRM Holding de Investimento Glória. The marina was also controlled by Eike’s Groupo, under the company name MGX Empreendimentos Imobiliários e Serviços Náuticos. The operation took place amid the financial crisis experienced by the EBX Group, owned by the brazilian businessman, with bankruptcy filings from companies such as OGX, now named Óleo e Gás (Oil and Gas).

Eike also selling another hotel project in Rio
After closing the sale of the Hotel Gloria to Acron, the entrepreneur Eike Batista is reportedly also negotiating the hotel project in Morro da Viúva, on the Flamengo neighborhood at the south zone of Rio de Janeiro. The information is from the newspaper “O Estado de S. Paulo” on Tuesday (4). According to the report, the French group Natekko is almost closing the purchase.

morro da viuva hotel project in rio de janeiro

The deal would still have to be approved by the board of Clube de Regatas do Flamengo, a famous brazilian soccer team that owns the building. The club sold exploration rights for 25 years to Eike’s group, and had received from REX, his real estate company, US$ 18 million as leasing. REX planned to build a luxury hotel on the site but with the crisis of the X group decided to abandon the contract.

Located in one of the most valued square meters of Rio, overlooking the Sugar Loaf, the property has 160 apartments to be converted into 300 hotel rooms. REX was estimating investing R$ 120 million.

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Joe Cloud
Dutch, American, Brazilian... lived there for 5 years and owns property in Brazil. Out of the country for a few years now and would like to go back, however current circumstances tell me it's not the right time.

Published by Joe Cloud

Dutch, American, Brazilian... lived there for 5 years and owns property in Brazil. Out of the country for a few years now and would like to go back, however current circumstances tell me it's not the right time.