BHG Raises BRL85m

Brazil Hospitality Group has raised BRL85m through a private share subscription, it says. The tourism-oriented real estate developer formerly known as Invest Tur Brasil sold 4.5m new shares at BRL18.50 each. Among the investors participating were Leblon Equities Gestao de Recursos, Reef America and Manulife Asset Management. “This operation is strategic for the growth of BHG. We have a number of opportunities for purchasing and developing hotels, and the resources of this operation will finance the expansion of our network,” BHG says in a statement.