Switzerland's Acron AG on confirmed the purchase of Rio de Janeiro's Hotel Gloria from Brazilian businessman Eike Batista, marking its first investment in Brazil, the firm said in a statement, as reported by The Wall Street Journal.
Acron also confirmed that it is in negotiations with five international hotel management groups to manage the hotel, including Four Seasons.
Acron will pay 200 million Brazilian reais ($83 million) for the hotel, according to a WSJ source. A spokesperson for the company couldn't be immediately reached to confirm the amount.
Acron, an investment firm based in Zurich, said it aims to invest long term in the hotel and offer it as a single-property stock corporation to interested qualified investors in a private placement.
Batista bought the luxury hotel in 2008 for around $50 million.