BHG Project BHG  Brazilian Hospitality Group S.A. (BHG or the Company) is the third largest player in the Brazilian hospitality industry; it is listed in the Novo Mercado section of the BM&F Bovespa stock exchange (Novo Mercado) with a market capitalization of approximately US$450 million. The current hotel portfolio includes 8,513 rooms distributed in 48 properties, of which 23 are fully or partly owned and 25 are managed for third parties. The Company intends to continue growing complementing its acquisitions and management segments with the implementation of greenfield, energy efficient hotels under a dedicated investment fund, Fundo de Investimento e Participação em Hotelaria (the FIP).     BHGs 2013-2015 investment program (the Project) includes: the execution of new acquisitions; the construction and operation of a number of three-star, energy efficient greenfield hotels under the FIP; the entering into new management contracts totaling; and the implementation of refurbishments on a number of recently acquired hotels. The Project will expand BHGs portfolio of rooms and provide exposure to a number of cities where the Company is not present. - Increasing the supply of competitive price-value business rooms/hotels in first, second and third-tier cities with consistent international quality and safety standards; this should encourage increased tourism, business and MICE travel; - Supporting the economic development of frontier regions of Brazil since a portion of the Project will take place in the Midwest, North and Northeast regions of Brazil, thus helping develop key business-enabling infrastructure in these priority areas; - Creating both direct and indirect jobs as well as providing training and promotion opportunities; the Project is expected to create and 2,500 new direct jobs in the operation stage (and over 4,500 direct jobs during the construction phases), with approximately 45% being for women; indirect jobs along the supply chain are also expected to be significant, including in food supply, transportation, security and other needed services; - Providing management and staff with comprehensive training opportunities, primarily through BHG''s own training center in SÃ£o Paulo and through additional training centers planned in Rio de Janeiro and BelÃ©m; BHG will also continue its social program for convicted criminals by continue offering them in-house training and, in some cases, jobs to support their re-integration into society. - Contributing to the development of the local economy by enhancing upstream and downstream supply linkages with SME vendors serving the needs of both the hotel and guests; in addition, the Project will increase tax revenues and tourist''s spending would help support a wide range of local economic activities; - Adopting sustainable green-building design and construction, ensuring higher levels of energy efficiency; the upcoming new properties would meet IFC''s EDGE Green Building standard;  Improved environmental and social performance as BHG''s portfolio of hotels would conform to the World Bank Group''s environmental and social standards, including with regards to life and fire safety; and - Providing a demonstration effect to other potential investors.