Gafisa loses control of Hotel Praia Ipanema in R$223 million court ruling

Gafisa has lost control of Hotel Praia Ipanema following a judicial adjudication in Rio de Janeiro. A court order transferred all shares of Hotéis Chami, a Gafisa subsidiary and owner of the hotel, to the creditor Gloria VIII SPE Participações Imobiliárias.

The adjudication value was set at R$223.1 million, based on a court-approved expert report. Gafisa stated that the move aligns with its business plan to reduce leverage. The company noted that the adjudicated value significantly exceeds non-binding proposals received for the asset in recent months.

The funds from this transaction will be used to immediately settle legal disputes and liabilities related to the project for which Gafisa acts as a guarantor or co-responsible party. This process is intended to relieve the company of the need to seek additional leverage to fund new construction and development projects.