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Rogerio Fasano, the Sao Paulo entrepreneur who created the Fasano luxury hotel and restaurant brand, will maintain a stake in the 13 restaurants he sold to Brazilian real estate developer JHSF Participacoes SA for 53 million reais ($23.8 million) through his minority stake in the JHSF unit that controls the Fasano hotels.
Fasano said on Monday that and he and his family's 35 percent stake in the hotel company would allow him to supervise operations of the restaurants he created and better integrate them into the hotel system. JHSF owns 65 percent of the hotel company known Hotel Marco Internacional SA.
$1 = 2.23 Brazilian reais