BHG - 1Q14 Earnings Release

BHG recorded net revenue of R$63.3 million in 1Q14 and hotel EBITDA of R$18.9 million, 8.1% up and 9.2% down year on year, respectively. The hotel margin stood at 29.8%, versus 35.5% in 1Q13.

Consolidated EBITDA came to R$14.9 million, 6.1% down on 1Q13, with an EBITDA margin of 23.5%, 3.6 p.p. lower than in 1Q13.

Rio de Janeiro, May 9, 2014 - BHG S.A. - Brazil Hospitality Group (BM&FBovespa Novo Mercado: BHGR3 and OTC: BZHGY) ("BHG" or the "Company"), a company operating in the urban hotel sector, focusing on the acquisition, management and development of 3-, 4- and 5-star hotels, announces its results for the first quarter of 2014 (1Q14).

The financial and operational information herein is presented in IFRS and in Brazilian reais (R$), in compliance with the standards set forth by the CVM and the pronouncements, instructions and interpretations issued by the Accounting Pronouncements Committee (CPC). The comments herein refer to the Company's quarterly results, and comparisons are made with the first quarter of 2013 (1Q13).

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