CTF (Chow Tai Fook), a holding company based in Hong Kong and owner of the Rosewood luxury hotel chain, convened the general meeting of shareholders this Wednesday (10) to discuss a civil liability action against the minority partner of the hotel in Brazil, French businessman Alexandre Allard.
This meeting marks another chapter in the difficult relations between the partners of the country’s only six-star hotel, who are already discussing in court an accusation of industrial espionage and copyright usurpation brought by Allard against the CTF.
The notice of meeting also plans to discuss “the election or re-election of the members of the board of directors of the company”, the change of the deliberation approving the 2022 and 2023 accounts and the authorization for the board of directors to “take all the measures necessary to implement the questions approved by the meeting”.
The hotel is controlled by BME (BM Empreendimentos), a company between the French and the CTF. When contacted, Allard’s defense made no comment on the case.
Previously, during the dispute between the partners, Allard had accused the FCT of trying to dilute its stake in the company. At previous meetings, shareholders approved reductions in the businessman’s share, which had fallen from 40% to 35% in 2024 and, in September, fell to 20%.
At the meeting that approved the latest dilution of Allard’s stake, the CTF also authorized BME to sue the hotel operator for charging the businessman with a debt of almost 2 million reais in personal expenses made at the Rosewood, where he stays in a triplex whose daily rate costs 250,000 reais and, according to him, earns more than Fasano in São Paulo.
Last week, behind-the-scenes disputes between the partners also took on a new dimension, after news agency Bloomberg reported that CTF was seeking to sell units of the Rosewood chain due to financial difficulties.
A person close to the corporate dispute and following the matter claims that the São Paulo unit is in the crosshairs of the group and that this Wednesday’s meeting would be an attempt by the CTF to further dilute Allard’s stake, or even exclude him from the company, to sell the company later.
Searched by LeafRosewood São Paulo said reports about the possibility of selling the hotel in Brazil were not true. “The hotel continues to operate normally, without any changes in its activities, management or long-term plans. We emphasize that there is no sales process involving Rosewood São Paulo,” the hotel said in a statement.
About The Author
