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Brazil's billionaire hotel won't be ready in time for World Cup

Posted: Mar. 6th, 2013  |  By Michael Pearse
Hotel Gloria in Rio
Forbes

Hotel Gloria was scheduled to be ready on time for the World Cup but recently they have let it be known that the renovations will not be complete in time. The government gave the Rio de Janeiro hotel a loan of $95.3 million to complete the renovations but not event that amount can get the job done.

Brazilian billionaire Eike Batista‘s Hotel Gloria will not be ready in time for the lucrative 2014 FIFA World Cup, Folha de São Pauloreported this weekend.

The traditional Carioca (name of Rio locals) hotel already exists in the central part of Rio de Janeiro city.  But a R$190.6 million ($95.3 million) loan from government lending juggernaut BNDES to finish the upgrades to Gloria in time for 2014, when millions will undoubtedly inundate Rio to cheer on their national football teams, was not enough to get this project complete on time.

Read More on forbes.com

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