One of Rio de Janeiro’s trophy hotels, the Sheraton Rio Hotel & Resort, has been placed on the market by Starwood Hotels & Resorts Worldwide, Inc. in what is anticipated to register as the largest single-asset sale in Brazil’s property history. JLL’s Hotels & Hospitality Group has been appointed to lead the sale of the market’s only beachfront hotel property, which will benefit from a long-term Sheraton management agreement.
The sale will be led by Managing Director Gregory Rumpel, Executive Vice President Ricardo Mader, Senior Vice President Roberta Oncken and Vice President Carolina Lacerda. During the past four years, JLL has led nearly 60 advisory, valuation and transaction assignments in Rio de Janeiro.
“This is an incredible opportunity for investors to obtain one of the most impressive hotels in a market that has limited supply but rapidly growing demand as Rio de Janeiro’s global status rises due to its hosting of high profile events,” said Rumpel. “Its revenue per available room (RevPAR) has increased 20 percent and we anticipate this rate to continue to grow.”
The 538-key resort provides direct access to a private beach, while the region’s mountains serve as a breath-taking backdrop. The property recently underwent a complete renovation of all of the guestrooms, public areas, meeting space and food and beverage outlets, while adding two new restaurants, three new meeting rooms and the new and first Shine Spa in South America.
“The hotels comprehensive upgrades and new amenities provide value-add opportunities to an already strong in-place cash flow,” said Lacerda.
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