Hotel chains plan investment in Rio de Janeiro
Date added: 20th November, 2009 at 09:11
(view all articles from November, 2009)
Two international hotel chains have announced plans for investment in Rio de Janeiro to capitalise on the number of tourists who will flock to the country in the next few years.
Four Seasons Hotels and Resorts and Jumeira Group released the proposals for their first hotels in Brazil, intending to open them in time to attract tourists watching the football World Cup in 2014 and the Olympic Games in 2016.
As well as Rio de Janeiro, the brands said that they would also look to operate in Sao Paulo, with the possibility of further investment in Brazil's North East beach resorts, news agency Bloomberg has reported.
Four Seasons anticipates reaching an agreement with developers on three projects over the course of the next 18 months, the company's director of development for South America and the Caribbean Alinio Azevedo said.
Meanwhile, Dubai-based Jumeira's senior vice president of development for the Americas James Erlacher explained that the group views opening new property in Brazil as a "top tier" priority.
He said: "Brazil is a healthy robust market with good supply and demand dynamics working in its favor.
"The time is right now for us to be entering the Brazilian market."
Mr Erlacher's opinion on the current strength of the investment opportunities that the Latin American country has to offer appear to be well-founded. According to its Ministry of Sports, the 2016 Olympics alone will bring $51.1 billion (£30.76 billion) into the country between now and 2027.
Furthermore, the international sporting event will create an additional 120,000 jobs every year for the next seven years.
This comes after six consecutive months of employment growth and the strength of the Brazilian real, which is the second best performing major currency in the world this year.
Credit Suisse, the multinational finance firm, recently predicted that the country's stock exchange, which has flourished throughout 2009, will continue to prosper into next year.
It said that the Bovespa index will see a four per cent increase in earnings over the coming months, driven by higher worldwide prices for its oil exports and more favourable market conditions for its iron ore industry.
This was announced after the Royal Institute of Chartered Surveyors announced revealed in its Global Property Survey that demand for property in Brazil would rise in the final quarter of 2009.
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