Jumeirah Group plans to open a number of hotels in Brazil
Friday, December 4, 2009
Dubai's Jumeirah Group plans to open its first hotels in Brazil after witnessing the country's recent economic growth and the 2014 World Cup and 2016 Olympic games generate demand, according to a report.
James Erlacher, senior vice president of development for the Americas at the Dubai-based Jumeirah Group, said that the time is right now for them to be entering the Brazilian market, according to Bloomberg newswire reports. Jumeirah's priority is to operate hotels in Sao Paulo and Rio de Janeiro, Brazil's biggest cities, and it's also considering resorts "primarily in the northeast part of the country," Erlacher said.
Famed for its Four Seasons hotels, they expect to reach agreements with developers of three projects in the next 18 months, including hotels in Sao Paulo and Rio and a beach resort while the north-eastern part of the country may also be targeted, Alinio Azevedo, the chain’s director of development for South America and the Caribbean said in an interview. He added that the number one attraction for the group is to really understand the wealth creation that has happened in Brazil in the last eight to 10 years.
According to Tourism Minister, Luiz barreto, further strengthening of the Brazilian real, which has rallied 34 percent this year against the dollar, the most of any major currency, may drive away foreign visitors to Rio before it hosts the 2016 Olympics. The real's gains have been driven in part by investors buying stocks and bonds on prospects the country is among those emerging fastest from the global financial crisis. In more good news for Overseas property investors, Economists surveyed by the central bank predicted GDP will expand 0.2 percent this year and 5 percent in 2010, according to the median estimate.
Meanwhile, Brazil won an investment-grade rating from Moody's Investors Service putting it one level above high- yield or junk at all three major ratings companies. Moody’s cited Brazil’s "strong economic and financial resilience" during the worldwide slowdown.
Social BookmarkingJames Erlacher, senior vice president of development for the Americas at the Dubai-based Jumeirah Group, said that the time is right now for them to be entering the Brazilian market, according to Bloomberg newswire reports. Jumeirah's priority is to operate hotels in Sao Paulo and Rio de Janeiro, Brazil's biggest cities, and it's also considering resorts "primarily in the northeast part of the country," Erlacher said.
Famed for its Four Seasons hotels, they expect to reach agreements with developers of three projects in the next 18 months, including hotels in Sao Paulo and Rio and a beach resort while the north-eastern part of the country may also be targeted, Alinio Azevedo, the chain’s director of development for South America and the Caribbean said in an interview. He added that the number one attraction for the group is to really understand the wealth creation that has happened in Brazil in the last eight to 10 years.
According to Tourism Minister, Luiz barreto, further strengthening of the Brazilian real, which has rallied 34 percent this year against the dollar, the most of any major currency, may drive away foreign visitors to Rio before it hosts the 2016 Olympics. The real's gains have been driven in part by investors buying stocks and bonds on prospects the country is among those emerging fastest from the global financial crisis. In more good news for Overseas property investors, Economists surveyed by the central bank predicted GDP will expand 0.2 percent this year and 5 percent in 2010, according to the median estimate.
Meanwhile, Brazil won an investment-grade rating from Moody's Investors Service putting it one level above high- yield or junk at all three major ratings companies. Moody’s cited Brazil’s "strong economic and financial resilience" during the worldwide slowdown.
Labels: Investment-property, Tourism
