Jones Lang LaSalle Hotels Arranges the Sale of JW Marriott Rio de Janeiro (Brazil)
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Jones Lang LaSalle Hotels Arranges the Sale of JW Marriott Rio de Janeiro (Brazil)
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Category: Central and South America - Brazil - Industry economy -
Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2010-10-14
On behalf of Marriott International, Inc. (NYSE: MAR), Jones Lang LaSalle Hotels has arranged the sale of the JW Marriott Rio de Janeiro on Copacabana Beach, Brazil. The property was acquired by Host Hotels & Resorts, Inc. (NYSE: HST) for $47.5 million in cash, with capital committed for continued improvement. Following the sale, Marriott will operate the Hotel on behalf of Host under a long-term management agreement.
Located across from world famous Copacabana Beach and near to the city’s central business district, the JW Marriott Hotel Rio de Janeiro is one of the city’s premier luxury hotels.
“Host’s acquisition represents a very strategic move on this trophy asset. Host was able to acquire the fee-simple interest in an extremely high-barrier to entry location in a market which is experiencing exponential growth,” said Gregory Rumpel, executive vice president for Jones Lang LaSalle Hotels in Miami.
Brazil’s economy is the eighth largest economy (World Bank-2009 GDP Ranking) in the world and predicted to be fifth by 2016. In addition to the impressive economic growth, Brazil and Rio de Janeiro, respectively, will host the 2014 FIFA World Cup and 2016 Olympics, two of the world’s biggest sporting events, in the space of just two years, benefiting the JW Marriott Rio de Janeiro tremendously.
“The JW Marriott represents a great result for all parties involved and exemplifies the continued transaction environment in Rio de Janeiro, as many of the major assets in the market have traded in the last 24-months, said Ricardo Mader, executive vice president for Jones Lang LaSalle Hotels based in São Paulo. “We are excited about the JW Marriott and our continued momentum in the transaction services business within Brazil.”
The 245-room property is located in the heart of Rio de Janeiro, Brazil’s most visited city. The 5+ million visitors annually to the country, place it as the fourth most popular tourist destination in the Americas; Rio de Janeiro represents 32 percent of all travelers to the country. The JW Marriott is located across from Copacabana Beach, the city's most famous beach that plays host to many events and millions of visitors annually.
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