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The asset is positioned to capture FIFA World Cup™ and 2016 Olympic Games lodging demand
Miami, 06 June 2014 – 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.
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4 billion, JLL has more than 200 corporate offices and operates in 75 countries worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3 billion square feet and completed $99 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $48.0 billion of real estate assets under management.
In Russia and CIS JLL has offices in Moscow, St. Petersburg and Kiev. JLL, Russia & CIS was voted Consultant of the Year in 2004, 2006, 2007, 2008, 2009, 2010, 2011, 2012 , 2013 and 2014 at the Commercial Real Estate Awards, Moscow; Consultant of the Year at the Commercial Real Estate Awards 2009, St. Petersburg and The Best Real Estate Consultancy in Ukraine at the Ukrainian Property Awards in 2013.
For further information, visit www.jll.ru
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