Dubai hotel group wanting to exploit growth in Brazilian property
Dubai’s Jumeirah Group plans to open a number of hotels in Brazil after witnessing the country’s recent economic growth.
Famed for its Four Seasons hotels, new facilities will be built in Sao Paolo and Rio de Janeiro, while the north-eastern part of the country may also be targeted.
Rio’s recent victory over Chicago, Madrid and Tokyo to host the 2016 Olympics has provided a big boost to Brazilian property developers and has made it an attractive destination for investors.
James Erlacher, senior vice president for the Americas of Jumeirah, told Bloomberg that now is the right time for the firm to be entering the Brazil as it viewed it as a "top-tier market".
"Brazil is a healthy, robust market with good supply and demand dynamics working in its favour," he added
As well as the expected investment in Brazil over the next few years thanks to Olympic and World Cup bid success, the South Americans are also performing well in terms of economic growth, with president Luiz Inacio Lula da Silva claiming that it is growing "at the rate of China".
