Blackstone has announced funds managed by its real estate business have agreed to acquire the Windsor Atlantica Hotel on Copacabana Beach in Rio de Janeiro, Brazil.
As part of the transaction, Blackstone has signed a management agreement with Hilton for this asset and following a period of transition plans to convert the hotel to the Hilton Rio de Janeiro Copacabana.
The irreplaceable 39-floor, 545-key beachfront hotel was comprehensively renovated in 2011 by its current owner and operator, Windsor Hotels, and is a main destination for both business and leisure travellers on one of the most famous beaches in the world.
“We are excited to acquire this one-of-a-kind premier hotel in Brazil and have been deeply impressed by Windsor’s stewardship of the asset,” said Marcelo Fedak, head of Brazil for Blackstone.
“In line with our on-going engagement with the Brazilian market and in close partnership with Hilton, we are pleased to expand our presence in the hospitality sector where we see continuing opportunity.”
Financial terms of the transaction were not disclosed.
“Hilton is focused on continued growth in Latin America and this exciting project with Blackstone allows us to expand our flagship Hilton Hotels & Resorts brand in one of the most sought-after beach destinations in the region,” said Fabian Rodriguez Suarez, managing director development, Brazil, Hilton.
“Brazil is a key market for Hilton’s expansion efforts, and the signing of Hilton Rio de Janeiro Copacabana reinforces our strategy to deliver value for our customers, hotel owners, and shareholders.”