Upscale hotel to be rebranded and managed by Hilton following a transition period
NEW YORK, NY – March 20, 2017 – Blackstone today announced that 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 travelers on one of the most famous beaches in the world. Financial terms of the transaction were not disclosed.
“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 ongoing 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.”
“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 E. Fabian Rodriguez Suarez, managing director development, Brazil and the Southern Cone Region, 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.”
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has approximately $102 billion in investor capital under management. Blackstone’s real estate portfolio includes hotel, office, retail, industrial and residential properties in the US, Europe, Asia and Latin America. Major holdings include Hilton Worldwide, Invitation Homes (single family homes), Logicor (pan-European logistics) and prime office buildings in the world’s major cities. Blackstone real estate also operates one of the leading real estate finance platforms, including management of the publicly traded Blackstone Mortgage Trust.
Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with over $360 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com.