Four Seasons Hotels and Resorts is building its first two luxury properties in Brazil, and is planning as many as three more properties in the country, Bloomberg reports. Discussions to add locations in Rio de Janeiro and Brasilia are expected to conclude as soon as early 2014 and a second site in Sao Paulo could follow later.
The expansion comes after the Toronto-based company joined Iron House Real Estate, the development arm of Grupo Cornelio Brennand, to start construction next year on a hotel in Sao Paulo and a resort at Reserva do Paiva in Pernambuco state.
“The consumer market for luxury tourism in Brazil has grown a lot,” Alinio Azevedo, the company’s Latin America and the Caribbean development director, told Bloomberg. “We are very optimistic for the potential in this market.”
Brazil is home to many high-net-worth individuals and adding rooms in Brazil will allow Four Seasons to take advantage of that.
Rio is an important market for Four Seasons, Azevedo said. There he revealed that the company may buy an existing asset, the Hotel Gloria.