InterContinental Hotels Group (IHG) (LON:IHG), (NYSE:IHG) (ADRs), one of the world’s largest hotel companies, makes its return to the Rio de Janeiro market with the signing of the new-build Holiday Inn® Porto Maravilha and Holiday Inn Express® Porto Maravilha hotels. The 32-story hotels will be located in Rio de Janeiro’s revitalized downtown area of Porto Maravilha. The hotels, owned by Odebrecht Realizaçöes Imobiliárias and FII PM Caixa Fundo de Investimento Imobiliário Porto Maravilha, will be managed by IHG.
“We see great potential for our brands in Brazil,” said Joel Eisemann, chief development officer, the Americas, IHG. “The redevelopment plan in Porto Maravilha aims to restore the city’s heritage while enhancing the city through new structures and economic opportunity. We are delighted to serve as a part of the city’s revitalization and for the opportunity to reenter the booming Rio de Janeiro market during a time of such promising evolution.”
The 244-room Holiday Inn® Porto Maravilha and 350-room Holiday Inn Express® Porto Maravilha will be situated in the heart of Porto Maravilha. Museums, parks and new restaurants are opening nearby as the area undergoes its restoration plan before the 2016 Summer Olympics is hosted in Rio de Janeiro. Both hotels are expected to open by July 2016 for the Olympic games.
“We have a long and successful history in Brazil, and the addition of Holiday Inn and Holiday Inn Express hotels in Rio de Janeiro is in line with IHG’s strategy to expand our portfolio in all key markets across the region, specifically in Brazil,” said Alvaro Diago, chief operating officer, Latin America and the Caribbean, IHG. “Porto Maravilha is a key strategic city that will continue to grow in importance for both business and leisure travelers.”
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV