RIO DE JANEIRO ( TheStreet) -- The endless parties and fireworks of New Year's Eve in Rio de Janeiro were to mark the beginning of a 'Golden Decade' for Brazil's second-largest city, which will host the 2014 World Cup and 2016 Summer Olympics.Contrary to the media coverage of endless urban violence, Rio is benefiting from a booming economy and stronger police control of its more than 100 favelas, impoverished neighborhoods notorious for their drug lords and rampant gang violence. Along the streets of Leblon and Ipanema, two of the city's chicest neighborhoods, an improved economy is seen in the city workers sweeping sidewalks and maintaining one of the cleanest cities you'll see in South America -- or anywhere. But while most of Rio seems to be sizzling, its hospitality industry seems to be on more of a simmer, with few hotel projects on the horizon even with so much going in its favor.
|Ipanema Beach in Rio, Brazil's second-largest city.|
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