Klaff Realty, together with local JV partner, acquires the Old Hotel Bragança in Rio De Janeiro, Brazil
The initial plan is to restore the historic facade and develop a 130-room limited-service business hotel directly behind the facade to capitalize on the shortage of hotels in Rio De Janeiro. Strong interest from internationally-recognized hotel flags is expected given the location and redevelopment plans.
The building was originally built in 1895 and is in need to a total rehabilitation. Its central location will attract business travelers as it is located less than 1 kilometers from business district of Rio and the headquarters of Petrobras.