The former Le Meridien Copacabana hotel in Rio de Janeiro, Brazil, has been sold for around R$170m (£54.5m).
The 38-floor property is one of the most famous landmarks in Rio de Janeiro and is situated in a prime position overlooking the Copacabana and the Atlantic Ocean with direct views of the Sugarloaf mountain and the Christ Redeemer statue on Corcovado.
The hotel was sold by PREVI, the pension fund for Banco do Brasil’s employees, to local hotel group Windsor Hoteis through Newmark Knight Frank's Sao Paolo office.
“Brazil is a relatively young investment market and the strong interest for this property, sourced through Knight Frank’s global network, proves the attractiveness of Rio de Janeiro’s hotel market,” said Knight Frank's Mathias Malzbender.
The sale process took ten months and attracted 12 parties bidding in the first round, of which four were invited to the second round of negotiations.
Spanish hotel group Iberostar, Brazilian business group WTorre and Brazilian mining giant Vale were the underbidders.
By Gemma Sharkey
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Published by: The Caterer