BTG Pactual Expands Its Hotel Portfolio With AccorInvest Deal
BTG Pactual, a Brazilian investment bank, is making moves in the hospitality sector after receiving preliminary approval from Brazil's antitrust regulator to acquire 18 hotels from AccorInvest for 1.7 billion reais ($300 million).
This acquisition significantly boosts BTG Pactual's footprint in Brazil's competitive hotel market. The bank, through its managed funds, will acquire all 18 AccorInvest-owned hotels, adding 2,600 rooms to its portfolio. Notable properties include the Fairmont Copacabana and Sofitel's former Caesar Park in Rio de Janeiro. Accor will continue operating the hotels, ensuring consistent branding and management. The green light from Cade starts a 15-day window for any challenges, but if all proceeds without a hitch, BTG's managed funds will control 54 hotels and about 4,300 rooms in cities like Sao Paulo and Rio de Janeiro by the end of 2024. This move aligns with BTG Pactual’s broader strategy, backed by its $5.5 billion in real estate assets, to expand further into Brazil's hospitality industry.