BRAZIL Marriott International has signed a preferred partnership agreement with PDG Realty for the development of 50 Fairfield by Marriott hotels throughout Brazil.
The hotels will be constructed with environmentally friendly design, and both companies will make financial contributions for each hotel constructed to support Amazon rainforest preservation.
“We are excited to partner with PDG Realty—in addition to their substantial land bank and access to quality sites, they bring together local hotel development and construction expertise, particularly in the limited-service hotel segment,” says Arne Sorenson, Marriott’s president and chief operating officer. “Introducing the Fairfield brand in Brazil couples our focus on expanding into new markets with a wider range of development opportunities for hotel investors, as well as our goal of building environmentally friendly hotels meeting the needs of Brazilian guests.”
PDG Realty merged with Agre in May, resulting in a combined publicly traded company with a market value of approximately 12 billion reais (US$7 billion), and is now the largest real estate development company in Brazil. Land banks across the combined company have a potential to generate a total sales of 31 billion reais (US$18 billion) in real estate value.
“We are thrilled to collaborate with an esteemed local partner such as PDG and Agre to introduce our Fairfield by Marriott brand in Brazil,” says Guilherme Cesari, Marriott’s vice president of development for Brazil. “This transaction reflects Marriott’s commitment to Brazil and focus on the unmet needs of the Brazilian traveler, and provides for an efficient development platform for growth.”
Marriott is represented in Brazil by four hotels in two cities, spanning four lodging brands: JW Marriott Hotel Rio de Janeiro, São Paulo Airport Marriott Hotel, Renaissance Hotel São Paulo and Marriott Executive Apartments São Paulo.
