Rio’s Iconic Hotel Glória Sold, Will Become Luxury Apartment Building

RIO DE JANEIRO, BRAZIL – According to information from lancamentos-rj.com, a website specialized in the real estate market, the Hotel Glória was sold to the Opportunity group, owned by Daniel and Verônica Dantas, and will be restored and retrofitted to become a luxurious apartment building.

The group manages a very successful and profitable real estate fund, which financial market specialists credit to the mind of executive Dório Ferman. The hotel, which is listed as a Historical Landmark, turns one hundred years old in 2022. It was built for the 1922 National Exposition in commemoration of the Centenary of Brazil’s Independence.

The property now belongs to the Abu Dhabi Sovereign Fund, known as Mubadala, which had been seeking to find a buyer for the hotel, which it purchased from former billionaire Eike Batista; Mubadala planned  to turn it into a 6-star hotel but was caught by surprise midway through the restoration work. Once the works were stopped, the property was abandoned.

The sale figure offered is confidential

The bidding procedure was conducted under great secrecy by Brookfield, an international real estate company. The interested companies were required to sign a confidentiality agreement with the company, receiving information about the hotel, such as plans, and detailed data on the technical condition of the property and the projects that Eike had for it.

After that, they could register and submit purchase proposals, which would be analyzed by Mubadala, a multi-billion-dollar fund that kept the property as part of the payment of Eike’s debts to the Arab Emirates.

Opportunity seems to have won the competition

“If confirmed, this is one of the best news of Rio’s real estate market in the last five years. And it makes perfect sense, because Opportunity is today, without a doubt, a player that knows Rio like no one else, and that in its projects respects the history of the city and the spirit of being a Rio citizen”, said Cláudio Castro, director of Sergio Castro Real Estate.

In addition, there have been apocryphal posts from brokers on Whatsapp seeking to register customers interested in the future venture: “It’s coming!! High Standard Residential Launching that will occupy the Glória Hotel property in Russel Street, 632, Gloria – South Zone of Rio de Janeiro.”

According to reports, the Opportunity Group purchased the property and will retrofit it soon. It will be yet another milestone in every aspect of the Glória neighborhood. The future launch will feature a panoramic view of Guanabara Bay, Gloria Marina, Sugar Loaf and Christ the Redeemer”.

The sale of the Hotel Glória and its conversion into a high-end residential development follows the retrofitting of the former Beneficência Portuguesa hospital, in the same neighborhood, and both should add great value to the region. The old Rádio Globo building, very close to the Hotel, has also been recently sold to Valente Developments.

In addition, the Castelinho do Flamengo, now a cultural center near Glória, should also be part of the Hotel’s sale transaction.

The effective completion of the purchase by Opportunity amid a pandemic is an excellent sign that Rio de Janeiro has a clientele for launches that value the city’s history. Opportunity had resounding success in the sale of its latest launches in Botafogo (Highlight – in front of Rio Sul Shopping Mall) and Flamengo (Ícone Parque), which sold out quickly.

Much like the Glória case, the sale of the ‘Rio by Yoo’ by real estate giant Cyrela, has been a great success. The three-building complex, long an unsightly white elephant owned by Flamengo soccer club, now has apartments on tony Rui Barbosa Avenue, facing Flamengo beach and the iconic Aterro park.