Feasibility study in 2001 and Asset Management from 2004 on (Rio de Janeiro)
The city of Rio de Janeiro created a specific law for apart-hotels and Agenco, a traditional contractor and construction company from Rio, used this law to buy beach front property very well located in Barra da Tijuca, to begin an innovative project.
In Rio, everyone would love to live in front of the sea, that’s the reason why beach front property is so expensive. A megalopolis like the state capital of Rio de Janeiro presents many kinds of real estate demands. The most obvious have been identified as the lack of residential apartments with quality services and the lack of hotel rooms. The solution then was the development of a multi-use complex with a hotel and apartments with services.
The apart-hotel law enabled all the rooms of the hotel building to be rented as condominium units, however they are required to be used as hotel rooms forever. BSH developed the market and economic feasibility studies to help Agenco define the business plan of the complex.
The real estate release of the complex was a big achievement and BSH's experience with the Hotel Asset Management was decisive for the implementation of a governance system for the condominium.
BSH has participated in this governance system as the advisor of the owners' council since the opening of the complex, in 2004. The results of Sheraton Barra surpassed its competitors in 2006.