Tivoli São Paulo Mofarrej
Economic-financial feasibility study (São Paulo, 2007)
Since 2005, the non-financial arm of Espírito Santo Group, with hospitality investments in Portugal and Angola, has worked with BSH to elaborate a hotel investment strategy in Brazil.
The approved strategic plan included a hotel in São Paulo. In this period, the hospitality industry of the city was still suffering the effects of the oversupply from the wave of hotel and flat investments that ravaged the capital of São Paulo state in the 1990’s and beginning of 2001.
BSH foresaw that the hotel supply was going to have a lot of difficulty expanding because of three factors: the results of the hotels were not encouraging, there was no ideal financing for new hotels and the little investors had been too harmed by the oversupply of flats, a fact that was preventing new investments in this industry by the same people.
With the situation ideal at the moment when the Mofarrej family decided not to renew their lease with Sol Meliá Group, BSH saw an opportunity that soon was embraced by Tivoli Hotels & Resorts, the hospitality company of Espírito Santo Group.
After a renovation program that consumed little more than 6 million Euros, Tivoli São Paulo Mofarrej opened its doors in April 2009 and the results projected by BSH have come to fruition.