Commercial real estate company Host Hotels & Resorts announced that it has finalized plans to develop two hotels in Rio de Janeiro, Brazil, as well as one in Nashville, Tennessee.
The two hotel developments in Rio de Janeiro include a partnership with Galwan Engineering and Performance Realty for a 255-room hotel and a 150-room hotel, the report explained. In total, the project should cost $72 million. The properties will enter the construction phase in July and are expected to be completed by summer 2014.
"We are excited about adding two more hotels in Brazil, a market that has a strong economy, tremendous growth potential and a limited number of existing hotel rooms," said W. Edward Walter, president and CEO of Host Hotels & Resorts.
The company also will be a part of a joint venture with White Lodging Services to construct a hotel in Nashville, the report noted. The property will have 255 rooms and will be the first Hyatt hotel in the downtown area of the city. It will cost $46 million to construct the property and purchase the plot of land.