Chow Tai Fook invests in Brazil’s largest heritage site renovation
City developer joins hands with Groupe Allard for renovation of old hospital in Sao Paulo area
Chow Tai Fook Enterprises, the majority shareholder of New World Development, and France-based Groupe Allard, which specialises in reviving heritage buildings, are investing an additional US$95 million for the renovation of a large heritage site in Brazil.
The additional funds will be used to complete construction of Cidade Matarazzo, a mixed-use development, located in the vibrant Paulista Avenue corridor of Sao Paulo and incorporates the historic former Matarazzo hospital. The additional capital infusion follows an initial US$126.3 million equity funding.
“The Brazilian economy has undoubtedly started to rebound from the worst recession. We feel this is an opportune time for us to expand our commitment to the country,”said Patrick Tsang, chief executive of Chow Tai Fook Enterprises
The Cidade Matarazzo project, which is the largest heritage site renovation in Brazil, includes 274 hotel rooms and luxurious suites managed by Rosewood Hotels & Resorts, a luxury congress centre with seven ballrooms, event places, a chapel, a cultural centre with theatre, an exhibition hall, a music studio and cinema, 34 restaurants, a campus for creative technology ventures, a 20,000 square metre garden with 15 terraces, a retail village housing more than 200 brands and artisans, and 1,500 parking spaces. Planning permission, including approval from the heritage council, was given in 2015.
A spokesman from Chow Tai Fook said the suites are for sale.
“The owner has the right to occupy them up to 240 days every year. They can book like regular guests and not pay for room occupancy,” said the spokesman.
The project includes a 1.56 million square feet construction area, and excavation and foundation works have now been completed for the tower designed by Pritzker Prize winning architect Jean Nouvel. Groupe Allard anticipates that the project will open to the public in July 2019.
Cidade Matarazzo is preparing to launch the sale of the Rosewood owners’ Suites available for investors who will be able to enjoy full use of the project’s amenities and generate hotel room revenues as well.