By Brazil Stock Guide – BTG Pactual’s real estate fund BTG Hospitalidade Retorno Total FII (B3: BTHR11) concluded the purchase of 14 Accor-branded hotels located in São Paulo and Rio de Janeiro for R$297.96 million ($52 million) in cash. The acquisition, announced by BTG Pactual’s asset management division, marks one of the most significant hospitality transactions of the year, reinforcing the bank’s position in the sector.
The portfolio includes a mix of economy, midscale and upscale hotels strategically distributed across key metropolitan areas. The list comprises Ibis Paulínia, Ibis Piracicaba, Ibis Budget Piracicaba, Ibis São Carlos, Ibis São José do Rio Preto, Ibis São José dos Campos, Ibis São José dos Campos Dutra, Ibis Sorocaba, and a 50% stake in Ibis Budget Paraíso in São Paulo, as well as Novotel São José dos Campos and a 50% stake in Novotel Morumbi, Pullman Vila Olímpia (25% participation) and Pullman Guarulhos Airport, in addition to the MGallery Santa Teresa and Mama Shelter Rio de Janeiro hotels.
All properties are fully regularized from a fiscal and registry standpoint, allowing for immediate integration into the fund’s portfolio. BTG Pactual noted that the acquisition fits into its broader strategy of diversifying income through operational real-estate assets located in prime areas with strong recovery potential in both business and leisure segments.
The fund agreement also establishes a performance bonus clause that could be paid to the seller in March 2027, depending on the operating results of the properties. According to the management team, the newly acquired assets are expected to contribute significantly to the fund’s recurring revenue, supported by a rebound in Brazil’s travel and hospitality demand. “The newly acquired hotels are located in regions with high potential for value appreciation and income generation,” the fund’s managers stated.
BTG’s move reinforces its confidence in the post-pandemic recovery of Brazil’s tourism industry and aligns with its broader strategy of combining real assets with operational yield. The bank’s asset management unit has been gradually expanding its exposure to hospitality, logistics and renewable energy infrastructure, positioning its funds to benefit from structural trends in consumption, mobility and real-estate revaluation.
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