The worsening economy has resulted in a decline in occupancy rates in recent years in Brazil. On the one hand, consumers reduced expenditure on travel, thus negatively affecting the lodging segment.
In the long term, luxury hotels are set to continue posting positive results, with new ventures being opened in the country. Despite the higher availability of rooms, sales are not likely to be negatively affected given the expected increase in guest flows.
Despite its size, Brazil does not have a wide offering of luxury hotels. Major luxury chains are still trying to understand the business environment in the country to evaluate the possibility of local operations.
Many recent launches were actually planned some time ago, when the economic environment was more positive. As a consequence, new projects are not expected after 2020 given the uncertainties surrounding the Brazilian economy.
Several new projects launched over the last couple of years are still working towards improving profitability. Given that some are facing a much worse than expected scenario, it is not expected that new openings will take place in the short/medium term.
Hotel projects are usually designed and planned several years before their launch. Consequently, the current level of uncertainty over the recovery of the Brazilian economy means that no new luxury hotels are expected to be opened in the short/medium term.
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Discover the latest market trends and uncover sources of future market growth for the Luxury Hotels (5-star plus) industry in Brazil with research from Euromonitor's team of in-country analysts.
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