CPP Investments has agreed to invest approximately C$200 million for a 49.5% interest in two Hilton hotels in Brazil through a new joint venture with Brazilian real estate investment manager HSI. The portfolio includes the Hilton Copacabana in Rio de Janeiro and Hilton Morumbi in São Paulo.
Hilton Copacabana is a 545-room beachfront hotel overlooking Copacabana Beach.
Hilton Morumbi is a 503-room upper-upscale property located within one of São Paulo’s major business districts.
Together, the two hotels contain 1,048 rooms.
Both properties are undergoing phased renovations intended to improve guest experiences and support revenue growth and long-term value creation.
The investment gives CPP Investments immediate exposure to Brazil’s hospitality market while establishing a relationship with HSI.
HSI manages approximately $2.5 billion across private real estate, listed real estate and credit strategies.
CPP Investments sees long-term support for Brazilian hospitality from resilient domestic demand, increasing international travel and constrained additions to hotel supply.
The Canada Pension Plan Fund totaled approximately C$793.3 billion as of March 31, 2026.
KEY QUOTES:
“The investment in Hilton Copacabana and Hilton Morumbi provides CPP Investments with exposure to high-quality hospitality assets in a sector where we see strong long-term fundamentals supported by resilient domestic demand, growing international demand and a limited supply of new hotel rooms. Brazil continues to present compelling opportunities for disciplined, long-term investors.”
Ricardo Szlejf, Managing Director And Head Of Real Assets, Latin America At CPP Investments
“We are proud to welcome CPP Investments as a partner of HSI. This partnership is strategic for our firm and reflects the strength of our platform and track record across Brazilian real estate. We look forward to working together through this hospitality joint venture, as we continue to see solid fundamentals across Brazilian real estate, with strong demand and limited future supply supporting attractive risk-adjusted returns.”
Max Lima, Founding Partner And CEO Of HSI
