Cipriani seeks partnership in Brazil for luxury complex development

01 Jul, 2024

Cipriani seeks partnership in Brazil for luxury complex development

The Italian group Cipriani, renowned for its luxurious hotels and restaurants in Europe and the United States, plans to introduce its luxury brand to Brazil. This initiative, possibly involving R$300 million, is being explored with the assistance of businessman Giuseppe Cipriani, who visited Brazil about two months ago to kickstart the Casa Cipriani project in São Paulo. The project envisions a luxurious hotel and restaurant combination.

Sources reveal that this endeavor will also feature a private club concept, accessible to both members and hotel guests. São Paulo is seen as a promising location for such a venture, expected to attract affluent individuals for leisure and networking. Soho House, a similar private club network, launched its first Brazilian location recently in the Cidade Matarazzo complex, which also includes the Rosewood hotel.

The Cipriani group is currently in discussions with potential developers to establish this partnership. The upscale Jardins neighborhood in São Paulo is being considered for the project. Another source mentioned that Cipriani favors a walkable area, making Jardins a preferred choice. The Itaim area, known for its fine dining, is also under consideration.

Previously, Giuseppe Cipriani explored a plot between Oscar Freire Street, Alameda Lorena, and Consolação in Jardins, but negotiations fell through. This location was intended for a project inspired by New York's Rockefeller Center, to be developed by Tishman Speyer and Oriz Partners. This project, financed by a real estate investment fund (FII) aiming to raise up to R$375 million, is expected to have a total sales value (VGV) of R$3 billion and include residential buildings, a corporate tower, retail space, and a plaza.

Although the current Casa Cipriani project does not include residential units, a source suggested that a partnership with a developer might result in a mixed-use complex. The Casa Cipriani brand is already expanding, with financial backing from a foreign fund. Hotel units are operational in Milan and New York, with another under construction in Miami.

The Cipriani group did not respond to requests for an interview.