A Brazilian affiliate of Klaff Realty, LP, together with a local joint venture partner, acquired the land of the old Hotel Bragança in the Lapa district of Rio De Janeiro, Brazil.

The initial plan is to restore the historic facade and develop a 130-room limited-service business hotel directly behind the facade to capitalize on the shortage of hotels in Rio De Janeiro. Strong interest from internationally-recognized hotel flags is expected given the location and redevelopment plans.

The building was originally built in 1895 and is in need to a total rehabilitation.  Its central location will attract business travelers as it is located less than 1 kilometers from business district of Rio and the headquarters of Petrobras.