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Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811
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Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811

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  • 1. Business Opportunities in Brazil2011 ULI Fall Meeting and Urban Land ExpoOctober 28, 2011 Los AngelesModerator- Luiz Antonio Campos Mello www.camposmelloadv.com.brSpeakers- Clay Dickinson www.joneslanglasallehotels.com- Pat McCudden www.hyatt.com- Ted Tanner www.aegworldwide.com- Marcos Lessa Mendes www.odebrecht.com
  • 2. Business Opportunities in Brazil2011 ULI Fall Meeting and Urban Land ExpoOctober 28, 2011 Los AngelesClay DickinsonExecutive Vice President
  • 3. Jones Lang LaSalle - expertise serving a range of needsIntegrated Global Team Servicing Global CompaniesOur real estate services Our real estate specialties•  Agency Leasing •  Investment Management •  Office •  Critical environments•  Corporate Capital Markets •  Project Development •  Retail •  Museums•  Development and Asset Services •  Shopping centers •  R&D centers Strategy •  Property Management •  Industrial •  Hospitals•  Energy and Sustainability •  Real Estate Investment •  Hotels •  Sports arenas•  Government Services Banking •  Mixed use •  Transportation centers•  Hotels •  Retail•  Integrated Facilities •  Strategic Consulting Management •  Tenant Representation Month 00, 2002 3
  • 4. Jones Lang LaSalle in BrazilProviding services to iconic companies across all real estate types since 1996 Month 00, 2002
  • 5. Trends in key real estate drivers Brazil is THE growth market in the Americas; middle class emerging strongly Brazil’s real GDP growth Brazil’s middle class now outpacing U.S. growth by two to represents 50% of population, up four percentage points annually from 38% in 2003Source: IHS Global Insight, Getulio Vargas Foundation Month 00, 2002
  • 6. Trends in key real estate drivers FDI rising as investors seek to capitalize on country’s growth; additional future upside lies in Brazil’s recently discovered massive oil reserves Gross FDI to average $58 billion Oil fields discovered off coast of per year through 2014 Rio de Janeiro conservatively estimated at 30 to 80 billion barrels. Production to triple by 2035Source: IHS Global Insight, Empresa de Pesquisa Energética Month 00, 2002
  • 7. Trends in key real estate drivers Upcoming sporting events accompanied by large-scale investment; though not without challenges Planned investments for FIFA World Cup (R$ billions) FIFA World Cup host cities spread across country RR AP Fortaleza Natal AM Manaus PA MA CE RN PI PB Recife PE AC RO AL TO SE MT BA Salvador Cuiabá DF GO Brasília MG MS ES Belo Horizonte SP RJ PR Rio de Janeiro Curitiba São Paulo SC RS Porto Alegre Estimated infrastructure spending of US$32 billion for FIFA World Cup and US$14 billion for Summer Olympic GamesSource: Ernst & Young, Jones Lang LaSalle Month 00, 2002
  • 8. Overview of real estate trends: office market Sao Paulo and Rio de Janeiro office markets encompass 14 million m2; country’s growth leading to significant opportunity for expansion of stockSource: Jones Lang LaSalle Month 00, 2002
  • 9. Overview of real estate trends: retail market GLA per 1,000 inhabitants (sqm) - 2008 Gross leasable area (GLA) of shopping malls grew 88% over past ten years but still greatly lags other countries’ on per capita basis, highlighting growth potential for expansion of shopping malls and big-box storesSource: ICSC/BR Mall, Jones Lang LaSalle Month 00, 2002
  • 10. Overview of real estate trends: hotel market Brazil Lodging Performance – 2003 – 2010 Brazil’s hotel market running on all cylinders with 2010 RevPAR 79% above 2004 level. International investors are evaluating potential of scale roll-out of branded mid market hotels; for now, front runner Accor still dominating spaceSource: Jones Lang LaSalle Hotels Month 00, 2002
  • 11. Overview of real estate trends: residential market •  6 million low-end units shortage •  Evolving mortgage market •  Developers going public •  Active JV market •  High volume of launches in all classes •  Land prices quickly increasing •  Going towards main cities •  Supported by governmentSource: Jones Lang LaSalle, World Bank Month 00, 2002
  • 12. Brazil real estate market SWOT analysis Strengths Weaknesses –  Stable, democratic government and solid macro-economic –  Lack of long term financing fundamentals –  Early termination of typical lease contracts –  Rich natural resources –  Development concentrated in a few cities - southeast –  Demographic bonus –  Not enough infrastructure investments –  Leading recipient of both portfolio and direct foreign investment –  Complex, expensive labor environment –  Evolving capital market –  Difficult tax environment –  Earnings can be repatriated on a tax free basis –  Leasing payment must be in BRL currency Opportunities Threats –  Rapidly growing middle class –  Strong demand for land drives prices up –  Increasingly integrated with global economy –  Lack of specialized human resources –  PAC and private infrastructure investment creates commercial –  Cap rates compression drive prices beyond and returns below demand in secondary and tertiary cities acceptable risk-adjusted levels for international investors. –  Increased economic decentralization –  Global recession drives commodity prices down –  World Cup, Olympic Games and recently discovered oil reserves –  Foreign funds flock home to protect the flank –  Interest of international funds and lenders Month 00, 2002 12
  • 13. Is there a real estate bubble?We think there isn’t, here’s why:•  The average use of personal funds for purchasing real estate assets is still very high (around 40%)•  Many purchasers opt to purchase with shorter installments and amortization schedules•  Leverage is relatively insignificant and derivative products are underdeveloped•  Prudent monetary policy and regulation of the Brazilian market after the reforms passed in the 90’s•  Growing price levels indicate heated demand justified by low unemployment and larger salaries•  Increasing factor prices (land, labor and capital) impede supply growth Month 00, 2002
  • 14. Business Opportunities in Brazil2011 ULI Fall Meeting and Urban Land ExpoOctober 28, 2011 Los AngelesPat McCuddenSenior Vice President
  • 15. Grand  Hya)  Rio  de  Janeiro  •  Mixed  use  project  with  408  hotel  keys  and  approximately  40-­‐50   branded  whole  ownership  residences.  •  46,000  square  meter  site  across  the  street  from  the  beach  in  Barra   da  Tijuca  secIon  of  Rio  de  Janeiro.  •  Hya)  purchased  approximately  70%  of  the  land  for  the   development  of  the  Grand  Hya)  Hotel  in  December  2010.  •  Hotel  budget  is  approximately  BRL$450  million,  approximately  US $250  million.  •  Approximately  50%  of  the  hotel  development  costs  will  be  funded   via  a  loan  from  the  Brazilian  NaIonal  Development  Bank  (BNDES)   under  a  special  line  of  credit  established  for  the  development  of   new  hotels  that  offers  “below  market  financing”.  
  • 16. Grand  Hya)  Rio  de  Janeiro  •  Hotel  construcIon  is  anIcipated  to  begin  in  mid  2012  and  be   completed  in  early  2015.  •  Design  consultants  are  a  mix  of  internaIonal  and  local  firms.  •  Sales  of  the  branded  residences  are  likely  to  begin  in  2012  and   the  developer  of  these  residences  is  seeking  a  sales  price  of   approximately  US$1,600  per  square  foot.  
  • 17. Grand Hyatt Rio de Janeiro
  • 18. Grand Hyatt Rio de Janeiro
  • 19. Grand Hyatt Rio de Janeiro
  • 20. Grand Hyatt Rio de Janeiro03. Google Earth Site Plan
  • 21. Grand Hyatt Rio de Janeiro
  • 22. Grand Hyatt Rio de Janeiro
  • 23. Grand Hyatt Rio de Janeiro
  • 24. 20. Perspective View from Guestroom Grand Hyatt Rio de Janeiro
  • 25. Grand Hyatt Rio de Janeiro
  • 26. Grand Hyatt Rio de Janeiro
  • 27. Business Opportunities in Brazil2011 ULI Fall Meeting and Urban Land ExpoOctober 28, 2011 Los AngelesTed TannerExecutive Vice President
  • 28. A r s pth p i EtA p At ta pE E G G O pE h h tr a s h rt s p n r ta atA tA   rt ps G hhE a rs aptr h ht pt E h h   ht r   EO dr w G   ht h tA ah aE as has p nahr h   h   ht a   dG dps ar w hd rx ns  x )  i n n) ) eM o o4   M )4 o  xeoM 7 i u M   i R i u5 ux u•  M u -­‐ eMx i u7 eM ou )4 oi u i u oR   udMohnd xu u fo fud fMu4 i h x-­‐ xeoM ux eM M x-­‐ oi M xp4)x-­‐ 4 i ux 7 oe p ux-­‐ M x ux o•  0 i i qoM Mu o4 M 0 oM oe g11 ) ) xx 4 i h x o4 M 4 oi pi i ux•  Mx i uo4 M 111 4 i ux g1-­‐ dl M•  d o4 M  )  oi i x n) )) $ ) o l
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  • 40. Business Opportunities in Brazil2011 ULI Fall Meeting and Urban Land ExpoOctober 28, 2011 Los AngelesMarcos Lessa MendesChief Executive Officer
  • 41. The  1st  Smart  City  in  f  laIn  America.   A  new  way  o L iving  
  • 42. 4 ) oe l
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