TORONTO and SAO PAULO, Aug. 10, 2026 /CNW/ -- Canada Pension Plan Investment Board (CPP Investments) today announced it will invest approximately C$200 million for a 49.5% interest in two landmark Hilton hotels in Brazil through a joint venture with HSI, a leading Brazilian real estate and private credit investment manager.
The joint venture includes Hilton Copacabana, a 545-room beachfront hotel overlooking Copacabana Beach in Rio de Janeiro, and the Hilton Morumbi, a 503-room upper-upscale hotel located in one of São Paulo's main business districts. The hotels are undergoing a phased renovation program designed to enhance the guest experience, support revenue growth and long-term value creation.
"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," said Ricardo Szlejf, Managing Director & Head of Real Assets, Latin America, CPP Investments. "Brazil continues to present compelling opportunities for disciplined, long-term investors. Our partnership with HSI secures access to one of the country's leading real estate investment managers with deep local expertise and proven execution to help generate attractive long-term returns for the CPP Fund."
The investment provides CPP Investments with immediate exposure to Brazil's hospitality sector through a high-quality portfolio, while establishing a relationship with one of the country's leading real estate investment managers. HSI manages approximately US$2.5 billion in assets across private real estate, listed real estate and credit strategies, and has a long track record of sourcing, developing and actively managing institutional-quality real estate assets across Brazil.
"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," said Max Lima, Founding Partner and CEO of HSI. "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."
About CPP Investments
Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Canada Pension Plan Fund in the best interests of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, we make investments around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan at arm's length from governments. At March 31, 2026, the Fund totaled $793.3 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.
SOURCE Canada Pension Plan Investment Board
For more information: Frank Switzer, Public Affairs & Communications, fswitzer@cppib.com, T: + 1-416-523-8039
