Canada Pension Plan Investment Board (CPP Investments) announces it is investing approximately C$200 million for a 49.5% interest in two iconic Brazilian Hilton hotels, through a joint venture formed with HSI, a leading Brazilian real estate and private credit investment manager.
The joint venture covers the Hilton Copacabana, a 545-room beachfront hotel overlooking Copacabana beach in Rio de Janeiro, as well as the Hilton Morumbi, a 503-room upper-upscale property located in one of São Paulo’s leading business districts. Both hotels are undergoing a phased renovation programme designed to enhance the guest experience, support revenue growth and create long-term value.
Ricardo Szlejf, Managing Director & Head of Real Assets, Latin America, at CPP Investments, said this investment in the Hilton Copacabana and the Hilton Morumbi gives the fund exposure to high-quality hotel assets, in a sector he said is underpinned by strong long-term fundamentals, resilient domestic demand, growing international demand and limited new hotel room supply. He noted that Brazil continues to offer attractive opportunities for disciplined long-term investors, and that this partnership with HSI provides access to one of the country’s leading real estate investment managers, with deep local expertise and proven execution capabilities.
This investment gives CPP Investments immediate exposure to the Brazilian hotel 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.
Max Lima, Founding Partner and CEO of HSI, said he was proud to welcome CPP Investments as a partner, noting that this partnership is strategic for his company and reflects the strength of its platform and track record in Brazilian real estate. He said the Group looks forward to collaborating through this hotel joint venture, as the Brazilian real estate market continues to show strong fundamentals, with robust demand and limited future supply supporting attractive risk-adjusted returns.
At a Glance
CPP Investments & HSI — Joint venture, Brazil – Investment: ~C$200 million for a 49.5% interest – Partner: HSI, Brazilian real estate & private credit manager (~US$2.5B AUM) – Assets: Hilton Copacabana (545 rooms, Rio de Janeiro, beachfront) and Hilton Morumbi (503 rooms, São Paulo business district) – Status: hotels undergoing phased renovation – Key executives: Ricardo Szlejf (CPP Investments), Max Lima (HSI, Founding Partner & CEO) – CPP Investments fund size: $793.3 billion (as of March 31, 2026)
