CPP Investments is committing approximately $143m for a 49.5% interest in two landmark Hilton hotels in Brazil. The deal brings together CPP Investments and local real estate and private credit manager HSI to form the first venture of its kind in the country's hospitality sector. The joint venture spans the Hilton Copacabana, a 545‑room beachfront property overlooking Copacabana Beach in Rio de Janeiro, and the Hilton Morumbi, a 503‑room upper‑upscale hotel in São Paulo's main business district.

Both assets are undergoing a phased renovation programme aimed at uplifting guest experience, driving revenue growth, and building long‑term value. The partnership leverages HSI's local market expertise and CPP's capital strength, positioning the properties for a competitive edge in Brazil's evolving hotel market. By combining capital, experience, and a clear upgrade strategy, the venture seeks to enhance operational efficiency and unlock higher returns for investors.

The transaction underscores the growing interest of foreign investors in Brazil's hospitality sector, following a period of economic recovery and tourism rebound. Executing a joint venture of this scale signals confidence in the sector's resilience and growth potential.