Uruguay: Historic former Conrad hotel and casino sold for US$160 M, millions in investment projected

The emblematic Enjoy Punta del Este hotel and casino, historically known as the former Conrad, changed hands in a key operation for the regional gaming and luxury hotel market. The Brazilian group JHSF Peninsula completed the purchase of the complex for US$160 million, as reported by the Chilean company Enjoy S.A. to the Santiago Stock Exchange.

The transaction includes the transfer of 100% of the shares of Baluma S.A., the company responsible for the ownership and operation of the five-star resort located in one of the most exclusive destinations in Uruguay.

The sale is part of the judicial reorganization process that Enjoy S.A. is going through, initiated in the 8th Civil Court of Santiago. The Chilean group had entered the asset in 2013 with the purchase of 45% for US$140 million and completed full control in 2017 after acquiring the remaining 55% for US$198 million. The current divestment reflects a significant loss from the original value.

Other important interested parties also participated in the bidding for the asset, such as Italian businessman Giuseppe Cipriani and the Chilean fund Moneda Patria Investment. However, JHSF Peninsula's bid was successful.

The new owner is a holding company based in São Paulo, specializing in premium real estate developments, luxury hotels and shopping centers. As part of its strategy in Uruguay, JHSF maintains an alliance with the Fasano chain and plans to rename the complex Fasano Peninsula, in addition to promoting an ambitious investment plan estimated at up to US$500 million.

The operation marks a new chapter for one of the entertainment icons in Latin America and reinforces Punta del Este's positioning as a regional hub for high-end tourism and gaming.