According to STR's June 2016 Pipeline Report for Central and South America, over 66,352 hotel rooms in 417 projects Under Contract in the Central/South America region.
Sales officially started this week for apartments in the Trump Tower Punta del Este, the latest attempt to extend the Trump brand to far-flung locales. The project in Uruguay's most popular tourist destination is the first to carry the Trump name in South America.
South American real estate markets are attracting big-name American investors, with Brazil gaining the most attention. The Related Group, Donald Trump and Sam Zell are among the real estate investors looking to build residential housing and commercial space.
Hyatt Hotels Corporation recently confirmed the deal when Hyatt announced it entered into a management agreement with Dilony S.A. Dilony expects the new 167-room hotel to be open in 2015 in Montevideo, and the Hyatt-branded property brings the total number of announced Hyatt-branded hotels under development in Latin America to 14.
On top of the generally weakening nature of the Uruguay economy and the decision of the Uruguay Central Bank to attempt to fend off inflation by increasing the reference interest rate to 9 percent, the real estate market is facing a major uphill battle as the beginning of the southern hemisphere summer season approaches.