We are pleased to announce that we have advised Marriott International on various aspects related to the operation and management of the country's first “five-star plus” luxury hotel. This exclusive establishment will carry the prestigious “JW Marriott” brand and will be constructed by Agri Terra in the heart of Asunción, the capital of Paraguay.
As legal representatives of Marriott International, Vouga Abogados played a pivotal role in conducting comprehensive due diligence reviews in corporate and real estate matters. The transaction involves the construction of an innovative mixed-use building in the burgeoning financial and business district of Asunción. Designed by the architecture firm DPA Designs, led by Daniel and Sebastián Piana based in Buenos Aires and Miami, this development will house the JW Marriott hotel, along with commercial, corporate, and residential units. Furthermore, it represents a significant investment in Paraguay's real estate and hotel sectors. Construction is expected to commence in 2024, generating employment for over 3,000 workers and contributing to the evolution of Asunción's growing urban skyline. DPA Designs' architectural vision promises to make the building an iconic landmark in the city's dynamic profile.
Marriott International, headquartered in Maryland, USA, holds the title of the world's largest hotel chain, operating in over 130 countries with more than 8,000 properties under its 31 renowned brands, including Ritz-Carlton, St. Regis, Sheraton, Westin, and Le Meridien. With annual sales exceeding $20 billion, Marriott International continues to be a global leader in the hotel industry.
Vendrell & Herrera led the drafting and negotiation of transaction documents on behalf of Marriott International.
We are excited to have been part of this unique collaboration that will contribute to the economic and architectural development of Paraguay. We remain committed to excellence and innovation in every project we undertake.