Brazil’s JHSF is set to become a household name in the South American nation after its purchase of 13 Fasano restaurants. The real estate company will now have the right to the Fasano luxury brand name. Previously, the hotels were managed by Grupo Fasano, a Sao Paulo-based firm.
The acquisition is worth over $23.8 million dollars. JHSF communicated to Fasano management about their intended purchase of the company. To this end, Fasano presented their shareholders with the proposal from JHSF. The stakeholders agreed to the proposed sell of the entity. This is because JHSF had offered a lucrative offer. According to official data, the offer was worth over five times the restaurant’s earnings before taxes, interest, amortization, and depreciation. The acquisition was spearheaded by Jose Auriemo Neto, JHSF’s president.
Previously, Rogerio Fasano controlled the Fasano group of hotels and restaurants. The Sao Paulo-based businessman comes from an Italian-immigrant family that has run the restaurants for over a century in the city. In addition, the Fasano Group owns resorts in Sao Paulo and Rio De Janeiro. The conglomerate has made significant investments in Brazil and Uruguay.
This acquisition is set to improve JHSF’s portfolio of luxury properties. The leader in the real estate sector of high income in Brazil also owns other properties such as luxury apartments, commercial premises, shopping centers, and an international private airport.
One of the high-end properties developed by JHSF is the Cidade Jardim Shops in the Jardins area. In addition, Shopping Metro Tucuruvi, made a significant impact on the lives of the people. The shopping mall’s success of real estate business was based on its fantastic integration with subway and bus terminals located nearby. Shopping Metro Tucuruvi was built using the expertise gained from Shopping Metro Santa Cruz, which was constructed by JHSF in 2001.
About Jose Auriemo Neto:
Jose Auriemo Neto is a Brazilian entrepreneur and executive leader. The visionary businessman is the chairman and CEO of JHSF Participacoes SA, a luxury real estate developer. The father of two first joined the company in 1993. His presence in the company saw the establishment of the group’s services department.
Jose Auriemo Neto is credited for developing Shopping Santa Cruz. He enabled JHSF to venture into retail business by signing a partnership agreement with Jimmy Choo, Pucci and Hermes. Previously, Neto worked for B Store. He is a graduate of Fundacao Armando Alvares Penteado (FAAP) University.