Covid-19 is not only heavily shaking the world, but it thwarted our plans to invest in the first Hotelium real estate. We were really too optimistic to think the pandemic will be gone by autumn and we will be able to complete the purchase of a resort property on the Brazil island of Itaparica. Not only the virus is very much alive, but Brazil is also one of the most affected countries in the world. What was once an exotic, desirous destination is now a place stricken with plague and poverty. Furthermore, the situation led to the Chinese consortium putting the construction of the bridge between Salvador city and the aforementioned island on hold. This means Itaparica is much less attractive at the moment.
We haven’t withdrawn from the agreement we signed back in January just yet, we put the project on standby. Nothing can be done at the moment. However, sitting idle wasn’t an option. Due to uncertain times, we started to analyse closer areas. There are a lot of new opportunities, even on our continent, for the world after the current crisis. People will travel, no doubt about that, and countries are preparing for a boom of international visitors once flying becomes more feasible. One destination already caught our eye and now more than ever we are committed to executing our goal. Stay tuned, this is only an intermediary piece of news, because we will make our decision public shortly!