By Brazil Stock Guide – JHSF Participações (JHSF3) has agreed to acquire the Enjoy Punta del Este hotel and casino complex in Uruguay in a transaction that combines opportunistic pricing with a broader strategy to reposition the asset under its Fasano luxury brand. The company did not disclose the transaction value, but market estimates point to around $160 million.
The deal, executed through JHSF Península, involves the purchase of 100% of Baluma S.A., the company that owns the complex, located in front of Playa Mansa — one of Punta del Este’s most upscale areas. The property, formerly known as Conrad Punta del Este, has long been a key destination for Brazilian and Argentine high-income tourists, particularly drawn by its casino operations, which are restricted in Brazil.
From casino to platform
Rather than operating the asset as a standalone gaming destination, JHSF plans a structural transformation into a high-end mixed-use development anchored by the Fasano brand. The project includes a Fasano hotel, a shopping center with roughly 50 international retail and dining outlets, residential units, and the integration of the existing casino into a broader lifestyle ecosystem.
The introduction of Fasano is central to the investment thesis, as the brand has historically functioned as a pricing and demand catalyst in JHSF’s developments, supporting both recurring revenue streams and real estate value creation.
Opportunistic entry
The $160 million price tag suggests an opportunistic acquisition, particularly given Enjoy’s financial pressures in recent years, which have forced asset sales and restructuring efforts. For JHSF, the transaction offers entry into a large-scale, iconic asset at a point where redevelopment — rather than initial construction — can drive returns.
JHSF Capital acted as financial advisor and may structure an investment vehicle to bring in partners, indicating a potential capital-light approach as the project advances. Completion remains subject to regulatory and antitrust approvals.
Strategic read-through
The move signals a shift in how JHSF approaches international expansion: instead of greenfield developments, the group is targeting underutilized trophy assets with repositioning potential.
In effect, the company is attempting to replicate abroad the model it built in São Paulo — using hospitality as an anchor to unlock value across retail and residential segments. In a region with limited supply of large-scale luxury destinations, Punta del Este remains one of the few locations capable of supporting this type of integrated, high-end ecosystem.