CEO of the Brazilian conglomerate JHSF, Augusto Martins, has outlined its plans to reposition Enjoy Punta del Este following its $160m acquisition of the property, with a full redevelopment scheduled for completion by the end of 2027.
The project will convert the beachfront asset into a mixed-use destination combining a Fasano-branded hotel, residential units, a 20,000-square-meter shopping center and the existing casino. The first phase is expected to be delivered by the end of this year.
Martins said the group identified value in transforming an already established asset into a more integrated model aligned with JHSF’s broader strategy, which combines hospitality, retail, gastronomy and real estate.
He stated: “The casino continues to be a relevant component with great tradition within the asset. What changes is that it stops being the only driver of attraction and becomes integrated into a broader proposition, where different experiences coexist and complement each other.”
Retail is expected to play a central role, with the shopping center positioned as a key differentiator of the project. Inspired by São Paulo’s Shopping Cidade Jardim, it will feature curated international and domestic brands alongside JHSF’s own gastronomic concepts.
The development will compete with the Cipriani Ocean Resort, Residences & Casino, a separate large-scale project underway on the former Hotel San Rafael site. Martins acknowledged similarities between the two but emphasized the role of retail in shaping consumer behavior and extending dwell time.
On potential market saturation, he said projects with clear positioning and consistent execution tend to perform, with differentiation driven by the quality and coherence of the overall proposal.
According to the CEO, Argentina remains a key source market for Punta del Este, although he noted a gradual diversification of visitors, with increased presence from Brazilian, Uruguayan and international clients.
He said: “The Argentinian client is historically very relevant for Punta del Este. At the same time, we see a broadening of the audience profile.”
Regarding a potential expansion into Argentina, Martins said the group continues to monitor the market but emphasized the importance of stable conditions: “Any investment decision requires predictability and adequate conditions. It is an analysis we conduct on an ongoing basis.”
Martins also pointed to Uruguay’s stability, legal certainty and investment-friendly environment as key factors underpinning the project, and said Punta del Este is evolving into a more year-round, internationally positioned destination.
He finalized: “The country brings together important attributes, such as stability, legal certainty and a favorable environment for investment, which creates a solid foundation for projects of this nature.”
Before becoming CEO of JHSF, Augusto Martins led the group’s financial arm, JHSF Capital, and worked in senior roles at Banco Alfa and M&A
