Punta del Este undergoes transformation through Fasano hotel project and rising investment

The Brazilian group JHSF is transforming the former Conrad hotel in Punta del Este into the new Fasano Península. Following a US$160 million acquisition of Baluma S.A. from the Chilean company Enjoy, the project will convert the existing structure into a mixed-use complex. The development will integrate hospitality, residences, gastronomy, and retail spaces.

This redevelopment coincides with a significant shift in the Punta del Este real estate market. There is a growing trend of Argentine investors moving beyond seasonal vacation homes toward permanent residences and custom-built properties. Over the last decade, more than 12,000 Argentines have settled in Uruguay, with the Maldonado department serving as a primary destination. This influx is reflected in high construction activity, with substantial private investment driving development in the region.