Hotel Casino Oceania Catches Second Wave As Luxury Condo

Patrick Archer hotels & casinos, real estate, uruguay

Edificio Oceania Montevideo

More waterfront landmarks in Montevideo are being converted into luxury condominiums and hotels.

A new chapter of life and luxury awaits another Montevideo landmark with panoramic views of the capital city, the World Trade Center and the winding Rambla below.

The nautical-themed building with porthole windows overlooking the beaches of Punta Gorda and Malvin used to be the Hotel Casino Oceania, a popular waterfront destination for Montevideo visitors in the 1940s and 50s. The hotel was operating as a three-star property when it finally closed its doors in 2006. The hotel changed hands the following year for US$1.5 million, according to El Pais.

Now the hotel is in the process of being completely renovated and reconfigured into a luxury condominium building with only 11 units priced from US$800,000 to US$1.6 million. The renovation project began in July 2012 and is scheduled for completion next March, writes El Observador’s Dihane Lois.

The new condominium is being marketed primarily to foreign investors who are attracted to the stability and quality of life that Montevideo has to offer. While more Argentines are gravitating to Carmelo, Montevideo’s appeal is growing with neighboring Brazilians and other foreign investors from North America and Europe. (Full Story in Spanish)

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