JHSF begins to present extra energy to its world enlargement
- September 20, 2022
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The group, with hotels, restaurants and real estate in Punta del Este and New York, is preparing to open a hotel in Miami and is mapping real estate assets in London, Paris, Milan, Lisbon and Los Angeles. The CEO, Thiago Alonso de Oliveira, tells the plans to NeoFeed
The JHSF group grew – and continues to grow – focusing on a specific audience: the high-income client, with assets in excess of R$ 10 million. But in Brazil, this addressable market is, according to estimates, only 215,000 people. “The company has opportunities inside Brazil and outside Brazil. We have strategies to address growth on these two fronts”, says Thiago Alonso de Oliveira, CEO of JHSF.
In this scenario, the group’s global ambition begins to take on even greater contours. Alonso revealed exclusively to the NeoFeed that the group is mapping real estate assets in London, Paris, Milan, Lisbon and Los Angeles. Company professionals are already looking for good locations to plant the Fasano banner, whose 65% stake belongs to JHSF and the other 35% to the Fasano family. And projects will get off the ground as they find the ideal locations.
The plan is to work with hotels, gastronomy and incorporation. “We have a clear vision of being very focused on working with a focus on the high-income public”, says Alonso de Oliveira. More than taking the brand to some of the main cities in the world, the group intends to expand its growth potential by reaching an audience of millionaires much larger than what it has in Brazil. “The international market could be 50 times bigger.”
Today, JHSF is present in New York, with the Fasano hotel and the Fasano restaurant, where it debuted two years ago, and in Punta del Este, Uruguay, where it has been for 15 years and has the Fasano hotel and the Fasano Las condominium. Piedras. Between the end of 2023 and the beginning of 2024, the group should open a hotel with 65 rooms and a restaurant in Miami, in an investment that exceeds US$ 100 million.
A number provided by Alonso de Oliveira already gives the dimension of what this could become. The Fasano brand is best known by Brazilians, but has been gaining a lot of traction with the international public. And in both Punta del Este and New York, more than 60% of revenues come from foreign customers. “This shows the acceptance of the product with this audience.”
The global expansion, says the executive, can be either as an operator of a property that already has an owner or with the purchase of the asset in a certain city, as happened in New York and Miami. “In the cities where we decide to make heavier investments, we will have to disburse something between US$ 100 million and US$ 150 million”, says Alonso de Oliveira.
The choice of cities follows some fundamental criteria. One of them is that it is cosmopolitan and the other, of course, is whether it is a place frequented by high-income Brazilians – who are already a client of the group. This, by the way, is another point highlighted by the company: the ability to monetize the customer in various verticals.
In the interior of São Paulo, in the Porto Feliz region, JHSF has the Fazenda Boa Vista condominium, the Village Boa Vista and is now creating the Boa Vista Estates, with land over 20 thousand square meters. It was not even officially launched and has already sold the equivalent of R$ 1 billion out of a PSV of R$ 6 billion. “The vast majority who bought it are already a customer”, says Alonso de Oliveira.
Among the entire stock of land in the three condominiums, there is still R$ 15 billion in PSV in the complex – the estimate is that this stock will be sold between 5 and 10 years. O NeoFeed listened to some homeowners in Boa Vista and some of them said that what stands out is liquidity. “If I put my house up for sale, it doesn’t last a day,” says one.
Part of this is also due to the audience present. There is, literally, a good part of the Brazilian GDP. Some of the biggest Brazilian businessmen and bankers have their homes there. This has made JHSF add services to serve this group. Catarina airport, created in 2019, fits this profile.
Currently, the airport has eight hangars in operation and four more are being built in an investment of almost R$ 50 million. “In the future, we should reach 18 hangars, for 250 planes”, says Alonso de Oliveira. In addition, the company created Catarina Jets, a service that sells hours of use on aircraft per year. “The customer buys 700 hours to enjoy in seven years.”
The service started in 2019 with an airplane. Today, the fleet is made up of four aircraft: a G150 and another Pheno 300; and two Agusta helicopters. “If everyone wants to fly on the same day, at the same time, we have to make it available to him. We have to do our best to serve all of them”, says Alonso de Oliveira.
The order is to extract synergies and maximize profit with customers. At the airport, there is the runway, the hangar, the sale of fuel. In Boa Vista, JHSF relies on Sustenta Telecom, a telephone company to serve the tenants. At Shopping Cidade Jardim and Catarina Outlet, it operates 20 premium brands and restaurants. In the pandemic crisis, it created the CJ Food app for premium delivery.
Now, the company is negotiating the creation of a high-level school to have a base in Boa Vista. “We are talking to the main players in São Paulo and this should be ready in two years”, says Alonso. It will be a school for 1,200 students. “We have demand from customers who want to live there.”
An area of 10 thousand square meters of offices is also being built in Boa Vista Village so that the condominium members can work and have their offices there – 40% of the total is already reserved. “It’s more a concept of being the family office for clients who spend four days a week in Boa Vista and the other days in São Paulo.”
For analyst Ygor Altero, head of real estate at XP, the company’s results in the second quarter of this year exceeded expectations. Net revenue reached R$ 514 million, 22.3% less than in the same period last year, but 18.1% higher than XP had expected.
The same happened with net income, which reached BRL 221 million, 31.3% lower than in the second quarter of 2021, but above the estimates of BRL 134 million set by the XP analysis team.
Bank of America, which recently started covering the company, recommended the purchase of the share with a target price of R$ 10.50. When it released the analysis on September 1, it stipulated a upside of 69%.
The bank’s analysts stated that the company has created an ecosystem in the Brazilian luxury market and that JHSF achieves margins twice as high as competitors by adding brands and services to the ventures. In the year, the JHSF share, valued at R$ 5.15 billion, rose 65% and is quoted at R$ 7.61.