The First Luxury Hotel of Sao Paulo closes its doors on Sunday, December 20th

The Hotel Ca'd'Oro, recently indicated by insidesaopaulo will close its doors for inability to remain profitable during last years.

Founded in 1956, the Hotel will be open only until the 20th of December. It's famous and classic restaurant closed yesterday December 18th. The reason for the closure was a long decline that the Rua Augusta's region (address of the Hotel) has crossed. Frequented by prostitutes and subject to urban violence during the last decades, the region of the 'baixo Augusta' (down Augusta) became synonymous of preconcept to the luxury hotel goers.

Over the past decades, new shopping areas, construction of flats and economic centers have been organized in other areas of the city and it took the Rua Augusta off the plot.

Currently the region has changed and become promising. Projects promising revitalization in the city center are already taking place and changing the whole region, as well as new investors have bet their chips on site. However, the first 5-star hotel of the city did not resist and will close completely.

Despite the news, Fabrízio Guzzoni (general manager and grandson of the Hotel founder) states that this is not the end of the project. He will go after new investors to reopen the doors again for the 2014 World Cup.

Related link: Grand Hotel Ca' d'Oro - the first five stars hotel of Sao Paulo