The 108-metre, 34-storey building was constructed from 1968 until 1972 and designed by famed architect Oscar Niemeyer, who was considered to be one of the key figures in the development of modern architecture.

[1] The sleek modernist glass, aluminum and concrete building in the beachfront neighborhood of São Conrado housed a convention center for 2,800 people and a theater for approximately 1,400 spectators where artists such as Liza Minnelli, B.B.

It featured five restaurants, helicopter air taxi service from its helipad and original artwork and sculpture and played host to the Rio Film Festival in the 1980s.

The detailed renovation project involved contractor consultations with engineer Bruno Contarini, the structural designer who participated in the original construction of the building.

[5] The project, estimated to cost $67 million, called for a 476-room hotel and an apartment annex boasting 240-plus units, as well as exhibition space, a spa and a Niemeyer Bar on the top floor.

In addition, the Brazilian economic crisis and continuing high violent crime rates in the area contributed to the chain's decision.