Hotel MaxInvest FII — B3's oldest hospitality fund (established Feb 13, 2007 — 19 years), CNPJ 08.706.065/0001-69. 17 hotels with 724 room units (UHs) in São Paulo (Blue Tree Faria Lima wound down May/2026). Divestment cycle with 624 room units sold + acquisition pipeline following the 16th offering.
Segment: Brick · Hotels · medium quality · Price R$ 135.61 · P/BV 0.9149 · BV/unit R$ 148.23 · Net assets R$ 428 Mi · 33,399 unitholders · 17 assets
HTMX11 (FII Hotel MaxInvest) is a Brazilian REIT in the Brick · Hotels · medium quality segment. Hotel MaxInvest FII — B3's oldest hospitality fund (established Feb 13, 2007 — 19 years), CNPJ 08.706.065/0001-69. 17 hotels with 724 room units (UHs) in São Paulo (Blue Tree Faria Lima wound down May/2026). Divestment cycle with 624 room units sold + acquisition pipeline following the 16th offering.
Owner of São Paulo hotels operated by Ibis and Novotel brands, distributing daily room revenues as monthly income — the exchange's only hospitality fund with nearly 20 years of history. Note: income fluctuates significantly across months, and there is a risk of losing tax benefits that could reduce returns.
This page gathers the factual snapshot of HTMX11 in 2026: what the fund is, what it invests in, what it charges, who manages it and how it got here. Opinion, score and recommendation live in the analysis; payout calendar and projections live in dividends.
Management: BTG Pactual Asset Management + HotelInvest.
BTG Pactual Asset Management is one of Brazil's largest FII houses, with R$ 30+ billion in real estate. HotelInvest (real estate consultant since inception) is a founding partner — the duo operates the country's largest hospitality portfolio: 57 hotels and ~4.2k rooms across 8 states via two FIIs (HTMX11 + others). They boast a 17-year track record in the sector, with InfoMoney/IBMEC awards (2017, 2019, 2023). The 16th offering (Nov/24) was priced at an 8.5% premium to book value — a sign that the manager viewed market timing as favorable to raise capital and expand.See our analysis of BTG Pactual Asset Management + HotelInvest →
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Ibis Sao Paulo Morumbi | Berrini-Chucri Zaidan — São Paulo/SP | 100.0% | — |
| Novotel Sao Paulo Morumbi | Berrini-Chucri Zaidan — São Paulo/SP | 100.0% | — |
| Ibis Styles Faria Lima | Itaim Bibi/Faria Lima — São Paulo/SP | 100.0% | — |
| Ibis Ibirapuera | Vila Nova Conceição — São Paulo/SP | 100.0% | — |
| Estanplaza International | Itaim Bibi — São Paulo/SP | 100.0% | — |
| Staybridge Suites Sao Paulo | Itaim Bibi — São Paulo/SP | 100.0% | — |
| Intercity Paulista | Jardins/Paulista — São Paulo/SP | 100.0% | — |
| Ibis Budget Morumbi | Berrini-Chucri Zaidan — São Paulo/SP | 100.0% | — |
| Estanplaza Funchal | Itaim Bibi — São Paulo/SP | 100.0% | — |
| Double Tree by Hilton Sao Paulo Itaim | Itaim Bibi — São Paulo/SP | 100.0% | — |
| Ibis Sao Paulo Congonhas | Congonhas — São Paulo/SP | 100.0% | — |
| Gran Estanplaza | Itaim Bibi — São Paulo/SP | 100.0% | — |
| Estanplaza Berrini | Berrini — São Paulo/SP | 100.0% | — |
| Innside by Melia Sao Paulo Iguatemi | Itaim Bibi — São Paulo/SP | 100.0% | — |
| Estanplaza Ibirapuera | Moema — São Paulo/SP | 100.0% | — |
| Ibis Budget Jardins | Jardins — São Paulo/SP | 100.0% | — |
| Intercity Premium Nações Unidas | Berrini — São Paulo/SP | 100.0% | — |
| Ibis Sao Paulo Paulista | Jardins/Paulista — São Paulo/SP | 100.0% | — |
| Blue Tree Faria Lima | Itaim Bibi/Faria Lima — São Paulo/SP | 100.0% | — |
| Estanplaza Nações Unidas | Berrini — São Paulo/SP | 100.0% | — |
| Park Inn by Radisson Berrini | Berrini — São Paulo/SP | 100.0% | — |
| Intercity Premium Ibirapuera | Vila Nova Conceição — São Paulo/SP | 100.0% | — |
| Wyndham Sao Paulo Paulista | Jardins/Paulista — São Paulo/SP | 100.0% | — |
| Wyndham Berrini | Berrini — São Paulo/SP | 100.0% | — |
| Melia Jardim Europa | Jardins — São Paulo/SP | 100.0% | — |
| Ibis Budget Paulista | Jardins/Paulista — São Paulo/SP | 100.0% | — |
| Comfort Nova Paulista | Jardins/Paulista — São Paulo/SP | 100.0% | — |
HHI 0.1396 — moderada.
| Breakdown | Share |
|---|---|
| By state | Berrini-Chucri Zaidan 51.9% · Itaim Bibi 13.3% · Itaim Bibi/Faria Lima 6.7% · Vila Nova Conceição 4.7% · Jardins/Paulista 3.7% · Berrini 2.7% |
HTMX11 trades at an 8% discount to its book value of R$ 149.74 (Mar/2026). This is not a heavy discount — the fund is trading near book value. By comparison, BTHI11 (its direct peer) trades at 0.69x.
last close R$ 135.61 · all-time low R$ 74.00 · high R$ 202.21 · book value per unit R$ 148.23.
Average daily volume (21 sessions) of R$ 235,686 · 12-month average of R$ 540,868.
Moderate-to-low liquidity. Average volume of R$ 236k/day. A R$ 1M position takes ~21 trading days to exit without moving the price. During offering windows (such as Nov/2024), liquidity improves; post-offering, it returns to current levels.
| Period | What happened |
|---|---|
| Fund Establishment (Feb/2007) | Hotel MaxInvest FII is established on Feb 13, 2007 — B3's second hospitality FII, with a mandate to 'capitalize on the recovery of São Paulo's hotel market' through the sale and leasing of rooms in city hotels. |
| Start of the divestment cycle | In Aug/2011, the fund initiates a divestment cycle — selling rooms to realize real estate appreciation and distribute proceeds as extraordinary income to unitholders. Over the years, it sold 985 purchased rooms and ~528 rooms in the cycle through 2024. |
| Countercyclical acquisition phase (2016/2019) | In 2016 and 2019, amid a slow real estate market, the fund capitalizes on low prices to acquire select apartments to add to its portfolio, anticipating a recovery. |
| Pandemic shock — DPU drops near zero | The COVID-19 pandemic severely impacts the hospitality sector. RevPAR plummets, occupancy falls below 25%, and the fund distributes mere pennies per month. NAV drops and unit prices hit R$ 74 (Mar/2022 — historical low). |
| PERSE (Apr/2022) — tax relief | Law 14,148/22 establishes PERSE — exempting the events and tourism sector from PIS/COFINS, IRPJ, and CSLL taxes. Hotels quickly recover operating margins. Distributions resume growth. |
| Extraordinary distribution — year-end sales | Dec/2023: distribution of R$ 3.25/unit (vs ~R$ 0.70 sustainable). A semi-annual room-sale pattern that repeated in Dec/2024 (R$ 3.94). |
| 16th Offering — R$ 250M raised | In Nov/2024, the fund completes its 16th offering at R$ 145.14/unit + 3.80% fee = R$ 150.66/subscription price. An 8.50% premium over the prevailing book value (R$ 133.77). 1,722,475 units issued plus additional allotment. Total units jump from 1,504,334 to 2,888,094. |
| Novotel Morumbi acquisition (R$ 106.6M) and Ibis Budget Morumbi (R$ 8.8M) | Using offering proceeds (R$ 216M in Dec/24), the fund executes the first pipeline acquisitions: 189 units of Novotel Morumbi (cap rate ~12%, 2024) and 230 units of Ibis Budget Morumbi. Ibis Morumbi and Ibis Ibirapuera from the original pipeline remain to be executed. |
| PERSE Risk — judicial challenge to termination | In Mar/2025, the Federal Revenue Service signals the end of PERSE starting Apr/2025. Hotel operators file lawsuits to maintain the benefit until Aug/2027. The dispute remains sub judice in 2026 — posing a risk of higher tax burdens on the sector. |
| Sustained room-sale pace | In 2025/2026, the fund continues selling rooms (608 units sold in the cycle through Feb/26, R$ 46.38/unit amortized). DPU oscillates between R$ 0.80 and R$ 1.80 depending on monthly sales volume. Dec/25: R$ 1.25; Jan/26: R$ 1.00; Feb/26: R$ 1.20; Mar/26: R$ 1.20. |