Rio de Janeiro celebrates winning the 2016 Olympic bid

Copacabana beach was the site of the festivities in Brazil on Friday during the International Olympic Committee's revelation of who would be the host city for the 2016 Games.

An estimated 100,000 locals and tourists were on hand to celebrate the announcement that Rio de Janeiro won the right to host the world's largest stage of sporting events.

After three failed attempts, Brazil won the support of the international delegates and the International Olympic Committee. The announcement also marks the first time that any Olympic Games will be held in South America.

The costs of preparing for the event in 2016 are estimated at roughly $12 billion U.S. dollars. However, the event is expected to generate an expected $250 billion dollars.

Brazil now becomes the third country to hold both a World Cup and Olympic Games with a span of two years. In 2014, Brazil will host the World Cup.

Source: Xinhua