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Though Chicago hospitality professionals are understandably disappointed, those in Rio de Janeiro are dancing the streets (literally, check out the video on CNN!) That's because the International Olympic Committee has selected the fun-loving Brazilian city as host of the 31st Olympic games.

This premier sporting event will take place among 33 venues overall, 18 of which already exist. The Maracana Stadium and Copacabana beach are two of the venues that will host athletes. Already set to host the 2014 World Cup, the city of Rio de Janeiro is confident in its ability to stage this grand event, which will bring together 10,000 athletes and even more officials and members of the media.

"Rio is ready, give us this chance and you will not regret it," Brazilian President Luiz Inacio Lula da Silva said in a presentation prior to the decision. "I honestly believe it's Rio's time...It would send a powerful message that the Olympics belong to all continents, all humanity."

In addition to Chicago, Rio beat two other Olympic contenders Tokyo and Madrid.