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3 new hotels with $25M in combined investments planned for San Juan islet

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Three new hotels — Hotel Tetuán 100, Puerto Valdes, and Plaza Colón Hotel & Suites — representing a combined $25 million in investments are underway in the San Juan islet, which will add 88 new rooms to Puerto Rico’s inventory.

During a news conference, Puerto Rico Tourism Co. Executive Director Carla Campos said the new hotel developments “are committed to providing unique lodging experiences to appeal to a visitor who appreciates and enjoys the history and authenticity of the heart of Puerto Rico tourism.”

The new properties will generate about 106 jobs during the construction and operation phases, she said.

“We believe that these projects that are being developed simultaneously are testimony to the fact that the traditional hotel offering, adapted to the trends of the traveler seeking unique experiences in an environment rooted in the fiber of our history and culture, still has great potential for development,” she said.

“I want to recognize the three investors and developers who have come together to make this important announcement, for betting on Puerto Rico, conceptualizing differentiated projects but who share the commitment to elevate the essence of the historical environment in three important hotels,” Campos said.

Osvaldo Kratsman, owner of the Puerto Valdes property, said the idea came from “an interest in venturing into the tourism industry, which I believe is one of the industries with the most growth potential in Puerto Rico. So, we decided to build a boutique hotel, using our own 100-year-old historical building.”

Kratsman is an entrepreneur with more than 30 years of experience who also owns Eurodesigns Homes and other companies. The 16-room property on Valdés Street will also house eight parking spaces, a lobby, reception area, activities room, a conference room, a gym and rooftop jacuzzi. This property will entail a $1.2 million investment and is slated to open March 31, 2021, he said.

Meanwhile, Hotel Tetuán 100, owned by 100 Tetuán ST, LLC, will be located at the former Puerto Rico Chamber of Commerce headquarters in Old San Juan. Following a $4.7 million investment, the property will feature 12 rooms, bars with views of the San Juan bay, a terrace and a restaurant. It will generate 13 full- and part-time jobs once operational.

“The renovation of Tetuán 100 will be historical and will again give life to the wonderful building designed by Antonín Nechodoma and will turn it into an important high-quality tourist project, with a dynamic and elegant aesthetic,” said Esmeralda Cortijo, representative of the Tetuán Hotel 100 that is slated to open Dec. 31, 2021.

 The third planned property, the Plaza Colón Hotel & Suites on San Francisco Street in the heart of the historic city will feature 60 rooms, a gym, retail spaces, meeting rooms and restaurants, as well as a rooftop bar with space for weddings and corporate events.

With an estimated acquisition and construction investment of $20 million, PCHS 405, LLC, developer of this hotel in front of Plaza Colón, will create 40 new jobs.

“We’re very optimistic about Puerto Rico’s future and excited to introduce a boutique lifestyle hotel to the Old San Juan market,” said Eric Berman, CPA of Plaza Colón Hotel & Suites.

“The property will have a strong focus on local culture, gastronomy and art, and will seek to have a positive impact on the community. We believe that diversifying hospitality services on the island will lead to an increase in tourist demand, thus promoting economic growth,” Berman said.

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This story was written by our staff based on a press release.
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