Dorado Ritz not under contract for sale, but owners open to ‘alternatives’
December 8, 2021
The Dorado Beach, A Ritz-Carlton Reserve is not under contract for sale at this time, but one of the luxury hotel’s developing partners, PRISA Group, confirmed that it is always exploring alternatives for its properties. Federico Stubbe Jr., CEO of PRISA Group, told News is my Business “as developers, after a property is stabilized, we’re […]
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Gov’t drops plan to seek P3 for Puerto Rico Aqueduct and Sewer Authority
December 7, 2021
The Public-Private Partnership Authority announced it will no longer seek a private-sector partner to optimize the Puerto Rico Aqueduct and Sewer Authority’s (PRASA) water consumption measurement system and the management of its commercial operation. This comes more than three years after the P3 Authority published a Request for Qualifications in June 2018 to identify of […]
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PRICEC buys rights of conglomerate of popular culinary events in Puerto Rico
November 25, 2021
The Puerto Rico Culinary Events Conglomerate announced the acquisition of the production rights of several popular culinary events on the island in recent years from Imagenda, a company that is part of CGV Creative Group. The financial terms of the deal were undisclosed. This group of entrepreneurs will now produce several well-known festivals such as […]
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Puerto Rico/USVI businesses approved for $2B+ in SBA COVID disaster loans
November 22, 2021
The U.S. Small Business Administration has approved more than 28,000 loans to businesses in Puerto Rico and the US Virgin Islands exceeding $2 billion through its COVID Economic Injury Disaster Loan (EIDL) program, it announced. When broken down, Puerto Rico-based small businesses have been approved for 26,751 loans, worth $2 billion, while the USVI has […]
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Miami-based Grand Havana Cafe opening shops in Puerto Rico
November 18, 2021
Miami-based Grand Havana Cafe announced it has entered negotiations with AM:PM City Market Corp. to acquire its business portfolio in Puerto Rico, which includes locations in Isla Verde and Hato Rey. After the closing — expected to happen during the first semester of 2022 — the shops will be converted into Grand Havana Cafes, company […]
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Casa Bravada distillery in Toa Baja launches 1st Puerto Rico-made vodka
November 10, 2021
Puerto Rican entrepreneurs Carlos J. López-Vidal and Claudia Ferrer-Tañón inaugurated the first local vodka distillery Casa Bravada — which entailed a $1.5 million investment — and their Bravada Vodka, a 100% artisanal product, manufactured in Toa Baja. “Casa Bravada arises from a dream to establish a family business together with my husband Carlos, with a […]
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ICANN scraps in-person conference planned for March ’22 in Puerto Rico
November 8, 2021
The Internet Corporation for Assigned Names and Numbers (ICANN) announced that it will no longer hold its in-person ICANN73 convention in Puerto Rico on Mar. 5-10, 2022, going virtual instead, citing “continuing impacts of the COVID-19 pandemic.” The ICANN Board of Directors — which first announced plans to come to the island in 2019 — […]
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Executive appointments in Popular, Foxwoods Casino, PR Women’s Foundation
November 8, 2021
This edition of Climbing the Corporate Ladder reports on executive appointments in a cross-sector of industries in Puerto Rico. Popular names COO, chief legal officerPopular Inc. announced the appointment of Javier D. Ferrer as COO and head of business strategy. It also named José R. Coleman-Tió as executive vice president, chief legal officer and general […]
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Passenger traffic at LMM up 14.4% in October, vs. same month in ’19
November 8, 2021
Grupo Aeroportuario del Sureste, known as ASUR — whose subsidiary Aerostar Holdings operates the Luis Muñoz Marín International Airport (LMM) — confirmed that passenger traffic at the facility increased 14.4% in October, in comparison to the same month in 2019. The company compares current results to pre-pandemic numbers, which “reflect a continued overall recovery in […]
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Puerto Rican boxer Trinidad, father, sue Popular Inc. for $175M
November 5, 2021
Puerto Rican boxer Félix “Tito” Trinidad-García and his father, Juan Félix Trinidad-Rodríguez, are suing Popular Inc. — parent company of Banco Popular de Puerto Rico — for no less than $175 million in damages. In the lawsuit filed in the US District Court for the District of Puerto Rico, the Trinidads are “seeking fair and […]
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Colombia’s Viva Air gets OK to fly to Luis Muñoz Marín International Airport International Airport
November 5, 2021
Viva Air, Colombia’s low-cost carrier that is part of Grupo Viva, has received the go-ahead from the country’s aviation authority to begin flying from Bogotá and Medellín to the Luis Muñoz Marín International Airport (LMM) in Carolina. As News is my Business first reported late last month, the two direct routes were part of a […]
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Popular Inc. will raise minimum salary to $13/hour starting in January ’22
November 5, 2021
Popular Inc., parent company of Banco Popular de Puerto Rico, will raise the minimum hourly base salary for 68% of its workforce, company CEO Ignacio Álvarez announced during its “Popular Connects” town hall meeting. The hourly base salary in Puerto Rico will increase to $13 in January 2022 and to $15 in January 2023. “Our […]
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Liberty Puerto Rico reports $359M in 3Q21 revenue
November 4, 2021
Liberty Puerto Rico is still reporting positive results from its acquisition of AT&T Puerto Rico’s assets, which nearly tripled its revenues to $359 million during the third quarter ended Sept. 30, when compared to the $114.4 million for the same year-ago period. The report shows that Liberty Puerto Rico’s revenue grew by 214% and 2% […]
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Vieques Sustainable Economic Dev’t Council presents multi-action plan
November 4, 2021
The Vieques Sustainable Economic Development Council — created earlier this year to move the economy of the island municipality forward — presented to Gov. Pedro Pierluisi a multi-strategy plan to develop tourism, jobs, improve transportation, health, infrastructure, energy, security, education, and special projects. One of the steps taken by the Council is to recommend that […]
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Ports Authority unveils fire control system upgrade project at Puerto Nuevo docks
November 3, 2021
The Puerto Rico Ports Authority announced the start of what will be a $4 million to $5 million investment in a full upgrade of the fire suppression system in the Puerto Nuevo loading docks in San Juan. Ports Executive Director Joel Pizá confirmed that the first phase of the project is already underway, with the […]
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