Caribe Hilton hotel listed for sale for undisclosed amount
The iconic Caribe Hilton Hotel in San Juan, owned by Park Hotels & Resorts Inc. and managed by Hilton Worldwide, is on the market for an undisclosed price, News is my Business learned.
According to the listing on the website of brokers CBRE and JLL, the 652-room hotel is advertised as having “strong in-place cash flow” and potential for further development, including hotel and/or residential projects on its 17-acre property.
“This historic resort has several distinct features that make it stand out among other assets in the market, such as a protected beachfront experience, the most meeting space of any hotel in San Juan, and a recent $160+ million renovation,” the brokers noted about the hotel, which opened on Dec. 9, 1949.
The Caribe Hilton underwent extensive repairs following significant damage from Hurricane María in September 2017. The property remained shut for 20-months after the storm for the renovations, as reported by News is my Business.
The sale highlights include the opportunity for the new owner to lease vacant retail spaces, raise resort fees, introduce new food and beverage options, and expand the spa and fitness membership business to increase profitability.
The Caribe Hilton boasts 634 standard rooms, sized between 339 and 377 square feet, and 18 suites, ranging from 676 square feet to 2,052 square feet. This includes four duplex suites, with kitchens or kitchenettes, that range in size from 1,384 square feet to the presidential suite’s 2,052 square feet. All rooms at the beachfront hotel have private balconies, with 372 offering views of the Atlantic.
The landmark hotel has nine food and beverage outlets: Morton’s Steakhouse, Mojito’s Caribbean Fusion, Rustica Ristorante, Caribar & Caribar Terrace, Nectar Del Caribe, Lola’s Puerto Rican Cuisine, Baqua, Ice Cream & Cookie Co., and Starbucks.
