Paulson & Co buys San Juan Beach Hotel for $20M
The San Juan Beach Hotel is located in the Condado sector of San Juan, overlooking the Atlantic.
Hedge fund investor Paulson & Co. has bought the San Juan Beach Hotel in Condado for $20 million, and plans to renovate the beachfront property that shuttered earlier this year after filing for Chapter 11 bankruptcy protection.
The most recent investment by Paulson & Co. is added to other hotel and real estate properties the company has picked up in recent years, representing a total investment of some $2 billion that include the Vanderbilt Hotel, the St. Regis Bahía Beach Resort, La Concha Resort and several office buildings in the Hato Rey sector of San Juan.
Paulson & Co. plans to transform the 96-room San Juan Beach Hotel into a luxury boutique hotel in coming months, hiring local architects, engineers and local designers, the Department of Economic Development and Commerce said Thursday.
“Attracting investors such as Paulson, who contribute to the development of the tourism industry is one of the components of the economic development plan we have put in place,” said Economic Development and Commerce Secretary Alberto Bacó.
This is the second major tourism-related transaction announced in as many days. On Wednesday, Asset management firm Fundamental Advisors LP announced that along with partners León, Mayer & Co., and Aimbridge Hospitality, it has acquired the El San Juan Resort & Casino, for $71 million. The acquisition includes a $35 million investment to overhaul the property, Tourism Co. Executive Director Ingrid Rivera said Thursday.
“The luxury travel sector is growing in Puerto Rico and is contributing to the development of the Puerto Rican economy. Investments such as the San Juan Beach Hotel and the Hotel San Juan will help continue to position the island as a premier destination in the Caribbean,” she said.
That was fast. But it makes sense, given Paulson’s huge investment in the Vanderbilt right next door. I hope he buys those three eyesores down closer to the Puente Dos Hermanos and gets them torn down or renovated.
Even if he doesn’t buy them, the govt should demolish abandoned buildings, create green spaces, and bill the owners for the cost.
I am glad that Mr Paulson purchased the property and will develop it into a boutique hotel. Hopefully direct and indirect local jobs will be generated.