International Hospitality Enterprises, a Puerto Rican hotel operator, will incorporate the four Hyatt Place and Hyatt House hotels in Puerto Rico owned by PRISA Group into management its portfolio, Federico Stubbe CEO of the latter company announced.
“This transaction represents the union of two local companies committed to the tourism and economic development of Puerto Rico,” Stubbe said.
“With this agreement between our companies we bet on the power of working together to maximize the potential the tourism industry represents to Puerto Rico,” he said, adding both companies are evaluating additional growth opportunities in Puerto Rico and abroad.
The executive explained that this transaction responds to a growth strategy by both companies, which began to discuss this agreement in early 2019 when IHE was integrated to the operation of several of the gastronomic components of Distrito T-Mobile, a project developed by PRISA Group.
“For both our employees and our guests, this is a transparent transaction, as the four hotel properties — Hyatt Place Bayamón, Hyatt Place Manatí, Hyatt Place San Juan and Hyatt House San Juan — will continue under the Hyatt flag but operated by IHE,” Stubbe said.
“The service will maintain its usual levels of excellence, and the dedication and commitment of our employees,” said Stubbe, adding that the transaction will be effective Oct. 1st, 2020.
PRISA Group remains as the owner of all hotels, in partnership with McConnell Valdés Consulting.
Currently, PRISA Group and IHE are two of Puerto Rico’s main players in the island’s tourism industry. With $1.5 billion in projects developed in the last eight years and more than 2,000 employees, PRISA Group is the largest developer and owner of hotel properties on the island.
For its part, IHE is the largest and most recognized hotel operator in Puerto Rico, responsible for the operation of La Concha A Renaissance Resort and Casino del Mar, Condado Vanderbilt Hotel, Best Western Plus Condado Palm Inn & Suites, Doubletree by Hilton San Juan, Hotel El Convento, and Courtyard Marriott Isla Verde Beach Resort and Casino del Sol.
“For us at PRISA it is a source of great satisfaction to be able to create a strategic alliance with a group of Puerto Rican professionals with proven experience and world-class knowledge, such as IHE, and its President, José “Peco” Suárez,” Stubbe said.
“Many think that we compete among ourselves when the real competition is us together against the world. Together we will have more capabilities to compete globally, with renewed forces, and continue to press for Puerto Rico to invest more funds in promoting our image and destiny,” Stubbe said.
Meanwhile, Suárez said, “although the pandemic has disproportionately affected the tourism industry, both companies feel confident that it will return with renewed strength when we overcome the crisis. Together we will continue developing innovative initiatives that help strengthen tourism as an engine of economic development in Puerto Rico.”