Nave Bank OKs $7M financing to renovate The Wave Hotel in Condado
Nave Bank has closed $7 million in financing to support the redevelopment of The Wave Hotel Condado, which is set to become the first hotel in Latin America to operate under IHG Hotels & Resorts’ new Garner brand.
Located in the Condado district of San Juan, the project will upgrade the existing property while keeping it open during construction. An additional $2.5 million from Puerto Rico’s private sector brings the total investment to more than $9.5 million.
Construction is expected to be completed within 12 months and will generate 30 direct and 20 indirect jobs, according to the developers.
“This project represents much more than the transformation of a building; it’s an investment in the heart of Condado and in Puerto Rico’s potential as a world-class destination,” said Rafael Pagán-Marxuach, managing member of Condado Wave Partners, the hotel’s ownership group. “We’re excited to bring the Garner brand to the island and grateful to have Nave Bank as a strategic partner.”
Héctor Del Río, business development banker at Nave Bank, said the financing aligns with the lender’s focus on advancing the island’s hospitality industry.
“Supporting projects that deliver value, create jobs and contribute to community development is a core part of our mission to propel Puerto Rico and business forward,” he said.
The redevelopment team includes Carrerá Arquitectos for design, Lang & Schwander for interiors, BluHost for operations and Caribbean Display & Construction for the buildout.
