Patio Elba boutique hotel marks 1st anniversary after $1.5M restoration
The Santurce property was transformed from an abandoned mansion into an 11-suite hotel employing local talent and investors.
Patio Elba Boutique Hotel, located in the heart of Santurce, has marked its first anniversary following a $1.5 million transformation that turned a long-abandoned property into one of San Juan’s newest boutique hospitality offerings.
The 6,000-square-foot mansion, once in disrepair, now offers a modern yet culturally rooted lodging experience in one of the city’s most vibrant neighborhoods.
The project is led by Juan Carlos Morales, CEO of Capital Jetset, who has built a business model around restoring distressed properties and turning them into community-oriented accommodations.
In the aftermath of Hurricane Maria in 2017, Morales identified a critical need: many property owners were waiting on delayed insurance claims and needed immediate alternatives. He responded by investing his own capital to rehabilitate damaged beachfront condos, converting them into short-term vacation rentals. The approach provided immediate relief to property owners while creating sustainable tourism opportunities, he said.
“What began as a response to hurricane damage has evolved into a movement to rebuild Puerto Rico’s communities,” Morales said. “By partnering with property owners and providing upfront capital, we’ve created a model that works for everyone — owners get immediate value, and visitors experience authentic Puerto Rican hospitality.”
The $1.5 million project was funded by a group of 15 Puerto Rican investors, with individual contributions ranging from $25,000 to $350,000.
The investment supported the restoration of the two-story property into a boutique hotel featuring 11 suites — six one-bedroom and five two-bedroom units — totaling 16 bedrooms. Each suite includes a kitchen, living room, dining area and private balcony.
Additional amenities include a reception area, pool, Jacuzzi, patios and private parking.
The remodeling effort created 50 construction jobs, and hotel operations have since generated 15 direct positions and 10 indirect jobs. Morales credits much of the success to the collaboration of Puerto Rican professionals.
“This transformation wouldn’t have been possible without our dedicated team of local architects, craftsmen and hospitality professionals,” he said. “Their commitment to preserving our architectural heritage while creating a world-class hotel experience has been extraordinary.”
Patio Elba officially opened on March 5, 2024. The hotel is located within walking distance of Santurce’s art galleries, restaurants and cultural attractions and aligns with Morales’ broader strategy to “bring new life to Puerto Rico’s aging building stock while strengthening its tourism infrastructure.”
