Paulson & Co. Inc., a New York-based investment firm, announced Monday that on behalf of its Recovery Funds it has acquired a majority interest in The St. Regis Bahía Beach Resort, Puerto Rico and the Bahía Beach Resort & Golf Club.
The Río Grande property is a planned community that sits on 483 acres, nestled between the El Yunque National Forest and the Espiritu Santo River. The property includes the $150 million, AAA, 5 Diamond, 139-room St. Regis hotel — which opened in November 2010 — as well as luxury homes first built in 2007.
“The St. Regis Bahia Beach resort is already one of the premier leisure travel destinations in the Caribbean, and there is increasing demand from both those looking to purchase holiday homes in Puerto Rico and from those living in or moving to the island,” said John Paulson, founder and president of Paulson & Co.
The community features oceanfront and ocean view villas and golf and ocean view condominiums, a two-mile crescent of sandy beach and an 18-hole golf course designed by Robert Trent Jones Jr.
Since BBP Partners — a joint venture between real estate developers, Interlink Group and Muñoz Holdings — built the first homes in 2007, more than $125 million worth of residences have been sold. Paulson is acquiring a majority interest in BBP through a comprehensive recapitalization.
“We look forward to working with Paulson to continue the successful development of Bahía Beach,” said Federico J. Sanchez-Ortiz, president of Interlink Group.
“We have an exciting vision for the project and plan to develop another $500 million of residences and resort amenities over the next decade,” he said. “The future bodes well for Bahía Beach and our property owners and club members.”