The Hyatt Place San Juan/City Center, the fourth property flying the Hyatt flag on the island, officially became the newest resident of the Puerto Rico Convention Center District in Miramar, through a nearly $30 million investment.
The property, which took some 13 months to develop, adds 149 new rooms to the busy zone, hotel officials said.
“The growth of the Hyatt brand in Puerto Rico is testament to the strengthening of the island’s tourism sector,” said Federico Stubbe, president of project developer PRISA Group.
“This new hotel seeks to position itself as the best hotel in San Juan that is not on the beach, with the largest rooms available in the market,” he said, noting the hotel opening is the result of partnerships with several public and private entities “who believe in Puerto Rico.”
The property had a “soft opening” two weeks ago, and has had significant occupancy during its first two weekends in operation, Stubbe said. Furthermore, the hotel has already booked some 6,000 room-nights in group business arriving to Puerto Rico in coming months.
The Hyatt Place San Juan/City Center is the result of an investment split between Oriental Bank, which provided $14.8 million in financing, the Tourism Development Fund, which put up another $5.9 million, and $8.9 million from PRISA Group, which is a partnership between Island Hospitality Partners and an affiliate of Hyatt Hotels Corp.
“We fully believe in the potential of the Convention Center District to create a new urban center with modern infrastructure and on the cutting edge,” he said, noting the company is working on a number of additional projects in the district, some of which will be announced “soon.”
Adding to the hotel mix, which includes the neighboring Hyatt House and Sheraton Convention Center District hotels, the zone is being developed to include commercial options, Gov. Alejandro García-Padilla said during a news conference Monday morning.
While he did not reveal what will be opening in coming months, this media outlet learned that the Olive Garden and a Longhorn Steakhouse restaurants have already been permitted to establish themselves on a lot adjacent to the new properties.
The new Place San Juan/City Center comprises meeting spaces, an 11,000 square-foot “resort-style” pool area and a Hyatt “Pool Shack,” which offers light food and beverage options. Francisco Mariani, general manager of the property, said.
“This is the first time that Hyatt includes these types of entertainment options in this concept, which makes us unique within the chain,” he said.
The San Juan property joins the Hyatt Place Bayamón, the Hyatt Place Manatí and the Hyatt House, which together represent an investment of $115 million.