The Ivy Hotel opens in Condado following $1M renovation
Magdalena Partners LLC, owners of The Ivy Hotel in the Condado sector of San Juan, inaugurated the property that emerges from the redesign and transformation of an existing structure, following a $1 million investment.
The 26-room boutique hotel offers its guests the “combination of sophisticated style with a free-spirited attitude, in the urban setting of the heart of Condado,” the hotel’s and Puerto Rico Tourism Co. officials, including Executive Director Carla Campos, said during the ribbon-cutting ceremony.
The renovation included a newly designed lobby and reception area, bathrooms, the pool area, the corridor’s flooring, the installation of a power generator and the addition of four new guest rooms.
The Ivy Hotel is the most recent acquisition for Rafael Pagán, who also bought the 47-room Hotel Wave and the 28-room Hotel El San Gerónimo, both located in the Condado area. The investments associated with the transactions were not disclosed.
“The value I see in the boutique hotel segment is that properties have…strong operating margins, and as a result are more resilient during economic downturns,” Pagán said.
“This is a major advantage compared to chains. In addition, the trend in the hospitality industry is that guests are looking for an experience that offers a modern and elegant product and meets basic needs,” he added.
Meanwhile, Campos recognized the hotelier for moving forward on his business plans despite the challenges that the COVID-19 pandemic has created for the tourism industry.
“We acknowledge and congratulate [Pagán] for his vision and for continuing to invest in Puerto Rico’s tourism, even in the most challenging times,” Campos said.
“The transformation of this property is key to continuing to raise the standards of the hotel offering in the heart of Condado,” she added.