News

Privatization of Puerto Rico’s Luis Muñoz Marìn Airport Moves Forward

By: Caribbean Journal Staff - February 26, 2013 - 6:42 pm

Above: Luis Muñoz Marìn Airport

By the Caribbean Journal staff

A plan to privatize Puerto Rico’s Luis Muñoz Marìn International Airport is moving forward, following approval by federal regulators.

United States Department of Transportation Secretary Ray LaHood approved the plan, which will allow the Puerto Rico Port Authority and its selected operator to go ahead.

The DOT, in a release, said the secretary’s decision and exemptions were based on the FAA’s Airport Privatization Programme requirements.

The deal paves the way for Aerostar to become the private operator at the airport. The company won a public bidding process in June, entering into a 40-year lease.

The deal involved a $615 million upfront payment to the Puerto Rico Ports Authority, a combination of financing and equity contributions.

The bidding process first started in 2009.

Aerostar said last year that its plan would feature $1.4 billion in capital investments.

A government estimate in June found that the move would bring $2.6 billion in revenues to the territory over the 40-year period.

Popular Posts all-inclusive sandals barbados

This All-Inclusive Resort Has Swim-Up Suites, White Sand, and the Longest Pool in Barbados

The moment you step out of your transfer, you feel it. The salt-tinged Caribbean air carries the soft fragrance of frangipani and the faint hum of waves rolling ashore. The sand glows white in the late afternoon sun, leading to […]

Historic Puerto Rico Hotel Returning as a Marriott in $35 Million Revival 

 puerto rico ponce marriott

Puerto Rico has launched a $35 million project to restore and reopen the historic Hotel Ponce Intercontinental, which will return under Marriott’s Tribute Portfolio brand as The Continental Hotel. The project will revitalize the original structure, preserving its tropical modernist […]

The All-Inclusive Dreams Playa Esmeralda Resort Just Opened in the Dominican Republic 

 all-inclusive dreams esmeralda

Dreams Playa Esmeralda, the family-friendly sister resort to the already-launched Secrets Playa Esmeralda, is now open in the Dominican Republic’s burgeoning hotspot of Miches.  Like the Secrets, it’s home to 500 rooms, with a beachfront setting on one of the […]

Related Posts puerto rico july fourth

Puerto Rico Is Projecting a Big July Fourth Travel Weekend 

Puerto Rico is heading into the July 4 holiday weekend with one of its strongest summer travel performances in recent years, according to new data from the Puerto Rico Tourism Company. The agency’s latest survey of endorsed accommodations shows an […]

The Dreamiest Rainforest Resorts in the Caribbean, From Dominica to Belize

 rainforest resorts

The Caribbean is often imagined as a string of sun-drenched beaches — white sand, turquoise water, and endless horizon. And while that version of the Caribbean is very real, it’s only part of the story. Move beyond the shoreline, and […]

Frontier Keeps Adding More Intra-Caribbean Flights, With Another One Between Puerto Rico and the Dominican Republic

 frontier airlines

Low-cost carrier Frontier Airlines is expanding its footprint in the Caribbean with a new intra-regional route linking Puerto Rico and the Dominican Republic. The airline officially launched twice-weekly nonstop service between San Juan’s Luis Muñoz Marín International Airport (SJU) and […]