Increases bet on Puerto Rico
By the Caribbean Journal staff
John Paulson is continuing to bet on the fortunes of struggling Puerto Rico.
The hedge fund billionaire, whose Paulson & Co is the majority owner of both the Condado Vanderbilt and La Concha Renaissance Hotel and Tower properties in San Juan, has acquired another hotel in the area.
Last week, Paulson purchased the San Juan Beach Hotel, which had closed its doors earlier this month.
Paulson’s purchase and investment in the hotel is reportedly around $20 million.
The 96-room property is also located in the Condado neighborhood of San Juan.
The plan is for a major overhaul of the beachfront property into a luxury boutique hotel.
Paulson had been rumored to be interested in purchasing the property for several months.