A Major Caribbean hotel trade
By the Caribbean Journal staff
The iconic El San Juan Resort & Casino, a Hilton Hotel, has been sold.
An affiliate of Blackstone has sold the property to a partnership including Leon, Mayer & Co, Fundamental Advisors LP and Aimbridge Hospitality.
The 387-room property is located in the Isla Verde neighborhood of San Juan; it includes three pools, nine restaurants, 15 bars and a 7,500-square-foot casino, among other features.
The companies said they planned to “significantly enhance” the property’s offerings and “revitalize the storied resort to its original splendor.”
“This project represents an exciting development for both future guests of El San Juan as well as the vibrant community that surrounds this historic property,” said Laurence Gottlieb, Chief Executive Officer of Fundamental. “Fundamental has a long history of investing in Puerto Rico and we look forward to working with our partners as we return this iconic resort to its place as a world-class destination. With a portfolio of unique or underutilized municipal and hospitality real estate assets, we intend to leverage our expertise to ensure that El San Juan delivers an unparalleled and unforgettable experience for guests of this truly exceptional property.”
In a statement, Aimbridge CEO Dave Johnson said the company was excited to “use our deep expertise in hotel management to revitalize El San Juan, a property with a truly unique character and history.”
Aimbridge’s principals had at one time served as the property’s operators.
Terms of the deal were not disclosed.
The companies reportedly plan to invest as much as $40 million to renovate the property.
“The luxury travel initiatives are growing in Puerto Rico and contributing to the development of the Puerto Rican economy. Investments such as the San Juan Beach Hotel and the Hotel San Juan will help position the island as a premier destination in the Caribbean,” Puerto Rico Tourism Company Executive Director Ingrid I. Rivera Rocafort said in a statement.
