The San Juan Marriott Resort & Stellaris Casino has been sold to a buyer from China, brokerage JLL announced.
The 527-key Condado resort’s sale was arranged by JLL on behalf of Rockwood Capital and Interlink Group. Terms of the deal were not disclosed.
JLL Managing Director Gregory Rumpel and Senior Vice President Andrew Dickey led the JLL team on the transaction.
“The San Juan lodging market has performed well over the past few years, despite short-term impacts in 2016 in the Caribbean region and Puerto Rico’s debt pressures. This transaction represents continued interest from investors in the Puerto Rican lodging market, given the robust demand drivers, no new supply, exceptional airlift and overall attractiveness of the opportunities in the market,” said Dickey. “This property garnered interest from both international and domestic investors due to its beachfront location, outstanding financial performance and affiliation with a globally recognized brand.”
The hotel property includes the Stellaris Casino, five food and beverage outlets, more than 14,000 square feet of meeting and event space and a pool set on the beach.
The resort is located on a four-acre beachfront site, and there is room to “add density to the resort,” JLL said.
The resort has averaged 87.6 percent occupancy over the last five years, significantly outperforming the Caribbean average.
Investors have been scooping up a number of Puerto Rico hotels in recent years, most notably the iconic El San Juan resort, which sold in 2015.