By Alexander Britell

Hyatt is set to debut a new Hyatt Regency-branded hotel in Puerto Rico.

The newest Hyatt in the Caribbean will be at the former Melia Coco Beach in Rio Grande on Puerto Rico’s northeastern coast.

The transformed hotel is part of a wider, 10-year project that could mean $1.5 million in investment and 2,500 rooms on the site, according to Puerto Rico Governor Ricardo Rossello.

The property was acquired by a joint venture including Monarch Alternative Capital and Royal Palm Companies, along with Aimbridge Hospitality.

The rebranded property will first debut in July 2019 as the Hyatt-affiliated “The Resort at Coco Beach” before officially becoming the Hyatt Regency Coco Beach Resort following what Hyatt called an “extensive” renovation this fall.

“ Transactions like these that are taking place today validate that our commitment to tourism is a wise one and that there is a positive environment for investment,” Rossello said.

The Rio Grande-area property.

That renovation could total $100 million, the Governor said at the NYU Hospitality Industry Investment Conference in New York this week.

“We have been working during the past months so that this transaction, that enables the reopening of the hotel, is achieved in the short term and to direct the development of the long-term master plan, which will add to the hotel inventory some 2,500 rooms, with a projection of 1,500 new jobs,” said Carla Campos, executive director of the Puerto Rico Tourism Company. “This will result in a total investment of around $1.5 billion when the six hotels materialize.”

The property, which has 486 rooms and 93 branded residences, will be managed by Aimbridge.

It will be Hyatt’s only full-service property in Puerto Rico, complementing a portfolio of Hyatt Place and Hyatt House hotels around the island.

“The expansive redevelopment of this premiere beachfront property is a testament to the confidence among owners and developers in the destination of Puerto Rico and the Hyatt brand,” said Camilo Bolaños, vice president of development and real estate for Latin America and Caribbean at Hyatt. “We are pleased to continue our strong brand growth in the region, proudly supporting Puerto Rico’s upward tourism sector, which we believe has an even brighter future ahead.”

The private Coco Beach development spans nearly 1,000 acres on a peninsula on Puerto Rico’s northeastern coastline, including 36 holes of golf (one course was this year’s site of the PGA’s Puerto Rico Open— hence the plans for a far larger resort complex.

The relaunched property will include 37,000 square feet of flexible meeting space, a club lounge, suite upgrades to 93 units and five new dining concepts.