A New York investment firm said it will invest $260 million to launch two high-end luxury resorts in Puerto Rico.
Paulson & Co. said it plans upgrade the Condado Vanderbilt and La Concha Renaissance Hotel, and the attached Condado Vanderbilt condominiums building to create San Juan’s most upscale resort destination.
Owner John Paulson said he intends to restore the historic Condado Vanderbilt to its former glories, as one of the premier luxury resort properties in the Caribbean.
The hotel, located in the upscale Condado district, dates back to 1919.
The firm is no stranger to the Puerto Rican hospitality business.
Last year it invested in the St. Regis Bahia Beach Resort and the Bahia Beach Resort & Gold Club, complete with two miles of beachfront and a Robert Trent Jones Jr-designed 18-hole golf course.
Other potential deals are in the pipeline and the company expects to have investments in Puerto Rica worth as much as $2 billion by 2015.
Alberto Baco Baque, secretary of the Commerce and Economic Development Agency, sees these deals as a major boost for the tourism sector and there is more to come.
"John Paulson is just one of many savvy investors who seek attractive opportunities in Puerto Rico, and we expect to have more good news to announce soon," he said.
