Two investment groups announced plans for $460 million in new resort developments in Puerto Rico, said government tourism officials.
New York-based Paulson & Co. will spend $260 million to renovate the Condado Vanderbilt and La Concha Renaissance Hotel and the adjoining Condado Vanderbilt condominiums, both located in San Juan’s trendy Condado district, said Department of Commerce and Economic Development (DDEC) officials in a statement.
The Condado Vanderbilt is a historic luxury property that dates to 1919 and is listed on the National Register of Historic Places. Designed by the architectural firm Warren and Wetmore, who also designed New York’s Grand Central Station, the hotel was built by the Vanderbilt Family and launched an era of luxury tourism in Puerto Rico.
In addition, the Encanto Group will invest $200 million on a “world-class beach and marina community” on Puerto Rico’s east coast, said DDEC officials. The firm has acquired the Punta Candelero Beach Resort and the Marina at Palmas del Mar, located 45 minutes outside San Juan.
The Punta Candelero acquisition includes the Solarea Beach Resort luxury condominiums, the Yacht Club Marina and 24 acres of additional waterfront “slated for future development.” Completion of construction on the Yacht Club is slated for May 2014 and will result in a resort-marina with 158 boat slips, including 40 designed for yachts of up to 175 feet.
Both deals were “facilitated” by DDEC said officials. “Adding high-end properties to Puerto Rico’s hotel mix is an important part of the government’s economic development strategy,” Alberto Baco Baque, secretary of commerce and economic development. “These investments are a major boost for the tourism sector.”
“The tourism industry contributes significantly to our gross national product and the luxury market is one of the leading niche markets in the industry, with a rate of annual growth higher than the rest of the industry,” said Ingrid I. Rivera Rocafort, executive director of the Puerto Rico Tourism Company (PRTC).
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