{"id":1004092986,"date":"2014-03-20T06:01:59","date_gmt":"2014-03-20T14:01:59","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004092986"},"modified":"2022-12-07T21:39:10","modified_gmt":"2022-12-08T05:39:10","slug":"paulson-co-acquires-2-oceanfront-resorts-in-puerto-rico-for-260m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/paulson-co-acquires-2-oceanfront-resorts-in-puerto-rico-for-260m\/","title":{"rendered":"Paulson &amp; Co. Acquires 2 Oceanfront Resorts in Puerto Rico for $260M"},"content":{"rendered":"<p><em>By Gabriel Circiog, Associate Editor<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/03\/Condado-Vanderbilt.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004092989\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/paulson-co-acquires-2-oceanfront-resorts-in-puerto-rico-for-260m\/condado-vanderbilt\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/03\/Condado-Vanderbilt.jpg\" data-orig-size=\"800,600\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Condado Vanderbilt\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/03\/Condado-Vanderbilt.jpg?w=800\" class=\"alignleft size-medium wp-image-1004092989\" alt=\"Condado Vanderbilt\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/03\/Condado-Vanderbilt.jpg\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/03\/Condado-Vanderbilt.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/03\/Condado-Vanderbilt.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/03\/Condado-Vanderbilt.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>New York-based investment firm Paulson &amp; Co. Inc. has purchased a majority interest in the Condado Vanderbilt and La Concha Renaissance Hotel and Tower in San Juan, Puerto Rico. The $260 million deal, which includes the Condado Vanderbilt condominium towers, includes costs to complete the construction of the Vanderbilt. The investment was carried out in partnership with Puerto Rico-based hotel owner and operator, International Hospitality Enterprises.<em><\/em><\/p>\n<p>Situated in the heart of the Condado district in San Juan, the two oceanfront resorts feature a total of 802 hotel rooms.\u00a0 The two resorts have their main entrances along Ashford Avenue and are separated by around 200 feet via the La Ventana al Mar public park. The properties are closely located to numerous high-end retail stores, restaurants, luxury condominium developments, cruise ship piers, as well as the new Puerto Rico Convention Center and the Hato Rey financial district.<\/p>\n<p>\u201cThese two properties are at the epicenter of luxury in San Juan. When completed, the oceanfront, 5- star Vanderbilt will be the most luxurious hotel in San Juan and a global destination spot,\u201d said John Paulson, founder and president of Paulson &amp; Co. \u201cWe believe the Puerto Rican economy is at the cusp of recovery and both of these hotels will benefit from future growth in Puerto Rico.\u201d<\/p>\n<p>La Concha, a Renaissance Resort, features 483 hotel rooms, including 225 suites, a 17,000 square foot casino, five food and beverage outlets, three pools, 30,000 square feet of meeting space and 568 parking spaces.<\/p>\n<p>Once completed, the Condado Vanderbilt will feature 319 hotel rooms, including 108 suites, three food and beverage outlets, 30,000 square feet of meeting space, two pool areas, 370 parking spaces and an 8,000 square-foot spa and fitness center.<\/p>\n<p>\u201cWe look forward to working with Paulson to continue the successful development of these properties and the growth of downtown San Juan,\u201d said Alberto Baco Bague, secretary of the Department of Economic Development and Commerce for Puerto Rico. \u201cThe Department of Economic Development and Commerce worked closely with Paulson &amp; Co. to facilitate the purchase. The announcement adds to the building momentum behind economic development efforts in Puerto Rico. Investors like John Paulson are increasingly looking to Puerto Rico for investment opportunities, attracted by a business-friendly economic climate, a talented workforce and a good quality of life.\u201d<\/p>\n<p>&#8220;We are excited to partner with Paulson &amp; Co. and look forward to a prosperous relationship and to the successful completion of the Condado Vanderbilt,&#8221; added founder &amp; CEO of IHE, Hugh Andrews.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York-based investment firm Paulson &amp; Co. has purchased a majority interest in the Condado Vanderbilt and La Concha Renaissance Hotel and Tower in San Juan, Puerto Rico. <\/p>\n","protected":false},"author":264,"featured_media":1004092989,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21751,21783,21742],"tags":[],"class_list":["post-1004092986","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hotel","category-investment","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Paulson &amp; Co. Acquires 2 Oceanfront Resorts in Puerto Rico for $260M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/paulson-co-acquires-2-oceanfront-resorts-in-puerto-rico-for-260m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Paulson &amp; Co. 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