Welcome!

News Feed Item

Paulson & Co. Acquires Condado Vanderbilt and La Concha Hotels in San Juan, Puerto Rico

NEW YORK, March 10, 2014 /PRNewswire/ -- Paulson & Co. Inc. ("Paulson"), a New York-based investment firm, today announced that it has acquired a majority interest in the Condado Vanderbilt and La Concha Renaissance Hotel and Tower, and the accompanying Condado Vanderbilt condominium towers in San Juan, Puerto Rico for $260 million, including costs to complete construction of the Vanderbilt. The investment was made in partnership with International Hospitality Enterprises ("IHE"), a highly regarded owner and operator of hotels in Puerto Rico.

The two oceanfront resorts are located in the heart of the Condado district in San Juan and comprise a total of 802 hotel rooms. The immediate surroundings are characterized by high-end retail stores, numerous restaurants and luxury condominium developments. The two resorts are separated by approximately 200 feet via the La Ventana al Mar public park.

Both properties have their main entrances along Ashford Avenue, providing unparalleled access to Old San Juan, extensive shopping, cruise ship piers, the new Puerto Rico Convention Center and the Hato Rey financial district. In addition, the San Juan Munoz Marin International Airport is only six miles away.

"These 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. We believe the Puerto Rican economy is at the cusp of recovery and both these hotels will benefit from future growth in Puerto Rico," said John Paulson, Founder and President of Paulson & Co.

"We are excited to partner with Paulson & Co. and look forward to a prosperous relationship and to the successful completion of the Condado Vanderbilt," said Hugh Andrews, Founder and CEO of IHE.

"We look forward to working with Paulson to continue the successful development of these properties and the growth of downtown San Juan," said Alberto Baco Bague, the Secretary of the Department of Economic Development and Commerce for Puerto Rico. "The Department of Economic Development and Commerce worked closely with Paulson & 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," Baco added. "There is more good news to come."

Upon completion, the Condado Vanderbilt will contain 319 spacious hotel rooms, including 108 suites, three food and beverage outlets, an 8,000 square foot spa and fitness center, 17,000 square feet of meeting space (30,000 with outdoor space), two pool areas and 370 parking spaces.

La Concha, a Renaissance Resort, currently contains 483 hotel keys, including 225 suites, 30,000 square feet of meeting space, a 17,000 square foot casino, five food and beverage outlets, three pools, generous common areas and 568 parking spaces.

Media contact: Armel Leslie, WalekPeppercomm, +1-212 931-6115, [email protected]

About Paulson & Co.
Paulson & Co. is an investment management firm with approximately US$21 billion in assets under management and has offices in New York, London and Hong Kong.  www.paulsonco.com

About IHE
IHE is a leader in the development and management of award-winning hotels and casinos in Puerto Rico.  From a luxury boutique hotel to a hip urban resort, IHE manages 7 hotels and 2 casinos comprising over 1,200 rooms.  In the renovation, rebranding and repositioning of the hotels in its portfolio, IHE's success is unmatched in the Caribbean.   

SOURCE Paulson & Co. Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists looked at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deliver...
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), provided an overview of various initiatives to certify the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldwide re...
Both SaaS vendors and SaaS buyers are going “all-in” to hyperscale IaaS platforms such as AWS, which is disrupting the SaaS value proposition. Why should the enterprise SaaS consumer pay for the SaaS service if their data is resident in adjacent AWS S3 buckets? If both SaaS sellers and buyers are using the same cloud tools, automation and pay-per-transaction model offered by IaaS platforms, then why not host the “shrink-wrapped” software in the customers’ cloud? Further, serverless computing, cl...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
With the introduction of IoT and Smart Living in every aspect of our lives, one question has become relevant: What are the security implications? To answer this, first we have to look and explore the security models of the technologies that IoT is founded upon. In his session at @ThingsExpo, Nevi Kaja, a Research Engineer at Ford Motor Company, discussed some of the security challenges of the IoT infrastructure and related how these aspects impact Smart Living. The material was delivered interac...
The taxi industry never saw Uber coming. Startups are a threat to incumbents like never before, and a major enabler for startups is that they are instantly “cloud ready.” If innovation moves at the pace of IT, then your company is in trouble. Why? Because your data center will not keep up with frenetic pace AWS, Microsoft and Google are rolling out new capabilities. In his session at 20th Cloud Expo, Don Browning, VP of Cloud Architecture at Turner, posited that disruption is inevitable for comp...
Wooed by the promise of faster innovation, lower TCO, and greater agility, businesses of every shape and size have embraced the cloud at every layer of the IT stack – from apps to file sharing to infrastructure. The typical organization currently uses more than a dozen sanctioned cloud apps and will shift more than half of all workloads to the cloud by 2018. Such cloud investments have delivered measurable benefits. But they’ve also resulted in some unintended side-effects: complexity and risk. ...
It is ironic, but perhaps not unexpected, that many organizations who want the benefits of using an Agile approach to deliver software use a waterfall approach to adopting Agile practices: they form plans, they set milestones, and they measure progress by how many teams they have engaged. Old habits die hard, but like most waterfall software projects, most waterfall-style Agile adoption efforts fail to produce the results desired. The problem is that to get the results they want, they have to ch...
IoT solutions exploit operational data generated by Internet-connected smart “things” for the purpose of gaining operational insight and producing “better outcomes” (for example, create new business models, eliminate unscheduled maintenance, etc.). The explosive proliferation of IoT solutions will result in an exponential growth in the volume of IoT data, precipitating significant Information Governance issues: who owns the IoT data, what are the rights/duties of IoT solutions adopters towards t...
"We are a monitoring company. We work with Salesforce, BBC, and quite a few other big logos. We basically provide monitoring for them, structure for their cloud services and we fit into the DevOps world" explained David Gildeh, Co-founder and CEO of Outlyer, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
In 2014, Amazon announced a new form of compute called Lambda. We didn't know it at the time, but this represented a fundamental shift in what we expect from cloud computing. Now, all of the major cloud computing vendors want to take part in this disruptive technology. In his session at 20th Cloud Expo, Doug Vanderweide, an instructor at Linux Academy, discussed why major players like AWS, Microsoft Azure, IBM Bluemix, and Google Cloud Platform are all trying to sidestep VMs and containers wit...
"When we talk about cloud without compromise what we're talking about is that when people think about 'I need the flexibility of the cloud' - it's the ability to create applications and run them in a cloud environment that's far more flexible,” explained Matthew Finnie, CTO of Interoute, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
While DevOps most critically and famously fosters collaboration, communication, and integration through cultural change, culture is more of an output than an input. In order to actively drive cultural evolution, organizations must make substantial organizational and process changes, and adopt new technologies, to encourage a DevOps culture. Moderated by Andi Mann, panelists discussed how to balance these three pillars of DevOps, where to focus attention (and resources), where organizations might...
The Internet giants are fully embracing AI. All the services they offer to their customers are aimed at drawing a map of the world with the data they get. The AIs from these companies are used to build disruptive approaches that cannot be used by established enterprises, which are threatened by these disruptions. However, most leaders underestimate the effect this will have on their businesses. In his session at 21st Cloud Expo, Rene Buest, Director Market Research & Technology Evangelism at Ara...
No hype cycles or predictions of zillions of things here. IoT is big. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, Associate Partner at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He discussed the evaluation of communication standards and IoT messaging protocols, data analytics considerations, edge-to-cloud tec...