Welcome!

News Feed Item

Major Investments Add Momentum to Puerto Rico's Economic Resurgence

New Luxury Hotels And Beach Resort Slated for Development

SAN JUAN, Puerto Rico, March 10, 2014 /PRNewswire/ -- Two investment groups announced plans Monday to invest a combined total of more than $460 million in separate acquisitions that will significantly strengthen Puerto Rico's status as a high-end luxury resort destination.

New York investment firm Paulson & Co. said it would invest $260 million to create two high-end luxury resorts in the heart of San Juan's Condado district. The firm's plans for the historic Condado Vanderbilt and La Concha Renaissance Hotel, and the adjoining Condado Vanderbilt condominiums will fill an important niche in Puerto Rico's tourism industry by bringing world-class luxury to the popular Condado district.

In unrelated announcement, the Encanto Group said it would invest $200 million to develop a world-class beach and marina community on the island's east coast. The firm, which has operations in Puerto Rico and the mainland United States, acquired the Punta Candelero Beach Resort and the Marina at Palmas del Mar, about 45 minutes from San Juan.

The acquisition includes the Solarea Beach Resort luxury condominiums, The Yacht Club Marina and 24 additional acres of waterfront slated for future development.

The two deals, which were facilitated by Puerto Rico's Department of Commerce and Economic Development (DDEC), provide more evidence that Puerto Rico's economic development efforts are paying off as the island's economy rebounds.

"Adding high-end properties to Puerto Rico's hotel mix is an important part of the government's economic development strategy," Alberto Baco Baque, the Secretary of Commerce and Economic Development, said. "These investments are a major boost for the tourism sector. The Paulson & Co. investment will restore the grandeur of one of the stars of our all-star island. The Encanto investment will enhance the tourist experience in the island's prime destination resort.''

The Condado Vanderbilt was the epitome of luxury and the envy of the entire Caribbean when it opened in 1919. John Paulson, the founder of Paulson & Co., said he intends to make the hotel the most luxurious in San Juan. The Condado Vanderbilt is in heart of Condado, the epicenter of luxury in Puerto Rico and home to designer stores, fine dining restaurants and upscale apartment buildings.

In Palmas del Mar, the completion of The Yacht Club Marina, scheduled for May 2014, will create Puerto Rico's only resort-marina, with 158 boat slips, including 40 designed for yachts of up to 175 feet. The project is also expected to generate about 400 jobs.

"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. Development of luxury properties such as these will continue to place Puerto Rico back into its privileged position as a premier Caribbean destination with its diversity, easy access and excellent service," added Ingrid I. Rivera Rocafort, Executive Director of the Puerto Rico Tourism Company (PRTC). 

The Paulson & Co.'s investment in the Condado properties follows the firm's investment last year in the St. Regis Bahia Beach Resort and the Bahia Beach Resort & Gold Club. The planned community, located about 25 minutes from San Juan's airport, includes two miles of pristine beach and an 18-hole golf course designed by Robert Trent Jones Jr.

Baco and his team at DDEC have worked closely with the firm to facilitate Paulson & Co.'s investments in Puerto Rico, which are expected to total as much as $2 billion by the end of 2015.

"John Paulson is just one of many savvy investors who seek attractive opportunities in Puerto Rico," Baco said. "We expect to have more good news to announce soon."

Tourism is one of several key sectors that DDEC has targeted as growth opportunities to jump-start Puerto Rico's economy. The sector has remained strong throughout the recent recession and is on a growth trajectory, aided by new hotels, an increase in cruise ship passengers and new nonstop airline service to the U.S., South America and Europe.

"Puerto Rico's well-established tourism industry is strong and getting stronger, but it is just one element of our comprehensive growth strategy," Baco said.  Other growth sectors identified by DDEC include knowledge services, insurance, financial services and export services.

The economic development agency, which closely tracks private sector investment and hiring activity, reported last month that new investments and planned expansions at existing businesses have resulted in private sector commitments to add more than 21,000 jobs, a 50 percent increase over the outlooks last summer.

SOURCE Department of Economic Development & Commerce of Puerto Rico

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
HyperConvergence came to market with the objective of being simple, flexible and to help drive down operating expenses. It reduced the footprint by bundling the compute/storage/network into one box. This brought a new set of challenges as the HyperConverged vendors are very focused on their own proprietary building blocks. If you want to scale in a certain way, let's say you identified a need for more storage and want to add a device that is not sold by the HyperConverged vendor, forget about it...
@DevOpsSummit at Cloud Expo, taking place November 12-13 in New York City, NY, is co-located with 22nd international CloudEXPO | first international DXWorldEXPO and will feature technical sessions from a rock star conference faculty and the leading industry players in the world.
DXWorldEXPO LLC announced today that ICC-USA, a computer systems integrator and server manufacturing company focused on developing products and product appliances, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City. ICC is a computer systems integrator and server manufacturing company focused on developing products and product appliances to meet a wide range of ...
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, @CloudEXPO and DXWorldEXPO are two of the most important technology events of the year. Since its launch over eight years ago, @CloudEXPO and DXWorldEXPO have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors!
DXWorldEXPO LLC announced today that the upcoming DXWorldEXPO | CloudEXPO New York event will feature 10 companies from Poland to participate at the "Poland Digital Transformation Pavilion" on November 12-13, 2018.
JETRO showcased Japan Digital Transformation Pavilion at SYS-CON's 21st International Cloud Expo® at the Santa Clara Convention Center in Santa Clara, CA. The Japan External Trade Organization (JETRO) is a non-profit organization that provides business support services to companies expanding to Japan. With the support of JETRO's dedicated staff, clients can incorporate their business; receive visa, immigration, and HR support; find dedicated office space; identify local government subsidies; get...
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
22nd International Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, and co-located with the 1st DXWorld Expo will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud ...
"We're focused on how to get some of the attributes that you would expect from an Amazon, Azure, Google, and doing that on-prem. We believe today that you can actually get those types of things done with certain architectures available in the market today," explained Steve Conner, VP of Sales at Cloudistics, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. Commvault can ensure protection, access and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his general session at 18th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Part...
Business professionals no longer wonder if they'll migrate to the cloud; it's now a matter of when. The cloud environment has proved to be a major force in transitioning to an agile business model that enables quick decisions and fast implementation that solidify customer relationships. And when the cloud is combined with the power of cognitive computing, it drives innovation and transformation that achieves astounding competitive advantage.
Vulnerability management is vital for large companies that need to secure containers across thousands of hosts, but many struggle to understand how exposed they are when they discover a new high security vulnerability. In his session at 21st Cloud Expo, John Morello, CTO of Twistlock, addressed this pressing concern by introducing the concept of the “Vulnerability Risk Tree API,” which brings all the data together in a simple REST endpoint, allowing companies to easily grasp the severity of the ...
Cloud-enabled transformation has evolved from cost saving measure to business innovation strategy -- one that combines the cloud with cognitive capabilities to drive market disruption. Learn how you can achieve the insight and agility you need to gain a competitive advantage. Industry-acclaimed CTO and cloud expert, Shankar Kalyana presents. Only the most exceptional IBMers are appointed with the rare distinction of IBM Fellow, the highest technical honor in the company. Shankar has also receive...
Michael Maximilien, better known as max or Dr. Max, is a computer scientist with IBM. At IBM Research Triangle Park, he was a principal engineer for the worldwide industry point-of-sale standard: JavaPOS. At IBM Research, some highlights include pioneering research on semantic Web services, mashups, and cloud computing, and platform-as-a-service. He joined the IBM Cloud Labs in 2014 and works closely with Pivotal Inc., to help make the Cloud Found the best PaaS.