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
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus intern...
SYS-CON Events announced today that Twistlock, the leading provider of cloud container security solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Twistlock is the industry's first enterprise security suite for container security. Twistlock's technology addresses risks on the host and within the application of the container, enabling enterprises to consistently enforce security policies, monitor...
Most DevOps journeys involve several phases of maturity. Research shows that the inflection point where organizations begin to see maximum value is when they implement tight integration deploying their code to their infrastructure. Success at this level is the last barrier to at-will deployment. Storage, for instance, is more capable than where we read and write data. In his session at @DevOpsSummit at 20th Cloud Expo, Josh Atwell, a Developer Advocate for NetApp, will discuss the role and valu...
This talk centers around how to automate best practices in a multi-/hybrid-cloud world based on our work with customers like GE, Discovery Communications and Fannie Mae. Today’s enterprises are reaping the benefits of cloud computing, but also discovering many risks and challenges. In the age of DevOps and the decentralization of IT, it’s easy to over-provision resources, forget that instances are running, or unintentionally expose vulnerabilities.
Everywhere we turn in our industry we can find strong opinions about the direction, type and nature of cloud’s impact on computing and business. Another word that is used in every context in our industry is “hybrid.” In his session at 20th Cloud Expo, Alvaro Gonzalez, Director of Technical, Partner and Field Marketing at Peak 10, will use a combination of a few conceptual props and some research recently commissioned by Peak 10 to offer a real-world consideration of how the various categories of...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
Five years ago development was seen as a dead-end career, now it’s anything but – with an explosion in mobile and IoT initiatives increasing the demand for skilled engineers. But apart from having a ready supply of great coders, what constitutes true ‘DevOps Royalty’? It’ll be the ability to craft resilient architectures, supportability, security everywhere across the software lifecycle. In his keynote at @DevOpsSummit at 20th Cloud Expo, Jeffrey Scheaffer, GM and SVP, Continuous Delivery Busine...
Detecting internal user threats in the Big Data eco-system is challenging and cumbersome. Many organizations monitor internal usage of the Big Data eco-system using a set of alerts. This is not a scalable process given the increase in the number of alerts with the accelerating growth in data volume and user base. Organizations are increasingly leveraging machine learning to monitor only those data elements that are sensitive and critical, autonomously establish monitoring policies, and to detect...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
The 21st International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
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 will look 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 deli...
While some vendors scramble to create and sell you a fancy solution for monitoring your spanking new Amazon Lambdas, hear how you can do it on the cheap using just built-in Java APIs yourself. By exploiting a little-known fact that Lambdas aren’t exactly single threaded, you can effectively identify hot spots in your serverless code. In his session at 20th Cloud Expo, David Martin, Principal Product Owner at CA Technologies, will give a live demonstration and code walkthrough, showing how to ov...
SYS-CON Events announced today that Systena America will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Systena Group has been in business for various software development and verification in Japan, US, ASEAN, and China by utilizing the knowledge we gained from all types of device development for various industries including smartphones (Android/iOS), wireless communication, security technology and IoT serv...
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.