Located half an hour away from the San Juan metropolitan area, the resort is situated on around 600-acre of land.
Wyndham Grand Rio Mar Puerto Rico Golf & Beach Resort features 400 guestrooms, nine restaurants, a spa, a fitness centre and around 100,000ft² of indoor and outdoor space for organising conferences, events and weddings.
Other facilities include two golf courses, casino, two Laykold and 11 Har-Tru tennis courts.
LionGrove senior managing director and COO Chris Sariego said: “With this acquisition, our firm grows as a unique, innovative hotel owner and operator while very favourably impacting the Puerto Rico hotel industry, economy and community.”
The resort will continue to be a part of the Wyndham Hotels & Resorts and the brand.
Besides, LionGrove senior vice-president Amadeo Zarzosa has been appointed as new general manager for the newly acquired property.
Rio Mar Puerto Rico Golf & Beach Resort is the second resort to be owned and operated by LionGrove, first being the Wyndham Palmas Beach & Golf Resort.
LionGrove founder and CEO Andro Nodarse-León said: “We now own three fantastic hotels and operate two of them on the beautiful Island of Puerto Rico, representing almost 900 keys in combined rooms inventory.”
“This latest acquisition grows the LionGrove family to approximately 750 team members across the two hotels we operate.”
The seller was represented by the JLL team and Andrew Dickey.
LionGrove was represented by the capital markets team at JLL, Mark Fisher and its chief investment officer, Phil Wade, on the financing of the transaction.