US-based Paulson & Co has acquired a majority stake in the Condado Vanderbilt and La Concha Renaissance Hotel and Tower and the accompanying Condado Vanderbilt condominium towers in San Juan, Puerto Rico, for around $260m.
Paulson has invested in the acquisition in partnership with International Hospitality Enterprises (IHE), an owner and operator of hotels in Puerto Rico, and the acquisition price includes costs to complete the construction of the Vanderbilt.
The two oceanfront resorts, which are located in the heart of the Condado district in San Juan, include a total of 802 hotel rooms.
The Condado Vanderbilt will feature around 319 spacious hotel rooms, including 108 suites, three food and beverage outlets, an 8,000ft² foot spa and fitness centre, 17,000ft² of meeting space, two pool areas and 370 parking spaces, upon completion.
Currently, La Concha, a Renaissance resort, comprises 483 hotel keys, including 225 suites, 30,000ft² meeting space, a 17,000ft² casino, five food and beverage outlets, three pools, generous common areas and 568 parking spaces.
The two resorts are separated by around 200ft through the La Ventana al Mar public park, while the surrounding area is characterised by high-end retail stores, multiple restaurants and luxury condominium developments.
Both properties, which have their main entrances along Ashford Avenue, provide access to Old San Juan, extensive shopping, cruise ship piers, the new Puerto Rico convention centre and the Hato Rey financial district.
The San Juan Munoz Marin International Airport is only six miles away from the properties, noted Paulson.
Paulson founder and president John Paulson said that the two properties are at the epicentre 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," he added.
Paulson, which is an investment management firm, has $21bn in assets under management, while IHE manages seven hotels and two casinos comprising over 1,200 rooms.