After covering the story several months ago when John Paulson and his company (Paulson & Co.) acquired a majority interest in The St. Regis Bahia Beach Resort, Puerto Rico and the Bahia Beach Resort & Golf Club, it’s interesting to see this additional acquisition become official as of March 10, 2014.
With one of the most successful investment management firms today, with approximately $21 billion in assets, putting this much emphases in Puerto Rico, one can’t help but explore personal investment opportunities on this island destination.
In this most recent announcement, it was confirmed that Paulson & Co. 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.” (WalekPeppercomm)
Between the former acquisition at Bahia Beach and this newest venture in San Juan, Paulson & Co. has invested a great deal into the future of Puerto Rico. A long-time believer in doing business in Puerto Rico for those looking at business opportunities, Paulson also understands the reality of the ever-growing influx of international tourists who look to Puerto Rico to be a perfect getaway.
"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,” said John Paulson, Founder and President of Paulson & Co. "We believe the Puerto Rican economy is at the cusp of recovery and both these hotels will benefit from future growth in Puerto Rico."
This newest property is sure to be a huge success for those families, couples and meeting groups looking to be in a prime area of San Juan, while having all the desired luxuries on-property, such as restaurants, spas, beach/pool butlers and more. These two oceanfront resorts are located in the heart of the Condado district in San Juan, totaling 802 hotel rooms, are completed with the high-end retails stores, numerous restaurants and the additional luxury condominium developments. Partnered with Paulson & Co. in this investment is International Hospitality Enterprises ("IHE"), a highly regarded owner and operator of hotels in Puerto Rico.
"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.
With all the attention Puerto Rico seems to be receiving, perhaps it’s time to also look to the island for more than merely a quick weekend getaway, but also explore the opportunity to invest in the future of one of the island destinations that is fortunately part of the United States. Perhaps, like the Puerto Rico Tourism Bureau, you’ll also find that it’s “the happiest place on earth.”