The Condado casino is the seventh casino to close in the past five years in Puerto Rico, primarily in the San Juan area, according to the Puerto Rico Hotel and Tourism Association.
The New York-based hedge fund firm will acquire the San Juan Beach Hotel and develop an ultra-luxury boutique hotel at the site as it renovates the property, government officials said in a statement Thursday. The company already owns the Vanderbilt Hotel and La Concha Resort in Condado, as well as the St. Regis Bahia Beach Resort in the northeast municipality of Rio Grande. “Our economic development plan is working”.
Puerto Rico told its UnitedStatescreditorsthat it will have to evaluate its currentliquidity and study its otherprioritiesbefore it can begin to pay back a US$72 billiondebt. Fundamental Advisors, along with partners Leon Mayer & Co. and Aimbridge Hospitality, acquired the El San Juan Resort & Casino, a Hilton hotel, in Isla Verde, near the Luis Munoz Marin global Airport, for $71 million.
The small island nation, a U.S. commonwealth territory, began negotiations with U.S. creditors last week to renegotiate its massive debt, after it has been struggling to make payments – a situation analysts are comparing to Greece’s current struggles with the European Union.