Click here to close now.

SYS-CON MEDIA Authors: Andreas Grabner, Liz McMillan, Dana Gardner, Elizabeth White, Cloud Best Practices Network

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
Operational Hadoop and the Lambda Architecture for Streaming Data Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes ...
Thanks to Docker, it becomes very easy to leverage containers to build, ship, and run any Linux application on any kind of infrastructure. Docker is particularly helpful for microservice architectures because their successful implementation relies on a fast, efficient deployment mechanism – which is precisely one of the features of Docker. Microservice architectures are therefore becoming more popular, and are increasingly seen as an interesting option even for smaller projects, instead of bein...
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, it is now feasible to create a rich desktop and tuned mobile experience with a single codebase, without compromising performance or usability.
SYS-CON Events announced today Arista Networks will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Arista Networks was founded to deliver software-driven cloud networking solutions for large data center and computing environments. Arista’s award-winning 10/40/100GbE switches redefine scalability, robustness, and price-performance, with over 3,000 customers and more than three million cloud networking ports depl...
Application metrics, logs, and business KPIs are a goldmine. It’s easy to get started with the ELK stack (Elasticsearch, Logstash and Kibana) – you can see lots of people coming up with impressive dashboards, in less than a day, with no previous experience. Going from proof-of-concept to production tends to be a bit more difficult, unfortunately, and it tends to gobble up our attention, time, and money. In his session at DevOps Summit, Otis Gospodnetić, co-author of Lucene in Action and founder...
The speed of software changes in growing and large scale rapid-paced DevOps environments presents a challenge for continuous testing. Many organizations struggle to get this right. Practices that work for small scale continuous testing may not be sufficient as the requirements grow. In his session at DevOps Summit, Marc Hornbeek, Sr. Solutions Architect of DevOps continuous test solutions at Spirent Communications, will explain the best practices of continuous testing at high scale, which is r...
Software is eating the world. Companies that were not previously in the technology space now find themselves competing with Google and Amazon on speed of innovation. As the innovation cycle accelerates, companies must embrace rapid and constant change to both applications and their infrastructure, and find a way to deliver speed and agility of development without sacrificing reliability or efficiency of operations. In her Day 2 Keynote DevOps Summit, Victoria Livschitz, CEO of Qubell, discussed...
NaviSite, Inc., a Time Warner Cable company, has opened a new enterprise-class data center located in Santa Clara, California. The new data center will enable NaviSite to meet growing demands for its enterprise-class Cloud and Managed Services from existing and new customers. This facility, which is owned by data center solution provider Digital Realty, will join NaviSite’s fabric of nine existing data centers across the U.S. and U.K., all of which are designed to provide a resilient, secure, hi...
SYS-CON Events announced today that Open Data Centers (ODC), a carrier-neutral colocation provider, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Open Data Centers is a carrier-neutral data center operator in New Jersey and New York City offering alternative connectivity options for carriers, service providers and enterprise customers.
When it comes to the Internet of Things, hooking up will get you only so far. If you want customers to commit, you need to go beyond simply connecting products. You need to use the devices themselves to transform how you engage with every customer and how you manage the entire product lifecycle. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, will show how “product relationship management” can help you leverage your connected devices and the data th...
Thanks to Docker, it becomes very easy to leverage containers to build, ship, and run any Linux application on any kind of infrastructure. Docker is particularly helpful for microservice architectures because their successful implementation relies on a fast, efficient deployment mechanism – which is precisely one of the features of Docker. Microservice architectures are therefore becoming more popular, and are increasingly seen as an interesting option even for smaller projects, instead of bein...
Security can create serious friction for DevOps processes. We've come up with an approach to alleviate the friction and provide security value to DevOps teams. In her session at DevOps Summit, Shannon Lietz, Senior Manager of DevSecOps at Intuit, will discuss how DevSecOps got started and how it has evolved. Shannon Lietz has over two decades of experience pursuing next generation security solutions. She is currently the DevSecOps Leader for Intuit where she is responsible for setting and driv...
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @Things...
SYS-CON Events announced today that CodeFutures, a leading supplier of database performance tools, has been named a “Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. CodeFutures is an independent software vendor focused on providing tools that deliver database performance tools that increase productivity during database development and increase database performance and scalability during production.