Paulson & Co to invest $260M in Puerto Rico hotels
SAN JUAN, Puerto Rico (AP) — Puerto Rico officials say New York-based investment firm Paulson & Co. is investing $260 million in two upscale hotels in the U.S. territory.
The Department of Economic Development and Commerce says the company will acquire majority interest in the Condado Vanderbilt and La Concha Renaissance Hotel. Both beachfront hotels are located in the popular tourist district of Condado in the capital of San Juan.
The company founded by U.S. hedge fund manager John Paulson previously invested in the St. Regis Bahia Beach Resort and the Bahia Beach Resort and Gold Club last year. Both are located east of San Juan.
Monday’s announcement comes as Puerto Rico is entering its eighth year in recession and struggling with $70 billion in public debt.