Paulson Adds to Puerto Rico Property With Hotel PurchaseAnnie Massa
Paulson & Co., the firm run by billionaire John Paulson, is buying a hotel in San Juan, Puerto Rico, for about $20 million, expanding the hedge fund manager’s investments in the commonwealth.
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.
Paulson’s firm has made a series of land and real estate acquisitions in the commonwealth, including the Condado Vanderbilt hotel, St. Regis Bahia Beach Resort, La Concha Resort and office buildings in San Juan’s financial district. The 59-year-old hedge fund manager has said Puerto Rico will become “the Singapore of the Caribbean.”
Paulson & Co. is expected to invest as much as $2 billion in Puerto Rico by the end of 2015, according to the statement.
The firm’s investment comes as Puerto Rico’s credit crisis escalates. The commonwealth is struggling under a $72 billion debt load that Governor Alejandro Garcia Padilla last month called unpayable for years as he sought a delay and restructuring.