Paulson Adds to Puerto Rico Property With Hotel Purchase

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.