SAN JUAN, PUERTO RICO—Fundamental Advisors LP, León, Mayer & Co. and Aimbridge Hospitality have acquired the El San Juan Resort & Casino, a Hilton Hotel, from an affiliate of Blackstone. Terms of the transaction were not disclosed.
El San Juan, established in 1957, is a landmark 387-room hotel overlooking two miles of beach in the Isla Verde district of San Juan. It offers an 11,000-sq.-ft. grand ballroom, three pools, nine restaurants, 15 bars, lounges and nightclubs, a 7,500-sq.-ft. casino and 12 beachfront acres.
Two miles from Puerto Rico’s international Airport, the property is located in a neighborhood known for upscale boutiques, beaches and eclectic restaurants, bars and live music venues.
Together with partners León Mayer and Aimbridge, Fundamental plans to significantly enhance the property’s offerings and revitalize the storied resort to its original splendor by capitalizing on the investor group’s expertise in the hospitality sector and experience in the region, according to the company. As part of a planned revitalization of the property, the investor group is committed to significantly upgrading the resort’s facilities through a substantial capital expenditure investment to create a true luxury lifestyle property.
“With our principals having formerly served as the property’s operators, Aimbridge has long appreciated the remarkable vitality of El San Juan,” said Dave Johnson, president and CEO of Aimbridge Hospitality. “Working with Fundamental and León Mayer, we are excited to use our deep expertise in hotel management to revitalize El San Juan, a property with a truly unique character and history.”