New Puerto Rico Hotel Project Planned

PUERTO RICO—In an effort to regain urban spaces in strategic zones for the development of tourism projects that stimulate the economy, Osvaldo Rivera Cruz, AC Condado LLC Developer, along with the executive director of the Puerto Rico Tourism Company (PRTC), Ingrid I. Rivera Rocafort, has begun demolition of buildings 880 and 884 on Ashford Avenue in Condado. This is the beginning phase of a hotel project.

“At PRTC, we are absolutely thrilled about this new project as it will contribute to the revitalization of the tourism industry in Condado in addition to providing a boost to the economy. With an investment of approximately $30 million in various stages of construction, this project will redevelop the space occupied by two buildings that have been damaged and unused for decades and transform them into an area of hospitality. This new structure, which will have 164 new rooms, will create nearly 375 jobs during the construction phase and 150 jobs during the operation, undoubtedly boosting our economy,” said Rivera Rocafort.

“The rebirth of Condado is real. There have been a number of private investments in tourism projects as part of this redevelopment, including the Regency Hotel renovation, the reconstruction of San Juan Beach, the expansion of the Marriott Hotel and the reopening of Hotel Ambassador. These additions symbolize the growth in several fronts and the contribution to the economic transformation of Puerto Rico,” said Minister of Economic Development and Trade Alberto Bacó Bagué.

“Tourism is one of the growing industries and a cornerstone for economic development of the country. The BDE financially supports tourism projects endorsed by the tourism company, as presented here. Currently 10% of our loan portfolio is composed of tourism projects. Over the last five years, the BDE has awarded a total of 44 loans targeted to the tourism sector, for a total of $47.4 million, resulting in 718 direct jobs and 2,791 indirect jobs. This has been a direct outcome from investments such as hotel developments like El Blok on the island municipality of Vieques, our $9-million investment in Seaborne Airlines, and the latest expansion project of Toro Verde in Orocovis. After a financial investment of $3.2 million from the BDE, we are here to make way for a new tourism development which promises to be a great attraction for the Condado area and a strategic commitment to tangible economic development,” said Joey Cancel Planas, president of the Economic Development Bank.