Construction Begins On Hyatt Hotel’s First Extended-Stay Property in the Caribbean
- Nov 02, 2012
San Juan, Puerto Rico—On October 29th, a groundbreaking ceremony marked the start of construction on the new Hyatt House San Juan, the first extended-stay property to be developed in Puerto Rico. The estimated cost of the project is around $28.7 million.
Located in the Puerto Rico Convention District in Miramar, Hyatt House San Juan will be developed by Hyatt Hotels Corporation and Island Hospitality Partners LLC, a joint venture of PRISA Group and McConnell Valdes Consulting. The new hotel is expected to open in fall 2014.
“We are glad to work with Island Hospitality on Hyatt House San Juan, our third Hyatt-branded hotel project with Island Hospitality in Puerto Rico,” said Pat McCudden, senior vice president, real estate and development Hyatt Hotels & Resorts. “We believe that the Hyatt House brand and the location of the hotel in San Juan’s convention center district will have strong appeal to business and leisure travelers visiting the city.”
Island Hospitality affiliates also own the 156-room, $49.5 million Hyatt Place Bayamón Hotel & El Tropical Casino and the 104-room, $38 million Hyatt Place Manatí & Casino. Both hotels are currently under construction and should open in early 2014.
Hyatt House San Juan will feature 126 studio, one and two bedroom kitchen suites, with stunning views of the Atlantic Ocean and San Juan Bay. The property will also provide easy access to many of the city’s popular attractions, including Old San Juan, the Condado district, San Juan Central Park, and Plaza Las Américas.
“Hyatt House San Juan is the first upscale extended stay hotel to be built in Puerto Rico, which is a testament to the Island’s evolving and maturing tourism market. We are excited to introduce the Hyatt House brand to San Juan, and furthermore, to bring Hyatt’s world-class hospitality to Puerto Rico with both the Hyatt Place and Hyatt House brands,” said Federico Stubbe, Jr., president of PRISA Group.
According to Caribbean Business, financing for the Hyatt House San Juan project consisted of an $18.6 million loan from Banco Popular de Puerto Rico, which is partially guaranteed by the Puerto Rico Tourism Development Fund, a subsidiary of the Government Development Bank. The partners invested $7.2 million in equity, while the Hotel Development Fund contributed another $2.9 million.