In Puerto Rico, an unidentified Chinese firm has reportedly paid approximately $184.4 million in order to purchase the 527-room San Juan Marriott Resort and Stellaris Casino.
According to a report from real estate news domain The Real Deal, the sale of the beach-front property, which sits on more than four acres of land close to the Port Of San Juan, the Puerto Rico Convention Center and the San Juan International Airport, was arranged by professional services firm Jones Lang LaSalle Incorporated on behalf of sellers Rockwood Capital and The Interlink Group.
The Real Deal reported that the hotel’s occupancy rate has averaged 87.6% over the previous five years with the purchase price equating to just over $350,000 per room.
“The San Juan lodgings market has performed well over the past few years despite short-term impacts in 2016 in the Caribbean region and Puerto Rico’s debt pressures,” read a statement from Andrew Dickey, Senior Vice-President for Chicago-based Jones Lang LaSalle Incorporated. “This property garnered interest from both international and domestic investors due to its beachfront location, outstanding financial performance and affiliation with a globally recognized brand.”