The hotel is comprised of two structures connected via a sky bridge. The main hotel building consists of guest rooms, the casino, food and beverage facilities, a majority of the meeting space and a rooftop pool. The other building, called "Isla Bonita", contains the hotel's operating systems, back-of-the-house facilities, the balance of the meeting space, and some retail space.
Attracting both tourists and business travelers, the hotel is situated across from the cruise liners port in Old San Juan, an historic section of Puerto Rico's capital that is near galleries and night clubs and within 10 minutes of the city's business district and state government offices.
A source at Tishman Hotel Corp., which will manage the hotel, tells GlobeSt.com the renovations will entail creating more meeting space, moving and redesigning the existing restaurant, upgrading the 10,000-sf casino and replacing the soft in all rooms and corridors. FirstBank Puerto Rico is providing debt financing for the purchase and renovation of the property.
The hotel will remain open during the floor-by-floor renovation and will continue to fly the Wyndham flag until after the renovation is complete later this fall, at which time it will raise the Sheraton flag, marking the first time Starwood Hotels & Resorts has seen its Sheraton brand in Puerto Rico.
Prior to the sale, the property was operated by Wyndham, but now is being operated by Tishman Hotel Corp. as a Wyndham franchise. Tishman Hotel Corp. also manages the island's Westin Rio Mar Beach Resort & Golf Club in Rio Grande, which is owned by affiliates of Tishman Realty in joint venture with other investors.
Since its inception, Tishman Realty Corp. has gained interest in nine hotels comprising 7,000 rooms, and still holds all the properties.
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