240-Room Hotel & Casino Trades at $26M

SAN JUAN, PUERTO RICO-The 240-room Wyndham Old San Juan Hotel & Casino here has been acquired for slightly more than $26 million by an investment group that includes an affiliate of New York City-based Tishman Realty Corp., an institutional investor and Puerto Rico’s Hotel Development Corp. The new owners will spend $7 million upgrading the six-year-old hotel over the next several months.

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.