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Island Paradise has purchased two beachfront properties in the southwest corner of Puerto Rico that will be redeveloped into high end, luxury hotels. Cabo Rojo is a popular tourist destination that is less than three hours from San Juan and home to some of the most beautiful beaches in the Caribbean. These two adjacent properties are located in close proximity to the Puerto Rico salt flats and feature beautiful ocean views.
The Bahia Salinas Resort was operational for years in Puerto Rico as a high end resort until suffering damage during Hurricane Maria. Island Paradise will renovate the Bahia Salinas, along with its sister property, to include 70+ high end resort rooms. Additionally, this property will feature a spa, bar, restaurant, two swimming pools and other high end amenities.
Construction will begin in February 2023.
Located in the Santurce neighborhood of San Juan, the Hawayek Building is a former office building that was purchased by Island Paradise in 2021. This building will be converted to a 45-room boutique hotel featuring two ground floor commercial spaces and a high end bar and restaurant on the rooftop.
Located in one of San Juan’s hottest neighborhoods, this hotel will cater to both tourists and business travelers, and the rooftop bar and lounge will be a popular destination for locals as well.
Construction will begin in January 2023
Rendering of the Hawayek Building in downtown San Juan.
Located on the outskirts of San Juan, this unique property has historically served as an 80-room “motel.” Island Paradise plans to redevelop this property to better leverage the incredible natural beauty and existing structures.
This property was purchased for $1.4 million, or less than $20,000 a door. Renovations will include repositioning this asset as a “jungle retreat” that allows tourists to escape into the incredible beauty of Puerto Rico and serves as a jumping off point for many of the island’s nature-focused activities.
Located approximately 45 minutes west of San Juan, Manatí is a popular destination for both locals and tourists. This property was purchased for $600,000 in 2022 and will initially be operated as a 7-room guest house, with a target open date of late 2022. In 2023, additional improvements may be made to expand the capacity beyond seven units.
Unlike other assets in the portfolio, Manatí requires relatively little work to become operational. Below is a picture of the property at the time of purchase: