Chinese investor buys Marriott casino hotel in San Juan for $184M

Sources say the unidentified buyer paid over $350,000 per key for the 527-key property

TRD MIAMI /
May.May 07, 2017 12:00 PM

Swimming pools at the San Juan Marriott Resort & Stellaris Casino

JLL arranged the sale of a beachfront casino hotel in San Juan, Puerto Rico, to an unidentified Chinese buyer.

The 527-key San Juan Marriott Resort & Stellaris Casino sold for more than $350,000 per key, according to market sources.

The hotel’s occupancy rate has averaged 87.6 percent over the last five years.

The San Juan hotel occupies more than four beachfront aces near the Port of San Juan, the Puerto Rico Convention Center and San Juan International Airport.

Managing director Gregory Rumpel and senior vice president Andrew Dickey led the JLL team that handled the transaction on behalf of the sellers, Rockwood Capital and Interlink Group.

“The San Juan lodging 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,” Dickey said in a prepared statement. “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.”

JLL is the brand name of Jones Lang LaSalle Inc., a professional services firm specializing in real estate and investment.


Related Articles

arrow_forward_ios
2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

West Palm Beach Marriott (Credit: iStock)

Marriott family sells West Palm hotel for $50M

A conceptual rendering and Lon Tabatchnick

Margaritaville developer plans another Hollywood hotel despite opposition

State report finds open gas valve fueled building explosion at Plantation shopping center

State report finds open gas valve fueled building explosion at Plantation shopping center

Bayside Marketplace is planning another high-rise entertainment venue with a view

Bayside Marketplace is planning another high-rise entertainment venue with a view

Construction of downtown Hollywood high-rise may start soon

Construction of downtown Hollywood high-rise may start soon

South Florida firm, partner acquire Tampa office building for $29.4M

South Florida firm, partner acquire Tampa office building for $29.4M

Developer borrows $105M, breaks ground for mixed-use Flagler Village project

Developer borrows $105M, breaks ground for mixed-use Flagler Village project

arrow_forward_ios
Loading...