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