The Reuben Brothers are planning a massive $2 billion oceanfront luxury resort in Puerto Rico.
The British billionaire brothers David and Simon Reuben are partnering with Will Bennett and Roberto Ruiz Vargas’ Three Rules Capital on the 2,000-acre project, Bloomberg reported. Called Esencia, the project will include hotels operated by Aman Group, Mandarin Oriental Hotel Group and Rosewood Hotels & Resorts. JPMorgan Chase & Co is providing financing.
The development is on the west side of the island territory in Boquerón Bay in Cabo Rojo, according to Caribbean local outlet the Weekly Journal. will include as many as 900 branded residences, a K-12 bilingual school, an equestrian center, two golf courses and a private airport.
Forbes estimates each of the Reuben brothers’ net worths at $9.4 billion. They own commercial and hospitality properties around the world. Last year they bought Century Plaza in Los Angeles for $1 billion and a $124 million retail portfolio from Vornado Realty Trust.
Jamie Reuben, a principal at Reuben Brothers and David Reuben’s son, called Puerto Rico “one of the most promising growth markets in the world,” in a statement to the outlet. Bennett referenced the local government’s efforts to promote tourism as helping to fuel demand for luxury projects like Esencia.
“The growing and resilient customer base has led to demand outstripping supply,” he told Bloomberg.
Following the devastation of Hurricane Maria in 2017, the government put in tax breaks to lure investment from the mainland. The result has been a wave of wealth migration, including crypto investors and internet celebrities like Jake and Logan Paul. A surge in prices followed, with no signs of abating any time soon.
– Kate Hinsche
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