Asset manager Fundamental Advisors LP, along with León, Mayer & Co., and Aimbridge Hospitality on Wednesday announced the acquisition of the iconic 387-room El San Juan Resort & Casino, a Hilton Hotel from an affiliate of Blackstone. Terms of the transaction were not disclosed.
As part of a planned revitalization of the property, the investor group is committed to significantly upgrading the resort’s facilities through a substantial capital expenditure investment to create a luxury lifestyle property first established in 1957.
“Fundamental has a long history of investing in Puerto Rico and we look forward to working with our partners as we return this iconic resort to its place as a world-class destination,” said Laurence Gottlieb, Chief Executive Officer of Fundamental. “With a portfolio of unique or underutilized municipal and hospitality real estate assets, we intend to leverage our expertise to ensure that El San Juan delivers an unparalleled and unforgettable experience for guests of this truly exceptional property.”
Fundamental Advisors was founded in 2007 as a private equity firm focused on revitalizing distressed assets, while León Mayer is a private equity and investment banking firm established in 2005 and based in New York City and Miami. Aimbridge Hospitality is an independent hotel investment and management firm that currently owns and/or manages over 270 upscale, independent and branded hotels with over 36,000 rooms across the United States and the Caribbean.