Revitalization to Restore Iconic Property as World-Class Destination
Investor Group to Significantly Upgrade Facilities through Planned Restoration
SAN JUAN, Puerto Rico, July 22, 2015 /PRNewswire/ – Fundamental Advisors LP (”Fundamental”), a leading alternative asset manager, today announced that along with partners León, Mayer & Co., (”León Mayer”) and Aimbridge Hospitality (”Aimbridge”), it has acquired the iconic El San Juan Resort & Casino, a Hilton Hotel from an affiliate of Blackstone. Terms of the transaction were not disclosed.
El San Juan, established in 1957, is a landmark 387-room hotel overlooking two miles of pristine beach in the Isla Verde district of San Juan, and a valued member of the Hilton Worldwide system. It boasts an 11,000 square foot grand ballroom (second largest in San Juan), three pools, nine award-winning restaurants, 15 active bars, lounges and nightclubs, a 7,500 square-foot casino and 12 beachfront acres. Just two miles from Puerto Rico’s international airport, the property is located in a neighborhood known for upscale boutiques, beautiful beaches and eclectic restaurants, bars, and live music venues.
Together with partners León Mayer and Aimbridge, Fundamental plans to significantly enhance the property’s offerings and revitalize the storied resort to its original splendor by capitalizing on the investor group’s expertise in the hospitality sector and experience in the region. 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 true luxury lifestyle property.
“This project represents an exciting development for both future guests of El San Juan as well as the vibrant community that surrounds this historic property,” said Laurence Gottlieb, Chief Executive Officer of Fundamental. ”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. 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.”
“El San Juan is truly a one-of-a-kind property. We are excited to partner with Fundamental and Aimbridge and look forward to leveraging our team’s strong connection to the Puerto Rican market and experience in hospitality, entertainment and real estate to elevate the physical condition and guest experience at El San Juan to a level that befits its historical status as an iconic luxury lifestyle resort and entertainment property,” said Andro Nodarse-León of León Mayer.
“With our principals having formerly served as the property’s operators, Aimbridge has long appreciated the remarkable vitality of El San Juan,” said Dave Johnson, President and CEO of Aimbridge Hospitality. “Working with Fundamental and León Mayer, we are excited to use our deep expertise in hotel management to revitalize El San Juan, a property with a truly unique character and history.”
About Fundamental Advisors
Fundamental Advisors is a leading alternative asset manager dedicated to the municipal markets. Founded in 2007 as a private equity firm focused on revitalizing distressed assets, Fundamental invests in a range of vehicles that capitalize on the growing opportunity set in the municipal market. For more information, please visit www.fundamentaladvisorslp.com.
About León, Mayer & Co.
León Mayer is a private equity and investment banking firm based in New York City and Miami. Andro Nodarse-León and Benjamin Mayer established the firm in 2005 after having respectively been at Kohlberg Kravis Roberts & Co. (”KKR”) and Tishman Speyer. Leon Mayer’s private equity practice invests in corporate and real estate assets that are underperforming relative to their full potential and takes a hands-on approach to improving their operating performance. For more information, please visit www.leonmayer.com.
About Aimbridge Hospitality
Aimbridge Hospitality is one of the nation’s largest independent hotel investment and management firms with a proven track record for delivering superior returns for its strategic partners in a variety of markets and economic cycles. Aimbridge provides management, asset management, development, renovation and consulting services. Based in Dallas, Texas and with development offices in Chicago, Dallas and Puerto Rico, Aimbridge currently owns and/or manages over 270 upscale, independent and branded hotels with over 36,000 rooms across the United States and the Caribbean, including such affiliations as Marriott, Hilton, Embassy Suites, Doubletree, Hilton Garden Inn, Hampton Inn & Suites, Aloft, Hyatt, Wyndham, Westin and Curio. For more information on Aimbridge Hospitality, please visit www.aimbridgehospitality.com.
About Hilton Worldwide
Hilton Worldwide (NYSE: HLT) is a leading global hospitality company, spanning the lodging sector from luxury and full-service hotels and resorts to extended-stay suites and focused-service hotels. For 95 years, Hilton Worldwide has been dedicated to continuing its tradition of providing exceptional guest experiences. The company’s portfolio of twelve world-class global brands is comprised of more than 4,350 managed, franchised, owned and leased hotels and timeshare properties, with more than 720,000 rooms in 94 countries and territories, including Hilton Hotels & Resorts, Waldorf Astoria Hotels & Resorts, Conrad Hotels & Resorts, Canopy by Hilton, Curio – A Collection by Hilton, DoubleTree by Hilton, Embassy Suites by Hilton, Hilton Garden Inn, Hampton by Hilton, Homewood Suites by Hilton, Home2 Suites by Hilton and Hilton Grand Vacations. The company also manages an award-winning customer loyalty program, Hilton HHonors®. Visit news.hiltonworldwide.com for more information and connect with Hilton Worldwide at www.facebook.com/hiltonworldwide, www.twitter.com/hiltonworldwide, www.youtube.com/hiltonworldwide, www.flickr.com/hiltonworldwide, and www.linkedin.com/company/hilton-worldwide.
Jonathan Keehner / Julie Oakes
Joele Frank, Wilkinson Brimmer Katcher