275 Room Hyatt Hotel Portfolio Sold in Puerto Rico
Hyatt Place San Juan Hotel
JLL’s Hotels & Hospitality group announced yesterday that it arranged the sale and acquisition financing of a two-property, premium select-service hotel portfolio totalling 275 rooms in San Juan, Puerto Rico. The portfolio consists of the 149-room Hyatt Place San Juan and the 126-room Hyatt House San Juan.
JLL worked on behalf of the seller and original developer PRISA Group with McV Consulting, and procured the buyer, JRK Property Holdings. Additionally, JLL worked on behalf of the buyer to secure the seven-year, fixed-rate acquisition loan through Oriental Bank, a leading bank in Puerto Rico and U.S. Virgin Islands.
Located at Avenida Fernandez Juncos 580, the Hyatt Place San Juan was built in 2016 and renovated in 2023. The property features 3,096-square feet of meeting space, a bar, market, fitness center and outdoor pool with a kid’s waterpark.
The Hyatt House San Juan is located at 615 Ave Fernandez Juncos Distrito de Convenciones. Constructed in 2014 and renovated in 2023, the property boasts 980-square-feet of meeting space, a bar, market, fitness center and outdoor pool.
The properties are ideally positioned in the heart of San Juan, Puerto Rico’s booming capital and are walking distance from the Puerto Rico Convention Center, San Juan Bay Marina and the one-of-a-kind entertainment venue, Distrito T-Mobile. San Juan is the heart and soul of the Caribbean, alluring travellers from around the world to explore the intersection of where the Old World meets the new, through its historic neighbourhoods, pristine beaches and vibrant nightlife, all while remaining in a U.S. jurisdiction.
San Juan’s lodging market is one of the most stable lodging markets in the U.S. when taking into consideration RevPAR volatility for 20 consecutive years (2000-2020). It benefits from the ideal balance between the stability of the lodging market performance, high RevPAR levels and no supply pipeline.
Hotels in San Juan currently post the highest RevPAR performance in the U.S. outperforming Miami, Oahu Island and New York City, and benefit from stronger margins due to a favorable tax environment, robust airlift, and a 30-year history of limited supply growth.
As shared in JLL’s U.S. Select-Service and Extended-Stay Hotel Outlook, investors continue to gravitate towards the select-service sector due to its broad demand-base, lean operating model and consistent performance.
The JLL Hotels & Hospitality team was led by Managing Director Andrew Dickey, Senior Director Maciej Polek and Managing Director Mark Fisher.