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| NEW YORK CITY, September 23, 2002 � Citicorp Real Estate has sold a
fee simple interest in the former Isla Verde Crowne Plaza Hotel & Casino
in San Juan, Puerto Rico, together with a long-term ground lease for a
contiguous parcel with 900 feet of beach frontage, to HR Properties, Inc.,
a joint venture between Eduardo Ferrer and Hugh Andrews. Sonnenblick-Goldman
Company arranged the $26.5 million transaction.
The sale shows heightened interest in the future of Puerto Rico�s hotel market. The acquisition also represents a transaction with substantial value enhancement potential because the hotel was sold with no franchise affiliation or management encumbrances. The property can be developed for hotel expansion, condo-hotel, timeshare or a combination of uses. Sonnenblick-Goldman Company is the industry�s leading independent real estate investment banking firm. |
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Sonnenblick-Goldman Company 712 Fifth Avenue New York, NY 10019 www.sonngold.com |
The
property is located on Isla Verde, less than a quarter mile from the new
Ritz Carleton Resort and is near Luis Munoz Marin International Airport
and Old San Juan. The hotel property itself includes 400 feet of
beach frontage and a 15,700-square-foot casino.