Hotel & Casino; Will Rebrand Sheraton
SAN JUAN, PUERTO RICO, February 4, 2004 — Old San Juan Associates LP,
SE today closed on the purchase of the 240-room Wyndham Old San Juan Hotel
& Casino situated on the waterfront in the historic section of Puerto
Rico’s capital. Old San Juan Associates is a limited partnership
that includes affiliates of Tishman Realty Corporation and Puerto Rico’s
Hotel Development Corporation (HDC), a subsidiary of the Puerto Rico Tourism
Company. Affiliates of Tishman Realty, in joint venture with other
investors, also own the Westin Rio Mar Beach Resort & Golf Club in
Rio Grande on the Island.
Of the sale, Jose M. Suarez, Executive Director of the Puerto Rico Tourism Company, said: “This investment in Puerto Rico by a world-class owner/developer like Tishman Realty and an institutional investor indicates the continued strength and attraction of Puerto Rico as an international destination. We are delighted to be in partnership with them, and I’m certain the transition to THC management will be a smooth one.”
Other properties owned by Tishman affiliates include: The Walt Disney World Swan and Dolphin Resort Hotels in Orlando; The Hilton in the Walt Disney World Resort in Florida; the Sheraton Chicago Hotel & Towers; The Westin Chicago River North; The Westin New York at Times Square; the Four Points by Sheraton at Los Angeles International Airport; and the Westin Rio Mar Beach Resort & Golf Club.
Tishman Hotel Corporation
NY (212) 399-3617
|Also See:||Warner Center Marriott in Woodland Hills, California Sold; Tishman Hotel Corporation Appointed New Manager of 476-room Hotel / January 2004|
|Puerto Rico Report / 2002 National Lodging Forecast / Ernst & Young LLP / Feb 2002|