New York (HedgeCo.net) – While most hedge fund managers and institutional investors are worried about the sovereign debt of Puerto Rico, John Paulson and his hedge fund Paulson & Co is adding to its portfolio of holdings in Puerto Rico. The catch is that Paulson is buying luxury hotels and not government debt.
Apparently the company plans to purchase the San Juan Beach Hotel. The plan was announced by Puerto Rico’s Department of Commerce and Economic Development on Thursday. The deal was reportedly in the range of $20 million for the purchase and renovation.
The property will add to Paulson’s growing stable of luxury hotels on the island. Other properties include the Condado Vanderbilt, the St. Regis Bahia Beach Resort and La Concha Resort. Paulson has made his affinity for Puerto Rico clear, stating at an investment conference last year that Puerto Rico is the “Singapore of the Caribbean” last year at an investment summit.