AEG To Manage New 6,000-Seat Entertainment Venue Set To Anchor New District Live! Development In San Juan, Puerto Rico

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Oct 12, 2016, 06:20 ET

SAN JUAN, Puerto Rico and LOS ANGELES, Oct. 12, 2016 /PRNewswire/ -- AEG and PRISA Group ("PRISA") have formally entered into a contract for AEG Facilities, a stand-alone division of the leading sports, venue and entertainment company in the world, to undertake the management and operation of a new 6,000-seat concert and entertainment venue being developed in San Juan, Puerto set to open in early 2019.

When completed, the 105,000 square foot facility will host a variety of events, concerts, banquets, festivals, award ceremonies and corporate events while serving as the anchor of District Live!, a 5-acre hospitality and entertainment district being built by a partnership between Island Hospitality Partners (led by PRISA Group) with the Puerto Rico Convention Center District Authority.

"This new venue for live entertainment is the perfect anchor for what we believe will be the region's most vibrant and popular settings for events, conventions and performances of all types," said Bob Newman, President, AEG Facilities. "Situated just steps from one of the most picturesque waterfronts as well as a thriving convention center and nearby urban core, District Live! will instantly become one of the area's most visited destinations for both residents and tourists alike."

Located adjacent to the Puerto Rico Convention Center, which has been operated by AEG Facilities since July of this year, District Live! will be the region's most active destination for live entertainment and hospitality featuring an eight-screen premium Caribbean Cinemas VIP Cineplex, a 170-room luxury hotel with 6,000 square feet of meeting space, a 44,000-square foot Plaza with the Caribbean's largest LED screen and outdoor presentation stages which will serve as the ideal location for events such as art festivals, fashion shows, music performances and other special events. District Live! will also contain an 18,000-square foot "day and night" disco, television and radio broadcast studios overlooking the Plaza, a unique urban attraction created by renowned "zip line" operators Toro Verde, a 500-seat club for intimate performances of all kinds and an interactive Kidz Zone for younger visitors and families.

"For a world class project such as this, we needed an alliance with a world class player such as AEG. District Live! will be an innovative entertainment center with world-class leisure activities, that will capture the energy, joy and gusto of the Puerto Rican people. It is a demonstration of what we are, how we live, a reflection of who we are. District Live! is a stage on which to showcase the authentic and varied elements that make us unique," said Federico Stubbe, Jr., President of PRISA Group.

The revolutionary and transformative development will add a new world-class destination to supplement tourism in Puerto Rico while creating a new location for live concerts and events starring both internationally recognized performers as well as local and up and coming talent.

At a basic cost of $88.9 million and an estimated tenants' investment of $15 million, the project will create over 3,300 construction and operational jobs while attracting millions of visitors annually.

Known for their creation of renowned venues such as STAPLES Center, Sprint Center, StubHub Center, Mercedes-Benz Arena and London's The 02 arena and entertainment district, AEG directed the creation and overall development of L.A. LIVE, a $3 billion / 4 million square foot sports and entertainment district in downtown Los Angeles located across six city blocks adjacent to STAPLES Center and the Los Angeles Convention Center, featuring Microsoft Theater, a 7,100-seat live theater, a 54-story, 1000-room convention "headquarters" hotel, Club Novo, a 2,300 capacity live music venue, a 14-screen Regal Cineplex, television and radio broadcast facilities for ESPN, The Grammy Museum, Conga Room and Lucky Strike bowling center along with entertainment, restaurant, residential and office space which opened in 2007.

About AEG Facilities
AEG, a wholly owned subsidiary of the Anschutz Company, is the leading sports and live entertainment company in the world. AEG Facilities, a stand-alone division of AEG, and its affiliates owns, operates or consults with more than 120 of the industry's preeminent venues worldwide, across five continents, providing complete venue management, as well as specialized programs in operations, guest services, ticketing, booking, sales and marketing while providing comprehensive management and planning services to sports and entertainment facilities worldwide through its AEG Facilities Global Solutions division. AEG Facilities also provides resources and access to other AEG-affiliated entities, including AEG Live, one of the largest live music companies in the world, AEG Global Partnerships and AEG Real Estate, as well as such industry leading programs as AEG 1Earth and AEG Encore to support the success of its venues across the globe. The Los Angeles-based organization owns, operates or provides services to the world's most elite venues, including STAPLES Center and Microsoft Theater (Los Angeles, CA), StubHub Center (Carson, CA), Sprint Center (Kansas City, MO.), Valley View Casino Center (San Diego, CA), KFC Yum! Center (Louisville, KY.), AmericanAirlines Arena (Miami, Fla.), Prudential Center (Newark, N.J.), Barclays Center (Brooklyn, N.Y.), Target Center (Minneapolis, MN), Oracle Arena and Oakland-Alameda County Coliseum (Oakland, CA), AccorHotels Arena (Paris, France), Mercedes-Benz Arena (Shanghai, China), LeSports Center (Beijing, China), The O2 Arena (London, England), Mercedes-Benz Arena (Berlin, Germany), Barclaycard Arena (Hamburg, Germany), SSE Hydro (Glasgow, UK), Qudos Bank Arena (Sydney, Australia), Ericsson Globe Arena (Stockholm, Sweden), Los Angeles Convention Center (Los Angeles, Calif.), Hawaii Convention Center (Honolulu, HI) and the Oman Convention and Exhibition Center (Muscat, Oman). For more information, please visit aegworldwide.com.

Development Partnership
District Live! will be developed by a partnership between PRISA Group, and the District Authority Convention Center.

This is the fifth tourism and entertainment project developed in Puerto Rico over the past three years, including the Hyatt Place Bayamon and El Tropical Casino, Hyatt Place Manati and Casino Atlantic, Hyatt House San Juan and Hyatt Place San Juan / City Center, which opened in December 2013, March 2014, October 2014 and January 2016 respectively. District Live! will be the third project developed by Island Hospitality Partners in the Convention Center area in the past two years.

About PRISA Group
PRISA Group ( "PRISA") is a Puerto Rican company owned by the Stubbe family dedicated to the development and construction of resorts and green residential communities in Puerto Rico and Florida. in the last 20 years PRISA has developed residential communities totalizing around 3,000 units, mainly in their Sabanera in Cidra, Gurabo and Dorado, and Dorado Beach Resort communities. In the last four years alone, PRISA has completed over $ 665 million in tourism projects, including Dorado Beach, a Ritz-Carlton Reserve, the first in the Americas, which opened in December 2012 to worldwide recognition; the West Beach & East Beach Ritz-Carlton Reserve Residences, Hyatt Place San Juan / Bayamon & El Tropical Casino, Hyatt Place Manati & Atlantic Casino, Hyatt House San Juan and Hyatt Place San Juan / City Center.

PRISA is also developing three Marriott hotels in Florida, the Springhill Suites and Residence Inn Millenia, Orlando and MetWest AC Hotel by Marriott International, Westshore, Tampa, representing a total development cost of $ 65 million. PRISA has been the recipient of several awards, including Builder of the Decade, three awards for Planned Community of the Year by the Association of Homebuilders ("ACH") and its highest honor, the Frank Ramirez Arellano Award. In November 2014, PRISA was named Developer of the Year of the Americas by Hyatt Hotel Corporation for the development of its portfolio of Hyatt. For more information: www.prisagroup.com.