Paulson & Co. Acquires The St. Regis Bahia Beach Resort, Puerto Rico
NEW YORK, Sept. 23, 2013 /PRNewswire/ -- Paulson & Co. Inc. ("Paulson"), a New York-based investment firm, today announced that on behalf of its Recovery Funds it has acquired a majority interest in The St. Regis Bahia Beach Resort, Puerto Rico and the Bahia Beach Resort & Golf Club.
The St. Regis Bahia Beach Resort, Puerto Rico is located in a master-planned community situated on 483 acres of pristine coconut palms 25 minutes away from San Juan's Luis Munoz Marin International Airport. In addition to the AAA 5 Diamond 139 room St. Regis® hotel, the community features luxurious ocean front and ocean view villas and golf and ocean view condominiums, a magnificent 2-mile crescent of sandy beach and a challenging 18-hole golf course designed by Robert Trent Jones Jr.
Since the first homes were built in 2007 by BBP Partners ("BBP") – a joint venture between two of Puerto Rico's leading real estate developers, Interlink Group ("Interlink") and Munoz Holdings ("MH") – over $125 million worth of residences have been sold at the resort and the $150 million St. Regis Bahia Beach Resort opened in 2010. Paulson is acquiring a majority interest in BBP through a comprehensive recapitalization.
"The St. Regis Bahia Beach resort is already one of the premier leisure travel destinations in the Caribbean, and there is increasing demand from both those looking to purchase holiday homes in Puerto Rico and from those living in or moving to the island," said John Paulson, founder and president of Paulson & Co.
"We look forward to working with Paulson to continue the successful development of Bahia Beach," said Federico J. Sanchez-Ortiz, President and CEO of Interlink Group. "We have an exciting vision for the project and plan to develop another $500 million of residences and resort amenities over the next decade. The future bodes well for Bahia Beach and our property owners and club members."
Media contact: Armel Leslie, Walek & Associates, +1-212 590-0530, [email protected]
About Bahia Beach
Bahia Beach, one of the Caribbean's finest residential and vacation enclaves, is taking shape on 483 acres of pristine coconut palms and native maritime forest within 25 minutes driving distance of San Juan. The community boasts a AAA 5 Diamond 139-key St. Regis® hotel with a Remede Spa®; gourmet restaurant Fern, inspired by the cuisine of Jean-Georges; a magnificent two-mile crescent of sandy beach; a challenging 18-hole golf course designed by Robert Trent Jones Jr. managed by Troon Golf; a beachfront clubhouse; and over 60 acres of natural lakes with a very popular Boathouse and Nature Center. It is also designated as a Certified Gold Audobon International Signature Sanctuary.
Available for those vacationers seeking a more permanent Bahia Beach experience are a variety of residences including luxurious oceanfront and ocean view villas at The Residences at The St. Regis Bahia Beach Resort, Puerto Rico, and golf and ocean view condominium residences.
Bahia Beach is idyllically situated along the ocean in northeastern Puerto Rico, bounded by the majestic El Yunque National Rainforest and two scenic rivers, along Route 187 at Kilometer 4.2 in the town of Rio Grande. The community is just 25 minutes via newly opened Route 66 expressway from San Juan's Luis Munoz Marin International Airport, which is served by a variety of major airlines with direct flights from close to 20 cities in North America. Puerto Rico is a commonwealth of the United States so no passport is required for US citizens.
About Paulson & Co.
Paulson & Co. is an investment management firm that specializes in event-driven investing. Paulson has approximately US$18 billion in assets under management and has offices in New York, London and Hong Kong. www.paulsonco.com
About Interlink Group
Interlink Group, founded in 1977 in San Juan, Puerto Rico, is the leading resort, hotel and residential developer in the Caribbean. For over 35 years, Interlink and its affiliates have successfully developed a myriad of residential, resort, mixed-use and hotel projects that have won multiple accolades for their planning, design and market acceptance. In addition to Bahia Beach Resort & Golf Club and the The St. Regis Bahia Beach, Puerto Rico, Interlink's signature projects include Las Casitas Village at El Conquistador Resort, The Waldorf Astoria Collection®; Cosmopolitan, an award-winning luxury condominium; the Sheraton Puerto Rico Hotel & Casino, the first US Green Building Council LEED certified hotel in the Caribbean. http://www.interlinkpr.com/
About Munoz Holdings
Munoz Holdings was founded by Antonio J. Munoz in 1988 as a full service real estate developer, specializing in commercial, retail and warehouse facilities with expertise in the planning, structuring, development, and management of income-producing real estate ventures. http://www.mbhpr.com/
SOURCE Paulson & Co. Inc.
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