Mon, Oct 24, 2016
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

John Paulson plans to invest $1bn into Puerto Rico within two years

Wednesday, February 26, 2014

Komfie Manalo, Opalesque Asia:

Billionaire John Paulson’s hedge fund, Paulson & Co., announced plans to invest up to $1bn into Puerto Rico’s embattled economy over the next two years, particularly in real estate and resort.

According to Money News, Paulson & Co. is in the middle of a $200m deal to buy La Concha Resort, the Condado Vanderbilt and neighboring beachfront hotels in San Juan, the capital of Puerto Rico. Puerto Rico’s Government Development Bank owns a significant stake in the said properties.

Since September last year, the 58-year-old Paulson has expanded his investments on the territory after he took a stake in St. Regis Bahia Beach Resort and the Bahia Beach Resort & Golf Club.

Alberto Baco Bague, secretary of Economic Development and Commerce, said during webcast last week with bondholders hosted by the Government Development Bank, "Paulson & Co., continues to negotiate different opportunities in Puerto Rico. These commitments are over $1 billion, half a billion in 2014 and half a billion in 2015."

In October 2009, the GDB placed the value of the La Concha Resort and the Condado Vanderbilt properties at about $450m. The resort complex underwent renovation in 2004, including the construction of towers designed to be sold as condominiums.

The hedge fund manager’s interest in Puerto Rico is not only confined to its tourism pot......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. M&A - U.S. hedge fund HarbourVest is shock winner in the £1.1bn SVG Capital takeover saga, Hedge fund Parvus shows hand, toppling William Hill merger deal[more]

    U.S. hedge fund HarbourVest is shock winner in the £1.1bn SVG Capital takeover saga From The fierce battle to buy Britain's biggest private equity group has come to an unexpected conclusion, with the original bidder walking away with the prize. SVG Capital has agreed

  2. Marc Lasry: Energy is still a phenomenal opportunity[more]

    From Distressed debt specialist Marc Lasry said energy debt is still a "phenomenal opportunity" because investors can get "massively overpaid" for the risk they take on. There are "huge opportunities" in the energy sector especially in restructurings, the Avenue Capital Group CEO said Tues

  3. Opalesque Exclusive: Ex-SAC manager re-emerges with market neutral hedge fund[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: A manager re-emerged from the SAC battleground last year to launch his own hedge fund under the umbrella of New York-based investment firm Endicott Group.

  4. North America - Hedge-fund manager Kyle Bass says the U.S. is on track for stagflation, Billionaire hedge fund titans Dinan, Lasry on election, markets and best investment ideas[more]

    Hedge-fund manager Kyle Bass says the U.S. is on track for stagflation From Kyle Bass, founder of Hayman Capital Management, on Wednesday warned that the U.S. is headed toward so-called stagflation. Stagflation is typically described as persistently high inflation and hi

  5. Other Voices: Follow the advice of investment consultants - I think not[more]

    Mark Rzepczynski, Founding Partner, Chief Investment Officer AMPHI Research and Trading, writes on Harvest Exchange: Investment consultants are a force to the reckoned with in the pension world. They advise and drive many pension decisions around the globe. Consultants literally control trillion