Fri, May 6, 2016
A A A
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. Comment - Unmasking the men behind Zero Hedge, Wall Street's renegade blog[more]

    From Bloomberg.com: Colin Lokey, also known as "Tyler Durden," is breaking the first rule of Fight Club: You do not talk about Fight Club. He’s also breaking the second rule of Fight Club. (See the first rule.) After more than a year writing for the financial website Zero Hedge under the n

  2. Opalesque Exclusive: Hedge fund talent, fees take a hit at the Milken Global Conference[more]

    Bailey McCann, Opalesque New York: It's been a rough year for hedge funds and now, even other managers are panning them. "Frankly, I’m blown away by the lack of talent," was Point 72 CEO Steven Cohen's assessment of trying to find candidates to hire in the investment business at a panel o

  3. Hedge funds fell in April as alternative UCITS surge in Europe[more]

    Komfie Manalo, Opalesque Asia: Hedge funds shed more in April with the Lyxor Hedge Fund Index down 0.9% during the month (-2.8% YTD), but there was some good news with alternative UCITS showing strong inflows in Europe. In its Weekly Briefing, Lyxo

  4. Global hedge funds recover in April on resurging energy commodities[more]

    Komfie Manalo, Opalesque Asia: Global hedge funds recovered in April with the HFRX Global Hedge Fund Index gaining +0.41% last month (-1.47% YTD), while the HFRX Market Directional Index gained +5.31% during the same

  5. AIG lost $349m in hedge fund portfolio in Q1[more]

    Komfie Manalo, Opalesque Asia: Large US insurance group AIG lost a net $183m for the first quarter 2016, year-on-year. The group blames the loss on the impact of market volatility on investments, as well as net realised capital losses and restructuring costs. Its hedge fund portfolio made a n