Paulson & Co. Inc., 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."
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