A company of New York hedge fund billionaire John Paulson has reached a $20 million deal to buy and renovate a recently closed hotel in Puerto Rico's tourist district.
Government officials say Paulson & Co. will develop the San Juan Beach Hotel into an ultra-luxury boutique hotel in the popular Condado neighborhood.
The hotel previously filed for Chapter 11 bankruptcy amid the U.S. territory's worsening economic crisis.
Puerto Rico's Department of Commerce and Economic Development said Paulson & Co.'s investments on the island could reach $2 billion by year's end.
Paulson & Co. already owns the Vanderbilt Hotel and La Concha Resort in Condado, as well as the St. Regis Bahia Beach Resort in the northeast municipality of Rio Grande.