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.
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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.