CHRIS Deals of the Year AC Hotel San Juan Condado San Juan, Puerto Rico
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1 In the category of Development of the Year: AC Hotel San Juan Condado San Juan, Puerto Rico Located in the heart of San Juan s bustling Condado neighborhood, the AC Hotel San Juan, opened in April 2017 after an investment of US$45 Million, bringing the AC Hotel brand s sleek, European-inspired, urban sophistication to Puerto Rico. Originally built in 1967 and once the Howard Johnson and then the Radisson Ambassador, the property was acquired in December 2015 by Interlink the leading developer of hotels, resorts, and high-end residential real estate in Puerto Rico who performed a full renovation to convert the dated, abandoned property into an AC Hotel by Marriott, the first of its kind in the Caribbean. The 245,000-square foot building was completely renovated to meet Marriott s rigorous standards in collaboration with local and international interior designers and artists to create a harmonious, discerning, and modern atmosphere. Also, the project was designed with sustainability and efficiency in mind, earning a Green Permit (local equivalent to LEED certification), while meeting its original budget. The Hotel features 233 guest rooms (all with balconies), including 48 suites. Amenities include the signature AC Lounge serving tapas and hand-crafted cocktails; the AC Kitchen, a breakfast lounge on the 9 th floor with ocean and city views; San Juan s only rooftop terrace with a pool, and a fitness center and yoga studio. The property also offers 7 meeting spaces totaling 10,700 sf. In addition, located in what used to be part of the Ambassador Casino is Sobao, a local upscale bakery and La Bodeguita, a popular restaurant and wine bar. The development of the AC Hotel San Juan was made possible by several stakeholders, from the public and private sector, who worked tirelessly as a team to ensure the project became a reality. Financing was provided by Banco Popular de Puerto Rico and the Government of Puerto Rico s Tourism Company lending arm, the Hotel Development Corporation. The AC Hotel operates under a long-term franchise agreement with Marriott International, is managed by Highgate Hotels, and asset managed by Interlink. The design team of Baskervill and V Architecture created a modern, sophisticated product that would give travelers the assurance that there was a new way to hotel, as the AC brand motto states. The full renovation was executed by Interlink Construction, a subsidiary of Interlink, the developer. Since welcoming its first guests in April 2017 after a fast track full renovation of one year, the property s performance has been remarkable, outperforming initial projections, and has become one of the most popular hotels in the market, especially after the passing of Hurricane María in September The AC Hotel San Juan, which acts as a gateway to the distinct portion of Condado has revitalized a once vibrant, but until recently dormant area and given it an aesthetic upgrade. However, the Hotel s biggest success has been its resilience during and after the most devastating Hurricane in the Island s history, as it did not lose a day of operations, which is a testament to both the quality of its construction and its management team.
2 Breathless Montego Bay Resort & Spa Montego Bay, Jamaica Breathless Montego Bay Resort & Spa opened its doors to sophisticated and social travelers in February 2017 for a development cost of US$ 50 Million, making it the first Breathless to debut in Jamaica. The island's inherent beauty paired with the destination's ease of travel made Montego Bay the natural choice for the brand's latest opening. The beautiful resort is situated in an ideal location surrounded by Montego Bay 's Marine Park, just 10 minutes from the Hip Strip, and next door to two of its sister resorts: Secrets Wild Orchid & Secrets St. James Montego Bay. This modem, adults-only haven boasts chic design and state-of-the-art technology including free Wi-Fi and in-room tablets in each of its 150 suites. In addition, every suite is designed with floor-to-ceiling glass doors, gorgeous marble bathrooms and furnished private balconies or terraces with a whirlpool and stunning mountain and bay views. Breathless Montego Bay takes Unlimited-Luxury - where everything is included - to the next level. Guests have limitless access to seven specialty-themed restaurants featuring communal tables and unique culinary experiences plus 24-hour room & concierge service. Over half the suites also include butler service. The only rooftop pool and bar in Jamaica, a beach club, fire pits, soothing cabana beds, five chic bars and lounges, and theme parties provide the ultimate mix of social settings for guests looking for a sophisticated and vivacious atmosphere on their vacation with a side of relaxation and rejuvenation. From lively entertainment to endless lounging opportunities, guests are encouraged to find their own perfect balance by indulging in the Breathless Lifestyle. Additionally, 20 more dining and bar options plus the spa by Pevonia are offered at the neighboring Secrets Resorts & Spas where Breathless guests have full access and can be connected easily with these amenities via a sky walk. Our guests are encouraged to immerse themselves in the vibrant Jamaican culture at Breathless Montego Bay with dance and Patois (the Jamaican language) lessons, reggae music, steel pan parties, and authentic jerk chicken and Jamaican patties offered at our Bare Buns Grill. Just offshore, guests can also explore extraordinary snorkeling and diving at the Montego Bay Marine Park, the fully underwater national park. As Jamaica's top tourist destination, Montego Bay offers many attractions near the resort including world-class golf courses, shops at the Hip Strip, waterfalls, and sugarcane plantations. Breathless Montego Bay offers a captivating vacation experience and is the perfect addition to our growing Breathless Resorts & Spas brand where guests can "Live Big and Breathe Deep!".
3 Harbor Club, St. Lucia Curio Collection by Hilton Saint Lucia Officially opening on December 15, 2017 for an undisclosed development cost, Harbor Club, St. Lucia Curio Collection by Hilton is not only the newest hotel on the island it is also the most stunning and technologically advanced. Situated on Rodney Bay, the 115-cabin Harbor Club offers guests a choice of modern cabins and suites, over 7,000 square feet of event space, four cascading infinity pools, five dining outlets, and a complimentary water taxi to popular Reduit Beach. A true pioneer, the Harbor Club is the first Hilton brand hotel in St. Lucia, helping to pave the way for other major brands who hope to develop on the island. The construction and development of Harbor Club, St. Lucia Curio Collection by Hilton created over 200 new jobs (350 jobs during peak construction) on the island positively impacting the local economy. Additionally, a majority of the materials used in the construction of the hotel were locally sourced. Harbor Club was built to become the first LEED Certified Hotel in St. Lucia and lower Antilles region, which includes a plethora of sustainability initiatives including: efficient water consumption, collecting rain water, utilizing low-emitting materials, efficient lighting systems with LED lighting, maintaining our own nursery, solar panels, and using energy efficient building management (i.e., all heat produced from HVAC system is recycled back to heat the swimming pool, thus not wasting energy and not using new energy to heat swimming pool). The hotel is an active partner with Dive Saint Lucia, the island s only purpose-built dive school offering SCUBA lessons and certification. Harbor Club, St. Lucia Curio Collection by Hilton is owned by Wes Hall, Executive Chairman & Founder of Kingsdale Advisors, and is managed by Aimbridge Hospitality. Located on a prime waterfront spot in Rodney Bay, which has been derelict for many years, development of this site has been an exciting and welcoming change to the landscape. The anticipation was extremely high as the local area had seen the hotel stagnant and several delayed openings. Once Mr. Hall took over, the project had taken on new life and vigor, and along with Aimbridge, the hotel opened on time as promised with a new logo, new website, open venues and accepting worldwide reservations.
4 In the category of Transaction of the Year: Baha Mar Resort Nassau, Bahamas Baha Mar is a comprehensive integrated resort covering an area of approximately 1,000 acres (400 hectares) ideally located in New Providence Island s Cable Beach area. With three luxury hotels (Grand Hyatt Baha Mar, SLS Baha Mar, and Rosewood Baha Mar) totaling over 3,000 keys and a long list of amenities, Baha Mar officially opened for business in April 2017 and is quickly ramping up and receiving acclaim for excellence in hospitality. Baha Mar Resort was sold by Perfect Luck Assets Limited to Chow Tai Fook Enterprises for an undisclosed price. The resort includes the following facilities: TPC-class 18-hole championship golf course designed by Jack Nicklaus; 200,000 square feet state of the art convention centre providing an exceptional opportunity to attract significant global group business both on the corporate and leisure segments; 100,000 square feet casino and gaming space the largest facility of its kind in the Caribbean; 20 acres of uniquely authentic outdoor beach and pool areas, also featuring landscaped garden and water spaces; Racquet club with nine tennis courts including grass, clay and hard-court surfaces; 30,000 square feet flagship spa operated by ESPA; Art gallery, restaurants, bars and clubs, shops for luxury brand shopping and local crafts, among others.
5 San Juan Marriott Resort & Stellaris Casino San Juan, Puerto Rico The San Juan Marriott Resort & Stellaris Casino has an astonishing history with the December 31, 1985 fire set by union employees that became the second deadliest hotel fire in US history, which today has shaped building and brand fire/life/safety standards in our industry. The Hotel was a Sheraton and remained shuttered for ten years, until AIG Global Real Estate Investment Corp. and Marriott International redeveloped the property into what it is today. Rockwood Capital in partnership with Interlink Group acquired the hotel in 2011 for US$133 Million and spent significant capital renovating the Resort and Casino and working in partnership with Marriott International to successful increase NOI by over 40% by the time of disposition in JLL was engaged to market the resort and ran a very competitive environment with XLD Capital ultimately being awarded the transaction and closed in March 2017 for US$187 Million.
6 The Ritz-Carlton Grand Cayman Resort Grand Cayman, Cayman Islands realization for the fund. Five Mile Capital, through their ownership horizon effectively deployed capital and asset managed The Ritz-Carlton Grand Cayman. In March 2016, they determined market timing was appropriate and hired JLL to sell the asset and maximize the The 144-acre beachfront site included a 369-key hotel including 69 residential suite keys, a Greg Norman designed golf course, 93 Ritz-Carlton branded residences, and five parcels of land, four of which are developable. While there were many interested investors, it was challenging to find a buyer that was interested in both the hotel operation and development piece most wanted either the hotel or land component separately. This was a big ticket for the Caribbean and carried significant concentration risk in a small market. Ultimately, through a competitive bidding process, Dart purchased the asset in October 2017 for an undisclosed price, adding it to their strong roster of properties in Grand Cayman including Kimpton Seafire Resort + Spa and Grand Cayman Beach Suites resort, all along the Seven Mile Beach corridor. The structured process by JLL and a committed buyer and seller working towards a seamless and efficient closing got the deal over the finish line.
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