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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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SONNENBLICK-GOLDMAN COMPANY ARRANGES SALE OF SAN JUAN GRAND BEACH RESORT & CASINO TO BASS HOTELS & RESORTS |
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Wednesday, August 16, 2000
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New York, NY
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Sonnenblick-Goldman Company, acting as exclusive financial advisor to Puerto Rico Hotel Opco, Ltd., has arranged the sale of the landmark San Juan Grand Beach Resort & Casino in Puerto Rico. Bass Hotels & Resorts, which purchased the 400-room beachfront resort, plans to reflag it as the Inter-Continental Hotel San Juan.
The 16-story Resort is located directly on the Atlantic Ocean in the Isla Verde section of San Juan. The Resort's many amenities include nine restaurants and lounges, 18,600 square feet of meeting and banquet facilities, a 10,000-square foot casino, a health club and spa facility, and a state-of-the-art business center. The San Juan Grand is strategically located near the international airport, the Hato Rey financial district, the Old San Juan historic district, and the site of the new convention center in Isla Grande.
Dan Carlo, Managing Director in Sonnenblick-Goldman's Miami office, opined that "an investment of this magnitude by a major international chain is another positive affirmation of the strength of the Puerto Rican lodging market. That market depth, along with a well executed re-positioning of the hotel, enabled the seller to realize its economic objectives sooner than initially anticipated."
According to Mark Gordon, Managing Director of Sonnenblick-Goldman's Lodging & Leisure Group, "The acquisition of San Juan Grand Beach Resort & Casino will allow Bass to establish a strong position in the San Juan marketplace. The Inter-Continental brand will enable the Resort to achieve its maximum operational potential." |
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Sonnenblick-Goldman, LLC is the industry’s leading independent real estate investment banking firm. Founded in 1893 to serve the financing needs of the real estate industry, Sonnenblick-Goldman, LLC provides a full range of financial services, including debt and equity placements, joint ventures, investment sales and advisory services. Headquartered in New York, Sonnenblick-Goldman maintains offices in San Francisco, Boston, Hong Kong, Shanghai, Sydney and Tokyo. Further information can be found at Sonnenblick-Goldman, LLC’s website at www.cushwake.com/sonngold.
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