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Wall Street, Seeing Opportunity, Invests in Struggling Hotels in Puerto Rico

By Tony Seruga

John Paulson CreditFred R. Conrad/The New York Times

Puerto Rico’s tourism industry has fallen victim to the island’s struggling economy, hit by one misfortune after another. In March, the San Juan Beach Hotel filed for bankruptcy. This week, the Condado Plaza Hilton was forced to close its casino.

But nearly two thousand miles away, some Wall Street firms see an opportunity in the turmoil.

On Thursday, the island received a lift from one of its biggest cheerleaders,John A. Paulson, the billionaire hedge fund manager, who is investing $20 million for the San Juan Beach Hotel. This week, Fundamental Advisors, another Wall Street investment firm, bought the iconic El San Juan Resort and Casino for $71 million from Blackstone…

Wall Street, Seeing Opportunity, Invests in Struggling Hotels in Puerto Rico

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