Paulson & Co. Inc. (“Paulson”), an investment firm based in New York, announced today that its name has acquired Recovery Funds a majority interest in The St. Regis Bahia Beach Resort, Puerto Rico , and the Bahia Beach Resort & Golf Club.
The St. Regis Bahia Beach Resort, Puerto Rico is located in a master plan community located on 483 acres of pristine coconut trees, 25 minutes from Luis Muñoz Marín International Airport in San Juan. Besides St. Regis ® Hotel AAA 5 Diamond and 139 rooms, the community has luxurious oceanfront villas and oceanfront and ocean view condos and golf course, a superb sandy beach two miles long crescent-shaped, and a stimulating golf 18 holes designed by Robert Trent Jones Jr.
Since the first homes were built in 2007 by BBP Partners (“BBP”), a joint venture between two major developers of Puerto Rico , Interlink Group (“Interlink”) and Muñoz Holdings (“MH”) - have been sold residences totaling more than $ 125 million in the resort, and the St. Regis Bahia Beach Resort, with a value of $ 150 million, opened in 2010. Paulson is acquiring a majority interest in BBP through a comprehensive recapitalisation.
“The resort St. Regis Bahia Beach and is one of the top travel destinations in the Caribbean, and there is a growing demand among people who want to buy a home for the holidays in Puerto Rico and among those living or moving to the island, “said John Paulson , founder and president of Paulson & Co.
“We look forward to working with Paulson to continue the successful development of Bay Beach,” said Frederick J. Sanchez-Ortiz, president and CEO of Interlink Group. “We have an interesting vision of the project and plan to build more homes and resort facilities worth $ 500 million in the next decade. The future is bright for Bay Beach and our property owners and club members. “