JRK Property Holdings has acquired a two-property, 275-key Hyatt-branded hotel portfolio in San Juan, Puerto Rico, from the PRISA Group. The transaction price was not disclosed.
The portfolio consists of two premium select-service hotels within the Puerto Rico Convention District: the 149-room Hyatt Place San Juan and 126-room Hyatt House San Juan. Both properties were developed by the seller within the past eight years and were recently renovated. JRK said both properties were designed to meet the demands of San Juan’s leisure, corporate and tourism business with resort-style pools, fitness centers, and meeting-and-event space.
The hotels benefit from numerous demand drivers, including their one-block proximity from the 600,000-square-foot Puerto Rico Convention Center, the largest and most technologically advanced conference facility in the Caribbean; and the Distrito T-Mobile, a popular 476,000-square-foot entertainment, dining and performance venue.
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