Nave Bank will finance The Wave Hotel Condado's renovation. Here are the details.
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What's happening? The Wave Hotel Condado will become the first property in Latin America to operate under IHG Hotels & Resorts' Garner brand, after securing $7 million in financing from Nave Bank for a full renovation in Condado, in San Juan, the digital bank announced in a press release.
The project includes an additional investment of more than $2.5 million, primarily in local capital, which Nave Bank said "reflects a significant investment from the Puerto Rican private sector and reaffirms confidence in the country's economic potential."
The renovation will last 12 months and will generate 30 direct jobs and 20 indirect jobs while hotel operations continue.
Why does it matter? The new Garner by IHG in Condado will not only bring a renewed hotel offering to the area but will also contribute to the economic activity of the zone and to strengthening the country's tourism infrastructure, Nave pointed out.
"This project represents much more than the transformation of a building; it is an investment in the heart of Condado and in Puerto Rico's potential as a world-class destination. We are excited about the opportunity to bring the Garner brand to the Island and grateful to have Nave Bank as a strategic partner," said Rafael Pagán Marxuach, one of the owners and managing member of Condado Wave Partners, LLC.
Zoom in. The renovation will bring together local and international talent. The firm Carrerá Arquitectos, recognized for its recent work on Liberty Square at San Patricio Plaza, will handle the architectural design. Interior design will be led by Lang & Schwander, a Miami-based firm responsible for projects including Hyatt Regency at Coco Beach, Alma in Old San Juan and Residence Inn By Marriott in Isla Verde, as well as projects such as Ritz Carlton South Beach and The Setai in Miami Beach.
Hotel operations will be managed by BluHost, a Puerto Rican hotel management company founded by José Suárez, who served as executive director of the Puerto Rico Tourism Company from 2002 to 2004.
The company currently manages five hotels with a total of 543 rooms, including Casa Costera Apartments by Marriott, Fairfield by Marriott Luquillo Beach, Hyatt Place Bayamón, Hyatt Place Manatí and Royal Isabela.
The financial backing. "This financing reflects Nave Bank's commitment to Puerto Rico's economic growth. Supporting projects that bring value, jobs and development to our communities is an essential part of our mission to drive the growth of businesses and of Puerto Rico," said Héctor Del Río, Business Development Banker at Nave Bank.
The financial institution noted that this project is an example of how the combination of the financial sector, local private investment and Puerto Rican professional talent can produce results that move the country forward.
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Nave Bank, like PlateaPR, is part of Forward, an innovation and technology platform dedicated to catalyzing Puerto Rico's advancement, co-founded by Red Ventures CEO Ric Elías.
This content was translated with the assistance of Artificial Intelligence (AI).
