Monday, August 20, 2018

Hotel restoration project bets on re-emerging Old San Juan

By on June 20, 2017

SAN JUAN – FirstBank expanded its business relationship with Grupo Minuto by financing the restoration and remodeling of a new hotel project in Old San Juan.

Grupo Minuto is a family-owned business founded in Puerto Rico in 2015, it has experience in the restaurant industry and commercial business management in Venezuela. With remodeling already underway, Hotel Boutique will spread 9,000 square feet distributed in the first two floors, plus a terrace area, according to a statement that did not include how much was financed for the project.

The building is on Calle San Francisco, a prominent, a busy street in the historic area. Hotel Boutique will have eight large rooms, two of them with balconies. Its restaurant will offer guests complimentary breakfast, lunch options and Puerto Rican cuisine dinners for area residents as well. The lodging, which boasts a wine cellar, will also offer concierge, laundry and taxi services. The hotel is expected to open by the end of 2017.

“Our commitment at FirstBank is to support initiatives that drive our island’s economic recovery. We worked with Grupo Minuto in structuring the financing of the restoration of an old building that was in disuse and transforming it into an attractive asset for tourism,” Amarilis Vázquez, vice president and business banking relationship officer at FirstBank, says in the announcing release.

(Courtesy)

“The Old San Juan area is experimenting significant growth and investment in both commercial and residential properties. From the beginning, we advised our client to identify the opportunities offered by this commercial investment, supporting them in their business plans for establishing the hotel,” adds Carlos Navarro, vice president of the bank’s construction department.

Twenty full-time jobs have been created to date, and the number is expected to rise to 40 direct jobs once the hotel opens.”FirstBank has been a key element in structuring the financing and bringing us closer to inaugurating a boutique hotel in Old San Juan that will offer personalized service to its guests.  Although we have conserved the building’s original design, we are integrating modern services and functionalities, including digital fingerprinting for room access, an electric generator for supplying 100% of the building’s load, and energy-saving air conditioning technology for the entire building. We are betting on making a big contribution to the development of commercial activity on the island,” Grupo Minuto Director Freddy Andrade is quoted saying.

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