IHE signs deal to operate PRISA Group hotel portfolio
Company responsible for Condado Vanderbilt and La Concha, among other hotels, will take charge of PRISA’s four properties under the Hyatt flag
SAN JUAN — International Hospitality Enterprises (IHE), which manages six hotels in Puerto Rico, recently signed a deal with construction company PRISA Group to operate the developer’s four hotel properties on the island starting in October, both companies announced Friday.
As part of the deal, PRISA Group’s four hotel properties—Hyatt Place Bayamón, Hyatt Place Manatí, Hyatt Place San Juan and Hyatt House San Juan—will continue under the Hyatt flag while also under IHE’s management, said PRISA Group CEO Federico Stubbe Jr. “The service will maintain its usual levels of excellence, and the dedication and commitment of our employees,” he added.
“It is a great satisfaction to create a strategic alliance with a group of professionals with proven experience and world-class knowledge such as IHE,” Stubbe Jr. went on to say. “Many people think that we compete among ourselves when the real competition is us against the world. Together, we will have more capabilities to compete globally, with renewed forces.”
Meanwhile, José “Peco” Suárez, president of IHE, highlighted that “although the pandemic has disproportionately affected the tourism industry, both companies feel confident that it will return with renewed strength when we overcome the crisis. Together we will continue developing initiatives to help strengthen tourism as an engine of economic development in Puerto Rico.”
PRISA Group—one of the foremost tourism and high-end residential developers on the island, boasting over $1.5 billion in projects in the last eight years and 2,000 employees—will remain as the owner of all four hotels, in partnership with local real estate firm McConnell Valdés Consulting. Some of the developments made by PRISA, which is owned by the Stubbe family, include the Sabanera communities in Cidra, Gurabo and Dorado, as well as the ultra-high-end El Dorado Beach Resort.
IHE is the largest hotel operator in Puerto Rico, with its portfolio of hotels under management including the Condado Vanderbilt Hotel, La Concha A Renaissance Resort and Casino del Mar, Hotel El Convento, Best Western Plus Condado Palm Inn & Suites, Doubletree by Hilton San Juan, and Courtyard Marriott Isla Verde Beach Resort and Casino del Sol.