Billionaire John Paulson to Weigh Sale of Two Puerto Rico Hotels

(Bloomberg) -- Billionaire investor John Paulson is considering selling two iconic hotels in San Juan, Puerto Rico, according to a person familiar with the matter. 

The properties include the Condado Vanderbilt and La Concha hotels, according to the person, who asked not to be identified. Paulson & Co., Paulson’s New York-based investment firm, bought the properties in 2014 for $260 million.

The plans were reported earlier by Dow Jones. A Paulson representative didn’t immediately respond to a request for comment.

For years after buying the hotels, Paulson floated the possibility of moving to the island, which offers attractive tax breaks to lure wealthy mainlanders. But he never made the move, and a spokesman told Bloomberg earlier this year that he no longer plans to do so.

Paulson is looking to unload the hotels as Puerto Rico may emerge from its more than four-year bankruptcy in early 2022. The judge overseeing the workout, the largest in the $4 trillion municipal-bond market, is reviewing a debt restructuring plan for the commonwealth that would slash billions in debt. Leaving bankruptcy will allow the island to focus on economic development and growing its economy.

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