Sheraton at the Puerto Rico Convention Center
- San Juan, Puerto Rico,
In partnership with Puerto-based Interlink Group, Interlink/Garfield Traub was selected to develop this $220 million headquarters hotel and mixed-use development to anchor the new 580,000-sq. ft. Convention Center in San Juan, Puerto Rico.
This world-class urban resort includes a 500-room Sheraton® hotel, over 40,000-sq. ft. of meeting and banquet facilities, 50,000-sq. ft. of retail space, 400 structured parking spaces, a casino, a music hall for live performances and many other fine amenities.
The innovative public/private financing solution combined equity, federal tax credits, and first mortgage debt that is credit enhanced by a private lender letter of credit and a subsidiary of the Government Development Bank of Puerto Rico.
This complex is the largest mixed-use commercial real estate project in Puerto Rico, and the largest destination of its kind in the Caribbean. The complex is the keystone of Puerto Rico’s initiative to secure larger conventions and boost local tourism.
The way to evaluate an economic development project is by how much money it brings to the local economy. [The convention center/hotel complex] is expected to generate $300 million a year. This is a unique project for Puerto Rico and opens all kinds of doors of opportunity.
— Manuel Sánchez-Biscombe, Executive Director, Puerto Rico Convention Center District Authority