The Encanto Group, a Puerto Rican company funded by U.S. investors, said it acquired the Punta Candelero Beach Resort Hotel and the Palmas del Mar marina in Humacao, a city on Puerto Rico's east coast, and planned to invest $200 million to renovate the properties.
The deal, whose cost was not revealed, includes the Solarea Beach Resort, the Yacht Club Marina and 9.7 hectares (24 acres) of oceanfront land.
The Encanto Group plans to build a beachfront hotel and residences, creating 400 jobs during the construction phase.
The company's goal is to create a world-class beach destination and a watersports center catering to current residents and people thinking about moving to Puerto Rico, Encanto Group spokesman Alex Lemond said in a statement.
Puerto Rican Economic Development Secretary Alberto Baco praised the project, adding that the Encanto Group was joining other investors who are making a bet on the island's future.
The press reported in recent weeks that New York-based financiers John Paulson, a billionaire hedge fund manager, and Nicholas Prouty had invested in properties and land in Puerto Rico. EFE