After seven years of being closed due to damage caused by Hurricane María, the Ritz-Carlton hotel in Isla Verde is finally set to reopen its doors in the last quarter of this year. The reconstruction work at the hotel, which first opened in 1997, is progressing and will add more rooms to the hotel inventory in Puerto Rico at a time when demand for accommodations is on the rise.
While the spokesperson for Marriott International confirmed that the property will reopen under the Ritz-Carlton brand, sources suggest that it could potentially become part of the JW Marriott portfolio, which also focuses on the luxury segment. If this change occurs, the only remaining Ritz-Carlton in Puerto Rico would be the Dorado Beach Ritz-Carlton Reserve, which is set to be acquired by Braemar Hotels & Resorts in 2022.
The Ritz-Carlton in Isla Verde is owned by RCPR Acquisition Holdings LLC, a subsidiary of Black Diamond Capital Management, which mortgaged the property for $45 million in 2023. The reopening of the hotel could provide a source of employment for the 584 employees who were laid off in 2018 following the devastation of Hurricane María.
The property’s location in a busy tourist area makes it a key player in Puerto Rico’s hospitality industry, which has seen significant investments and renovations in recent years. With approximately 22 hotels currently under development on the island, including the ambitious $800 million Hard Rock Old San Juan project, Puerto Rico is on track to reach a historic high of around 20,000 hotel rooms.
As the tourism industry in Puerto Rico continues to grow, the reopening of the Ritz-Carlton in Isla Verde signals a positive step forward for the island’s economy and hospitality sector.