The Diamond Palace Hotel and Casino is located in the heart of the San Juan tourist and business district . Just a few blocks from the convention center and one block from the beach. The thriving tourist area boasted a 76% occupancy rate during the height of economic/tourist downturn of 2009, with 1 miilion room registrations for the year.
The location is idea for investors and would be exceptional for a timeshare facility for travelers seeking an offshore carribean retreat .To create a greater return on investment, the owners have successfully worked with Puerto Rico laws to remove union labor which required a (6 month closing of the casino and parts of the hotel faciltiy.)
For developers the property sits on 24,000 square foot print that is idea for development of a 300-400 key first class flagged hotel and casino with global registration network " this approach would be the key strategy for a developer in a market that already has head count" says".Bilal Mansoor of Basar International Group.
The Diamond Palace Hotel consist of (two buildings totaling approximately 112,000 square feet, with a 151 room keys,they include 118 deluxe rooms and 33 ocean view suites,2 restaurants, pool and swim bar, 2 conference facilities, lobby, casino with 216 slot machines and 8 game tables .
The hotel and casino asset is appraised with proposed renovations at over $45,000,000 US dollars. The owners are seeking a $17.5M joint venture partner or an outright sale of the Diamond Palace Hotel and Casino.
Asking Price: $35,000,000 US Dollars
If interested please contact Bilal Mansoor 267-258-5220 or Charles Glatter 917 -612-7222 and we will foward NDA agreement and complete offering.
Contacts
Bilal Mansoor
267-258-5220
Charles Glatter
917 -612-7222
