Total Portfolio Activity 15% Total Assets Under Management 300,000,000
Targeted Investor IRR 15 Targeted Equity Multiple 2
Targeted Average Cash Yield 10 Targeted Investment Period 5
Property Type Resort Location|MSA Puerto Rico
Targeted Project IRR 15 Sponsor Co-Invest ($) 1,000,000,000
Sponsor Co-Invest (%) 10 Offers Due 2021/08/26
Funds Due 2021/08/26 Targeted Distribution Start Date 2021/08/26
SD-IRA Investments? 250,000 Initial Posting Date 2021-08-26 11:07:22
Table Of Contents

Details on investment structure, promote structure, fees, and targeted cash flow tables

Details on Sponsor’s strategy and deal execution, entrance and exit cap rates, and market leasing assumptions

Physical details of the property, aåmenities, rent roll, and site plans

Puerto Rico
The Business Plan

The subject property was acquired by the current owner on July 17, 2019 from The Blackstone Group for approximately $32,000,000 (a mere fraction of Blackstone’s original acquisition price in excess of $375 Million). Blackstone was near the end of its investment term and was preparing this asset for liquidation, but unfortunately Hurricane Maria caused extensive damage when it struck Puerto Rico in September 2017. The renovation of the property (post hurricane) would have prolong the conclusion of the Blackstone’s fund, thus the property was sold to RBH is “As-Is” condition.

It is worth noting that Blackstone collected and retained all insurance proceeds (well in excess of $100 million), and RBH is responsible to fund the renovation costs. The total renovation budget was reported to be $120,897,000. In conclusion, it appears that Blackstone collected at least $140 million related to proceeds from the sale. No further details were provided for this transaction.

The Property


  • Hotel Rooms
  • Residences Rental Prog.
  • Proj. @ 65% Occupanc & $200 ADR on average


  • Culturally and Traditionally inspired Puerto Rican Restaurants by the top chefs/cooks on the island.
  • High-End Michelin Rated • Casual Street foods
  • Seafood vs. Meats vs. Veg. • Restaurants that become Nightclubs


  • Theater/Performance Center – Gala Systems
  • 2 level- Family Entertainment Center
  • Water Park (Increase Cabanas) • Marina (Inc. Brand awareness)


  • Resort Fees
  • Commissions
  • Amphitheater daytime use the gala Systems which allows for a flexible theater experience that converts to a flat area. For Corporate events
  • Compartmentalize Palomino Island Wedding, Beach Goers, Night-Time use, Special Events once a month.
  • Boat Dinner Cruises


  • Golf “New Course”
  • Tennis
  • Club Membership with access to hotel amenities
  • State of the Art Fitness Center • Anti-Aging doctors
  • Nutrition Consultation
  • Golf and Tennis Academy

The El Conquistador Resort is an existing 750-room, full- service lodging facility. The subject property features extensive amenities and services including multiple restaurants and bars, several outdoor pools, spa and fitness center, 18-hole golf course, tennis courts, game room, retail stores, water park, access to a private island with a beach and water sports equipment rentals, and approximately 68,000 square feet of meeting space. The subject property is located atop a 300-foot cliff, along SR 987 just north of the main business district of Fajardo; generally bound on the north by Las Croabas and on the south by Playa Sardinera.

It should be noted that the subject suffered extensive damage from Hurricane Maria in September 20, 2017 and, following the storm, the property has been operating at a reduced capacity. During 2018 and 2019, only 230 units in the Las Brisas building remained operational and the food and beverage offerings following the hurricane were limited to buffet service in the main building, the Bella Vista outdoor Café and Splash Bar by the poolside. All other outlets have been shut down since the hurricane. Some of the recreational amenities have been operating on a limited basis (golf, tennis, pools). Extensive renovations are underway with completion scheduled by late 2020.


Puerto Rico, Fajardo, Pueto Rico

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