The historic Condado Vanderbilt Hotel fully reopened in Puerto Rico on Dec. 17, opening the way to more than 300 employees to work there.
The Condado Vanderbilt opened in Puerto Rico's capital city of San Juan in 1919. In the first few decades it housed aviator Charles Lindburgh, President Franklin Roosevelt, and famous Hollywood stars like Erroll Flynn.
In the 1990s it closed. In 2003 work started to renovate and reopen the hotel and in 2012 parts of the hotel opened.
On Dec. 17 the hotel fully opened with 323 rooms and suites available from $350 a night to $6,000 a night. Earlier this year investor John Paulson's Paulson & Co. bought a majority stake in the hotel. Paulson, who also owns nearby La Concha Renaissance Hotel and Tower, has been bullish about Puerto Rico, even as the island's economy remained weak and its bond ratings were cut to junk levels this year.
"These two properties are at the epicenter of luxury in San Juan," John Paulson said in a press statement in March. "When completed, the oceanfront 5-star Vanderbilt will be the most luxurious hotel in San Juan and a global destination spot. We believe the Puerto Rican economy is at the cusp of recovery and both these hotels will benefit from future growth in Puerto Rico."
The hotel has been refurbished in a traditional 1920s style.
Tourism related employment has continued to grow in Puerto Rico even as total non-farm employment has declined the last two years, according to the U.S. Bureau of Labor Statistics.
The opening of the Vanderbilt joins the recently opened Hyatt House and the under construction Hyatt Place and the Courtyard by Marriott.
