Caribe Hilton completes first 18 Condado Lagoon Villas

CARIBBEAN BUSINESS
By : MARIELLA PEREZ SERRANO
Volume: 33 | No: 28
Page : 22
Issued : 07/21/2005

San Juan’s first condo-hotel expected to have another 50 villas ready by August; the project is set for completion in September

Paseo Caribe, the world-class tourism development belonging to the Caribe Hilton hotel, adjacent to the historic San Gerónimo Fort in Puerta de Tierra, recently completed the first 18 villas of its 168-unit Condado Lagoon Villas condo-hotel. Another 50 villas will be ready by August. The Condado Lagoon Villas is scheduled to be complete by September.

Paseo Caribe also includes two luxury condominiums, Caribe Plaza and Laguna Plaza, and a 146,000-square-foot entertainment center with stores, movie theaters, and restaurants, and a boardwalk facing Condado Lagoon. “The fact it is close to the soon-to-be-opened Puerto Rico Convention Center makes Paseo Caribe a very attractive option for large groups,” said Rosy Ward, Caribe Hilton marketing & communications manager.

Condado Lagoon Villas will be the first condo-hotel project in the San Juan metro area. Villa owners will be able to use their property a maximum 90 days a year, with the Caribe Hilton managing the villas as hotel accommodations during the rest of the year. Under the mandatory 10-year rental contract, villa owners will receive a part of the income earned from the rental of the unit.

Local government also is offering tax incentives to condo-hotel apartment or villa owners. Among the incentives is a maximum 10% tax credit on the cost of the unit. Owners can use the tax credit during the first two years of ownership to cover their taxes or sell the property at 90% to 95% of their value in a coveted market. Villa owners will have full access to Caribe Hilton facilities and membership in the Caribe Hilton members club.

Each Condado Lagoon villa has three balconies facing the ocean and the Condado Lagoon, along with three separate entrances. The price for a complete villa with two bedrooms, three baths, and a full kitchen is $900,000. The complete 1,560-square-foot villa includes a master bedroom, marble bathroom with a shower and Jacuzzi, a full kitchen, dining room, and studio apartment complete with a bedroom, one full bathroom, and kitchenette.

A 1,069-square-foot villa, with a master bedroom, two baths, living room, kitchen, and two balconies sells for $600,000. The studio can be divided from the villa into a separate, smaller 461-square-foot unit and be sold for $300,000. Each villa has a parking space, except for the studios.

Once the Paseo Caribe development project is complete, Caribe Hilton Hotel will become the largest resort in San Juan, with a total 812 rooms. The Condado Lagoon Villas developer is Lema Developers & Associates S.A., whose president is Arturo Madero. FirstBank is providing the more than $150 million predevelopment and construction financing for Paseo Caribe and also will offer permanent financing to Condado Lagoon villa buyers.