SAN JUAN, Puerto Rico – A large hotel in one of the main tourist districts of Puerto Rico has abruptly announced that it will close.

Puerto Rico Hotel and Tourism Association President Miguel Vega says the Radisson Ambassador Plaza in the Condado district of San Juan will close Wednesday. He said it will result in the loss of about 200 jobs.

The website of local newspaper El Nuevo Dia reported Monday that the company announced the closure of the 233-room hotel to employees in a statement that said it had been operating under bank control for the past year while seeking a buyer.

The Ambassador has struggled in an economy that has been in recession for nearly a decade while its casino has faced increased competition from the proliferation of illegal slot machines.