TORONTO — Braemar Hotels & Resorts has announced an agreement to acquire the Dorado Beach, a Ritz-Carlton Reserve in Dorado, Puerto Rico, for US$186.6 million.
Expected to close on or before Feb. 1, 2022, the acquisition also includes the income stream attributable to 14 luxury residential units adjacent to the property.
Opened in 2021 and undergoing a US$78 million renovation in 2018, Dorado Beach, a Ritz-Carlton Reserve is situated within Dorado Beach Resort, a 1,900-acre master planned community in Dorado, an upscale suburb of San Juan featuring many restaurants, retail outlets and leisure activities, just 22 miles from Luis Muñoz Marin International Airport.
It boasts 96 luxurious rooms, including 12 suites, a full-service, five-acre Spa Botanica, three food and beverage outlets, in-room dining , over 4,800 square feet of meeting space, and an infinity pool with direct access to the beach.
Additionally, the surrounding Dorado Beach residential development contains several other amenities that guests of the Ritz-Carlton Reserve can access during their stay, including: 2.5 miles of beachfront; the TPC Dorado Beach Golf Club with two 18-hole championship golf courses; a tennis centre with five Har-Tru clay courts; fitness center; the Encanto Pool; The Watermill water park; three additional food and beverage outlets; and currently-in-construction Dorado Farms, a 500-acre site that includes skeet shooting, an equestrian center and culinary offerings.
“The acquisition of Dorado Beach, a Ritz-Carlton Reserve is an opportunity for us to acquire one of the most iconic luxury assets in the Americas,” said Richard J. Stockton, Braemar’s President and Chief Executive Officer. “As the first Ritz-Carlton Reserve in the Americas and one of only five Ritz-Carlton Reserve properties worldwide, this unique property fits perfectly with our strategy of owning high RevPAR luxury hotels and resorts and further diversifies our portfolio.”