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CONDADO TRIO CONTRACT SIGNED.

The process to revive the Condado Trio project moved forward with the signing of a contract between The Corporacion de Desarrollo Hotelero (CDH) and International Hospitality (IH) to redevelop the Condado Vanderbilt and La Concha hotels, which could reopen by Sept. 2004, reports El Nuevo Dia (July 3, 2002):

The remodeling and rehabilitation of the properties, which Will revive the Condado (San Juan's traditional tourism and Residential neighborhood), is estimated to cost U$183.3 million. During the next 6 months, IH will focus on finalizing plans and obtaining permits. Construction is scheduled to begin late this year, or early In 2003, said CDH President Milton Segarra.

IH President Hugh Andrews said UBS PaineWebber will structure financing for the various projects. Government participation, he said, will be limited to a US$44.3 million Afica bond, and US$8.8 million in tax credits, with the rest coming from private sources.

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Publication:Caribbean Update
Geographic Code:1U0PR
Date:Aug 1, 2002
Words:153
Previous Article:12.2% JOBLESS RATE.
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