Puerto Rico's Royal Isabela Resort Seeks Sale or Partner at $250 Million Value [Business News Network (BNN) (Canada)]
Braemar Hotels & Resorts Inc. (BHR)
Last braemar hotels & resorts inc. earnings: 2/26 05:10 pm
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Source: Business News Network
A transaction for Royal Isabela, on the U.S. commonwealth's northwest coast, may value the property at as much as $250 million, according to a person with knowledge of the matter. The estate, founded by former professional tennis player Charlie Pasarell and his brother Stanley, is expected to attract real estate-focused private equity firms, high-net-worth individuals and family offices. Expressions of interest are due by the end of May. The Pasarell family is working with JLL, a commercial real-estate services company, “to identify a strategic partner or buyer who recognizes the extraordinary potential of the property,” Shelby Pasarell Tsai, Royal Isabela's vice president of operations and development, said in an emailed statement. The 1,800-acre (728-hectare) estate has a hotel, golf course and four residences, though its owners are permitted to build as many as five hotels, three golf courses and more than 800 residences. Its revenue per available room, at $158, ranked among t
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