SAN JUAN, PUERTO RICO The Puerto Rico government has pledged a US$231 million loan to help finance a Ritz-Carlton resort project on the north coast of the U.S. protectorate. The 130-key project, which is being marketed as the island’s first “6-star” resort, has a total price tag of US$1.2 billion.
The Ritz-Carlton Reserve Dorado Beach Resort & Spa is scheduled to open in 2012.
Construction on the resort is expected to generate more than 2,500 jobs, and Puerto Rico Gov. Luis Fortuno says it will be a boon for the island’s tourism, which has been hit especially hard by the recession.
The loan is backed by the Government Development Bank for Puerto Rico, the Tourism Development Fund and several financial firms, including UBS Financial Services and Popular Securities, Bloomberg Businessweek reports.
The development has future plans for a separate 400-key hotel along with homes and condominiums.