The largest marina in the Caribbean is scheduled for a $450 million renovation, after new owners bought the facility out of bankruptcy.
U.S.-based hedge fund Putnam Bridge Funding LLC plans to improve the infrastructure and facilities at Puerto del Rey Marina in northeast Puerto Rico, Governor Alejandro Garcia Padilla announced.
Expansion plans include more docks to increase the current capacity of 1,100 boats and allow boats longer than 200 feet to dock at the marina. The fund also plans to build condo-hotels and villas around the marina.
"The confidence of investors shows that we are back on track to achieve growth and development of a strong tourism industry, capable of supporting the foundation of a prosperous society," Mr. Padilla said at the announcement.
The hedge fund purchased the marina earlier this year after its previous owners filed for bankruptcy protection In January. The owners listed $4.3 million debt, with the FirstBank de Puerto Rico listed as the largest creditor, with $43 million.
The marina has been in operation since 1988. The facility currently offers a heliport on site, 165-ton capacity boatyard, hurricane season programs, marine and land storage and a U.S. Customs & Immigration office on site, according to the marina's website.
Governor Garcia expects the renovation project to create up to 400 temporary jobs in Puerto del Rey and up to 500 permanent jobs.