The government of Puerto Rico says it has approved a $62 million loan to help finance the renovation of a ritzy hotel in the popular tourist area of Condado.
Tourism Company director Jaime Lopez says the loan was awarded to International Hospitality Associates and could generate nearly 1,200 jobs.
The company expects to finish renovating the Condado Vanderbilt Hotel and constructing two adjacent condo-hotels by 2011. Lopez said Wednesday that the addition of 305 rooms would attract $20 million in annual revenues.
The company also renovated nearby Hotel La Concha and reopened it in December 2007.
The beachfront hotels are located just east of San Juan's historic district.
Both projects cost more than $450 million.