SAN JUAN, Puerto Rico (AP) -- Another casino is closing in Puerto Rico as the U.S. territory struggles through nine years of economic stagnation.
A spokeswoman for Starwood Hotels & Resorts said Friday that the Sheraton Old San Juan Hotel & Casino will be sold to an affiliate of Tishman Hotel Corporation. The hotel is located in the historic district of Puerto Rico's capital.
Officials said the casino will be turned into retail space. They said leases are being negotiated and that details will be released soon.
Starwood said the casino will be closed to ensure the hotel's financial stability. It would be the eighth casino to close in Puerto Rico in the past five years.
The company did not say how many employees would be affected by the sale.