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Diamond Palace Hotel and Casino Goes to the Market

Philadelphia-based real estate and financial services company, Basar International Group, and BSD Equities, a full-service commercial and residential brokerage and management firm specializing in all types of New York City Properties and special acquisitions across the globe, have come together to offer investors and developers a unique opportunity to enter the San Juan market in Puerto Rico, via The Diamond Palace Hotel and Casino.

Located in the heart of the San Juan tourist and business district, The Diamond Palace Hotel and Casino is a rare investment opportunity in a market that has always had a high barrier. Situated just a couple of blocks away from the convention center and one block from the beach, the property has 151 hotel rooms, comprising 118 deluxe rooms and 33 ocean view suites. The Diamond Palace Hotel and Casino has a piano bar, handicap access, lounge area, separate swimming pools for the kids and adults and access to nearby water sports, 2 conference facilities, lobby, and a casino with 216 slot machines and 8 game tables. The hotel also boasts of housing two world-class restaurants, namely the Greenhouse Restaurant and Porto Bello.

During the height of the economic downturn of 2009, the thriving tourist area of San Juan, Puerto Rico boasted a 76% occupancy rate, with 1 million room registrations for the year. A great market for investors and ideal for timeshare facilities providing accommodation to travelers seeking an offshore Caribbean retreat, the market’s flourishing potential is like a magnet that has attracted numerous American businessmen for years. For developers, the property’s 24,000 square foot print location is ideal for the development of a 300-400 key first-class flagged hotel and casino with global registration network.

Basar International Group President, Bilal Mansoor explains, “This approach would be the key strategy for a developer in a market that already has head count.” The hotel and casino asset is appraised with proposed renovations at over $45,000,000 dollars. The current owners are seeking a $17.5M joint venture partner or an outright sale of the property.

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