LionGrove announces today the purchase of the Wyndham Grand Rio Mar Puerto Rico Golf & Beach Resort in Rio Grande, Puerto Rico. The Resort will continue to be part of the Wyndham Hotels & Resorts family and will retain its current Wyndham Grand brand.
"We are extremely pleased with this fantasctic new addition to the LionGrove portfolio," said Andro Nodarse-León, founder and CEO of LionGrove. "We now own three fantastic hotels and operate two of them on the beautiful Island of Puerto Rico, representing almost 900 keys in combined rooms inventory."
Wyndham Grand Rio Mar Puerto Rico Golf & Beach Resort joins the Wyndham Palmas Beach & Golf Resort as the second renowned Puerto Rico resort to be owned and operated by the LionGrove team. "This latest acquisition grows the LionGrove family to approximately 750 team members across the two hotels we operate," added Mr. Nodarse-Leon.
"With this acquisition, our firm grows as a unique, innovative hotel owner and operator while very favorably impacting the Puerto Rico hotel industry, economy and community," said Chris Sariego, Senior Managing Director and COO of LionGrove. "With our extensive expertise in the management and ownership of resort properties, we will ensure this amazing property and all of our other hotels in Puerto Rico reach the highest levels of excellence."
Amadeo Zarzosa, LionGrove's Senior Vice President, has been appointed as General Manager for the Wyndham Grand Rio Mar. "LionGrove has an incredible team of professionals that is committed to enriching the lives of our guests and team members," concluded Mr. Sariego.
Andrew Dickey and the team at JLL represented the seller. Mark Fisher and the capital markets team at JLL represented LionGrove alongside its Chief Investment Officer, Phil Wade, on the financing of the acquisition.