PH: multimillion BGF/Tourism loan for Condado Dúo

On October 28, 2009, Primera Hora reported that the Government Development Bank (BGF) and the Tourism Company announced approval of a $62 million loan to finish developing and building the Condado Vanderbilt Hotel, part of the so-called Condado Dúo alongside La Concha.

Carlos García, BGF president, and Jaime López, Tourism executive director, said the loan was granted through the Tourism Development Fund (a BGF subsidiary) and the Hotel Development Corporation (a Tourism subsidiary). García, in a statement, estimated completing the work would generate about 1,182 permanent direct jobs.

International Hospitality Associates had been developing La Concha and Condado Vanderbilt since 2004. Under the cited plan, by 2011 the project — over $450 million — was to be completed with the two hotels and three condo-hotel towers adding 788 new rooms. La Concha had reopened in December 2007; BGF projected opening the Vanderbilt and the towers in 2011.

Loan approval ≠ full disbursement nor jobs already created. Room/job projection ≠ verified outcome. Primary: Primera Hora 2009-10-28.

Source: Primera Hora. https://www.primerahora.com/noticias/puerto-rico/notas/prestamo-millonario-para-el-condado-duo/