Bloomberg — The owners of the Hyatt Regency Grand Reserve Puerto Rico, which include Monarch Alternative Capital, are exploring a sale of the property, which could fetch as much as $200 million, according to people with knowledge of the matter.
Monarch, which manages $11 billion and is best known for credit bets, has hired Jones Lang LaSalle to solicit interest from potential buyers, said the people, who asked not to be identified discussing confidential talks.
Monarch, along with Royal Palm and an Aimbridge Hospitality affiliate, has owned the property since 2019 and has renovated the resort, which includes two Tom Kite 18-hole golf courses and 579 suites.
Spokespeople for JLL and Monarch declined to comment.
Monarch focuses on dislocation and distressed opportunities in the real estate industry, its website shows. This year, the company bet on a new platform called Go Outdoors, which will acquire and operate marinas and recreational vehicle resorts. The company has also bolstered its hospitality portfolio by purchasing non-performing mortgage loans on the YOTEL San Francisco and Hotel Felix in Chicago.
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