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NEW YORK CITY-Locally based Citicorp Real Estate has closed on the $26.5-million sale of the former Isla Verde Crowne Plaza Hotel & Casino in San Juan, Puerto Rico, to HR Properties Inc., a JV between Eduardo Ferrer and Hugh Andrews. Sonnenblick-Goldman Co.’s Lodging and Leisure Group, the Manhattan-based arm of the real estate investment banking firm’s hotel division, arranged financing and negotiated the vacant 300-key hotel’s sale. The property includes a 15,700-sf casino and 1,300 feet of beach frontage, a company spokesperson tells GlobeSt.com.

The property is located on Isla Verde, less than a quarter mile from the new Ritz-Carlton, San Juan Hotel, Spa & Casino and is near Luis Munoz Marin International Airport and Old San Juan. It has remained vacant for the past three years, and the new owner now plans to redevelop it into a full-service hotel, says the spokesperson.

Renovations have been ongoing, however it details regarding the scope and price tag of the renovations are not being revealed. According to Sonnenblick-Goldman, the space can be redeveloped for hotel expansion, condo-hotel or timeshare.

According to the US Dept. of Labor Bureau of Labor Statistics Data, the statewide services industry in Puerto Rico has seen an 8.3% index slump from July 1996 to July 2002, where it now sits at median levels. In December 2001, levels were 4.4% below median, the lowest since 1982. The services industry index is a composite sketch based on state and area employment, hours and earnings.

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