How Law 60 Boosts Investment in Old San Juan

In the heart of Old San Juan, where history and modernity are intertwined, a new tourism project emerges with the opening of the ALMA San Juan boutique hotel. Not only does this ambitious project represent a significant investment in the local economy, but it also highlights how Law 60, formerly Laws 20/22, is revitalizing key sectors in Puerto Rico. Discover how economic incentives have facilitated the creation of this hotel and its impact on the local community.

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ALMA San Juan: An Innovative Project in Old San Juan

Five years after the start of its development, ALMA San Juan opens its doors in front of the iconic Plaza Colón. This boutique hotel, with its 56 rooms, promises to offer a sophisticated experience for both local and foreign guests. The structure, acquired in 2019 by PCHS 405 LLC for $5 million, has been transformed with an additional investment of $30 million, thanks to the support of FirstBank and the incentives of Act 60.

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Eric Berman, managing partner of Vivant Capital and investor resident in Puerto Rico since 2020, led the project with a clear vision: to combine the history of Old San Juan with modern and sustainable elements. “From the moment I saw the property, I had a vision of what I wanted to do from the terrace down. From there we started working on that vision and everything turned out very nice. We are very happy,” Berman shared in an interview with El Nuevo Día.

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Benefits of Law 60 in Puerto Rico

Law 60, which combines old Laws 20/22, offers tax benefits that have been crucial in attracting significant investment to Puerto Rico. This program offers individuals and companies incentives, such as reduced tax rates on certain incomes. Berman, upon receiving a tax decree under this law, was able to realize his vision for ALMA San Juan, demonstrating the transformative power of these incentives.

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Economic Impact of the ALMA San Juan Hotel

The ALMA San Juan not only embellishes the urban landscape of Old San Juan, but it also generates a tangible economic impact on the community. Initially, the hotel will employ 50 people, with growth plans that could increase this number. In addition, the hotel is expected to become an important gastronomic destination with the opening of two restaurants run by renowned local chefs, José Enrique and José Mendin.

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Future Perspectives for Tourism in Puerto Rico

The opening of ALMA San Juan coincides with a period of growth in Puerto Rico's tourism sector. According to the Puerto Rico Tourism Company, Luis Muñoz Marín International Airport registered more than 12 million passengers at the end of 2023, with accommodation revenues exceeding $1.5 billion. This growth reflects a favorable environment for new hotel developments, and Berman doesn't rule out future projects on the island.

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The Transformative Potential of Law 60 in Puerto Rico

Law 60 continues to prove to be a crucial tool for Puerto Rico's positive transformation. Projects such as ALMA San Juan not only improve the island's tourist offer, but they also generate employment and promote sustainability. With the combination of economic incentives and an innovative vision, Puerto Rico is positioning itself as a leader in the Caribbean tourism industry. The future looks promising, with more investments that will continue to revitalize our island and strengthen its economy.

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ALMA San Juan is a testament to what can be achieved when vision, investment and appropriate incentive programs are combined. This is just the beginning of a renaissance that promises to bring prosperity and sustainable development to Puerto Rico.

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For more details on this exciting project and how Law 60 is transforming Puerto Rico, be sure to read the full article at El Nuevo Día.

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