December 13, 2025

We lived in the community of Dorado Beach from 2015-2020.

We loved Puerto Rico so much that we decided to invest in a hotel. Learn more here: New boutique luxury resort set to open in Old San Juan: Travel Weekly

Last May we visited the hotel as they were preparing for their soft opening. Here are a few photos from that visit.

We are happy to announce that Alma San Juan is now open. We recently returned from visiting the hotel.

Plaza Colon (the plaza directly in front of the hotel) is the main thoroughfare for entry into Old San Juan where cruise passengers congregate. The Cafe at Alma serves this foot traffic with locally sourced coffee and tapas. James Beard recognized chiefs Jose Enrique and Jose Mendin have two onsite restaurants, one being the only rooftop location in Old San Juan.

What made this such a favorable investment is that the original property was on the Historical Registry and was eligible for significant tax incentives for renovations. On October 9, we received the amended tax decree for the project, along with the favorable final determination letter. The total tax credits awarded to the project are $14.9M with $13.9M allocated to the hotel investment.

We are in final negotiations on a transaction to monetize the tax credits, and sell all three future tranches up front, which are eligible for the 2025, 2026 and 2027 tax years. Our primary goal is to pay down debt principal substantially, reducing the financial burden to the greatest extent possible going forward. We also are negotiating to replenish debt service, working capital, and capex reserves, to safeguard the asset and mitigate risk to the operations and set the project up for financial health for years to come.

After several months of extensive negotiations, applications, due diligence and approval processes, we signed a Franchise Agreement with Marriott Bonvoy for an initial term of 20 years, with a 5-year extension option. This aligns Alma San Juan with a globally recognized luxury lifestyle brand, while still ensuring brand alignment and preserving Alma’s independent identity.

And most recently, Condé Nast Traveler, named Alma Hotel 31 Best Hotels in Puerto Rico for an Island Escape (2025) | Condé Nast Traveler.

If you would like to learn more about the hotel and see many more photos visit: ALMA HOTEL SAN JUAN – Updated 2025 Prices & Reviews (Puerto Rico)

Thanks for traveling with us.