John Paulson Doubles Down On Puerto Rico Bet

John Paulson Doubles Down On Puerto Rico Bet

Despite the island commonwealth’s financial woes, or perhaps even because of them, tropical Puerto Rico has been garnering a good bit of attention from global hedge funds the last few years.

In the most recent news on Thursday of this week, John Paulson’s hedge fund Paulson & Company announced it had acquired the San Juan Beach Hotel in Puerto Rico for around $20 million. Apparently, the historic hotel will be rebuilt and and converted into an “ultraluxury boutique hotel” over the next several months..

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Of note, Paulson & Company are one of the most active of large hedge funds such as Och-Ziff Capital Management, Blue Mountain Capital Management and Appaloosa Management that have made investment in Puerto Rico recently. Just a couple of years ago, PR government debt was the hottest trade in the hedge fund world as investors bought hundreds of millions of dollars of government debt in its struggling utility and other government institutions.