Turn-Key 23-Room Hotel in Ocean Park

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Located within the highly desirable Ocean Park neighborhood of San Juan, this beautiful property refers to a recently renovated, fully furnished & equipped, turn-key hotel with a salt-water infinity swimming pool, a bar/restaurant space, fully equipped kitchen, lobby/reception area, administrative office, equipped gymnasium, laundry, security surveillance system, green areas, and private lounging areas, among other luxuries.

The property is specifically located at lots 52, 54 & 56 of Ismael Rivera Street, steps from popular restaurants and stylish nightlife spots along Loíza Avenue, a short walk from the Condado Tourist Sector, and less than 950 lineal feet from Ocean Park beach, very popular amongst locals and known for kitesurfing, beach volleyball, beach tennis, beach yoga, among many other beach activities.

This hotel is fully permitted for its intended hotel use, completely remodeled with top-of-the-line finishes and improved with new electrical and plumbing systems. Supporting infrastructure includes 100% backup power generator with automatic transfer switch, fire alarm system, CCTV, access control, and 3 water cisterns of 600 gallons each.

Don't miss this excellent opportunity of owning a hotel property that benefits from significant tourism tax exemptions in a very sought-after neighborhood.

Come visit this extraordinary hotel property!

Ask Price: $6,900,000

Tax Credit: The sale of the property includes a tax credit valued at approximately $2,000,000.

Coordinates: Lat: 18.45170218, Lon: -66.05412365

Land Area: 1,065.82 Square Meters, equivalent to 11,472.39 Square Feet or 0.2634 Acres

Tax Code #'s: 041-042-615-04; 041-042-615-05; & 041-042-615-06

Zoning: RT-3 (Intermediate-Density Residential-Tourist)

Flood Classification: AE

Gross Building Area: Approximately 8,000 Sq. Ft.

No. of Stories: 1 & 2

Construction Materials: Reinforced Concrete and Concrete Blocks

Year Built: 1940's

Year Remodeled: 2020-2023

No. of Guestrooms: 23

Supporting Facilities: Salt water infinity swimming pool, bar/restaurant space with fully-equipped kitchen, lobby/reception area, administrative office, equipped gymnasium, laundry, green areas, and private lounging areas.

90% exemption from any municipal and state government taxes on personal and real property

90% exempt from the payment of any license fees, excise taxes, and other municipal taxes levied by any ordinance of any municipality with regard to the Tourism Activity

100% exempt from the payment of any municipal construction excise tax levied by any ordinance of any municipality with regard to the Tourism Activity.

100% exempt from the payment of taxes levied under Subtitle C of the Internal Revenue Code for a New Puerto Rico (the "2011 Code") with respect to articles that are acquired and used in the development, construction, or operation of the Tourism Activity.

100% exempt from the payment of sales and use taxes levied pursuant to Sections 4020.01, 4020.02, 4210.01(b) and (c), and 4210.02(b) and (c) of the 2011 Code with respect to articles that are acquired and used in the development, construction, or operation of the Tourism Activity.

100% exempt from payment of income taxes on (i) income derived by Concessionaire from the Tourism Activity and the reinvestment thereof in other Tourism Activities; (ii) the dividends distributed by Concessionaire from earnings and profits attributable to "Tourism Development Income" to its shareholders; and (iii) any gain derived during the exemption period from the sale or exchange, including redemption and liquidation, of Concessionaire's stock or membership interest, and of substantially all or all of the assets used by Concessionaire in the Tourism Activity.

100% exempt from the fuel tax used by the exempt business for the payment of all petroleum products (excluding residual no. 6 or bunker C) and other hydrocarbon mixture (including propane and natural gas) used as fuel for the Tourism Activity in the generation of electricity or thermal energy used by the exempt business in connection with tourism, being totally exempt from tax under Sections 3020.07 and 3020.07A of the Code.