Nave Bank® to finance the renovation of the iconic The Wave Hotel Condado

Nave Bank has announced a $7 million financing for the renovation of the iconic The Wave Hotel Condado, located in the heart of Condado, San Juan. This project marks a major milestone in the regional hospitality industry, as it will become the first signed hotel in Latin America to operate under the new Garner brand by IHG Hotels & Resorts, a modern concept focused on providing affordable, comfortable, and genuine hospitality.

In addition to Nave Bank’s financing, the ambitious renovation plan also includes more than $2.5 million, primarily sourced from local capital, representing a collective investment from Puerto Rico’s private sector. The project reinforces confidence in the Island’s economic potential, and the key role tourism plays in driving sustainable development. Hotel operations will continue throughout the renovation, which is expected to be completed within 12 months. In the coming months, the project will create 30 direct jobs and 20 indirect jobs.

“This project represents much more than the transformation of a building; it’s an investment in the heart of Condado and in Puerto Rico’s potential as a world-class destination. We’re excited to bring the Garner brand to the island and grateful to have Nave Bank as a strategic partner. Their agile process, enthusiasm, and mutual trust made this initial phase smooth and highly positive,” said Rafael Pagán Marxuach, one of the owners and managing member of Condado Wave Partners, LLC—the entity that owns The Wave Hotel Condado.

With this investment, Nave Bank continues to position itself as a strategic ally in the development of projects that foster sustainable progress across Puerto Rico.

“This financing reflects Nave Bank’s commitment to Puerto Rico’s economic growth. Supporting projects that deliver value, create jobs, and contribute to community development is a core part of our mission to propel Puerto Rico and business forward.” stated Héctor Del Río, Business Development Banker at Nave Bank.

Beyond the financial backing, the project brings together the talent and expertise of several local and international firms in a collaborative, multi-sector effort to bring the vision to life. The architectural design will be led by Carrerá Arquitectos, known for their recent work on Liberty Square in San Patricio Plaza. Interior design will be handled by Lang & Schwander, a Miami-based firm with a proven track record on the Island, including the Hyatt Regency at Coco Beach, Alma in Old San Juan, and the Residence Inn by Marriott. Additionally, the firm has worked on several iconic projects in Miami, including the Ritz Carlton South Beach, The Setai in Miami Beach, and East Miami, amongst others.

Hotel operations will be managed by BluHost, a leading Puerto-Rico based hotel management company, founded by renowned hotelier José Suárez, who served as the Executive Director of the Puerto Rico Tourism Company from 2002 to 2004. The company currently manages five hotels totaling 543 rooms. Its portfolio includes Casa Costera Apartments by Marriott, Fairfield by Marriott Luquillo Beach, Hyatt Place Bayamón, Hyatt Place Manatí, and Royal Isabela. To complement the team, Caribbean Display & Construction will lend their experience in the project’s construction phase.

The new Garner by IHG in Condado will not only bring a refreshed hospitality offering to the area and contribute to the economic vibrancy of the district and strengthen Puerto Rico’s tourism infrastructure.

This project is an example of how collaboration between the financial sector, local private investment, and Puerto Rican professional talent can deliver results that move the Island forward.

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