ICON Puerto Rico Conference opens an unprecedented dialogue between industry giants: Paulson Puerto Rico and PRISA Group.

San Juan, Puerto Rico – The Puerto Rico ICON Conference, a prestigious business, finance and thought leadership forum, hosted a historic panel titled “Double Down on Puerto Rico, Playing the Long Game", with the participation of the president of Paulson Puerto Rico, Rolando Padua, and the CEO of PRISA Group, Federico Stubbe Jr. The event provided a platform for leaders to share ideas, experiences and strategies related to Puerto Rico's unique business landscape along with the challenges and opportunities that the market faces.

Ricky Santana, Co-Founder of Icon PR and panel moderator addressed fundamental questions about the impact of market changes on new luxury projects, efforts to adapt to evolving resale markets and sustainable development practices. The speakers shed light not only on the successes of their companies, but also discussed the challenges that entrepreneurs face in order to develop their businesses and contribute to the economic growth of Puerto Rico. In their presentations, both Padua and Stubbe highlighted the importance that their presentations mark a milestone since they present a united front of two important local companies, working together for the future of Puerto Rico, and should not be seen as competitors.

Rolando Padua, president of Paulson, shared about the adaptation of the market indicating that "we are always adjusting as the market changes. Since 2012 we have made great achievements in adaptation? both in developments, real estate sales and diversification. John Paulson has led significant hotel transactions that totaled $1.5 billion in Arizona, Hawaii and California, $150 million in Miami and $1.25 billion in Orlando and Phoenix, to provide a few examples. In Puerto Rico, our business principle is always to reinvest profits in the Island. This way we create an ecosystem of sustainable economic development and job creation, which allows us to plan our long-term investments."

For his part, Federico Stubbe, highlighted the opportunities that the market offers and how PRISA Group has found niches that have generated thousands of jobs and economic growth for Puerto Rico. Among them, the creation of Dorado Health in the healthcare area; regional tourism with Fairfield by Marriott Luquillo Beach & El Tropical Casino; entertainment and commerce with Distrito T-Mobile and the office project with Popular Campus, respectively. He noted that his bets and teams are aimed at attracting more foreign investment to Puerto Rico through the creation of world-class communities and destinations. This effort is generating thousands of jobs that contribute to a better quality of life for numerous Puerto Rican families. However, the executive noted that the industry faces some challenges.

“One of the main challenges is the complex permitting process in Puerto Rico, which continues to stall and delay much of the important work that must be done to advance our infrastructure. This includes the limitation of developable areas. There is a shortage of affordable housing here in part because the PUT took charge of limiting development in green areas. And for SMEs the process is almost impossible and without strong SMEs, Puerto Rico is not going to move forward,” said Stubbe.

Regarding community engagement and sustainability efforts, Padua emphasized the importance of creating strategic alliances with non-profit organizations, supporting the well-being of communities and promoting the preservation of the environment. An example is the Alma de Bahía Foundation, which is based in Bahía Beach Resort and the Alma de Condado social responsibility program that encompasses the efforts of the Condado Vanderbilt, La Concha, Condado Ocean Club hotels and the Vanderbilt Residences project under development.

In his presentation, Stubbe highlighted the potential that Puerto Rico has to compete with other markets. He explained that the diversity of offers that Puerto Rico has positions it with a competitive advantage over other markets such as Miami. “We understand that there are many challenges, but as businessmen we cannot allow particular interests to stagnate the development of Puerto Rico, we must dare to think and act with courage and determination for the benefit of future generations. An example of this are the high quality, large-scale coastal developments which have become a very important engine of tourist and residential development for Puerto Rico. A positive attitude towards them must permeate, including on the part of the Government of Puerto Rico.”

The developer stressed that Puerto Rico has the potential to compete favorably with other tourist destinations and it is our responsibility to take the step forward, establish alliances, use the technology and resources necessary to achieve the Puerto Rico we long for. “We, the businessmen of Puerto Rico, have to be a united front, since our competition is foreign markets. Global competition is necessary to make Puerto Rico better, but internally, we have to work together,” said Stubbe.

The executive highlighted the need to welcome that competition and that the government has to communicate and educate citizens about the benefits that Law 60 participants are providing to the country and to non-profit and community-based organizations. Stubbe noted that “ the Government has to be part of that education, even if the private sector leads the effort.”

For his part, Padua highlighted the potential that Puerto Rico has to stand out worldwide in different areas, such as luxury tourism, and emphasized the importance of supporting and maximizing available resources. He noted that projects such as Vanderbilt Residences and Ocean Drive are aimed at satisfying a demand that is currently in short supply in Puerto Rico and adds to the number of hotel rooms necessary to make Puerto Rico competitive with other international markets. “The development of condo hotels on the Island places us at the forefront of other markets and creates added value in the tourism industry. To promote diverse economic development, which addresses diverse needs, our company has invested in a diverse portfolio ranging from hotels, real estate and commercial offices, to the automotive industry.”

The Puerto Rico ICON Conference continues to be a beacon for thought leaders, fostering collaboration and shaping the future of Puerto Rico's business landscape.