Hundreds of millions of dollars will be injected to enhance the cruise port of San Juan in Puerto Rico in a two-stage investment plan.
The Caribbean cruise hub is coming under the operation of private firm Global Ports Holding (GPH) under a 30-year concession
But the cruise port infrastructure needs “significant investment” to ensure continued operations over the period.
The company has securing financing to spend an initial $100 million on “critical infrastructure” and modernisation.
The second $250 million investment will go towards expanding port capacity with a new cruise pier and state-of-the-art terminal capable of handling the world’s largest cruise ships.
This phase is subject to certain pre-agreed criteria, including cruise passenger volumes recovering to pre-pandemic levels, according to GPH. Then port handled 2.2 million passengers in 2019.
The company said: “The management approach of GPH will ensure that the port is integrated into Old San Juan and Puerto Rico’s thriving tourism sector as a whole, creating significant opportunities for local businesses to benefit directly from the improved facilities and the expected growth in cruise passenger volumes.”
The port was described as being “strategically important” in the regional cruise market, perfectly positioned to be included in both eastern and southern Caribbean itineraries.
“In addition to its airport and hotel infrastructure, Puerto Rico is a US territory, making it an attractive homeport destination for eastern and southern Caribbean itineraries,” GPH added.
Regional director for the Americas, Mike Maura, said: “Our investment into this port will see hundreds of millions of US dollars invested into San Juan Cruise Port, transforming the port infrastructure and significantly improving the cruise port experience for passengers while creating significant opportunities for local businesses to benefit from the expected growth in cruise passenger volumes.”