Thirty Years of Connecting Capital and Opportunity

Thirty Years of Connecting Capital and Opportunity

For more than three decades, AG&T has believed that successful economic development begins by bringing the right people together.

Throughout our history, we have worked closely with government agencies, economic development organizations, institutional investors, developers, hospitality companies, financial institutions, and industry associations to strengthen Puerto Rico’s relationships with the U.S. mainland and the international investment community.

One example of that commitment was the Caribbean & Latin America Investment Summit, organized in collaboration with the Puerto Rico Builders Association and the administration of Governor Ricardo Rosselló. The summit welcomed more than 200 investors, developers, family offices, institutional capital groups, and public-sector leaders to San Juan to explore Puerto Rico’s growing opportunities in hospitality, infrastructure, mixed-use development, manufacturing, and economic development.

The event attracted significant national and international attention while reinforcing Puerto Rico’s position as one of the Caribbean’s most compelling destinations for investment under the U.S. flag.

Building on that momentum, AG&T continued its efforts to connect Puerto Rico with institutional capital by partnering with Bisnow, one of the world’s leading commercial real estate media and event platforms, to organize the Caribbean Hospitality Investment Summit in Miami.

The objective was not simply to host another conference.

It was to create a meaningful dialogue between the public and private sectors, bringing together government officials, hotel brands, developers, lenders, institutional investors, and industry leaders to discuss the future of Caribbean hospitality and tourism.

The distinguished speaker lineup reflected the caliber of those conversations and included leaders from Hilton, Apple Leisure Group, Kimpton Hotels, Dream Hotel Group, the Inter-American Development Bank, Trust Hospitality, McConnell Valdés, Sion Capital, and the Puerto Rico Builders Association. Together, they examined topics including hospitality investment, resort development, tourism growth, resiliency, recovery strategies, and the evolving capital markets supporting Caribbean development.

These discussions helped reinforce a broader message that continues to guide AG&T today:

Puerto Rico’s future depends upon strong collaboration between the public and private sectors.

Government creates the policy framework. Private enterprise provides innovation, investment, and execution. Together, they create the conditions necessary for sustainable economic growth.

Over the years, AG&T has continued to cultivate trusted relationships with government leaders, tourism organizations, development agencies, hotel companies, institutional investors, and industry associations throughout Puerto Rico and the Caribbean. These relationships have enabled us to convene meaningful conversations, promote investment opportunities, and help connect regional projects with national and international sources of capital.

As Puerto Rico continues to experience renewed investment in hospitality, infrastructure, manufacturing, and mixed-use development, we remain committed to serving as a bridge between local opportunity and global capital.

That mission has guided AG&T since its founding and continues to define our role in helping shape the future of Puerto Rico and the Caribbean.

 

Public–Private Partnerships: Financing Caribbean Growth

Financing the Caribbean: Public-Private Partnerships and the Path to Institutional-Grade Development

At the Caribbean Hotel & Resort Investment Summit (CHRIS) — the region’s premier hospitality investment conference — industry leaders convened to address the question that increasingly defines Caribbean development: how do governments and private capital collaborate to finance transformational projects at scale?

The answer, examined during the panel “Public/Private Track: Financing Opportunities Working with the Public Sector,” reflects a maturing region — one where the most successful developments increasingly emerge from disciplined alignment between government priorities, institutional investment, and local execution.

The Panel

Moderated by Robert MacLellan, Managing Director of MacLellan & Associates, the discussion brought together an accomplished panel of leaders across government, development, hospitality, and international finance:

  • Roland “Andy” Burrows — Chief Investment Officer, Bermuda Tourism Authority
  • Adam Greenfader — Managing Principal, AG&T
  • Warren Newfield — Principal, Kimpton Kawana Bay
  • John Perrottet — Senior Tourism Specialist, World Bank Group

The Conversation

The panel examined how public-private partnerships (PPPs) are unlocking Caribbean investment across hospitality, tourism infrastructure, and mixed-use development.

Topics included:

  • Government investment incentives and how they can be structured to attract long-term institutional capital without distorting market fundamentals
  • The role of development finance institutions — including the World Bank Group and regional lenders — in providing patient capital and technical expertise
  • Innovative capital structures that combine sovereign guarantees, tax credits, and private equity to make challenging projects financeable
  • Lessons from projects across the region — including Bermuda, Grenada, and other markets where public-private frameworks have delivered measurable outcomes

A recurring theme: successful developments require more than capital. They require collaboration among governments, developers, lenders, and local communities — often extending over years of planning, negotiation, and refinement.

What Institutional Capital Wants

The panel highlighted an increasingly important shift in how global capital evaluates Caribbean opportunities.

Institutional investors now expect the same rigor they apply in North American and European markets — transparent legal frameworks, clear regulatory processes, credible government partners, and long-term policy stability. Caribbean jurisdictions that meet these standards are seeing measurably lower costs of capital and stronger deal flow.

The implication is significant: the region’s competitiveness for tourism and infrastructure investment increasingly depends less on individual project incentives and more on the quality of institutional partnerships that surround them.

AG&T’s Perspective

For AG&T, these conversations reflect more than three decades of advising governments, institutional investors, developers, and hospitality operators throughout the Caribbean. Navigating the intersection of public policy and private investment has become an essential component of delivering successful projects — from Puerto Rico’s federal reconstruction programs to Sint Maarten’s luxury hospitality expansion and Bermuda’s institutional-grade destination strategy.

As Caribbean nations continue investing in tourism, infrastructure, climate resilience, and economic diversification, public-private partnerships will remain one of the most powerful tools for attracting capital and creating sustainable long-term growth.

The conversation at CHRIS reflected a maturing region — one increasingly ready to compete alongside the world’s most sophisticated investment markets.

AG&T is a Caribbean real estate capital advisor founded in 1998. Principal-led, AG&T has been involved in over 55 development projects across Puerto Rico, Sint Maarten, Costa Rica, the Dominican Republic, and other Caribbean markets — connecting institutional capital with regional opportunity. Contact us to discuss Caribbean hospitality, infrastructure, and public-private development.

Connecting Global Capital with Caribbean Opportunity

Connecting Global Capital with Caribbean Opportunity

For more than three decades, AG&T has helped position Caribbean hospitality and real estate projects before institutional investors, family offices, hotel brands, and international buyers from around the world.

Long before cross-border investment became commonplace in Caribbean real estate, AG&T recognized that the region’s most exceptional projects deserved a global audience.

One example was the 2017 China–Puerto Rico Investment Forum, where business leaders, institutional investors, government officials, and developers gathered in San Juan to explore investment opportunities throughout Puerto Rico. The conference reflected growing international interest in the island’s unique position as a U.S. jurisdiction with Caribbean geography, a sophisticated legal framework, and significant long-term development potential.

Representing AG&T, Adam Greenfader presented two of Puerto Rico’s premier hospitality developments—Royal Isabela Resort and Coco Beach Golf & Residences—highlighting the island’s emerging luxury hospitality market, expanding tourism industry, and opportunities for international investment.

The discussions extended well beyond individual projects. Investors were interested in understanding Puerto Rico’s competitive advantages, including its strategic location, access to the U.S. market, tax incentive programs, skilled bilingual workforce, and growing hospitality sector. For many attendees, Puerto Rico represented a gateway into both the U.S. economy and the broader Caribbean region.

For AG&T, participating in international investment forums has always been about more than marketing properties.

It is about building relationships.

Over the years, AG&T has worked with developers, institutional investors, family offices, hotel operators, lenders, and private equity groups throughout North America, Europe, Latin America, the Middle East, and Asia, helping connect Caribbean opportunities with global sources of capital.

Those relationships often continue long after the conference concludes.

In the case of Royal Isabela Resort, AG&T’s involvement ultimately extended beyond introducing the project to international investors. The firm later successfully represented the ownership in the sale of the resort, demonstrating that effective investment promotion is not simply about creating exposure—it is about delivering successful transactions.

Today, AG&T continues to advise hospitality owners, developers, and investors across Puerto Rico and the Caribbean, helping position projects for institutional capital, strategic partnerships, and long-term value creation.

Markets evolve. Sources of capital change. New investors emerge.

What remains constant is AG&T’s commitment to connecting exceptional Caribbean developments with the global investment community and helping create projects that strengthen local economies while showcasing the extraordinary opportunities the region has to offer.

Puerto Rico Opens For Business

Puerto Rico is Open for Business: AG&T Helping Lead the Conversation on Investment and Economic Growth

 

Representing AG&T, Principal Adam Greenfader participated alongside an influential panel that included:

  • Ricardo Álvarez, President of Álvarez-Díaz & Villalón and President of the Puerto Rico Builders Association
  • Manuel Laboy, Secretary of the Puerto Rico Department of Economic Development and Commerce
  • Denisse Flores, Director of BDO Puerto Rico
  • Daniel Acosta, Senior Vice President, McCormack Baron Salazar
  • José Izquierdo, Executive Director of the Puerto Rico Tourism Company

The luncheon attracted a strong audience of institutional investors, developers, lenders, and real estate professionals. Remarkably, nearly half of those attending had either previously invested in Puerto Rico or were actively exploring opportunities on the island—a clear indication that Puerto Rico had once again become a priority market for the real estate and investment community.

A Turning Point for Puerto Rico

The panel shared a consistent and optimistic message: after nearly a decade of economic challenges, Puerto Rico had reached an important inflection point. The consensus among both public and private sector leaders was that the island had established a foundation for renewed economic growth and long-term investment.

Several key factors were identified as driving this transformation:

  • Fiscal stability through the approval of the federally established Fiscal Oversight framework, providing greater financial discipline and confidence for investors.
  • A pro-growth economic agenda led by Governor Ricardo Rosselló’s administration, focused on attracting private investment, streamlining development, and expanding economic opportunity.
  • Competitive tax incentives, including Acts 20 and 22 (now incorporated into Act 60), which had already attracted more than 1,000 entrepreneurs, investors, and high-net-worth individuals seeking to establish residency and grow businesses in Puerto Rico.

AG&T’s Role

As one of the Caribbean’s leading real estate development and advisory firms, AG&T has long recognized Puerto Rico’s strategic advantages. The firm has advised developers, institutional investors, lenders, and public agencies on investment opportunities throughout Puerto Rico and the broader Caribbean, helping clients navigate market cycles while identifying long-term value.

AG&T’s participation in forums such as the ULI conference reflects the firm’s commitment to connecting capital with opportunity. By working alongside government leaders, industry organizations, and private investors, AG&T continues to play an active role in promoting responsible development, encouraging investment, and supporting Puerto Rico’s economic resurgence.

For AG&T, the message delivered at the conference remains as relevant today as it was then: Puerto Rico possesses world-class talent, a strategic U.S. location, attractive investment incentives, and significant untapped potential. With the right vision and execution, the island represents one of the most compelling real estate and economic development opportunities in the Caribbean.

Since this event, AG&T has continued to expand its advisory and development work throughout Puerto Rico and the Caribbean, building on decades of experience and a track record spanning more than 55 real estate projects across the region.

 

Follow the Money: Paulson Compares Puerto Rico Today to Miami in the 1980s

Hedge fund billionaire John Paulson has been buying a lot of sand lately — specifically, Puerto Rican sand. Despite Puerto Rico’s massive debt crisis, Paulson sees big profits ahead. He has plowed “quite a bit” — an estimated $1.5 billion — of his personal wealth into buying hotels, a resort and office buildings on the island. Paulson compares Puerto Rico today to Miami in the 1980s.”It’s similar to that period in Miami’s history,” Paulson said Thursday at the Puerto Rico Investment Summit. “There was a lot of real estate on the beach, lots of abandoned buildings and vacant lots. That was definitely the best time to buy [in Miami].”

Below are some selected articles: 

http://caribbeanbusiness.com/paulson-buys-harbour-lakes-in-palmas-del-mar/

Paulson & Co. Inc., a New York-based investment firm, has acquired Harbour Lakes in the Palmas del Mar resort community located in the municipality of Humacao, Puerto Rico, the firm announced Thursday. The acquisition consists of 149 condominium units offered for sale, from 1,637 square feet (sq. ft.) to 2,045 sq. ft., 3 bedrooms, 2.5 bathrooms.

http://money.cnn.com/2016/02/12/investing/puerto-rico-john-paulson/

Despite Puerto Rico’s massive debt crisis, Paulson sees big profits ahead. He has plowed “quite a bit” — an estimated $1.5 billion — of his personal wealth into buying hotels, a resort and office buildings on the island. Paulson compares Puerto Rico today to Miami in the 1980s. “It’s similar to that period in Miami’s history,” Paulson said Thursday at the Puerto Rico Investment Summit. “There was a lot of real estate on the beach, lots of abandoned buildings and vacant lots. That was definitely the best time to buy [in Miami].” 

The hedge-fund manager said he’s still considering moving to the Caribbean island from New York after flirting with the idea in 2013. Beautiful weather, real-estate opportunities and tax breaks have resulted in Paulson buying luxury hotels and a 326,000 square-foot (30,286 square-meter) office building in San Juan’s financial district, he said during the 2016 Puerto Rico Investment Summit in San Juan on Thursday. He plans to expand his St. Regis Bahia Beach Resort and develop new condominiums in the Condado neighborhood of San Juan. He already owns a home and an apartment on the island.

http://www.bloomberg.com/news/articles/2016-02-11/john-paulson-says-he-s-still-considering-move-to-puerto-rico-ikiv6c1w

“I came here because I think they’ve hit bottom,” said Tennenbaum, 80, who manages assets of over $6 billion and moved to the island two months ago on Paulson’s urging. “In a democracy, it takes a crisis for change to take place.”Tennenbaum plans to form a corporation under Puerto Rico’s Act 20, which gives businesses that move to the island a 4 percent corporate tax rate and exemptions on dividends and property taxes. He also plans to create a merchant bank. On Thursday, the island received a lift from one of its biggest cheerleaders, John A. Paulson, the billionaire hedge fund manager, who is investing $20 million for the San Juan Beach Hotel.

http://www.nytimes.com/2014/09/07/realestate/puerto-rico-luring-buyers-with-tax-breaks.html

And it is true that Puerto Rico is a bargain. At the St. Regis Bahia Beach, for example, arguably some of the most expensive real estate in Puerto Rico, condos with oceanfront views are priced at around $600 a square foot; in Miami, a similar unit would cost around $2,000 a square foot.Over the last 10 months, the St. Regis Bahia Beach sold nine condos, priced at $800,000 to $1.6 million, all to American buyers, according to Paulson & Company. The resort is also constructing six oceanfront villas, priced at $10 million to $12 million; two have already sold.

http://www.nytimes.com/2015/07/24/business/dealbook/john-paulsons-hedge-fund-to-buy-another-puerto-rico-hotel.html?_r=0

Paulson & Company, Mr. Paulson’s $20 billion hedge fund, has agreed to renovate the San Juan Beach Hotel and turn it into an “ultraluxury boutique hotel” over the next few months, the Puerto Rico Department of Commerce and Economic Development said. Mr. Paulson has been buying real estate on the island for years. He is building a home there and has acquired some of the island’s most exclusive hotels, including the Condado Vanderbilt Hotel, La Concha Renaissance Hotel and Tower, and the St. Regis Bahia Beach Resort.

http://www.wsj.com/articles/some-investors-bet-on-puerto-rico-hotels-1438092464

Some Investors Bet on Puerto Rico Hotels. Fund manager John Paulson boosts his stakes; Blackstone cuts back. Puerto Rico’s worsening debt crisis only seems to whet the appetite of a small but devoted group of distressed investors.

http://www.bloomberg.com/news/articles/2014-06-26/paulson-s-puerto-rico-paradise-lures-rich-fleeing-taxes

Paulson is betting that millionaires will come in droves. In his presentation, in which he forecast that Puerto Rico would become “the Singapore of the Caribbean,” he said he plans to develop residential and office properties to go beyond the current high-end offerings. Since the first homes were built in 2007 by BBP Partners (BBP) – a joint venture between two of Puerto Rico’s leading real estate developers, Interlink Group and Muñoz Holdings – more than $125 million worth of residences have been sold at the resort and the $150 million St. Regis Bahia Beach Resort opened in 2010. Paulson is acquiring a majority interest in Bahia Beach through a comprehensive recapitalization. The firm has roughly $18 billion under management and has offices in New York, London and Hong Kong.

http://www.reuters.com/article/usa-puertorico-paulson-idUSL2N0QL20Q20140815

U.S. hedge fund Paulson & Co is upping its bet in Puerto Rico real estate with the purchase of an office building in San Juan’s financial district from American International Group Inc .The 326,000 square-foot building is the latest real estate purchase for the $23 billion hedge fund on the Caribbean island where Paulson & Co is betting on an economic turnaround. He owns 8.6% of Banco Popular, the island’s largest bank.

Urban Land Institute SE Florida and Builders’ Association of Puerto Rico Join Forces

June 2016 – The Urban Land Institute (ULI) and the Builders’ Association of Puerto Rico (ACPR) met to discuss their new alliance for the South East Florida and Caribbean Region during the annual ULI Conference in Aventura, Florida.

“We are very excited to have the ACPR become part of our group. “Members of The Builders’ Association of Puerto Rico (ACPR) have for years taken leadership roles in both local and national committees”, expressed Julie Medley, Executive Director of The Urban Land Institute – SE Florida/Caribbean.

The ACPR has been Puerto Rico’s preeminent real estate organization for developers, investors and builders since 1951. The president of the Builders’ Association of Puerto Rico, Arch. Ricardo Alvarez Díaz, sees great opportunities in Puerto Rico today and is enthusiastic about this new alliance.   “The ULI is such an important organization in our industry and we are very enthusiastic about its incredible vision and resources,” expressed Arch. Alvarez Díaz.

“We are very committed to helping our members on both sides of the “pond” learn and be able to seize these opportunities, and it was for these reasons that we created the Florida Liaison Committee,” expressed Adam Greenfader, chairperson of the committee.

The ULI will be holding its Latin America Conference on October 5-7, 2016 for those interested in development in Puerto Rico and the Caribbean-LATAM region as whole. It will host top leaders and decision makers from hundreds of its ULI members and non-members who are active in the land use and real estate industry in South America, Mexico, the Caribbean, and Puerto Rico.

Please contact Adam Greenfader managing partner at AG&T for more information at 305.363.8833.

Adam Greenfader Named Chairman Florida Puerto Rico Builders Association

Adam Greenfader Named Chairman Florida Puerto Rico Builders Association

San Juan, Puerto Rico

Adam Greenfader was recently named Chairman of the Florida Liaison Committee of the Puerto Rico Builders Association (PR Builders Association). For over sixty years, the PR Builders Association has been the island’s leading professional construction and development group. The PR Builders is responsible for government lobbying and networking. The Builders Association consists of high-level professionals in the residential, hospitality, industrial and commercial sectors.

“We are honored to have Adam Greenfader chair this new committee. Mr. Greenfader has been part of our organization for many years, is a tested professional in both markets and has a wealth of knowledge that will be a great asset,” exclaims Arch. Ricardo Álvarez-Díaz, president of the Builders of Puerto Rico.

The Mission of the Florida Liaison Committee is to be a bridge between Florida and Puerto Rico. The goal is to support  builders, bankers, investors and other professionals. The committee aims to facilitate access to services, information, and key contacts. “Our goal is that the PR Builders Association is seen as a first and most important stop for anyone that wants to expand to either market,” says Adam Greenfader.

In the last couple of years, with the passing of laws 20 and 22, Puerto Rico has seen a significant increase of interest from companies and individuals from the US mainland. There are also great opportunities for Puerto Rican companies that want to export their services and products, and use Florida as a first stepping-stone.

The Florida Liaison team is in the process of developing key stakeholders relationships and organizing its events for 2016 in both Florida and Puerto Rico. If either you or your company is interested in participating, you may contact Mr. Adam Greenfader at adamgreenfader@gmail.com or call the Builders Association at 787.751.1471. Learn more about the Puerto Rico Builders association here. 

 

 

San Juan, Puerto Rico

Por más de sesenta años, la Asociación de Constructores ha sido el principal grupo profesional de construcción y desarrollo. Esta organización ha sido responsable de promover el intercambio de información entre desarrolladores, inversionistas, miembros asociados y profesionales, en el desarrollo y la construcción de Puerto Rico. La Asociación de Constructores consiste en profesionales de alto nivel en el sector residencial, hotelero, industrial y comercial.

“Nos sentimos honrados de tener a Adam Greenfader dirigiendo este comité. El Sr. Greenfader ha sido parte de nuestra organización por muchos años, y es un profesional con gran conocimiento de ambos mercados”, indica el Arq. Ricardo Álvarez-Díaz, presidente de la Asociación de Constructores de Hogares.

La misión del Comité de Enlace de la Florida es la de ser un puente entre la Florida y Puerto Rico, apoyando y anudando lazos y relaciones entre constructores, banqueros, inversionistas y otros profesionales en ambos países. El objetivo del comité es facilitar el acceso a servicios, información y contactos claves. “Nuestra meta es que la Asociación de Constructores de Puerto Rico sea vista como el primer y más importante paso para la persona y/o empresa que desee expandir su negocio a cualquiera de estos mercados”, explica Adam Greenfader.

Durante los últimos años, Puerto Rico ha visto un aumento significativo en el interés de empresas e individuos del continente de los Estados Unidos con la implementación de las leyes 20 y 22. Existen además, grandes oportunidades para empresas puertorriqueñas que deseen exportar sus servicios y productos. Éstos ven a la Florida como un buen primer paso.

El equipo del Comité de Enlace de la Florida está en proceso de desarrollar relaciones profesionales y organizar sus eventos para el 2016 en Florida y Puerto Rico. De estar interesado en ser parte del comité, puede contactar al Sr. Greenfader por correo electrónico adamgreenfader@gmail.com o llamar a la Asociación de Constructores al 787.751.1471.