SAN JUAN -- An abandoned hotel in the Isla Verde area of this city that has been closed for more than two years may get a new lease on life, thanks to hotelier Rick Newman, president of San Juan-based Flagship Services.

Newman is negotiating to buy the former Carib Inn, located on Tartak Street near the Embassy Suites Hotel & Casino and a short walk from the beach.

Plans call for the 225-room, 35-year-old property to be gutted, refurbished and converted into a full-service hotel.

Facilities will include tennis courts, a pool, a restaurant, meetings space and ballrooms.

Flagship Services currently is renovating the airport hotel at San Juan's Luis Munoz Marin Airport.

The firm also operates Costa Benita Resort on Culebra and Rincon Beach Resort on Puerto Rico's west coast.

Newman is the former president of the Puerto Rico Hotel & Tourism Association.

To contact reporter Gay Nagle Myers, send e-mail to [email protected].

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