The FAA has leased San Juan's Luis Munoz Marin Airport to Aerostar Airport Holdings, the Mexican company that operates nine airports in Mexico (including Cancun), for the next 40 years.

Puerto Rico selected Aerostar last July after a competitive process that attracted more than a dozen bidders.

The government-run Puerto Rico Airports Authority, weighed down by long-term debt, had long struggled to boost traffic at the airport, the Caribbean's busiest, which handles close to 9 million passengers a year.

Aerostar will make an upfront payment of $615 million to the airports authority and will invest an average of $46 million per year to modernize and improve the facility, according to Reuters.

Follow Gay Nagle Myers on Twitter @gnmtravelweekly.

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