The Radisson Ambassador Plaza Hotel & Casino in San Juan
ceased operations on April 29.
Over the past year, the hotel’s lender controlled the asset,
according to General Manager Miriam Velez. She said the lender agreed to fund
operations as it sought a buyer.
"In the past month, the lender sold its interest to a
third party who declined requests for more funds to support operations. Unable
to operate without such financial support, management is forced to close the
hotel," Velez said in a statement.
The 233-room hotel is located one block from the beach in
the Condado section of San Juan.
Velez said the hotel's profitability had declined over the
past 10 years as a result of a deteriorating casino market and a proliferation
of illegal slot machines across Puerto Rico.
The hotel's on-site casino included more than 400 slot
machines, blackjack, roulette and Caribbean stud poker.
Radisson's other Caribbean properties are in Aruba,
Barbados, the Dominican Republic, Grenada and Trinidad. It has no other hotels
in Puerto Rico.