H.I. Development plans $32 million investment: Tampa-based firm plans Arecibo, Isla Verde hotels within 2 years; casinos also in the works for 2 hotels. (H.I. Development Corp.)

Tampa-based firm plans Arecibo, Isla Verde hotels within 2 years; casinos also in the works for 2 existing hotels

Over the next two years, H.I. Development Corp. is planning to invest $32 million in two new hotel properties in Puerto Rico and add casinos to existing properties. The company, which has built three hotel properties over the past three years, is proposing to open a 198-room, limited-service hotel in Isla Verde and a 152-room property in Arecibo.

"Our goal is to introduce more mid-priced, limited-service hotels throughout the island," said Tarquin M. Callen, vice president of H.I. Development Puerto Rico Corp. "The fact that our hotels have done well demonstrates the need for modern high- quality hotels at lower prices throughout the island."

Callen explained that the proposed Arecibo property will be similar to the Holiday Inn which was recently inaugurated in Mayaguez. Company officials are also considering building a hotel somewhere in the area between Ponce and Mayaguez."

"We had a difficult time finding the right site in the Arecibo area but negotiations are now underway with landowners," added Callen. "We want to build a full-service hotel there."

H.I. Development owns and operates four hotels on the island with more than 650 hotel rooms and 450 employees. The company's hotels include the 254-room Holiday Inn Crowne Plaza in Isla Verde, 120-room Ponce Holiday Inn, 125-room Days Inn and the 152-room Mayaguez Holiday Inn.

The company's total investment in Puerto Rico has added up to nearly $60 million so far. H.I. Development stands out as being the only hotel company to have succeeded in building three new hotel properties here in a period of ...