Wave of gentrification in Puerto Rico prices out locals

YouTube phenom Logan Paul moved into a $13 million mansion. Crypto billionaire Brock Pierce bought an $18 million hotel. Well-heeled investors offer locals blank checks and ask them to fill in what they think their homes are worth. Welcome to Puerto Rico, where a wave of gentrification has property prices rising on an island where 43 percent of the population live below the federal poverty level, according to the New York Times. Besides shimmering ocean

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Dallas hotel REIT to buy Ritz-Carlton Reserve in Puerto Rico for $187M

Braemar Hotels & Resorts is buying a boutique hotel in Puerto Rico, where billionaire John Palson is seeking to sell the two hotels he bought in 2014. The Dallas-based hotel real estate investment trust is paying $186.6 million, or $1.9 million for each of the 96 rooms at the Dorado Beach hotel, according to the Dallas Morning News. The deal includes the management of the 14 luxury residential units next door, and is set to

The post Dallas hotel REIT to buy Ritz-Carlton Reserve in Puerto Rico for $187M appeared first on The Real Deal New York.

Alphabet’s Loon launches its balloon-powered Kenyan internet service

Alphabet’s Loon has officially begun operating its commercial internet service in Kenya . This is the first large-scale commercial offering that makes use of Loon’s high-altitude balloons, which essentially work as cell service towers that drift on currents in the Earth’s upper atmosphere. Loon’s Kenyan service is offered in partnership with local telecom provider Telkom […]

Alphabet’s Loon launches its balloon-powered Kenyan internet service

Alphabet’s Loon has officially begun operating its commercial internet service in Kenya . This is the first large-scale commercial offering that makes use of Loon’s high-altitude balloons, which essentially work as cell service towers that drift on currents in the Earth’s upper atmosphere. Loon’s Kenyan service is offered in partnership with local telecom provider Telkom […]