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San Juan Puerto Rico

Project # 18904

10-Site Resort Portfolio Due Diligence

Due Diligence
Developers
Real Estate Owners & REITs
Hotel / Resort

VERTEX provided environmental consulting services to assist in the acquisition of a 10-site hotel resort portfolio throughout Puerto Rico. Site locations, in and around San Juan and Ponce, were being assessed on behalf of the prospective owner/developer. The project included the completion of an American Society for Testing and Materials (ASTM) Phase I Environmental Site Assessment of the properties with the objective of determining if recognized environmental conditions (RECs) were present at the sites. As part of the Phase I ESA, VERTEX performed visual reconnaissance of the sites, noted use of adjacent properties, and conducted historical and regulatory records research. Specifically, VERTEX conducted a visual inspection of the site buildings and grounds to identify the potential for on-site oil or hazardous material release(s) and issues of non-compliance. Also, a visual inspection of the interior and exterior of the site buildings was conducted to confirm the presence or absence of suspect Asbestos Containing Materials (ACMs) and Lead-Based Paint (LBP). As part of the interior inspection of the buildings, VERTEX also assessed common areas and 15% of the rooms for evidence of any significant water intrusion events and/or mold growth. Additionally, VERTEX confirmed the presence or absence of Polychlorinated Biphenyls (PCBs). Numerous aboveground storage tanks (AST), equipment maintenance chemicals, and other regulated materials were observed at several of the sites. VERTEX was able to provide a thorough assessment of the storage and management of regulated materials per Puerto Rico regulations. These due diligence assessments assisted our client’s decision making and land negotiations with sellers during real estate transactions as well as long-term operations of the property.

To learn more about VERTEX’s Environmental Due Diligence services or to speak with an Environmental Expert, call 888.298.5162 or submit an inquiry.

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