Sju puerto rico: SJU Official – Luis Muñoz Marín International Airport Puerto Rico

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photo credit: Puerto Rico Ports Authority


San Juan, Puerto Rico

Project Sponsor / Borrower

Puerto Rico Public-Private Partnership Authority

Puerto Rico Ports Authority

Aerostar Airport Holdings

Program Areas



The Luis Muñoz Marín International Airport privatization in San Juan, Puerto Rico took place under the Federal Aviation Administration Airport Privatization Pilot Program (APPP), originally authorized by TEA-21 in 1997 and expanded under MAP-21 in 2012. The Puerto Rican government used the program to enter into a 40-year long-term lease concession with Aerostar Airport Holdings in February 2013 in a deal valued at $2. 6 billion over the life of the lease.

When the Puerto Rico Ports Authority (PRPA) applied to the APPP in 2009, the airport had a significant backlog of capital needs, maintenance, and areas of underperforming customer service that diminished its appeal as a hub for air travel in the Caribbean. A report prepared by the Puerto Rico Public-Private Partnership Authority in 2012 noted deficiencies in pavement, lighting, and signage causing safety concerns; little growth in passenger traffic over 20 years; and missed opportunities for growth capitalizing on tourist segments such as cruise ship access. Analysis showed that lease payments and the value of investment in the airport by a private partner, along with attendant economic benefits, would exceed the revenue the government would otherwise earn by continuing to operate the airport.

Following a competitive selection process, Aerostar Airport Holdings — at the time a 50-50 joint venture between Grupo Aeroportuario del Sureste (ASUR), a Mexican airport operator and Highstar Capital, an American infrastructure investor — was selected as the concessionaire. The Puerto Rican government received a $615 million upfront lease payment, annual lease payments over the first five years, and is receiving a share of operating revenue over the remainder of the term. The concessionaire has also been making a number of capital investments in the airport, many of which were completed in the first several years of the lease. Improvements address facility maintenance and upgrades, passenger processing and the addition of an automated baggage scanning system, terminal layout, airport appearance, amenities, and concessions, and better financial accountability and back office operations.

PRPA used a majority of the upfront lease payment to defease outstanding debt, which at the time it applied to the APPP, exceeded $800 million. The payment also covered transaction costs and supported development and operation of other regional airports PRPA oversees.

Highstar Capital was purchased by Los Angeles-based Oaktree Capital Management in 2014. In May 2017, Oaktree Capital Management sold a 40 percent stake in Aerostar Airport Holdings to Public Sector Pension Investment Board (PSP Investments), one of Canada’s largest pension investment managers. In addition, ASUR acquired Oaktree Capital Management’s remaining interest in Aerostar Airport Holdings, increasing its stake in the company to 60 percent.


$2.6 billion — Estimated revenue and benefits over the 40-year lease term

  • $615 million — Upfront lease payment
  • $12.5 million — Annual lease payments ($2.5 million), years 1-5
  • 5% of gross revenues, years 6-30
  • 10% of gross revenues, years 31-40
  • $1.4 billion — Capital investments
Funding Sources

Concessionaire’s original financial structure

  • Private bond issue — $350 million
  • Senior bank debt — $50 million (to fund initial capital investments)
  • Revolving credit facility — $10 million
  • Equity — $327 million
Project Delivery / Contract Method Long-term Lease Concession (40 years)
Private Partner

Aerostar Airport Holdings

Original Ownership

  • Grupo Aeroportuario del Sureste (ASUR) (50%)
  • Highstar Capital (50%) (purchased by Oaktree Capital Management in 2014)

Current Ownership

  • Grupo Aeroportuario del Sureste (ASUR) (60%)
  • PSP Investments (40%)
Project Advisors / Consultants


  • Credit Suisse — Financial and Procurement Advisor
  • Pietroantoni, Mendez & Alvarez — Local Legal Advisor
  • Mayer Brown — U. S. Legal Advisor
  • LeighFisher — Technical Advisor

To the concessionaire

  • UBS Investment Bank — Financial and Strategic Advisor
  • Royal Bank of Canada — Financial Advisor
  • Cleary Gottlieb Steen & Hamilton — Legal Advisor
  • Arup — Technical Advisor


First BanCorp

Royal Bank of Canada

UBS Investment Bank

Duration / Status

Preferred bidder selected July 19, 2012

Federal Aviation Administration approval February 25, 2013

Concession conclusion 2053

Financial Status

Financial close February 27, 2013

Aerostar’s operating revenue is derived in large part from airline usage. A 15-year Airport Use Agreement caps the total annual aggregate airline fees at $62 million for the first five years. After the sixth year, the total annual airline fees may be increased annually by a percentage not to exceed the rate of core inflation.

  • First successful privatization under the FAA’s APPP
Related Links / Articles

Puerto Rico Ports Authority

Procurement Documents and Reports

San Juan Int’l Forges New Territory with Public-Private Partnership (Airport Improvement, July-August 2014)

FAA Airport Privatization Pilot Program


Anthony Maceira Zayas

Executive Director

Puerto Rico Ports Authority

Tel: (787) 729-8715

Flights to Puerto Rico | Charter Flights to San Juan


Experience Puerto Rico

The Luis Muñoz Marín International Airport (SJU/TJSJ) in San Juan, Puerto Rico is home to Tradewind Aviation’s Caribbean Headquarters.

Convenient Transfer Hub

Fly through San Juan, PR and easily connect with virtually all major airlines from the US. Direct flights from Canada, Europe, and South America are also available. Fly to Antigua from London for a convenient one-stop transfer to St Barths.

From the US, flights arrive to San Juan as a domestic flight so Tradewind guests save the hassle of immigration and customs. On the return trip, Tradewind guests clear immigration and customs in San Juan and fly as a domestic flight back to the US.

Seamless Transfer with VIP Experience

With our San Juan VIP Experience, a Tradewind representative will meet passengers at the gate of their incoming commercial flight and personally escort them through the airport while a handler retrieves and checks in luggage. This service is complimentary to private charter passengers and available for scheduled service passengers at an additional cost.

When ready for boarding, guests are escorted through expedited security and directly out to the awaiting aircraft.

While we are unable to offer a VIP Experience for scheduled service return flights to San Juan, all Tradewind guests are met by our team in immigrations and customs and directed to their connecting airline check-in areas.

Tradewind Lounge at San Juan Airport

Should you have an extended layover, relax and enjoy snacks, refreshments and WiFi as you await your departure from our exclusive private lounge located in San Juan International Airport. Lounge hours are from 8:00AM to 6:00PM between April and October, and from 6:00AM to 6:00PM between November and March.

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A Romantic Island Getaway to Puerto Rico

The most romantic month of the year is upon us. What better way to celebrate your love than with a romantic getaway to Puerto Rico? The Island of Enchantment is home to stunning beaches, nature-filled adventures, and

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Condado Ocean Club

Condado Ocean Club is just 15 minutes away from the Luis Muñoz Marín International Airport (SJU/TJSJ). An exclusive ocean-inspired, adult only, boutique hotel designed to welcome guests with charm and charisma!

Perks: Upgrade to next category at check-in (based on availability), one complimentary welcome drink per guest, $25 food and beverage credit, complimentary 1PM late check-out.

Click here for more information about the hotel.

Condado Vanderbilt

To receive 15% off the best available rate, call or email the Condado Vanderbilt and mention Tradewind when making your reservation.

Phone: 787-724-1150 | Email: [email protected]

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AC Hotel San Juan Condado

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Phone: 787-827-7297

Click here for more information about the property.

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Donald Trump: 3,000 Puerto Rico hurricane victims are a Democrat fiction

  • Natalka Pisnya
  • BBC, Washington

in events.

Image copyright, Reuters

Image caption,

«When I left the island after the hurricane, there were between six and 18 deaths,» Trump said

President Trump questioned the death toll from the two hurricanes that swept over a year ago U.S.-administered island of Puerto Rico.

He tweeted that the figure of 3,000 dead was much more than it actually was.

«When I left the island after the hurricane, there were between 6 and 18 dead. And this figure did not increase even as time passed. Then, after a long time, they began to claim a much larger number, for example, three thousand,» Trump stated.

According to the head of the White House, these are all fabrications of Democrats who want the president to look as bad as possible even though he successfully raised billions of dollars to help rebuild Puerto Rico.

  • Hurricane Maria hits the islands in the Caribbean
  • Not 64, but 2975: the number of victims of the hurricane in Puerto Rico was underestimated by 50 times. How is this possible?

Trump noted that people who died on the island for various reasons not related to the elements, such as old age, were artificially added by Democrats to the list of victims of hurricanes.

«Bad politics. I love Puerto Rico!» Trump said.

A report published by George Washington University a month ago showed a figure of 2975 dead as a result of the hurricane.

This data was recorded six months after the elements devastated most of the island in 2017, leaving its inhabitants for many weeks without drinking water, electricity, qualified medical care, food and vital infrastructure.

The authors of the study noted that the initial figure of 64 deaths, officially recognized by the government, takes into account only those who died directly during hurricanes «Maria» and «Irma» — these people drowned or died under the rubble of collapsed buildings or trees.

Image copyright, EPA

Image caption,

Many victims of the disaster are buried in St. Mary Magdalene Cemetery in San Jose

These Trump statements, coming less than a day before Hurricane Florence was expected to hit by Thursday evening reach the coast of the American states of North and South Carolina, caused immediate criticism in Congress — from both Democrats and individual Republicans.

Republican congressman Iliana Ros-Leitinen said that the figure of three thousand deaths is verified information. She called such manipulations with statistics perverted mind games, noting that such twisting of facts and selfishness are beyond her understanding.

Massachusetts Democratic Senator Edward Markley tweeted: «Only Trump can see the tragedy in Puerto Rico and conclude that he is a victim. May God bless the souls of the nearly 3,000 Americans who died in Puerto Rico and may he have mercy on your soul too, Mr. President.»

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Carmen Yulin Cruz, the mayor of San Juan, the capital of Puerto Rico, who publicly asked Trump for help, also criticized the US leader.

«Mr. President, in the real world, people are dying before your eyes. Your lack of respect is monstrous!» she said.

The governor of the island, Ricardo Rosselo, who had previously avoided a public confrontation with Trump, also commented on the tweets of the American president.

He called Hurricane Maria the worst natural disaster in modern history and noted that many people are still suffering from the effects of the devastating elements.

Image copyright, Reuters

Image caption,

Hurricane Maria left behind devastated infrastructure and damaged many bridges and roads

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Republican Speaker of the House Paul Ryan declined to answer a direct question about Puerto Rico during his morning congressional press conference, but noted that he had no reason to dispute the figures given in the George University report Washington.

The study, commissioned by the governor of Puerto Rico, looked at the half-year period after the hurricane, when deaths skyrocketed on the dilapidated island.

Scientists looked at the total number of deaths from September 2017 to October 2018, comparing them with mortality statistics for previous years, and also took into account data on thousands of residents who were evacuated from the island after September 20 last year.

The researchers included people in these statistics. who died as a result of poor quality medical care or lack of electricity and clean water after the storm. For example, regular power outages have led to an increase in the number of deaths in hospitals from diabetes or sepsis.

The Governor of Puerto Rico, who ordered this study, said he accepted the George Washington University estimates as official data.

Puerto Rico — GDP | 1960-2020 Data

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