LAS CROABAS, PUERTO RICO— LXR Luxury Resorts & Hotels, owned by affiliates of The Blackstone Group, is investing $80 million to improve and expand the El Conquistador Resort & Casino. The project is the latest undertaken by Blackstone to enhance one of the properties it acquired from Wyndham International and subsequently collected under the LXR banner. On Puerto Rico, Blackstone has already implemented a major enhancement program at the Condado Plaza Hotel & Casino. In addition to remodeling El Conquistadors guestrooms by year-end 2007, Blackstone is investing $32 million to build a 50,000-square foot ballroom/conference center complex and $12 million to add a water park. In addition, two new high-speed catamarans are now ferrying guests to the nearby resort-owned Palomino Island.
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