David and Simon Reuben are placing $2.5 billion on Puerto Rico's southwest coast. The London-based brothers—who built fortunes in metals, real estate, and data centers—are developing Esencia, an oceanfront resort community that will house three maisons: Mandarin Oriental, Aman, and Rosewood. The project includes 1,200 residences and operates entirely on solar power. Construction timelines remain unannounced.
Esencia represents the first time three ultra-luxury hotel operators have anchored a single Caribbean development at this scale. The Reubens are partnering with Will Bennett and Roberto Ruiz, though equity splits and operational structures have not been disclosed. The southwest coast location sits outside San Juan's established luxury corridor, which currently holds the St. Regis Bahia Beach and Dorado Beach, a Ritz-Carlton Reserve. Puerto Rico offers Act 20 and Act 22 tax incentives for new residents and investors, mechanisms that have drawn $3.4 billion in capital to the island since 2012 according to the island's Department of Economic Development and Commerce.
The maison selection matters. Mandarin Oriental operates 39 properties globally with average daily rates above $600 in resort markets. Aman runs 34 properties with ADRs often exceeding $1,500. Rosewood manages 32 properties, positioning between the two. Placing all three on one site compresses competitive distance—guests choosing between brands will drive on-property, not inter-island. The Reubens are betting that brand bundling creates stickiness for high-net-worth buyers who want optionality without relocation. The solar mandate removes exposure to Puerto Rico's fragile grid, which collapsed island-wide after Hurricane Maria in 2017 and has suffered 12 multi-day outages since 2020.
Operators and allocators should watch permitting velocity and maison construction sequencing over the next 18 months. Puerto Rico's permitting process averages 24 to 36 months for projects above $500 million, and the Reubens have not disclosed which maison breaks ground first. Track whether Aman or Rosewood announces standalone residential towers—both brands have tested fractional ownership models in Asia and the Middle East. Watch for announcements around marina build-out and aviation access; the nearest commercial airport is Mercedita in Ponce, 40 minutes by car, and private aviation infrastructure will determine whether the site attracts consistent UHNW traffic or remains a second-home play.
The Reubens last deployed capital at this scale in 2019, acquiring a portfolio of 24 UK data centers for $3.7 billion. Esencia is their first hospitality development in the Caribbean.