Keynote

Puerto Rico's Economic Outlook

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  Ricardo Rosselló Nevares

  Ricardo Rosselló Nevares swore as governor of Puerto Rico on January 2, 2017 after his victory in the general elections against other five candidates. His main objective is to guide Puerto Rico in overcoming its government and financial crisis, and obtaining equality for the island by making Puerto Rico the 51 st state of the United States. Rosselló Nevares obtained a doctor’s degree in Bioengineering and Neurobiology and graduated from the prestigious Massachusetts Institute of Technology (MIT) with bachelors’ degrees in Chemistry and Biomedical Engineering, with a specialization in Development Economics. He continued his academic career at the University of Michigan, where he obtained a master’s and doctor’s degree in Bioengineering. He attended post- doctorate studies at Duke University in North Carolina, where he also worked as a researcher. Rosselló Nevares worked both as a professor at the Metropolitan University and as an auxiliary professor at the Medical Sciences Campus of the University of Puerto Rico. His research work has been acknowledged with several awards, including the Top Ten Outstanding Young Persons (JCI International.) He was also selected as the youngest member of the Ibero-American Culture and Scientific Academy. His work has been published in several science journals, such as E-life and the cover of the prestigious Proceedings of the National Academy of Science. As a result of his research, he has been able to develop intellectual property with the purpose of treating diseases such as neurodegeneration and cancer. He was recently acknowledged as a scholar by the International Society of Neurobiology. In 2012, Rosselló Nevares published the book Un mejor Puerto Rico es posible, which analyzes how the island’s situation under its current political system affects both the social and economic parameters of Puerto Rico, and its relationship with the rest of the world. Facing the 2012 status plebiscite, Rosselló Nevares founded the movement Boricua Ahora Es, with the purpose of creating awareness on the importance of achieving a fair political definition for Puerto Rico. Through this movement, he encouraged the Puerto Rican electorate to vote for statehood, to obtain for the first time the victory of this status formula in a plebiscitary inquiry. On June 5, 2016, 37 year-old Rosselló Nevares stood out on the New Progressive Party (NPP) primaries and became the governor candidate for this collectivity during the general elections on November 8, 2016. He is married to Beatriz Isabel Rosselló, with whom he has a daughter named Claudia Beatriz. Rosselló Nevares’s parents are Pedro Rosselló González, former governor of Puerto Rico (1993-2001,) and former first lady Maga Rosselló.

  Puerto Rico

  Governor

  Ricardo Rosselló Nevares

  Governor

  Puerto Rico

Puerto Rico Case Study

The new Cayman Islands of the Caribbean

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  Keith St. Clair

  Mr. St. Clair started his business career in the UK in the late 70’s with real estate developments in England and Spain. In 1984 he assumed the position of Chairman & Managing Director of Sol Holidays. Mr. St. Clair developed the company into a major tour operator over the following 6 years when the operation was sold to a public company. Concurrently Mr. St. Clair was a director of the Association of British Travel Agents serving on its bonding, finance and aviation committees. He was Vice Chairman of the Tour Operators Council and held advisory positions with Stanstead Airport and the government of Tenerife assisting the president Adan Martin in developing tourism, hotel and airport infrastructure. In the mid 90’s St. Clair moved to the United States and in 1998 created a holding company for the consolidation of travel service distributors and operators in the US market. In 1999 he acquired the American Express operation in Central Florida, Bon Voyage Travel and Around The World Travel, the largest Carlson Travel franchise in the USA, headquartered in Coral Gables. Traveleaders became the companies DBA and under St. Clair’s control and leadership acquired 18 additional significant travel distribution companies throughout the United States, creating Florida’s largest independent travel distribution company and a top 10 national enterprise with revenues of $550 million USD. St. Clair has held several critical roles and senior executive management positions including the chairmanship and directorships of several public and private companies. St. Clair was the president of Assist Card USA. one of the largest independent global assistance companies where he secured regulatory recognition throughout all 50 states in the US. St. Clair negotiated an executed a 3 year presenting sponsorship of the Miami Heat prior to their 2009 championship season. Mr. St. Clair was chairman of the advisory board at Forum Telecom and chairman of Options Media Group Holdings prior to forming his own international consultancy business, Conexus LLC, for the development of global partnerships. St. Clair served for many years as a director of the Foundation Board of Florida International University during a period of intense growth when the university added the Law School, Medical School and a 1A sports program. He has served as a director of Seaway 2 Hotels, a member of World City CEO Roundtable, on the Continental Airlines Travel Advisory Board and was a founding member of the Corporate Advisory Council of ASTA (American Society of Travel Agents). St. Clair has also served as a member of the Board Of Governors of The Greater Miami Chamber Of Commerce. Mr. St Clair’s many accomplishments and business acumen were rewarded by his being recognized as the 2004 entrepreneur of the year and subsequent induction into the Florida Entrepreneur Hall of Fame. In addition, he was recognized by the Leukemia and Lymphoma Society as their Man Of The Year. He is currently the Chairman of the Society’s South Florida and Puerto Rico Chapter. Most recently, Mr. St. Clair and his development group purchased the iconic ESJ Towers Resort located on Isla Verde Beach, outside of San Juan Puerto Rico. Within less than six months from acquiring ESJ, St. Clair has rebranded the property as ESJ Azul, including an extensive renovation of the property and a new marketing and distribution plan that has exponentially increased sales and added additional revenue streams. He is taking that same model of success and expanding it across the Isla Verde area, igniting a much needed renaissance that will increase tourism and create thousands of well-paying jobs with plans already in the works to build two more iconic resorts in Isla Verde. He has again brought his expertise to the travel industry where he has also created various travel distribution, marketing, and management companies, with his ultimate goal to increase tourism to Puerto Rico. Given Mr. St Clair’s dedication to Puerto Rico and his vision for the future, he recently become a proud citizen of Puerto Rico through law 2022 and is already implementing a $100+million dollar development plan to further his mission and vision for Puerto Rico and Isla Verde Beach.

  ESJ Collection

  CEO

  Keith St. Clair

  CEO

  ESJ Collection

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  Ricardo Alvarez-Diaz

  Ricardo Álvarez‐Díaz is the founder and principal of Álvarez‐Díaz & Villalón®: a leading architectural and interior design firm, headquartered in San Juan, Puerto Rico with offices in Miami, Florida. Over its fifteen-year history, this dynamic firm, has performed work in the United States, Central America, South America and the Middle East; and was recently included as one of the top 50 leading retail design firms in the U.S. by VMSD. Álvarez‐Díaz began his career working in New York for famed architect and educator Robert A.M. Stern and studied architecture in Italy and the United States, where he received his Professional Bachelor of Architecture degree from The University of Notre Dame. In 2016 Alvarez-Diaz was named one of the Top 15 Architects in Miami by Builddirect.com and in 2012 as one of the Top 40 Under 40 by Caribbean Business, the leading financial publication for the Caribbean Basin area. Alvarez-Diaz is a prolific author and has been published in a variety of leading industry publications. He also served as former section editor for the Institute of Classical Architecture’s annual magazine The Classicist. He and his firm have been featured in numerous books, newspapers, and magazines, both stateside and abroad, including, Architect, Interior Design, Affordable Housing Finance, Retail Middle East, Nexus, Bloomberg, VMSD, Ocean Drive, Interiors and Sources, Retail: Design, and Green Building & Design magazines. Álvarez‐Díaz frequently lectures, both stateside and on the island, on contemporary architectural and design topics, and in particular, issues of architectural design and productivity, energy performance, and sustainability. In November of 2015, Mr. Álvarez-Díaz became the President of Puerto Rico Builders Association: marking the first time in the organization’s sixty-four- year history that a licensed architect has been named to this prestigious post. Álvarez-Díaz also serves as Board of Trustees President for the Puerto Rico Foundation for Architecture and as founding Co- Chair of the Local Urban Land Institute (ULI) district council. He is a member of the Young Presidents Organization (YPO), and has been actively involved on major council boards and advisory panels at various renowned institutions, both in the United States and Puerto Rico, including Habitat for Humanity, Foundation for Puerto Rico, Ponce Museum of Art, Puerto Rico is the Answer, Juntos por Puerto Rico, Saint John's School, the PR Center for Social Concerns, and Citizen Effect: a nonprofit organization based in Washington D.C. In partnership with his wife, interior designer Cristina Villalón, he cosponsors the Álvarez- Díaz & Villalón Fund at the University of Notre Dame. Annually, the fund bestows a summer internship prize, plus two student scholarship awards; at both the undergraduate and graduate levels within the School of Architecture for outstanding leadership and sustainability in design. Álvarez-Díaz is the proud father of three beautiful daughters, a rock-jazz drummer, and an ardent fan of the Notre Dame Fighting Irish. He is licensed to practice architecture in Florida, New York and Puerto Rico.

  Álvarez‐Díaz & Villalón

  Founder/Principal

  Ricardo Alvarez-Diaz

  Founder/Principal

  Álvarez‐Díaz & Villalón

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  Nicholas Prouty

  Nicholas Prouty is the founder and CEO of Putnam Bridge, a firm engaged in the acquisitions and management of distressed landmark properties in the United States and abroad. Mr. Prouty has been a real estate principal in several companies, including a General Partner of Hudson Cross Financial, a company engaged in the acquisition and disposition of foreclosed houses on a nationwide basis. In addition, he has served as an advisor to many specialty real estate companies. Within the last year, Mr. Prouty's firm has been active in Puerto Rico and has made two significant nine figure investments. Those investments include the acquisition of Ciudadela, a mixed use real estate development in Santurce and Puerto del Rey, the largest marina in Puerto Rico. Mr. Prouty formerly headed acquisitions and restructuring for a $1+billion hedge fund focused on asset based lending and real estate finance. Prior experience also included serving as Managing Partner to a prominent family office, and as treasury analyst at Lazard Freres & Co. Mr. Prouty is the founder of the Habitat Support Foundation, a non-profit entity based in Washington, D.C. engaged in providing non-recourse loan guarantees to Habitat for Humanity. Mr. Prouty received a Bachelors of Arts in European History from the Claremont Colleges in Claremont, California. He is married, has two children and lives in San Juan, Puerto Rico.

  Putnam Bridge Funding

  Chief Executive Officer

  Nicholas Prouty

  Chief Executive Officer

  Putnam Bridge Funding

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  Michael McDonald

  With over 30 years of experience in various senior executive roles within the financial services industry, Michael McDonald, has extensive expertise in asset management, investment banking and commercial banking. As Business Group Director of Firstbank Puerto Rico, Michael oversees Corporate Banking, Business Banking, Commercial Transaction Banking, Platinum Banking, and FirstBank Securities. He leads a team of more than 20 seasoned relationship officers responsible for a loan portfolio of more than $2 billion. His team also provides support in underwriting, structuring and relationship management to other departments and affiliates of the Bank including the USVI and FirstBank Florida. Prior to Firstbank, Michael was President of a leading bank-owned securities and retail brokerage firm where he developed strategies to gather and manage retail and institutional financial assets while managing complex control and regulatory issues. Throughout his career, he has advised large and small, private and public companies in the areas of financial strategy and capital raising. Michael has a B.A. from Boston College and M.B.A from the Harvard Business School.

  FirstBank Puerto Rico

  Executive Vice President

  Michael McDonald

  Executive Vice President

  FirstBank Puerto Rico

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  Adam Greenfader

  Adam Greenfader is a global real estate professional with a proven track record in over 52 new construction projects in the Caribbean, Latin America, Europe, and the United States. Adam knows how to seamlessly manages multiple development projects simultaneously, with an entrepreneurial mindset and deal mentality. Mr. Greenfader has an expertise in cultivating high-performing sales teams with great comfort being in the sales trenches and recruiting – 1,032 new units sold. Adam holds a Master of Real Estate Development from the University of Southern California and a Certificate of Urbanism, Université de la Sorbonne. Adam Greenfader is an active member in the National Association of Home Builders, Green Building Council, and Urban Land Institute. He has garnered many awards and accolades over the years including Business Executive of the Year, Top Management in Real Estate, Enterprising Executive, and just recently "Most Innovative Marketing Award" from the Miami Beach Chamber of Commerce.

  Fortune International Realty

  New Development Specialist

  Moderator

  Adam Greenfader

  New Development Specialist

  Fortune International Realty

Investor Sentiment

Major Projects & What is the Driving Capital Force Behind Them

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  Carlos Rosso

  Carlos Rosso is the Founder of Rosso Development, a fully integrated development firm focused on high-end boutique development opportunities. Rosso is set to oversee multiple upcoming awe-inspiring projects in key markets in South Florida and Latin America—with the first ever The Standard Residences in Midtown Miami as his debut project. Rosso founded Rosso Development in 2020 after nearly 20 years with The Related Group, where he was a driving force behind the company’s condominium operations. As the president of the condominium and international development divisions, he oversaw all facets of condominium development domestically and internationally. Over the course of his career, Rosso developed well over 16,000 units, and in the process, mastered diverse development disciplines including construction, project financing, land acquisition and sales and marketing. Under his leadership, Related successfully delivered iconic projects including the 1,600 unit Paraiso District in Miami; Residences by ARMANI/CASA designed by César Pelli; Hyde Beach House; Park Grove by OMA/Rem Koolhaas; Auberge Beach Residences and Spa in Fort Lauderdale; SLS Cancun & Residences in Mexico; and V:HOUSE in Brazil. Prior to his time at Related, Rosso held a number of positions across global development firms, having served as Vice President of Real Estate Development for Investment Properties Ltd. in Boston; and ten years as Project Director for Besix International, overseeing the development and construction of over ten million square feet of multi-family, hotel and office buildings in Europe, the Middle East and Africa. Rosso graduated summa cum laude from the Universidad de Buenos Aires with a master’s degree in Architecture. He also earned a master’s degree in Real Estate Development and Finance, with the highest honors, from the Massachusetts Institute of Technology (MIT). www.rossodev.com

  Rosso Development

  Founder

  Carlos Rosso

  Founder

  Rosso Development

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  Neil Freeman

  CEO

  Aries Capital

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  Mark Hafner

  Mark is Chief Executive Officer and co-founder of HASTA Capital. Headquartered in Mexico City, HASTA is focused on the investment, development and property management of residential multifamily rental assets in Latin America, employing its intense operational focus to build best-in- class local platforms. HASTA combines its specialized operational expertise, a rigorous analytical methodology and meticulous attention to detail, sustainability and quality control throughout the development process in order to create world class buildings and living environments that improve their cities and generate superior risk adjusted returns for their investors. Prior to founding HASTA, Mark was Senior Managing Director at Greystar, the largest operator of apartments in the U.S. In over 12 years at Greystar, Mark held multiple leadership roles across the company, most recently leading Greystar’s international expansion into Europe and Latin America where he oversaw the investment and development of over 30,000 residential units in Europe and Mexico. Mark previously led Greystar’s acquisitions, dispositions and asset management for the Eastern U.S. During his tenure with Greystar, Mark led the investment, acquisition and development of over $9.0 Billion USD of multifamily rental properties and student housing.   Mark received his M.B.A. from Harvard Business School and a B.A. from The State University of New York at Oswego.  He previously worked at Merck & Co. and Clear Channel Communication. He is a member of the Young Presidents Organization (YPO).

  HASTA Capital

  CEO

  Mark Hafner

  CEO

  HASTA Capital

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  Jay Smith

  Jay is the President and CEO of nFusion Consultancy, a South Carolina based real estate advisory firm formed in 2009 during the midst of the United States’ real estate led recession. Since its founding, Jay’s team has been responsible for acquiring key land positions, purchasing and selling significant operating assets, and for providing development services to public and private investment funds. nFusion maintains its own portfolio of real estate assets, and has delivered over 11,000 finished lots and 1,000 plus acre resort mixed use communities. The firm is active along the East Coast of the United States and in the Caribbean basin, and is currently overseeing the planning, predevelopment and development of over 2,500 units in the US and Puerto Rico Jay began his career in the hospitality development sector in 1981 when he joined Sands Investments, a Carolina based resort developer that delivered over 6000 units throughout the Carolinas and the Caribbean from 1981-1986. From 1986 until 2003 he owned, developed and operated several ocean front hospitality properties. From 2003 through 2008 he led mixed use projects in the Carolinas for major developers including Burroughs & Chapin Company and Newland Communities. Jay is a member of ULI and has served as Chairman of the Planning Commission for the City of Myrtle Beach and as President of the Myrtle Beach Hospitality Association.

  nFusion Consultancy

  President

  Jay Smith

  President

  nFusion Consultancy

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  Karyl Argamasilla

  Karyl Argamasilla is an Of Counsel Attorney in Bilzin Sumberg's Real Estate Group. Karyl focuses her practice on structuring and executing large commercial real estate transactions. She has represented national and local developers, lenders, landlords, tenants, sellers and purchasers in engagements such as acquisition, disposition and operation of property, development, financing, loan restructuring, leasing, condominium documentation and general corporate matters. Projects include office buildings, multi-family, restaurants, shopping centers, hotels, aircrafts, schools, condominiums, mixed-use and lot developments. She prepares and registers condominiums, as well as conversions, with the Florida Division of Land Sales Condominiums and Mobile Homes and the U.S. Department of Housing and Urban Development, and handles compliance matters with both agencies.

  Bilzin Sumberg

  Attorney

  Moderator

  Karyl Argamasilla

  Attorney

  Bilzin Sumberg

Hospitality & Lifestyle

Driving Development in Emerging Markets

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  Colin Hannan

  Founder

  The Foundry Collective

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  Mike Wilson

  Mike is OBM International’s Chief Operating Officer, overseeing all financial, human resource, information technology, legal and business issues. Mike’s leadership and direction in these areas allows his OBMI colleagues to focus their time where it matters most – on design excellence and client service. Mike is a UK qualified Chartered Accountant with broad, multi-sector, business advisory experience developed primarily as a Director with KPMG in London. Drawing upon his background in business and finance Mike is uniquely positioned to add value to OBMI’s Development Consultancy services for our clients, bringing his breadth of understanding of the key financial factors to developing a successful project.

  OBM International

  COO

  Mike Wilson

  COO

  OBM International

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  Jose Gelabert-Navia

  With thirty four years of experience as an architect, Mr. Gelabert-Navia is the Regional Director for Latin America of Perkins+Will. Jose has been involved in a variety of projects, including academic buildings, museums, corporate and residential work. He is an expert in complex mixed-used projects involving a variety of markets including retail, housing, and offices. He has also been involved with Civic, Healthcare and Education projects in both the United States and Latin America. Jose is currently a Professor of Architecture and formerly the Dean of the School of Architecture at the University of Miami.

  Perkins + Will

  Regional Director Latin America

  Jose Gelabert-Navia

  Regional Director Latin America

  Perkins + Will

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  Christian Glauser Benz

  Christian Glauser Benz is the Managing Partner of Swiss based Leman Holdings, a boutique real estate investment and advisory platform with offices in Switzerland and the US. The group recently announced expansion plans for North America with a new $1.5 billion investment in luxury hospitality and mixed-use projects across the US, Mexico and the Caribbean. www.lemanholdings.com

  Leman Holdings

  Managing Partner

  Christian Glauser Benz

  Managing Partner

  Leman Holdings

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  José Izquierdo II

  José R. Izquierdo II, Esq., was appointed by the Governor of Puerto Rico Ricardo Rosselló Nevares as Executive Director of the Puerto Rico Tourism Company on January 2017. Prior to his appointment, Izquierdo practiced law in San Juan and served as Secretary General Secretary of the World Boxing Organization (WBO) and as Chief Executive Officer of both the North American Boxing Organization (NABO) and the Intercontinental Boxing Organization, establishing himself as a prominent figure in the sport at an international level. Izquierdo also served as Assistant Secretary and Director of Legal and Legislative Affairs at the Department of Economic Development and Commerce of Puerto Rico.  The Executive Director of the Puerto Rico Tourism Company received a BA in History and Latin American and Iberian Studies from Haverford College, Haverford, PA, in 2005, having also spent a year studying International History and Government at the London School of Economics and Political Science. As an undergraduate, Izquierdo was selected for a prestigious White House internship. After gaining considerable experience as advisor to various key legislative committees, Jose received a JD from the University of Puerto Rico School of Law in 2011, where he was a staff editor of the UPR Law Review, class president, and president of the Federal Bar Association (FBA).

  Puerto Rico Tourism Company

  Executive Director

  José Izquierdo II

  Executive Director

  Puerto Rico Tourism Company

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  Francisco Luis

  Tax partner with over twenty five years of experience in public accounting, including the “Big Four” and private consulting practice. Sector experience Francisco engages in the design and development of tax planning and consulting strategies. This includes tax services in the area of mergers and acquisitions, business reorganizations, partnership transactions, tax incentives and exemptions, individual and corporate tax issues, personal financial matters, and others. Francisco has experience in assisting clients before the Internal Revenue Service, the Puerto Rico Treasury Department, the Municipal Revenue Collection Center, and various municipalities. He also possesses extensive tax compliance experience. Professional qualifications and memberships: Francisco is a graduate of the University of Puerto Rico with a bachelor’s degree in business administration, major in accounting. He obtained his Juris Doctor degree from the University of Puerto Rico Law School. Professional affiliations and memberships He is a member of the Puerto Rico State Society of Certified Public Accountants and the American Institute of Certified Public Accountants. As part of his involvement with the Puerto Rico State Society of Certified Public Accountants, he is a former president of the San Juan Chapter, past member of the Board of Directors and has also led various committees, including Strategic Planning, Ethics and Regulations. In addition, he serves as technical instructor in various seminars sponsored by the Puerto Rico State Society of Certified Public Accountants.

  Kevane Grant Thornton

  Partner

  Moderator

  Francisco Luis

  Partner

  Kevane Grant Thornton