Beginning August 15, the iconic El San Juan Hotel & Casino will close temporarily while it undergoes renovations.

The complete transformation will include the resort’s 35,000 square feet of meeting and event space, as well as upgrades to the beachfront property’s 387 guestrooms and suites, 15 bars and nine restaurants and spa and fitness facilities.

In July last year, it was announced by asset management firm Fundamental Advisors LP that along with partners León, Mayer & Co., and Aimbridge Hospitality, it had acquired the resort property located in Puerto Rico’s Isla Verde district in San Juan from an affiliate of Blackstone. Following that announcement, Jeff Lesker, the property’s new general manager said in October 2015 that the new owners would be embarking on a $40 million renovation and rebranding that was to being in April this year and be completed by this fall.

At the time Lesker said that the property would remain operational during the remodeling to be completed by New York-based design firm Jeffrey Beers. Also to be included in the makeover was the 7,500 square-foot casino, which Lesker said had recently undergone remodeling, but would likely be integrated into the new design.

Commenting on the current remodeling plans of the former Hilton property, Andro Nodarse-León of León, Mayer & Co., which in addition to being one of the owners is also the resort’s asset manager, said that they look forward to revitalizing the one-of-a-kind property and “the updates will pay homage to the historical status of this property as an iconic luxury lifestyle and entertainment resort, while incorporating a playfully elegant feeling to the modernized setting,” according to Meetings & Conventions.

Designed by Morris Lapidus and Max Borges, the landmark hotel, which overlooks two miles of beach, opened in 1957. At 11,000 square feet, the hotel boasts the second largest grand ballroom in San Juan. And in addition to its casino, three pools, award-winning restaurants, bars, lounges, and nightclubs, claims 12 beachfront acres. Located just two miles from Puerto Rico’s international airport, the property is situated in a neighborhood known for beautiful beaches, upscale boutiques, and vibrant live music venues, restaurants and bars.

In other Puerto Rico news, Victor Pizarro, Internal Revenue Assistant Secretary for the Department Of Treasury announced in May that the Department Of Treasury suspended plans to legalize up to 100,000 video lottery terminals (VLTs) until such time as the lawsuits brought by The Association Of Slot Machines Owners and The Puerto Rico Hotel And Tourism Association are resolved.