the Sheraton Old San Juan is right across from the cruise terminal. If you are going on a Princess cruise, you just walk right across the street. Old San Juan is very interesting to explore, even on your own, and you could find plenty to sightsee and shop for the day. Also, even though your cruise leaves late in the evening, it is always fun to board the ship early, and as you probably know, you are usually allowed on any time after 12:00 noon. If I remember correctly, the cab from the airport to that location is somewhere in the $20 range.
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