The Puerto Rico Tourism Company was created during Governor Luis A. Ferré's administration to coordinate the marketing and growth of Puerto Rico's tourism sector. It is governed by a Board of Directors appointed by the Governor of Puerto Rico with the advice and consent of the Senate of Puerto Rico and an Executive Director appointed by the Governor with the Senate's advice and consent.
Over the years, it has taken over several tourism-related government functions, such as the regulation and supervision of hotel casinos and of taxis. It also licenses small inn, known as a Parador, under the "Paradores of Puerto Rico Program".
PRTC is headquartered at the building that housed the old "La Princesa" jail. In addition to PRTC offices, La Princesa also houses an art gallery named after former PRTC Executive Director Miguel Domenech that features the agency's art collection as well as other exhibits.