We just got back from Gran Porto Real and happy to say it's in very good shape. In fact, they are getting a lot of the overflow from Cancun hotels, so it is fairly full. As far as we could tell, 80% of the rooms are open. Some of the first floor rooms are still being worked on, but you wouldn't know it if you weren't looking for it.
I will say that some the of the hammering and sawing into the middle of the night was annoying, but it's to be expected with the hotel trying to get ready for Christmas.