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Major Cayman hotel up for sale

| 29/01/2015 | 2 Comments

(CNS Business): Following a $15 million facelift, one of Cayman’s leading Seven Mile Beach hotels is on the market. According to a release from CBRE, the US-based agents managing the marketing process, the Grand Cayman Marriott Beach Resort is up for sale. No price tag has been revealed for the 4.74-acre oceanfront site on the West Bay Road but the agents appeared confident in the release that the 295-room hotel would be snapped up.

Built in 1990, the Marriott sits on 300 feet of Seven Mile Beach and had a recent extensive renovation. It is the closest full-service hotel to the airport and had an average occupancy level of more than 72% in 2014, even before the upgrade.

“The Cayman Islands are one of the most popular destinations in the Caribbean, renowned for its beautiful beaches, world-class diving and off-shore banking sector,” said Paul Weimer, Vice President of CBRE Hotels. “This a fantastic opportunity for a value-add investor to capitalize on strong market fundamentals and acquire the most desirable resort in Grand Cayman at a significant discount to replacement cost. There are also no more developable tracts of land on Seven Mile beach, making this a truly irreplaceable property.”

The resort features approximately 6,000 square feet of function space, including a 4,260-square-foot divisible ballroom and two meeting suites, and guest rooms, including 22 suites ranging from 370 to 600 square feet.

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Category: Local Business, Real Estate, Stay-over tourism, Tourism

Comments (2)

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  1. Anonymous says:

    getting out before it is too late smart move

  2. Anonymous says:

    So amazing when “apparently” air arrivals are up… Here’s an on the ground report – not busy. Everything is empty, restaurants, stores and hotels. The CBRE is reporting a 72% occupancy rate. You do the math. I doubt, strongly, that the hotel will be “snapped up”.

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