Cayman to get another shot of Margaritaville

| 11/11/2015 | 8 Comments
CNS Business

Treasure Island Resort, Grand Cayman

(CNS): The Treasure Island hotel in the heart of Grand Cayman’s tourist district is to become a full-scale Margaritaville Resort, new owners have said. Howard Hospitality Group (HHG) has bought the site, which was on sale for just over $15 million, and said it is already planning a major redesign and renovation of the building to convert it into a branded beach resort. The owners said it would open in December 2016, complete with and a two-story Margaritaville pool slide, multiple bars and restaurants and 280 rooms.

The hotel, which is home to a number of long-term tenants, will remain open during renovations under HHG’s management, the firm said in a release.

“The Margaritaville Beach Resort on Seven Mile Beach will provide a new and exciting hotel experience for Grand Cayman,” said Howard Sitzer, Chairman and CEO of HHG. “Authentically Caribbean, this luxury resort will embrace local tastes, sights and sounds and provide quality and vibrant entertainment for visitors and guests.”

This is not the first Margaretville in Cayman. George Town already has a branded bar and restaurant, inspired by the lyrics and lifestyle of singer, songwriter and author, Jimmy Buffett, but the new resort will be on a much bigger scale and will cater to overnight guests as well as cruise ship passengers, which are the downtown bar’s main customers.

“We’re thrilled to partner with HHG and expand our rapidly growing portfolio of resort properties into the Cayman Islands,” said John Cohlan, CEO of Margaritaville Holdings. “As a lifestyle brand focused on escapism and relaxation, we’re excited to bring the Margaritaville resort experience to Grand Cayman.”

Renovations are expected to begin early in the New Year the new owners stated and once open, the operational management will be led by Trust Hospitality of Miami.

The first resort was launched in Key West, Fla. in 1987 but has since expanded to other US destinations, including Orlando and Las Vegas, Pensacola Beach, Hollywood Beach, Bossier City, and Pigeon Forge. It also has timeshare properties, casinos and a cruise experience.

Treasure Island up for sale

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

Comments (8)

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  1. Anonymous says:

    I can't believe anyone paid $15million for this mouldy dump. It will be interesting to see how long it takes HHG to realise that the only economical way to bring TI up to any reasonable standard is to attack it with a wrecking ball and start again from scratch.

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  2. Anonymous says:

    Classy. Really classy.

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  3. Fred the Piemaker says:

    "this luxury resort will embrace local tastes, sights and sounds and provide quality and vibrant entertainment.. " The new owners know about the attempted murder in the loft, the body in the pool, the various drugs busts, the body in the hotel room, then

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  4. Anonymous says:

    OMG what a travesty, just what Cayman hopes for "riff raff" tourists. Shame.

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    • Anonymous says:

      Can't expect more if the runway is not lengthened.

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  5. Anonymous says:

    Are we sure Dart didn't buy this too

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    • Eddie A. Ebanks says:

      I hope government got the sales tax from this transaction.
      Gov't has never collected any stamp or room tax from that property over the last thirty years.

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      • Garfield says:

        This is very true even as the CIG goes after the little guy who rents out one room in his house to tourists. Guess it just depends on who you know in Cayman.

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