The Coconut Harbour hotel has been sold for the second time in a year.
This time the South Church Street property has been bought by a group consisting of local businessmen Mike Brown, Herb Peintner and John Robertson, the latter said Tuesday.
The purchase price was in the range of $4 million.
‘We’ll be restoring it to its former glory,’ said Mr. Robertson, who is also involved with the telecommunications company Cayman One.
Coconut Harbour, which was once known as the Casa Bertmar Dive Resort, has a long history as a hotel for divers.
Opened in the ’60s, the Casa Bertmar Dive Resort became known for its attraction called ‘Waldo’s Reef’ right off shore, where a large green eel was trained to be hand-fed by divers every afternoon.
In the ’90s, the Blue Parrot Bar and Grill became a popular spot for residents before being destroyed by Hurricane Michelle.
Mr. Robertson said the purchasing group will restore the 35-room hotel, the bar and restaurant, and the dive shop.
The new name of the establishment will be announced at a later date, Mr. Robertson said.
The property was extensively damaged during Hurricane Ivan. Lumber arrived at the site last weekend for the reconstruction process.
Mr. Robertson said negotiations were still under way with contractors, but that he anticipated construction would start very soon and that the project would be completed by the end of the year.
Last July, a group headed by local entrepreneur and nightclub owner Harry Lalli purchased the property,
The group was all set to begin remodelling the property in September, and had already applied for a liquor licence and ordered materials.
Hurricane Ivan changed their plans and Mr. Lalli’s group resold at a substantial profit.