A new amendment to a strata law will allow for the sale of hotel rooms in the Cayman Islands.
The bill for amendment was passed in the Legislative Assembly on Thursday, having been read and reported on by Planning Minister Julianna O’Connor-Connolly.
The bill was for a law to amend the Strata Titles Registration Law (1996 Revision) to confer upon the Governor in Cabinet the discretion to allow the registration of a strata plan over a single parcel of land being used or intended to be used as a hotel.
The Minister pointed out that under the previous legislation hotel rooms could not be sold, but the amendment being proposed would allow for this.
She said allowing sale of rooms would allow an investor to make a return while the hotel has use of the rooms.
Leader of the Opposition Kurt Tibbetts said he believed that the amendment is not complicated.
He cited the Ritz-Carlton, Grand Cayman as an example.
He pointed out that the resort consists of a hotel with condos.
The condos are located on their own parcel of land, he said, on a parcel separate from the hotel.
This amendment, he said, will allow both conditions to exist on the same parcel.
He said his party was happy to support the bill.
Minister O’Connor-Connolly said Government has received advice from tourism industry experts that the Cayman Islands need to attract tourism investment.
She said the amendment would provide new forms of funding for the islands.
East End MLA Arden McLean said he supported the bill because the amendment would support and encourage large-scale development in East End.
The Minister also said the bill is an important step to ensure the outer districts and Sister Islands have an opportunity for revitalisation.