Florida company invests in Grand Cayman Marriott Beach Resort

Led by a Florida company new to the Cayman Islands market, a group of investors has injected a substantial amount of capital into the Grand Cayman Marriott Beach Resort, promising significant renovations to the property beginning in summer 2012. Private Equity Group is a private equity firm based in Fort Myers, Florida, that purports to have completed more than $1 billion in transactions in the past decade.

The Marriott organisation and Gencom Group remain as key shareholders in the resort, according a news release.

“As new co-owners of this magnificent property, we along with our partner The Gencom Group, look forward to combining our experience in property ownership and development with the expertise of the Marriott Corporation and the resort’s professional staff headed by General Manager Enrique Tasende. We have every confidence in the future of these islands and are pleased to be among our new friends and business associates in Grand Cayman,” said Private Equity Group CEO OJ Buigas.

The resort opened in 1990 and was rebranded as a Marriott in 1997-1998. Following Hurricane Ivan in 2004, the property was renovated and in 2006 was sold to new owners, including Gencom Group, which is headquartered Miami, Florida.

According to the news release, Mr. Buigas said Marriott – which manages the property – has approved renovations to begin in summer 2012 and throughout the upcoming years. “All guest rooms and corridors will be renovated as well as the lobby, the ballroom and meeting rooms, restaurants, kitchens, and landscaping,” according to the news release.

The recapitalization of the Seven Mile Beach resort was facilitated by local businessmen Gene Thompson and Harry Chandi in close consultation with the Cayman Islands Government, according to the news release.

Please see the full story in next week’s edition of the Caymanian Compass.