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 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 Grand Cayman Marriott has 295 guest rooms, including 22 suites, La Mer Spa, five food and beverage outlets, and 13 meeting rooms. The resort employs nearly 250 people.
The recapitalisation of the Seven Mile Beach resort was facilitated by businessmen Gene Thompson and Harry Chandi in close consultation with the Cayman Islands government, according to the news release.
Premier McKeeva Bush said, “It is very encouraging to see new investors doing business in the Cayman Islands. The purchase and improvement of the Marriott Grand Cayman property by Private Equity Group, Gencom Group and other shareholders is an indicator that investors believe the Cayman Islands are a good place to do business and that we have a bright future. The policy of this government is to encourage and facilitate inward investment. We welcome Private Equity Group and, in particular, its CEO, Mr. OJ Buigas, to the Cayman Islands. I wish them a long and prosperous business venture in our country.” Sheena Conolly, broker/owner of Cayman Islands Sotheby’s International Realty, said she attended a tourism industry luncheon 10 November and already noticed many positive changes. She did not know if that was on account of the new ownership group, but was optimistic it would be indicative of future improvements planned for the Marriott. “Hopefully they continue to make upgrades and improvements. That’s what Cayman needs,” she said. “People are becoming more and more discerning and demanding increased quality in all genres. It’s great if that’s what happens to the Marriott. Continuing improvements are welcome news and I congratulate the new people involved and wish them well.”
.jpg)
Related Videos
