One of Grand Cayman’s busiest hotels, the 295-room Marriott Beach Resort on Seven Mile Beach, has been sold to the London and Regional global property investment group.
The recently renovated resort was expected to sell for more than US$100 million when it went on the market in January.
CBRE Hotels, the company that negotiated the sale, confirmed Wednesday that the U.K.-based group had acquired the property from Genbar Cayman Company, Ltd. They declined to reveal the final purchase price.
More than $15 million was spent on the hotel in 2013 and 2014, including extensive renovations to the guest rooms and a complete refit of the lobby and restaurants. The new owners are considering further upgrades to the spa and pool area.
Marriott Hotels has a long-term contract to market and manage the property and the resort will remain part of the Marriott brand, meaning the sale will not have an impact on staff.
London and Regional describes itself as a global investment business with a portfolio of over 9 billion pounds (CI$11 billion) and offices in London, Ireland and Panama.
It has an extensive portfolio of hotel investments, including the Hilton in London’s Park Lane, the Columbus in Monte Carlo and the recently acquired Fairmont Royal Pavilion in Barbados.
Christian Charre, senior vice president of CBRE Hotels, the Los Angeles-based commercial real estate firm, said there had been plenty of interest in the Grand Cayman property. “Because of the quality of the asset and the destination, investors from the United States, Europe and Latin America competed for this remarkable resort, ultimately awarded to a European buyer,” Mr. Charre said in a press release issued by CBRE.
Paul Weimer, vice president of the company, said “Ownership did an excellent job shepherding this property through the downturn and positioning it for sale. Our buyer jumped on the opportunity to acquire a top property in a very supply-constrained market.”