Dart Real Estate announced this weekend that it has purchased the site occupied by the Royal Palms Beach Club.
“We are pleased to announce this addition to our portfolio,” Dart Real Estate President Jackie Doak said in a press release. “We believe it is a logical acquisition, as the property will integrate well with our Camana Bay development due to its adjacent position.”
James Smith, company secretary of Coral Apartments Ltd., which owned the site, said, “The company has decided to sell the property. The Dart organization is known for its high quality real estate developments and there is every indication that the property will be developed in a manner that will be good for the Cayman Islands.
Neither Dart nor Coral Apartment disclosed the sale price.
The property is 3.49 acres, including 300 feet of beach and runs from the beachfront to West Bay Road. It is currently home to the Royal Palms Beach Club bar and restaurant on the waterfront and a large parking lot. It was previously the site of the Royal Palms Hotel, which burned down in 1988.
Dart is carrying out a $300 million expansion to Camana Bay, in which broad landscaped bridges and elevated land will connect the town center to a planned five-star hotel on Seven Mile Beach. The company has built an underpass on the Esterley Tibbetts Highway with an elevated walkway, and similar engineering work is planned for West Bay Road.