Dart Real Estate has bought The Ritz-Carlton, Grand Cayman, adding the luxury resort to its growing portfolio of properties along the Seven Mile Beach corridor.
The hotel will continue to be operated by the Ritz-Carlton brand under a long-term management agreement.
The deal to acquire the property from alternative investment firm Five Mile Capital Partners, LLC, was confirmed late Friday.
Dart Real Estate president Jackie Doak said there would be no impact on operations.
“The Ritz-Carlton, Grand Cayman has been the standard bearer for excellence in the region for more than a decade,” she added.
“We look forward to working with management on the preservation of the resort’s legacy, enabling the Cayman Islands to retain its position as a preferred luxury Caribbean destination for visitors and investors alike.”
Mark VanDevelde, CEO of Dart Enterprises, said the acquisition demonstrated Kenneth Dart’s confidence and “willingness to invest in the strength and resilience of the Cayman Islands economy.”
See Monday’s Cayman Compass for full story.