The Holiday Inn, one of the only large Caymanian-owned hotels on Grand Cayman, has been sold to a Chicago-based investor.
Reginald Delapenha, co-owner and director of Grand Caymanian Ltd., which owned the North Shore property, said the sale had been finalized last week.
The hotel, formerly a Ramada, was renovated, expanded and rebranded as a Holiday Inn, since being bought by Mr. Delapenha and his business partners in 2010.
“The plan was to get it up to where it is and then to look at selling. I think the time was right,” said Mr. Delapenha this week.
“We feel we have made a good impact on the tourism product.”
As well as rebranding the venue as a Holiday Inn, he said, the group had developed the property, adding an additional 84 rooms.
Mr. Delapenha, whose principal interests are in construction and development, said he would be focusing on other projects.
The 173-room property, which includes 56 time-share units, was sold to Chicago-based SRE Acquisitions II, LLC, which also acquired the unsold time-share inventory.
Paul Weimer, of Miami-based CBRE Hotels which brokered the deal, said the new owners would make some modifications to the property but it would remain a Holiday Inn.
He said the hotel had not stayed on the market for long.
“We specialize in the Caribbean and investors are always interested in Cayman. It is stable, safe, has beautiful beaches and has real diversity of things to do,” Mr. Weimer said.
Recent sales history suggests Cayman’s hotels are in demand for major investors. The Ritz-Carlton, the Marriott and the Westin have all been sold to new owners in the past two years.