There is a new player in Cayman’s hospitality industry.
A Japanese real estate investment firm has bought the Westin and Sunshine Suites hotels.
Invincible Investment Corporation paid US$285 million for the Westin and US$55.3 million for the Sunshine Suites, inclusive of taxes and fees, according to data on the company’s website.
The 343-room Westin resort on Seven Mile Beach underwent a CI$50 million renovation that concluded in October last year. Sunshine Suites, which has 132 rooms, was under the same ownership. Both hotels were bought in 2015 by a private, U.S.-based investment group.
The sale to Invincible Investment Corp. was completed on Friday, Sept. 28. The firm specializes in real estate and has an extensive portfolio of hotels, residential developments and offices throughout Japan.
The two Grand Cayman hotels are the only overseas investments listed on the company’s website.
Cayman-based Blue Point Consultants Ltd. worked with U.S.-based commercial real estate firm CBRE Group to broker the deal.
Fleur Peck, managing director of Blue Point, said: “We are all very excited to see a new major international real estate investor enter the Cayman Islands’ market. They come with a wealth of knowledge and experience in the hospitality sector and will offer a new perspective to the Cayman tourism industry. The hotel attracted a number of credible local and overseas interest[s] for what is perceived as one of the most attractive properties in Cayman.”
Jim Mauer, managing director of the Westin Grand Cayman, said Pyramid Hotel Group, which runs the property, had been retained and there would be little immediate change in the day-to-day running of the property.
He said Invincible had a vision for a long-term investment in the hotel and was interested in investing in further upgrades to the property. During a two-year renovation project, under the previous owners, all of the Westin’s 343 rooms and suites were updated, and extensive effort was put into reshaping the corridors, public spaces, pool deck and retail gallery. The elevators were replaced and the lobby and bar renovated to create floor-to-ceiling glass windows that offer a view of the ocean.
Mr. Mauer said other areas of the hotel that could be upgraded or developed included bars, restaurants and the spa.