Pre-construction sales start for 10-storey Hyatt Centric hotel

The Hyatt Centric hotel on Seven Mile Beach will launch sales this week through the Cayman Islands Real Estate Brokers Association’s multiple listing system, according to RE/MAX realtor Kim Lund, who will act as the exclusive broker for the new development.

“We expect the current Margaritaville property will be demolished early next year and pending planning approval we anticipate the property to be complete by mid- to late-2028,” Lund said.

The 316-key Hyatt Centric will include 160 rooms in the hotel and 156 condominium residences.

“All of the rooms will have a full kitchen, a washer, drier and an owners’ closet,” said Lund, who added that prices will range from US$675,000 to US$2.3 million.

“While prices will increase as we start selling, we expect a quick sellout for this property, due to the low prices, tremendous value and attractive boutique design and facilities.”

The new Hyatt Centric will feature 26 more units that the old Margaritaville hotel – which began its pre-construction life as Paradise Manor and later became Treasure Island –  but while Margaritaville was a five-story building, the plans for new development are for a 10-story hotel with a large swimming pool, special events spaces, a fitness centre, pickleball and tennis courts, and other facilities such as a restaurant and café.

As Compass media reported earlier in the year, the property sold in in December 2024 for $8.6 million and following the sale, a planning notice was submitted for the redevelopment of the 5.43-acre site.

Hyatt Centric is billed as a brand of Hyatt hotels “highlighted by a global portfolio of vibrant hotels with culturally immersive experiences and spaces”.

Mike Stroh, founder and principal architect of Trio Architecture in Grand Cayman, which is working on the project, told the Compass that Hyatt had been attracted to Grand Cayman because the company felt there was a “huge opportunity for a lifestyle hotel … with a variety of offerings” on the island where there are already several five-star, more expensive hotels.

Trio Architecture previously worked on the transformation of the former Treasure Island into a Margaritaville resort and is also working with the Hyatt group on its 10-storey Grand Hyatt hotel, which is nearing completion at Pageant Beach, on the edge of downtown George Town.

The website for the Hyatt Centric Grand Cayman says, “the plan to bring a Hyatt Centric to Cayman is part of the company’s expansion ambitions over the next few years. It already has 70 hotels worldwide, including in the Dominican Republic, Egypt and China, and plans to open at least 35 more by the end of 2028.”