More than half of the apartments at the Hyatt Centric Resort on West Bay Road have been sold, just a few months after the 10-storey hotel was given planning permission and before ground has been broken on the new development.
The Hyatt Centric will be located at the former Margaritaville Beach Resort site and will contain studios, one bedroom and two bedroom apartments with ocean views and full kitchens.
Swift sales so far
Real estate agent Kim Lund, who is marketing the property, said that sales were “doing really well” with studio apartments proving particularly popular due to the US$695,000 starting price.
So far, sales have been keeping in line with tourism visitors to the Cayman Islands, said Lund, with around 80% of purchasers from the US, 10% from Canada, between 5% and 8% from Europe and the remaining percentage from the rest of the world.
The $120 million Hyatt Centric, only the second Hyatt Centric in the Caribbean, will have 316 bedrooms, a rooftop restaurant and a ground floor bar/restaurant, two pickleball courts, three pools and a pool bar. The current Margaritaville resort is scheduled to be demolished later this year but has to be thoroughly gutted first.
Planning permission, subject to various conditions being met, was granted by the board in September who said that the new hotel “will assist in meeting the needs of the tourist industry” and was a “high quality of design”.
The 5.43-acre site has changed ownership and branding several times over the years. Initially planned as a hotel, apartment and shopping complex called Paradise Manor in 1980, the current hotel building finally opened as the Treasure Island Resort in 1987 before later becoming the Margaritaville resort in 2018.
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