Standing 140 feet above sea level, the 11-story ONE | GT hotel dominates George Town’s skyline. Its height makes it conspicuous in a low-rise city but the business model behind the hotel also stands out.
For decades, developers have built Cayman’s best hotels along Seven Mile Beach. ONE | GT eschews that model and will offer no beach to its visitors. Instead, its backers are aiming for business visitors who prefer proximity to Cayman’s government and judicial hub.
“I think most business visitors are not particularly motivated by a beach,” said Jeremy Hurst, CEO of IRG Real Estate and development partner of the ONE | GT project. “In fact, it can become a negative where you’re getting up in the morning, about to go to work in your suit and the people from the next-door room are going with their kids down to the beach.”.
Hurst believes the rapid growth in Cayman’s economy also supports a high-end business-focused hotel. “The time is now right,” said Hurst. “There has always been a demand for hotels and residences with a non-beach experience, but I think that now with the number of business clients coming to the islands looking for perhaps a longer stay, this is the perfect solution for them.”
The US$193 million ONE | GT project is a mix of hotel suites, residences and restaurants. Condo prices range from $600,000 to just over $4 million, while the hotel is expected to charge around $400 per night when it opens in late May. Residence owners have the option to lease their suite back to ONE | GT to earn income from hotel guests.
George Town real estate
The residential component of the project is different to George Town’s existing real estate investment options. George Town does have other luxury apartment complexes, but they all have ocean access.
Data from the Residential Property Price Index, which was launched by the Lands and Survey Department in September 2025, shows that condo prices in George Town underperformed Seven Mile Beach and West Bay. Between 1998 and 2024, property prices on Seven Mile Beach rose by 517%, compared to a 465% increase in West Bay and 402% rise in George Town over the same period.
Since 2019, the George Town Revitalisation project has attempted to breathe life back into the city centre by upgrading road infrastructure. The controversial project has received criticism from some business owners in the area for both the short-term impact of the construction and the limited impact of the improvements.
Yet if ONE | GT is successful in convincing high-end business travellers to stay in the centre of George Town, it could go a long way to reviving the jurisdiction’s capital.
“I have a strong affinity with George Town and we really are committed to its revitalisation,” said Hurst, who noted that the project will have three restaurants plus a rooftop bar.
Hurst believes ONE | GT will act as a catalyst for the city centre.
“Over time you will see more projects of this nature,” said Hurst, although he acknowledged that developers may struggle to acquire sufficient land for another 11-storey building with sufficient parking.
This story featured additional reporting from Philipp Richter.
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Great, another eyesore tower blotting out the sky.
It was supposed to open in November and now it is late May, hopefully there will be no additional delay, but already they have missed our tourist peak period.