Rare opportunity to purchase island’s most desirable oceanfront property
Miami, FL – January 26, 2015 – (RealEstateRama) — CBRE Hotels has been engaged to market the Grand Cayman Marriott Beach Resort, located on a 4.74-acre oceanfront site at 389 West Bay Road on Grand Cayman Island. The 295-room, five-story property offers 300 feet of beachfront on the island’s world-renowned Seven Mile Beach. CBRE Hotels’ Christian Charre, Paul Weimer and Natalie Castillo, along with BluePoint’s Fleur Vagniez, are marketing the property.
“The Cayman Islands are one of the most popular destinations in the Caribbean, renowned for its beautiful beaches, world-class diving and off-shore banking sector,” said Paul Weimer, Vice President of CBRE Hotels. “This a fantastic opportunity for a value-add investor to capitalize on strong market fundamentals and acquire the most desirable resort in Grand Cayman at a significant discount to replacement cost. There are also no more developable tracts of land on Seven Mile beach, making this a truly irreplaceable property.”
Built in 1990, the property has been extensively renovated with $15.6 million in improvements to guestrooms, lobby, restaurants, indoor and outdoor function spaces, porte cochère, fitness center, and beach bar completed in late 2014. The resort features approximately 6,000 square feet of function space, including a 4,260-square-foot divisible ballroom and two meeting suites, and spacious, well-appointed guestrooms including 22 suites ranging from 370 to 600 square feet. The closest full-service hotel to the airport, this asset also benefits from its proximity to the island’s main attractions that include shopping in Camana Bay and George Town. The hotel had an average occupancy level of more than 72% in 2014. The recently completed property transformation will yield tremendous financial benefit to a new owner.
According to CBRE Research, occupancy and room rates in the Cayman Islands’ hotels rose throughout 2014. Meanwhile, airline arrivals last year were at their highest since 2001. Grand Cayman is just a one hour flight from Miami. Other demand generators include the development of Cayman Islands Health City and Shetty Hospital, a 2,000-bed facility with two hotels and a residential component, and the future development of Cayman Enterprise City, a one-million-square-foot business campus targeting knowledge-based companies that will want to take advantage of Cayman’s tax-neutral status.
CBRE Hotels is a specialized advisory group within CBRE providing brokerage, valuation and capital markets services to companies in the hotel sector. CBRE Hotels is comprised of over 150 dedicated hospitality professionals located in 37 offices across the globe. For more information, please visit our website at www.cbrehotels.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
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