An affiliate of London & Regional, headquartered in the United Kingdom, has acquired the Marriott Grand Cayman Beach Resort for an undisclosed amount. The 295 room, 4.74 acre oceanfront resort is located on Seven Mile Beach and was purchased from Coral Gables-based Gencom and The Private Equity Group. The sale was brokered by CBRE’s Miami office, and the hotel will continue to be operated by Marriott International.
“The Marriott Grand Cayman Beach Resort is a world-class destination that was struggling from the after-effects of Hurricane Ivan and needed a bold, new vision when we acquired it in 2006,” said Tom Bezold, Gencom CFO. “We completely repositioned the property, partnered with PEG in 2011 and refinanced the property’s debt with the first CMBS loan outside of the US since the Great Recession. In 2013-2014, Ownership invested more than $15 million to redefine the property. We believe the property still has excellent upside potential, but it no longer meets our core investment strategy. Our plan is to continue to aggressively seek hotel real estate investment opportunities that match up with our turn-around expertise.”
