By Timea Papp
CBRE completed the sale of Holiday Inn Resort Grand Cayman, a 173-key beachfront property in the Cayman Islands. U.S.-based SRE Acquisitions bought the asset, which includes a timeshare component, from The Grand Caymanian Ltd.
Located at 278 Crighton Drive on the Seven Mile Beach corridor, the resort was completed in 1999 and underwent renovations in 2013. The hotel features a wide array of amenities including an outdoor pool, an on-site fitness facility, dry cleaning, pick-up and laundry valet services, an on-site business center and a convenience store. The project was originally planned for timeshare sales and a component of timeshare remains in operation on the property.
Top performing market
CBRE’s Miami-based hotel brokerage team led by Senior Vice Presidents Paul Weimer and Christian Charre worked on behalf of the seller in the transaction.
“Grand Cayman is one of the top performing markets in the Caribbean and the Holiday Inn is poised for continued success. However, there are always challenges in attracting capital to the region, primarily due to concerns about offshore investing, airlift and the potential for extreme weather conditions,” said Weimer, in prepared remarks.
“Grand Cayman is not only one of the best tourist destinations in the Caribbean, but also offers political and economic stability in a safe environment, which lessens some of the risks for investors,” added Charre.
The Holiday Inn Resort Grand Cayman sits on approximately 6.5 acres of prime oceanfront land and is within a short drive of Owens Roberts International Airport. CBRE recently brokered the sale of the Renaissance Aruba Resort & Casino and the Renaissance Curaçao Resort Casino in the Caribbean islands of Aruba and Curaçao.
Images courtesy of CBRE