Marriott Grand Cayman Beach Resort Sold
Representatives of Gencom today announced that its affiliates in partnership with Private Equity Group (PEG) have sold the 295-room (including 22 suites) Marriott Grand Cayman Beach Resort to affiliates of London & Regional for an undisclosed sum. 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.”
Located directly on Seven Mile Beach, the property is in one of the highest barrier to entry markets in the Caribbean. Following completion of its most recent renovation, the resort received a number of prestigious awards for operations, design and renovation, including Marriott’s 2014 Hotel of the Year Award within the Caribbean/Latin American Region and Marriott’s Mustang Award for Innovation for its “Beach House” design inspiration.
“This has been a classic case of taking a great resort with a number of difficult problems and making it into something few could foresee,” said OJ Buigas, CEO of Private Equity Group. “Through active asset management and a vision of what the property could become, the resort has performed magnificently to become one of the prize assets of the Marriott resort portfolio. We wish the new ownership continued good fortune and prosperity with this hotel gem as they take it through its next phase.”
Gencom was founded in 1987 by Mr. Karim Alibhai and is one of North America’s leading hospitality and residential-mixed use real estate investment and development firms, offering expertise in many distinct areas of the industry including finance and capital markets, asset management, design and development, M&A and equity management and residential sales & marketing. Since its inception, Gencom has focused on executing turnaround and repositioning strategies that involved portfolio and single asset transactions within a variety of hospitality segments including luxury, limited-service and full-service assets. Gencom companies’ successful track record has led to significant ventures with prominent institutional investors, family offices and strategic partners both in the Unites States and internationally. Gencom is based in Coral Gables, Florida with representative offices in Houston, Texas.
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