A significant new project in the Cayman Islands
By Alexander Britell
In a potentially significant deal, Howard Hospitality Group has announced the acquisition of Grand Cayman’s Treasure Island resort.
HHG said it had already begun planning a major redesign and renovation of the property in partnership with Margaritavilla Holdings to convert the hotel into a Margaritaville Beach Resort.
The company purchased 100 percent of the property from ScotiaBank, it told Caribbean Journal.
The company told Caribbean Journal the plan is to create a new kind of family-friendly, entertaining property in Grand Cayman.
“We’re thrilled to partner with HHG and expand our rapidly growing portfolio of resort properties into the Cayman Islands,” said John Cohlan, CEO of Margaritaville Holdings. “As a lifestyle brand focused on escapism and relaxation, we’re excited to bring the Margaritaville resort experience to Grand Cayman.”
The property, which is slated to debut in December 2016, will include 280 guest rooms, several bars and restaurants, meeting space, a spa, two pools, kid zones and a two-story water slide.
It will also have a condominium component, with units entered into a rental program during portions of the year.
“The Margaritaville Beach Resort on Seven Mile Beach will provide a new and exciting hotel experience for Grand Cayman,” said Howard Sitzer, Chairman and CEO of HHG. “Authentically Caribbean, this luxury resort will embrace local tastes, sights and sounds and provide quality and vibrant entertainment for visitors and guests.”
Renovations on the property will begin in early 2016, although Treasure Island will remain open under HHG’s management during that period.
Trust Hospitality will be managing the property following the rebranding.
Terms of the transaction were not disclosed.