Another Marriott changes hands
By Alexander Britell
Another high-profile Caribbean Marriott hotel has been sold.
The Grand Cayman Marriott Beach Resort has been purchased by Genbar Cayman Company, Ltd, in a deal arranged by CBRE Hotels.
CBRE Hotels’ Christian Charre, Paul Weimer and Natalie J. Castillo, along with Fleur Vagniez of Blue Point Consultants, represented Genbar Cayman Company in the deal.
Genbar Cayman Company is an affiliate of Gencom and The Private Equity Group.
The redesigned lobby at the Grand Cayman Marriott
“With strong airlift, amazing beaches, and a business friendly environment, travelers and investors continue to flock to Grand Cayman,” said Paul Weimer, vice president, CBRE Hotels. “Ownership did an excellent job shepherding this property through the downturn and positioning it for sale. Our buyer jumped on the opportunity to acquire a top property in a very supply constrained market.”
The 295-room, five-story property is located on Grand Cayman’s Seven Mile Beach.
CBRE had listed the property for sale back in February of 2015.
The company is also marketing several Courtyard Marriott properties in the region for sale as well.
Terms of this deal were not disclosed.
Marriott also recently sold its Ritz-Carlton St Thomas resort for $64 million.