By Dana Niland
One of Grand Cayman’s top hotels has been sold.
Real estate investment company Embassy Investments Limited has confirmed the sale of assets in Grand Cayman to Dart Realty Ltd, including the former Hyatt Resort, Grand Cayman Beach Suites and Britannia Golf Course.
Embassy Investments Limited also announced the closure of the Grand Cayman Beach Suites, effective September 1, 2016.
“The decision to acquire the property comes after years of intermittent discussions with Embassy Investments Limited,” said Mark Vandevelde, CEO of Dart Realty. “We have no definitive redevelopment plans as yet; in the coming months we will carefully study the site, explore options and master plan its integration into Camana Bay.”
Camana Bay is Dart’s large-scale mixed-use project just across from Seven Mile Beach, including shops, retail, commercial space and condominiums.
Embassy Investments had acquired the former Hyatt resort in 2003 and has operated the 53-room Grand Cayman Beach Suites since 2008, when the Management Agreement with Hyatt ended after 20 years.
Right now, Dart is the leading developer in the Cayman Islands, currently developing the Kimpton Seafire Resort on Seven Mile Beach, slated to open this year.
“We have a great team at the Grand Cayman Beach Suites and our main priority is making sure that they have opportunities when the property closes at the beginning of September,” said Jan Bertelsen, spokesperson for Embassy Investments Limited. “Severance packages will be offered to all employees and additional optional retirement packages are being developed for those of retirement age.”
Dart said it would be considering staff at the Grand Cayman Beach Suites for employment at the 266-room Kimpton property, set to open this November.
Terms of the purchase were not disclosed.