By Alexander Britell
One of the Caribbean’s leading resorts has been sold, Caribbean Journal has learned.
Cayman-based Dart Real Estate has purchased the Ritz-Carlton, Grand Cayman from Five Mile Capital Partners, LLC.
Terms of the deal were not disclosed. The property had been put on the market last year.
Kenneth Dart’s Dart Real Estate is the most important real estate firm in the Cayman Islands, best known for its flagship Camana Bay mixed-use development and the Kimpton Seafire Resort + Spa and accompanying residences.
The Ritz-Carlton, located on Seven Mile Beach, was named Caribbean Journal’s Caribbean Hotel of the Year in the 2015 Caribbean Travel Awards.
“This investment demonstrates Mr. Dart’s confidence and willingness to invest in the strength and resilience of the Cayman Islands economy,” said Mark VanDevelde, CEO of Dart Enterprises, the parent company of Dart Real Estate.
The long-term management agreement with The Ritz-Carlton Hotel Company remains in place, with no impact to operations, the company said.
The Ritz-Carlton has 375 guest rooms, set on the heart of Cayman’s Seven Mile Beach.
“The Ritz-Carlton, Grand Cayman has been the standard bearer for excellence in the region for more than a decade,” said Dart Real Estate President Jackie Doak. “We look forward to working with management on the preservation of the resort’s legacy, enabling the Cayman Islands to retain its position as a preferred luxury Caribbean destination for visitors and investors alike.”