Above: the Grand Cayman Marriott Beach Resort

By the Caribbean Journal staff

A premiere beachfront hotel in Grand Cayman is on the block.

CBRE Hotels announced that it has been tapped to market the Grand Cayman Marriott Beach Resort for sale.

The 295-room, five-story property is located on 300 feet of beachfront on Seven Mile Beach in Grand Cayman.

CBRE Hotels’ Christian Charre, Paul Weimer and Natalie Castillo are marketing the property, along with BluePoint’s Fleur Vagniez.

“The Cayman Islands are one of the most popular destinations in the Caribbean, renowned for its beautiful beaches, world-class diving and off-shore banking sector,” said Paul Weimer, vice president of CBRE Hotels. “This a fantastic opportunity for a value-add investor to capitalize on strong market fundamentals and acquire the most desirable resort in Grand Cayman at a significant discount to replacement cost. There are also no more developable tracts of land on Seven Mile beach, making this a truly irreplaceable property.”

The property, first built in 1990, recently underwent a $15.6 million renovation that saw improvements to the hotel’s guestrooms, lobby, restuarants, indoor and outdoor spaces and beach bar, among others. The renovation was completed at the end of 2014.

CBRE said the hotel had an average occupancy level of over 72 percent last year.

CBRE has marketed some of the most high-profile Caribbean hotels to hit the market in the last year, including the Fairmont Barbados, which sold last September, and the Hilton Rose Hall in Jamaica, which sold last month.