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| Marriott Grand Cayman Beach Resort |
MIAMI, FL (Dec. 24, 2015) -
-Representatives of Gencom, one of North America’s leading luxury hospitality
and residential/mixed-use real estate investment and development firms, today
announced that its affiliates in partnership with Private Equity Group (PEG) have sold the
295-room (including 22 suites) Marriott
Grand Cayman Beach Resort to affiliates of London & Regional for an
undisclosed sum.
The sale was brokered by CBRE’s Miami office,
and the hotel will continue to be operated by Marriott International.
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| OJ Buigas |
"The Marriott Grand Cayman
Beach Resort is a world-class destination that was struggling from the
after-effects of Hurricane Ivan and needed a bold, new vision when we acquired
it in 2006,” said Tom Bezold, Gencom
CFO.
“We completely repositioned the property,
partnered with PEG in 2011 and
refinanced the property’s debt with the first CMBS loan outside of the US since
the Great Recession.
“In 2013-2014,
Ownership invested more than $15 million
to redefine the property. We believe the property still has excellent
upside potential, but it no longer meets our core investment strategy. Our plan is to continue to aggressively seek
hotel real estate investment opportunities that match up with our turn-around
expertise.”
Located directly on Seven Mile
Beach, the property is in one of the highest barrier to entry markets in the
Caribbean.
Following completion of its most recent renovation, the resort received a
number of prestigious awards for operations, design and renovation, including
Marriott’s 2014 Hotel of the Year Award within the Caribbean/Latin American
Region and Marriott’s Mustang Award for Innovation for its “Beach House” design
inspiration.
“This has been a classic case of
taking a great resort with a number of difficult problems and making it into
something few could foresee,” said OJ
Buigas, CEO of Private Equity Group.
“Through active asset management and a vision
of what the property could become, the resort has performed magnificently to
become one of the prize assets of the Marriott resort portfolio. We wish the new ownership continued good
fortune and prosperity with this hotel gem as they take it through its next
phase.”
For a complete copy of the company’s news release,
please contact:
Chris Daly, media
(703)
435-6293
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