The Large and luxury Ritz-Carlton resort has been added to Dart Real Estate’s extensive portfolio of properties in Cayman’s Seven Mile Beach area.
The developer, which opened the Kimpton Seafire Resort last year, plans to build another five-star hotel and believes there is sufficient demand for Cayman to become the luxury travel destination of choice for the Caribbean region, according to company president Jackie Doak.
The long rumored deal for Dart to buy The Ritz-Carlton from Five Mile Capital Partners LLC was finalized on Friday. It will continue to be branded and operated as a Ritz-Carlton hotel under a long-term management contract.
Ms. Doak said, “It is a great asset to add to our portfolio and sends a valuable message of Dart’s commitment and confidence in the Cayman Islands.”
The purchase does not include The Residences at The Ritz-Carlton, Grand Cayman, and Provenance Properties will continue to market and sell those real estate properties on behalf of Five Mile Capital Partners, LLC.
In the last two years, Dart has acquired the Beach Suites resort, the old Hyatt hotel, the Britannia golf course and the Royal Palms property, all along the Seven Mile Beach corridor. It has also confirmed the purchase of nearly 300 acres on the North Sound, known as the Dragon Bay lands, previously held on a long-term lease agreement from government.