Dart Real Estate purchases The Ritz-Carlton, according to a press release issued late Friday (13 October).
Dart bought the Seven Mile Beach luxury hotel from Five Mile Capital Partners, LLC., according to the press release from Dart Real Estate. It confirms the long-rumoured deal for the resort, which opened in 2006.
A Dart Real Estate spokesperson declined to specify the purchase price.
Dart says there will be no impact to operations and the long-term management agreement with the Ritz-Carlton Hotel Company, LLC — the resort’s parent company — remains in place.
The move is the latest in Dart Real Estate’s
“Looking forward to the next decade, our real estate investments continue to focus on supporting growth in the two critical industries of financial services and tourism,” the release states. “The addition of The Ritz-Carlton, Grand Cayman to our portfolio is a logical acquisition that reinforces Ken Dart’s commitment to the Cayman Islands.”
Last year, Dart Real Estate opened the Kimpton Seafire Resort + Spa, on Seven Mile Beach. It’s widely believed the company is interested in opening another high-end resort north of the Kimpton in coming years.
Dart Real Estate also purchased The Cayman Islands Yacht Club in 2011.