Dart Realty has made a major real estate purchase in the Seven Mile Beach area, which could remove one of the last big visual reminders of Hurricane Ivan.
Dart is buying the Hyatt property, plus the Grand Cayman Beach Suites and the Britannia Golf Course.
The 230-room Hyatt Regency Resort has stood empty and dilapidated since Ivan damaged it in 2004.
In a statement, Dart Realty CEO Mark VanDevelde says, “The decision to acquire the property comes after years of intermittent discussions with embassy investments limited. We have no definitive redevelopment plans as yet; in the coming months we will carefully study the site, explore options and master plan its integration into Camana Bay.”
Embassy Investments Limited acquired the former Hyatt resort in 2003 and has operated the 53-room Grand Cayman Beach Suites since 2008, when the Management Agreement with Hyatt ended after 20 years.
Grand Cayman Beach Suites will close its doors effective the 1st September, 2016. All staff members will be given severance packages and Dart promises to meet with each one to explore opportunities for them to work within its group of companies.
Jan Bertelsen, spokesperson for Embassy Investments Limited said, “We have a great team at the Grand Cayman Beach Suites and our main priority is making sure that they have opportunities when the property closes at the beginning of September. Severance packages will be offered to all employees and additional optional retirement packages are being developed for those of retirement age.”
“After Easter, Kimpton’s and Dart’s human resources teams will meet with each and every individual member of staff impacted by the closures to assess their interest in and suitability for new employment,” said Juliet Du Feu, SVP Human Resources at Dart. “I am pleased that the Grand Cayman Beach Suites staff, which includes many talented and long-serving Caymanians, will have the opportunity to be considered for employment with our group of companies, as well as with the 266-room Kimpton Seafire Resort + Spa, on schedule to open this November,” she added.
We’ll have more on this story in the coming days.