The owner of the Ritz-Carlton Grand Cayman has decided to list the 356-room hotel for sale.
The Connecticut-based owner, Five Mile Capital Partners LLC, is in the early stages of marketing the property, Grand Cayman broker Kim Lund told the Cayman Compass.
“It’s going ahead,” Lund told the Cayman Compass. “It’s still at the early stages. They are doing their due diligence, doing valuations, getting their pricing where they want it. There are a lot of moving parts to this.”
Five Mile Capital, formed in 2003 in Stamford, Connecticut, is an investment company with almost $1.8 billion of assets under management.
Five Mile paid $177.5 million at an auction in 2012 for the Ritz-Carlton Grand Cayman, a 136-acre property that includes a nine-hole golf course and land for future development.
Five Mile last yer completed a three-year, multi-million-dollar renovation of the hotel on Grand Cayman, the largest of the Cayman islands.
U.S. News and World Report in February hailed the Ritz-Carlton Grand Cayman as the best hotel in the Caribbean. [Cayman Compass] – Mike Seemuth