After months of speculation on the marl road we can now confirm that Dart Real Estate has purchased The Ritz-Carlton, Grand Cayman.
In a press statement Dart has confirmed that the deal closed today. They stated that:
The luxury resort property, located along Seven Mile Beach, is an investment that expands Dart Real Estate’s portfolio of tourism assets and reinforces investor Kenneth Dart’s commitment to the Cayman Islands.
“This investment demonstrates Mr. Dart’s confidence and willingness to invest in the strength and resilience of the Cayman Islands economy,” said Mark VanDevelde, CEO of Dart Enterprises, the parent company of Dart Real Estate.
Dart Real Estate has acquired The Ritz-Carlton, Grand Cayman resort interests from Five Mile Capital Partners, LLC. While there is a change in ownership, a long-term management agreement with The Ritz-Carlton Hotel Company, LLC remains in place and the world-class service for which the resort is known will continue, with no impact to operations.
“The Ritz-Carlton, Grand Cayman has been the standard bearer for excellence in the region for more than a decade,” said Dart Real Estate President Jackie Doak. “We look forward to working with management on the preservation of the resort’s legacy, enabling the Cayman Islands to retain its position as a preferred luxury Caribbean destination for visitors and investors alike.”