It was announced this weekend that Dart Real Estate has acquired the popular Royal Palms property – Royal Palms Beach Club.
“We are pleased to announce this addition to our portfolio,” Dart Real Estate President Jackie Doak said in a press release. “We believe it is a logical acquisition, as the property will integrate well with our Camana Bay development due to its adjacent position.”
James Smith, company secretary of Coral Apartments Ltd., which owned the site, said, “The company has decided to sell the property. The Dart organization is known for its high-quality real estate developments and there is every indication that the property will be developed in a manner that will be good for the Cayman Islands.
Sold for an undisclosed amount Royal Palms is known mostly for its nightlife, fun beach activities and restaurant. It is located on the world-famous Seven Mile Beach and has been a staple attraction for almost 30 years. Currently, the property is surrounded by ongoing construction as the Dart group continues its $300 million expansion of Camana Bay in the area.
The property is 3.49 acres, including 300 feet of beach and runs from the beachfront to West Bay Road. It is currently home to the Royal Palms Beach Club bar and restaurant on the waterfront and a large parking lot.