The run-down Treasure Island hotel will be transformed into a Margaritaville resort following the purchase of the property by Miami-based Howard Hospitality Group. The sale went through on Friday after months of negotiations, real estate agent Kim Lund confirmed. Re/Max will start selling 110 condominium suites at the new hotel later this month.
Blog Posts
Cayman’s economy holds strong in the Caribbean
The Caribbean is gradually recovering from the economic downturn of the past few years, principally because the regions tourism market, the greatest source of income to many Caribbean countries, lies in the main, in North America.
Kimpton names new hotel ‘Seafire’
The Kimpton group plans to name its 10-story Grand Cayman hotel the Seafire Resort and Spa, Seven Mile Beach. The name was inspired by the fiery sunsets over Seven Mile Beach, according to Kimpton CEO Mike DeFrino. Officials from the San Francisco-based hotel chain were in Grand Cayman on Wednesday to launch the brand of the new hotel, owned and built by the Dart group.
October 2015 Market Update
A few years ago the MLS (Multiple Listing System/Cayman Islands Real Estate Brokers Association-CIREBA) members listed the total number of inventory (properties and land) for sale at around 2,200. Today, as at the time of writing (end of September) that figure has decreased dramatically to 1,572. This drop of approximately 30 per cent alone is a huge indicator of how the market has changed in recent years. We have gone from a high amount of inventory to a considerable drop, which will in turn drive up prices further, I believe, as there will be less choice for buyers, inevitably resulting in a sellers market.
Resurgence in Little Cayman turtle nesting
A record number of turtle nests have been recorded in Little Cayman this year.
Brac developments in the works
Expansions to two hotels and a new government-funded swimming pool are in the works for Cayman Brac.
Camana Bay roadwork approved
Major changes to the road network around Camana Bay, including moving a section of the highway and building a new underpass, have been approved by the Central Planning Authority.
Golf resort aims for 2018 tee-off
A second golf course has been added to plans for the proposed Ironwood resort, and the developments project director is predicting a 2018 opening date.
Planning authority approves airport expansion
A $50 million expansion of Owen Roberts International Airport has been approved by the Central Planning Authority.
New airport road opens
A new stretch of road has opened connecting the airport directly to North Sound Road, bypassing Industrial Park. Plans for the short connector road were gazetted more than a decade ago. The work, which began in late May, was completed this month.