Last updated: 04:38 PM ET, Wed April 06 2016

Broker: Ritz-Carlton Grand Cayman Will Be Sold

Hotel & Resort | Brian Major | April 06, 2016

Broker: Ritz-Carlton Grand Cayman Will Be Sold

Photo: The Ritz-Carlton Grand Cayman. (Photo by Brian Major).

One of the Cayman Islands’ signature hotel properties is up for sale. The owners of the 356-room Ritz-Carlton Grand Cayman, Connecticut-based Five Mile Capital, will list the property for sale this month, said Kim Lund, a Cayman Islands real estate broker.

Five Mile Capital officials are “doing their due diligence, doing valuations, getting their pricing where they want it,” said Lund in local press reports. “It’s going ahead” but “it’s still at the early stages,” he added.

Five Mile officials acquired the 136-acre resort property, which includes the hotel, the Blue Tip golf course and undeveloped land, for $177.5 million at an Oct. 31, 2012 auction, according to a Cayman Compass report. At the time, Five Mile also acquired unsold condominiums at The Residences at The Ritz-Carlton.

Last year Five Mile also completed a multimillion-dollar renovation of the property, creating new meeting rooms, an interactive culinary studio, a splash park and a high-end retail shop. Officials also planned an additional $100 million in renovations to 100 suites and residences this year, according to the Compass report.

READ MORE: What Are The Best Hotels of 2016?

The Cayman Islands Central Planning Authority has reviewed a request for a zoning change “allowing tourism development” on nearly 200 acres adjoining the property, the report adds.  

The hotel’s operators recently celebrated its tenth anniversary with the premiere of an 8,000 square-foot penthouse suite, which the company describes as the Caribbean’s largest. The suite’s outdoor terrace encompasses an additional 11,000 square feet. The seventh-floor suite features a private elevator, a personal assistant and access to a private beachfront cabana.

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