On Friday October 13, 2017, Dart Real Estate announced that it had purchased the Ritz-Carlton, Grand Cayman
“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.
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.
Dart Real Estate has acquired The Ritz-Carlton, Grand Cayman resort interests from Five Mile Capital Partners, LLC and while there is a change in ownership, a long-term management agreement with The RitzCarlton 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.”
Dart Real Estate is a development company based on Grand Cayman in the Cayman Islands. The company’s flagship development is the 675-acre mixed-use, master-planned town of Camana Bay, the Caribbean’s first and only community founded on the principles of New Urbanism.
Dart Real Estate also manages Regatta Office Park, Flagship Building, Island Plaza and the Cayman Islands Yacht Club. It developed the residential neighbourhoods of North Creek and Salt Creek. In addition, the 26-acre Dart Nursery propagates and supplies native plants and trees for all of its developments and properties.
Dart Real Estate’s portfolio continues to grow with the addition of world-class Seven Mile Beach developments, including Kimpton Seafire Resort + Spa, The Residences at Seafire and an upcoming five-star resort and residences.
Dart Real Estate strives to enhance the quality of life and to create opportunities for all in the Cayman Islands through purposeful placemaking, meaningful connections and lasting experiences that transcend bricks and mortar.