Gencom, a real estate investment and development firm founded by Karim Alibhai and headquartered in Coral Gables, Florida, recently sold the Marriott Grand Cayman Beach Resort to London & Regional affiliates.
The 295-room resort on Grand Cayman Island, which includes 22 suites, was sold for an undisclosed sum in collaboration with the Private Equity Group (PEG). The Miami office of CBRE brokered the transaction, and Marriott International will continue to run the hotel’s day-to-day operations.
"The Marriott Grand Cayman Beach Resort is a world-class destination that was struggling from the after-effects of Hurricane Ivan and needed a bold, new vision when we acquired it in 2006,” Tom Bezold, Gencom’s CFO, said. “We completely repositioned the property. We believe the property still has excellent upside potential, but it no longer meets our core investment strategy. Our plan is to continue to aggressively seek hotel real estate investment opportunities that match up with our turnaround expertise.”
Following the facility’s most recent renovation, the resort was honored with Marriott’s 2014 Hotel of the Year Award in the Caribbean/Latin American region and Marriott’s Mustang Award for Innovation for a “Beach House” design inspiration.
“This has been a classic case of taking a great resort with a number of difficult problems and making it into something few could foresee,” Private Equity Group CEO OJ Buigas said. “Through active asset management and a vision of what the property could become, the resort has performed magnificently to become one of the prize assets of the Marriott resort portfolio. We wish the new ownership continued good fortune and prosperity with this hotel gem as they take it through its next phase.”
Gencom is a leading North American investment and development firm specializing in luxury hospitality, residential, and mixed-use real estate.