Real estate investment company Embassy Investments Limited has today confirmed the sale of assets in Grand Cayman to Dart Realty (Cayman) Ltd including the former Hyatt Resort, Grand Cayman Beach Suites and Britannia Golf Course. Embassy Investments Limited also today announced the closure of the Grand Cayman Beach Suites, effective 1 September 2016.
Embassy Investments Limited acquired the former Hyatt resort in 2003 and has operated the 53-room Grand Cayman Beach Suites since 2008, when the Management Agreement with Hyatt ended after 20 years. The 230-room Hyatt Regency Resort was not redeveloped following Hurricane Ivan in 2004.
“The decision to acquire the property comes after years of intermittent discussions with Embassy Investments Limited. We have no definitive redevelopment plans as yet; in the coming months we will carefully study the site, explore options and master plan its integration into Camana Bay,” said Mark VanDevelde, CEO of Dart Realty.
Jan Bertelsen, spokesperson for Embassy Investments Limited commented, “We have a great team at the Grand Cayman Beach Suites and our main priority is making sure that they have opportunities when the property closes at the beginning of September. Severance packages will be offered to all employees and additional optional retirement packages are being developed for those of retirement age.”
“After Easter, Kimpton’s and Dart’s human resources teams will meet with each and every individual member of staff impacted by the closures to assess their interest in and suitability for new employment,” said Juliet Du Feu, SVP Human Resources at Dart. “I am pleased that the Grand Cayman Beach Suites staff, which includes many talented and long-serving Caymanians, will have the opportunity to be considered for employment with our group of companies, as well as with the 266-room Kimpton Seafire Resort + Spa, on schedule to open this November,” she added.
Mrs. Du Feu (née Johnson) worked for nearly 10 years in human resources at the former Hyatt Resort and will know many of those long-serving employees at Grand Cayman Beach Suites, who were themselves former Hyatt employees.