The Grand Cayman Marriott Beach Resort, one of the top tier tourist destinations along Seven Mile Beach, has been recapitalised by a consortium of investors, led by Private Equity Group headquartered in Fort Myers, Florida, and Gencom Group headquartered in Miami, Florida. Given Gencom’s historic involvement in the Resort, and Marriott’s continued role as manager and brand, the recapitalisation allows for the uninterrupted continuation of resort operations.

In making the announcement during a recent visit to Grand Cayman, Mr. OJ Buigas, Chief Executive Officer of Private Equity Group, said, “As new co-owners of this magnificent property, we along with our partner The Gencom Group, look forward to combining our experience in property ownership and development with the expertise of the Marriott Corporation and the resort’s professional staff headed by General Manager Enrique Tasende. We have every confidence in the future of these islands and are pleased to be among our new friends and business associates in Grand Cayman.”

Key shareholders in the resort, in addition to Private Equity Group, are Gencom Group and the Marriott organisation.

According to Mr. Buigas, in accordance with a Marriott approved plan, a significant renovation of the property will begin in the summer of  2012, and throughout the upcoming years. All guest rooms and corridors will be renovated as well as the lobby, the ballroom and meeting rooms, restaurants, kitchens, and landscaping.

One of the largest hotel/resort properties directly on Seven Mile Beach, the Grand Cayman Marriott includes 295 guest rooms (22 suites), La Mer Spa, five food and beverage outlets, and 13 meeting rooms, including a multi-purpose ballroom. The resort employs nearly 250 people.

The property itself opened in 1990 and was rebranded as a Marriott resort in 1997-1998. Following Hurricane Ivan in 2004, the property was completely renovated and refurbished, and in 2006 was sold to new owners.

The Hon. McKeeva Bush, Premier of the Cayman Islands, welcomed Mr. Buigas and his company to the Cayman Islands:

“It is very encouraging to see new investors doing business in the Cayman Islands,” he said. “The purchase and improvement of the Marriott Grand Cayman property by Private Equity Group, Gencom Group, and other shareholders is an indicator that investors believe the Cayman Islands are a good place to do business and that we have a bright future. The policy of this government is to encourage and facilitate inward investment. We welcome Private Equity Group and, in particular, its CEO, Mr. OJ  Buigas, to the Cayman Islands. I wish them a long and prosperous business venture in our country.”

Private Equity Group, LLC, is a private equity fund whose history dates back to 1981. In the past 10 years, Private Equity has completed more than $1 billion in real estate transactions, focusing on land, ocean-front properties, shopping centers, commercial office buildings, and warehouses. In the last decade, the company has invested in some of the largest land transactions in Florida.

Gencom Group, founded in 1987, is one of the leading international development and investment groups in the United States, specialising in the hospitality and residential real estate sectors. Gencom’s portfolio of holdings is valued at approximately $6 billion with many of its luxury hotel and resort properties flying the Ritz-Carlton flag.

The Marriott organisation is one of the world’s largest firms in the hospitality sector with interests in hotel and resort development, ownership, and management.

The recapitalization of the Cayman resort was facilitated by Cayman businessmen Gene Thompson and Harry Chandi in close consultation with the Cayman Islands Government.