Sterling Global Financial Bridge Finances 357-Room Grand Cayman Grand Hyatt
A $22.5 million loan from a fund managed by Bahamas-based Sterling Global Financial will bridge finance the development of the much-anticipated 357-room Grand Hyatt Hotel and Residences on Grand Cayman, a 5-star resort that is expected to deliver additional lure to the famous 7-mile beach on the Caribbean isle.
The announcement was made this week by Sterling Global Financial Chairman David Kosoy.
“We at Sterling pride ourselves in relationship building and attention to client needs. In practical terms, that means speed of response, assurance of financial sustainability and expertise in execution,” said Mr. Kosoy. “With the proposal for the Grand Hyatt in Grand Cayman, it took our team 10 days from introduction to advancing a first mortgage on the project that will generate major economic thrust to the island and produce a 5-star property with residences as well as traditional hotel rooms.”
The mortgage will be placed through Sterling Mortgage Income Fund which generated an 11.33% annual return on investment in 2018 for accredited investors in the alternative debt investment asset class.
The Grand Hyatt is one of several resorts Sterling Global Financial funds are assisting with in the region and beyond, including the $300 million Sterling Hurricane Hole Marina project in The Bahamas, Sky Beach in Eleuthera (Bahamas) and a third in Abaco, also in The Bahamas.
Located on seven prime acres of beachfront, once completed Cayman’s Grand Hyatt resort and residential offering will include a 12,000 square foot wellness spa, three swimming pools, six food and beverage venues, luxury retail and 25,000 square feet of indoor conferences space and meeting areas that will constitute the largest facilities of their kind in the Cayman Islands.
Headquartered in Nassau, Bahamas, Sterling Global Financial is a diverse financial umbrella corporation that encompasses income and opportunity funds, private banking, trust services, financial administration and wealth management. Sterling funds have earned numerous awards for return on investment and stability.
This is a huge joke. They haven’t even broken ground yet their facebook page says it will open in late 2020. It takes more than a year to build a 300+ room hotel with all of the other stuff involved.