Hotel developers borrow cash in Bahamas
Pageant Beach development proposal
(CNS): The developers behind a proposed five-star, 350-room hotel on the seven-acre Pageant Beach site at the southern end of the West Bay Road have borrowed $22.5 million from a financing company based in the Bahamas, according to a press release from the lenders. The bridge financing is coming from a fund managed by Sterling Global Financial. The hotel, which when completed will be a Grand Hyatt brand, was given planning permission over one year ago, but although there has been preparation work at the site, construction has not yet started and it is not clear when the project will be completed.
Speaking about the loan for the project, Sterling Global Financial Chairman David Kosoy said it took 10 days from introduction to advancing a first mortgage on the project.
The developers have said the hotel will include a 12,000 sq.ft wellness spa, three swimming pools, six bars and restaurants, retail space, and 25,000 sq.ft of indoor conference and meeting areas that will be the largest facilities of their kind in the Cayman Islands, once the project is finished.
Category: Business, development, Local News, Tourism
Meanwhile, our Cabinet are pontificating their openness to green-light much higher structures. How much do you want to bet the old 10 story doodle bears no resemblance to the current development plan? Congratulations, your “top-floor” penthouse deposit is now mid-sandwich floor with a who’s who of comp’ed MLA graft units above you. Same thing happened on Ritz.
Rooftop parking?
if I am not mistaken, HHG is no longer a part of Margaretville. Its a good darn thing too it still would be under construction. Government needs to look into the company HHG , just saying they don’t have a good name on the Island anymore .
The CIG have never done any due diligence on any real estate developer in the history of the Cayman Islands. They cut their own deals in the backroom with their personal calculators, literally in some cases “paving the way” for the developer, and hope that it all somehow comes together, so they can personally benefit. The bigger the scheme, the more zeroes, the better.
The song Bridge over Troubled Water keeps comong to mind, I wonder why?.
So they borrowed from the Chinese?
Yes and part of the deal is that CHEC along with a front local construction company will be doing the work as well.
Interesting you should mention CHEC, the guy who helped the Chinese screw the Bahamian investors in BahaMar, lives here and inevitably has his fingers somewhere in this pie.
At least now we can be certain that the wild dog problem will quickly be brought under control.
Does Margaritaville and Locale come to mind for this bank or anyone in Cayman?..HHG couldn’t make either of these happen and now they want to build that monstrosity..
Not only a monstrosity – but there is not enough parking for guests.
40% SOLD !! 50% SOLD !! and yet no financing in place to begin construction. Investors see advertisements of a finished building including the happy tourists by the pool. Some advertisements are so life-like you’d think the buildings were built and yet there is no caption of ” artist rendering “. Didn’t something like this happen out East?
Never been a better time to buy!
And they left out Mount Trashmore in the background- definitely not a true depiction of said development!
“It took 10 days”
Tells you all you need to know.
Could this be the same organization that was helping Mac with govt’. financing a few years ago? Private jets and all.
This is a long, long way from ever getting built and open for guests. The Mandarin, Barefoot Beach, Ironwood come to mind. I’m afraid this might just end up being another banner on a chain linked fence.
It’s a dense development without a sandy beach (ironshore). Totally inconsistent with mass market Caribbean vacationers.
It’s a nice piece of land with a great view. But makes more sense for low density 2-3 story condos for residents than an ultra dense large hotel.
HHG is overseeing this, an entity that “agreed” to move on from the Treasure Island redevelopment and finally sort of finished the small Locale development (in front of Laguna Del Mar). I wouldn’t risk my money on this (…are the reported “sales” real third party sales or just developer purchases to give appearance of activity?).
Why do all the future hotels resemble the Kimpton???
Architectural creativity is not a strong point of developers on Grand Cayman. All that counts is build the cheapest way possible and meet the minimum standards required.
Grand Cayman for a relatively wealthy island in the Caribbean, has some of the most boring architecture in the Caribbean as developers move to replicate South Miami Beach on Seven Mile Beach and area.
Pipe Dream!
So why they could not get financing here?
HHG have a great track record in Cayman, let’s hope they manage this project better than they manager Margaritaville
If they are borrowing from Sterling they must be desperate
Sterling bought the former Caledonian business. So tells you a bit about them
So we’ll see this around the same time as Beach Bay and Ironwood. Soon come.