The company’s first venture outside of the United States, a 263-room hotel on Grand Cayman, will be managed by San Francisco-based Kimpton Hotels.
Dart Realty is building the hotel on Seven Mile Beach, and it will debut in 2016. The property will also include 56 residences and six beach bungalows. It is referred to as the “first design-driven, boutique-style hotel and the first new development on famed Seven Mile Beach in a decade.”
As an expert in boutique hotels, Kimpton currently manages properties in Scottsdale, Sedona, Miami, Vero Beach, San Diego, Santa Barbara, and Aspen, Colorado. It recently revealed plans for brand-new hotels in Savannah, Georgia, and Palm Springs, California.
According to Kimpton CEO Mike Depatie, “expanding into the Caribbean was an easy decision for us because of our already strong presence in the major feeder markets such as South Florida, New York, Washington, DC, Chicago, and Dallas.”
The town of Camana Bay, referred to as “the premier example of New Urbanism in the Caribbean,” was built by Dart Realty, a division of Dart Enterprises.
Dart intends to begin work in September on the Seven Mile Beach project, which is close to Camana Bay. According to chief operating officer Jackie Doak, the company will use its own capital to fund the $170 million project.
According to her, most prospective buyers are from the Northeastern United States, which was not as severely affected by the recession. According to her, the average price for a luxury home in the Camana Bay area ranges from $900 to $1,100 per square foot.