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Updated over 3 years ago,
Condo hotel (Condotel) in Grand Cayman
Hey investors! Give me your thoughts on this condotel opportunity in the Cayman Islands. The property market in Cayman is booming and prices have tripled over last 10 years. Two new hospitals approved for construction over next 5 years. Hilton and Four Seasons are coming soon. Existing competitors - Ritz and Kimpton. This is Seven Mile Beach premier property - beachfront property scarce. Will be financing this deal. Is this a good long term investment?
Grand Hyatt Residence - 5-star resort
Studio - pre-construction price US$660,000
HOA - $885/month
Hotel pool management cost - est. 50:50
Estimated revenue - 5% net
Expected occupancy - 70% first 2 years, 80%+ thereafter
Estimated completion date - December 2023