A $22.5m loan from a Bahamas-based financial services provider is providing much-needed bridge funding for the re-development of the five-star Grand Cayman Grand Hyatt.
The funds, supplied by Sterling Global Financial, will help finance construction of the 357-room Grand Hyatt Hotel and Residences on Grand Cayman.
“We at Sterling pride ourselves in relationship building and attention to client needs,” said David Kosoy, its chairman. “In practical terms, that means speed of response, assurance of financial sustainability and expertise in execution.
“With the proposal for the Grand Hyatt in Grand Cayman, it took our team ten days from introduction to advancing a first mortgage on the project that will generate major economic thrust to the island and produce a five-star property with residences as well as traditional hotel rooms.”
The mortgage financing will be placed through Sterling Mortgage Income Fund, which generated an 11.33 percent 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 is helping to finance in the region and beyond, including its own $300m Sterling Hurricane Hole Marina project in The Bahamas; Sky Beach in Eleuthera; and a third development in Abaco.
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.