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GRAND CAYMANIAN RESORT
For many travelers, an introduction to Grand Cayman begins
with a stopover during a cruise. But once they’ve visited, the
island’s charms — from gorgeous clear waters and coral
sands to its famous turtle farm — lure them back again and
again. However, they quickly discover vacations here are more
than a bit pricey; a recent study found that hotels on Grand
Cayman are the most expensive in the Caribbean, topping
US$370 per night.
BY JUDY KENNINGER
POLISHING A
Caribbean
Classic
APRIL – JUNE 2018 VACATION INDUSTRY REVIEW
island, Lopatka says, and all feature a balcony or patio, as well as views
of the North Sound, gardens, greens of the North Sound Golf Club, or the
swimming pool. Fully equipped kitchens, dining and living areas, washers
and dryers, and whirlpool tubs are standard.
Amenities include a large swimming pool, beach volleyball, and
a full activities program. Water sports, including scuba diving, are
offered on-site. A fitness center and a daytime shuttle service to Seven
Mile Beach’s supermarket and downtown area are complimentary. The
on-site restaurant, Blue Iguana Grill, offers local and international items
on the breakfast, lunch, and dinner menus, and there’s also a pool bar.
The resort already gets rave reviews for its staff and location, but
Lopatka says Singerman is considering making a substantial investment
to bring the timeshare units up to more modern design standards. “We
believe that we can enhance the property’s appeal to existing and poten-
tial new timeshare owners by refurbishing the rooms,” he says, while
also indicating that the resort’s public spaces are due for enhancements.
Singerman’s goal is to create a brand-quality vacation ownership prod-
uct at an accessible price point.
Even better for current owners, the cash infusion from Singerman
will allow the resort to update back-of-the-house elements, such as the
heating and cooling system. “Energy is very costly on the island, so these
improvements will help keep maintenance fees in check,” says Lopatka.
Grand New Product
The planned makeover won’t stop with furniture, fixtures, and equip-
ment; the timeshare product and how it is sold are getting a revamp,
too. Leading these efforts is Jay DiGiulio, president of Boutique Real
Estate Advisors, a sales and marketing firm experienced with fractional
and timeshare properties.
Although the underlying legal structure of the product — right-to-use
with a 99-year term — will remain the same, the addition of the Interval
International® Club Interval Gold® product will provide a new world of
flexibility to buyers.
“The points overlay allows members to come for more frequent,
shorter stays, and to select the suite size that fits their travel party,”
DiGiulio explains. They can also use points toward the purchase of a
cruise, golf, or spa escape through Interval Options®, and, of course,
they can exchange through Interval, too. “It’s really a brand equalizer,
helping us compete with the major players,“ he says.
A new sales center is planned, featuring technology upgrades such
as the Interval Interactive Kiosk, which allows sales representatives
and prospects to search the 3-D Globe, explore the Resort Directory,
watch Interval HD videos, and view live exchanges on Exchange Tracker,
generating excitement for a timeshare purchase and exchange. “The
Exchange Tracker and Vacation Calculator are both very powerful tools,”
DiGiulio says.
With the spring 2018 relaunch of timeshare sales at the Grand
Caymanian Resort, prices will start at US$10,000 for a studio suite and
reach US$49,900 for a Grand Villas two-bedroom. “Our prices will still be
very competitive with other projects on Grand Cayman,” DiGiulio says.
Attracting the Affluent
To fill that new sales center, the resort will target travelers on the Eastern
Seaboard and in Canada, as well as the Chicago area. Because the
resort is in the Caribbean, buyers tend to be in the upper-income range,
which Lopatka says fits well with the decision to go with Interval as an
exchange partner. “The high quality of Interval’s resort network and the
demographics of Interval owners are a good match for our client,” he
says.
Lead-generation methods will include referrals from current own-
ers, a mini-vac program, and in-house sales. Thanks to the high price of
whole ownership real estate on the island — a recent study pegged the
average listing in excess of US$850,000 — the resort will also encourage
participation by real estate brokers.
“The demand for real estate on the island is extremely robust,”
DiGiulio says. “There are exciting new projects in the works and the
Caymanian dollar is on par with the U.S. dollar, so Americans are very
interested in owning here. This is just a more affordable way to do it.”
Should demand outstrip supply, another advantage of having the
hotel project on-site is that more suites could eventually become part of
the timeshare plan. Based on the market, DiGiulio anticipates the addi-
tion of suites to the Grand Caymanian.
Neil Kolton, director of the Caribbean and Florida at Interval, believes
that will be the case. “Cayman is an underserved, very stable market,
with very little timeshare,” he says. “The occupancy rate and average
daily rate is very high, so there’s a lot of growth potential for timeshare.
With this property’s location right by Seven Mile Beach and the ability for
guests to cook some meals in their home away from home, there’s a lot
of opportunity.”
The timing for the relaunch is right, because Grand Cayman was
unscathed by 2017’s hurricanes Irma and Maria, which wreaked havoc
on many other Caribbean islands. Travel articles, including a September
2017 piece in The New York Times, are recommending Grand Cayman
as an alternative destination. “We’re seeing an increase in demand this
year, and once travelers come here once, they’ll want to come back,”
DiGiulio adds.
Yes, they will.
Grand Caymanian Resort AN INTERVAL INTERNATIONAL SELECT RESORT ®
Developer: West Bay Hospitality Ltd.
Location: West Bay, Grand Cayman
Product: Right-to-use with a 99-year term
Suites: 26 studios and 26 one-bedroom suites that combine to form
two-bedroom lock-off suites, plus four two-bedrooms
Price: From US$10,000 to US$49,900
Website:
FAST FACTS
To Chicago, Illinois–based Singerman Real Estate,
these conditions made a 2016 investment in Grand
Caymanian Resort very attractive. Luke Lopatka, asso-
ciate vice president at Singerman, observes that Grand
Cayman’s stable government, reputation for safety, and
relatively limited vacation ownership product contributed
to the confidence in the resort’s potential. Singerman
believes that the resort’s location near the island’s famous
Seven Mile Beach makes it a perfect fit for timeshare.
Upgrades Ahead
The Grand Caymanian Resort is located on 6.7 acres
(2.7 hectares) on Grand Cayman’s majestic North Sound,
adjacent to the Links at SafeHaven 18-hole golf course.
There are currently 56 suites (26 studios and 26 one-bed-
room suites that combine to form two-bedroom lock-off
suites, plus four Grand Villas two-bedroom units) in the
timeshare portion; the rest of the resort operates as the
Holiday Inn Resort Grand Cayman, for a total of 175 units
in the two buildings.
The units are some of the most spacious on the
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