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Hyatt pulling out of Cayman

Monday, December 10, 2007 02:15 PM

Cayman Net News reports, “The Hyatt name will disappear from the Hyatt Regency (Grand Cayman) on Monday, 31 December 2007.”

Cayman Net News continues…

A press release from Global Hyatt Corporation, one of the world’s premier hotel companies, on Tuesday, 4 December said, “Following a successful presence on Grand Cayman for two decades, Hyatt has announced that its 20 year contractual agreement expires on December 31, 2007 after which date it will no longer manage Hyatt Regency Grand Cayman.”

According to the release, the owner of the hotel, Embassy Investments Limited, will continue independently to operate the 53-suites section of the resort on the world famous Seven Mile Beach (a stone’s throw away) under the name of Grand Cayman Beach Suites.

Since Hurricane Ivan severely damaged the 253-guestroom section of the property in September 2004, it has remained closed while the owners and insurers battle over storm damage claims. The suites section has been back in operation for over two years.

“Nothing will change except for the Hyatt name. The quality of the product and services will remain at its highest level,” said Diego Concha, General Manager of Hyatt Regency (Grand Cayman).
When asked if Hyatt Hotels and Resorts will be looking to operate other properties in Cayman, Mr Concha said: “Hyatt remains committed to Grand Cayman and open to new opportunities. We will be very attentive to future developments.”

Hyatt will continue to work closely with the Grand Cayman Beach Suites, the release said.

“Hyatt has enjoyed a positive and mutually beneficial relationship with Embassy Investments and both parties will continue to pursue future opportunities together,” said the release.

Mr Concha added, “Hyatt will continue to assist after January 1 until transition is completed. Our relationship with the owner is very strong and we want to make sure all aspects of the new operation are fully in place.”

Full article here.

WhereToStay.com Note:

There is still quite a bit of destruction on Grand Cayman as a result of Ivan. Seems the first places to get the construction going were the brand new properties, Like the Ritz, while older properties have to fight insurance companies to rebuild. When I was there in 2005, I estimated it would take a decade for Grand Cayman to rebuild to the point of not having boarded up hotels as a reminder of Ivan (2004). I still stand by that estimate.