Dart has issued a statement concerning the former Hyatt properties, which include the site of the Beach Suites and the Britannia golf course, that it acquired in 2016.
The statement reads:
“When the acquired properties were first developed, some restrictive agreements that provided golf, tennis and beach access to the residents of Britannia were registered against the title to the properties.
There has been a disagreement between Dart and the Britannia residents as to the correct legal status of the restrictive agreements. Over the course of the last two years, there have been meetings and communication between Dart and Britannia representatives to discuss options for resolution of the issue, but the parties failed to reach an agreement.
On Jan. 25, 2019 Dart filed an application in the Grand Court seeking a declaration as to the correct legal status of the restrictive agreements. Prior to filing the application Dart wrote to the Britannia residents advising of Dart’s intention to file legal proceedings. This proceeding will permit the participation of the three Britannia strata corporations and all Britannia land owners who choose to participate.
Dart asserts in its legal application that the then registrar of lands improperly performed his legal duties by registering these types of agreements on the relevant property registers and that Dart is entitled in law to have the restrictive agreements removed from the property registers of the acquired properties.
The Cayman Islands has a reliable and respected land titles system that has been at the core of the jurisdiction’s appeal to both local and international property investors. In addition, Cayman courts are internationally recognized for delivering fair and thorough decisions in complex disputes. Dart has every confidence that the Grand Court will appropriately consider and decide the important legal issues involving the restrictive agreements and that such decision will give clarity to what Dart regards as an open legal issue in this jurisdiction.
As legal proceedings have now commenced, further updates, if any, will only be made in circumstances that will not improperly interfere with the Court’s consideration of the application.”