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US: Luxury villa rental firm Nocturne Luxury Villas has secured further investment and made an acquisition in the Cayman Islands to accelerate its expansion plans.
Business development firm Gladstone Investment increased its investment of debt support of its equity position in Nocturne, an existing portfolio company, through its acquisition of Grand Cayman-based villa rental management company Grand Cayman Villas and Condos. Gladstone invested $18.5 million of secured first lien debt to complete the transaction.
Founded in 2006 by property owner Jim Leavitt, Grand Cayman Villas and Condos manages and markets for rent more than 180 exclusive properties and condos in Grand Cayman. The company’s portfolio homes range from 11-bedroom private luxury villas to one-bedroom condos and cottages, all professionally designed and serviced, and offering guests a full range of amenities.
Nocturne Luxury Villas CEO Scott Wiseman said: “We are thrilled to welcome Grand Cayman Villas and Condos to our portfolio of luxury villas and residences. This acquisition marks a significant milestone in our mission to diversify Nocturne’s destination experiences.
“The premier locations in Grand Cayman enhance and elevate our offerings for discerning travellers, particularly in the sought-after stretch of prime coastline along 7 Mile Beach,” he added.
Erika Highland, senior managing director of Gladstone Investment, said: “We are pleased to provide continuing support for the seventh acquisition of the Nocturne Luxury Villas platform. This investment in GCVC complements Nocturne Luxury Villas’ portfolio of iconic brands, including Exceptional Stays, WIMCO St. Barth Properties, CaboVillas.com, Exclusive 30A, and Paradise Retreats, bringing the aggregate of our total debt and equity investments at cost in Nocturne to $88.2 million.”
