Just got back from the Cayman Islands. The Ritz Carlton just opened a hotel/residence property on Seven Mile Beach. The smallest condo is a 1BR 1,500 s.f. apartment and goes for US$4MM. There are two 20,000 s.f. condos going for a cool US$40MM (one's already sold).

You can rent one of the smallest condos for a $1,100/night!

Now if that isn't the most expensive hotel...I don't know what is.

Sad part is that there is nothing special about the property other than location. No exquisite art or extraordinary pool like the Bellagio or Wynn.

It must be all margin!