David Griffin and Iain Gow of FTI Consulting (Cayman) Ltd. have been appointed receivers of a Grand Cayman hotel, formerly known as the Margaritaville Beach Resort Grand Cayman, by the secured charge holder. FTI Consulting will immediately launch a process to sell the resort.
The 285-key, five-story resort is located in the Seven Mile Beach corridor. It is situated close to Camana Bay, a waterfront town center with shopping, restaurants, bars and a growing office district which hosts a large proportion of the island’s financial and legal firms.
“Investors are sure to capitalize on the outstanding repositioning opportunity,” said Alan Tantleff, senior managing director, FTI Consulting and leader of its lodging, gaming and leisure practice. “Grand Cayman fared very well during the pandemic and this ever-popular Caribbean island’s attractiveness as a tourist and business destination continues to grow.”
The property features 8,500 sq. ft. of meeting space accommodating both business and leisure events, two outdoor swimming pools, fitness center, two restaurants, two bars and a cigar shop. The resort occupies prime West Bay Rd. frontage within the main tourist area of Seven Mile Beach, with beach access only steps away. In addition to having access to the beach, there is a grandfathered jetty-enclosed private swim area and long white sandy beach for guests to enjoy.
“The sales process will move swiftly now that it has launched,” said Gow. “Materials are available, and prospective investors are encouraged to contact FTI Consulting to express their interest in participating in the sales process.”