First Rock Real Estate Investments has acquired a piece of NCB’s Cayman luxury boutique hotel for US $1,350,000. The name of the hotel is Kailani (Hilton) Cayman which is predicted to open next year (2024). This deal went through Cayman subsidiaries of both companies, First Rock Capital Cayman and NCB Cayman.
This hotel will take advantage of the resilient tourism sector in Cayman that will continue to grow. The theme behind this project is for this hotel to be a business hotel that focuses on high-end clients.
Another key part of this partnership is the Curio Collection by Hilton which is a portfolio of hotel companies under the Hilton umbrella. NCB and Curio Collection are working together extensively to bring this project through.
Despite the minority stake that First Rock bought within the project, reports are coming out that First Rock wants to purchase more of the project.
Denroy Pusey, First Rock Group AVP Real Estate Business has this to say about this new development, “We are currently in discussion with NCB Group to at least double our current investment in this project. When we did our feasibility and looked for partners in Cayman we saw that NCB has a number of projects, which would align with us such as this one, which is a no-brainer.”
