FirstRock acquires bigger stake in Cayman hotel project
Published:Wednesday | January 11, 2023 | 12:34 AM
FirstRock Real Estate Investments has taken an additional stake in the Kailani (Hilton) Cayman, a luxury boutique hotel which is presently under construction in Grand Cayman.
The new purchase, costing US$1.35 million, was from a Cayman developer called NCB Group, and was financed from internal resources, FirstRock said.
The transaction was executed through FirstRock Capital Cayman.
“We decided to go with this development, with NCB Group being one of the largest developers in Cayman with a good track record,” said FirstRock Assistant Vice-President for Real Estate Business, Denroy Pusey.
The strength of the Hilton brand was also a key consideration, he said.
However, FirstRock declined to state its ownership in the hotel project, only that it remains a minority partner.
“This further investment will give us a larger stake, doubling what we have put in already. This is an expression of the confidence that we have in the variables that we’ve looked at ...,” Pusey said.
The Kailani Hilton is a small luxury hotel of about 60 rooms. The development is being done by NCB Group Cayman, which is led by Matthew White and has no connection to Jamaica’s banking operation.
Located close to the capital, Georgetown, Kailani Hilton will include beachfront, penthouse and villa-type accommodation, according to Pusey. Construction began about one year ago and is to be completed by 2024.