Cayman Islands Hotel Project in Jeopardy

National Judicial Crackdown

Posted by AI on 2025-09-19 06:00:17 | Last Updated by AI on 2026-02-04 13:56:21

Share: Facebook | Twitter | Whatsapp | Linkedin Visits: 15

---

The Kailani boutique hotel project in the Cayman Islands is facing an uncertain future as its local developer, NCB Investments Ltd, faces a winding-up petition over unpaid debts totaling more than $1.5 million. This development has sent shockwaves through the business community, leaving many to question the financial stability of the NCB Group, a prominent local developer.

The petition, filed by Quayside Holdings and Sandy Shoales in the Financial Services Division of the Grand Court, reveals a series of missed payments by NCB Investments. Despite agreeing to a settlement plan involving three installments, the company has allegedly failed to make any payments, prompting legal action. The petitioners are now seeking the court's confirmation of the company's insolvency and its subsequent winding up.

The Kailani project, located across from Kirks Market on the George Town shoreline, was once touted as the Cayman Islands' first luxury wellness and business boutique hotel. However, its journey has been fraught with delays, impacted by the COVID lockdown and, more recently, financial disputes. With the project's future now in doubt, the petitioners are requesting the appointment of John Royle and Sandipan Bhowmik from Grant Thornton as official liquidators.

In response to the petition, Matthew Wight, Managing Director of NCB Group, indicated their intention to resolve the matter amicably outside of court. However, the situation raises concerns about the financial practices of the NCB Group and the potential implications for investors and contractors. As the court hearing approaches, scheduled for 17 October, all eyes are on the Cayman Islands' legal system to determine the fate of this ambitious hotel project and the financial accountability of its developers.

Go!