(CMR) The Margaritaville Beach Resort Grand Cayman is now up for sale, and David Griffin and Iain Gow of FTI Consulting (Cayman) Ltd. have been appointed receivers for the secured charge holder. FTI Consulting will immediately launch a process to sell the resort, Hotel Business reported.
“Investors are sure to capitalize on the outstanding repositioning opportunity. 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,” said Alan Tantleff, senior managing director, FTI Consulting and leader of its lodging, gaming and leisure practice.
Gow said, “The sales process will move swiftly now that it has launched. Materials are available, and prospective investors are encouraged to contact FTI Consulting to express their interest in participating in the sales process.”
The hotel has had numerous challenges over the last few years, which included being sued for a hefty electricity bill. The hotel was also investigated for unpaid pensions for employees in 2020.
Hotel Business describes the hotel as a 285-key, five-story resort along the Seven Mile Beach corridor, close to Camana Bay.
The property features 8,500 sq. ft. of meeting space accommodating business and leisure events, two outdoor swimming pools, a 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.
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