NCB Says Locals Are Buying GT Boutique Hotel
(CNS): NCB, the developers of a new hotel being built on North Church Street, says half of the residences have already been sold and three quarters of them have been bought by local residents rather than by foreign buyers. While many real estate agents in the Cayman Islands market depend on foreign investors to grab their high-end inventory, NCB representatives have hinted that this project is largely owned by Caymanians.
Kailani Grand Cayman will be the first new hotel in Cayman since the Kimpton. Construction began in April 2019 after developers secured planning permission to raise the height of the hotel from six to seven stories. It was originally due to be finished last year, but after the pandemic caused major delays it is now two years behind schedule and not expected to open until September next year.
However, NCB said a model room has now been completed and was shown to members of a visiting team from Hilton Hotels, owners of the Kailani boutique brand which will manage the resort once it is completed. Meanwhile, developers continue to sell the remaining half of the residences available at some point in time. strong demandaccording to a real estate expert.
But there is also growing uncertainty for the real estate sector due to rising interest rates and an exceptionally long duration of rising values.
The hotel is promoted as a wellness product, a branch of the tourism market which the developers estimate is expected to reach US$1.127 billion by 2025. It is also NCB’s first hotel project, as the company has recently worked on luxury beachfront condos, such as Tides and Aura in South Sound and SeaDreams in North West Point, West Bay.
In the past, NCB has developed projects that were within the price range of ordinary Caymanians, such as Lakeside, opposite the George Town landfill, but according to its website, the focus is now on “creating luxury communities”. The new hotel, which will also serve a luxury market, has been well received by the Ministry of Tourism, given the additional 80 rooms, as visitors return to Cayman.
However, the hotel has had a dispute with Coral Sands, the small resort next door. To recent ACP meeting, Harry Lynch, the hotel manager, said the seawall that is part of the NCB hotel had caused their beach to erode. But Matthew White, the managing director of NCB, denied that their project had a dike.
“NCB has not installed a sea wall on our Kailani property or made any changes to the shoreline,” he said. “We embraced the iron coast for the majority of our site and wish to leave the natural cove of the beach. We will strongly oppose any seawall construction as we believe it will have a negative impact on the shoreline and the existing sandy cove. This is evidenced to a negative effect throughout Cayman and particularly along the Seven Mile Beach Corridor.
CNS has contacted Coral Sands for comment and we are awaiting a response.
Meanwhile, NCB and their Hilton partners are promoting the project and the model room, which they say in a statement shows the concept of “bleisure”, a term recently added to the tourism lexicon to convey the idea. that business and leisure travel can coexist. .
The hotel’s dependence on the electricity grid is expected to be significantly reduced through renewable energy and energy efficient mechanical, electrical and plumbing elements, LED lighting, solar water heating and intelligent cooling functions.
“Even before the global pandemic influenced the way we travel, we were planning a hotel concept that appealed to a new wave of travelers – one that integrates experience, carbon footprint and, above all, well-being in their accommodation choices,” Wight said. “As new travel trends begin to emerge as part of our new normal, we can see that Kailani continues to be on track to deliver everything the modern hotel guest is looking for.”