Consultants from FTI Consulting have been appointed receivers of a hotel formerly known as the Margaritaville Beach Resort Grand Cayman. After the appointment by the secured charge holder, the professionals will immediately launch a process to sell the resort.

Margaritaville Beach Resort Grand Cayman is an all-inclusive holiday resort, providing accommodations with a restaurant, free private parking, free bikes and an outdoor swimming pool. Located in George Town, on Grand Cayman – the largest of the British overseas territory, the Cayman Islands – the 4-star venue also boasts a private beach area, a fitness centre, and evening entertainment.

However, the lockdown years saw the firm take a hit in its income. David Griffin and Iain Gow of FTI Consulting will now try to find a buyer for the Grand Cayman hotel – and on this basis, the administrators expect it will not be difficult.

FTI Consulting has a strong presence in the Cayman Islands, and recently bolstered its outpost there with two senior hires. Looking ahead, Gow was confident that this expertise positioned the firm well to secure a quick-fire sale.

“The sales process will move swiftly now that it has launched,” said Gow. “Materials are available, and prospective investors are encouraged to contact FTI Consulting to express their interest in participating in the sales process.”

In recent years, the Cayman Islands has grown into one of the world’s leading domiciles for investment funds. According to data by offshore law firm Carey Olsen, the Cayman Islands attracts 80% of all new offshore fund formations and houses more than three quarters of the world’s offshore hedge funds. This means that despite the pandemic, the Cayman Islands are well positioned to thrive in the coming times.

According to Alan Tantleff, leader of FTI Consulting’s lodging, gaming and leisure practice, this means potential buyers will be even more interested in the prospective property. The 285-key, five-story resort will soon find “investors are sure to capitalise on the outstanding repositioning opportunity”.

Tantleff added, “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.”