A sign on the fence in front of the Kailani hotel construction site on North Church Street indicates that EY has been appointed as receivers for the NCB Group’s project.
The sign lists Joel Edwards, Mike Penrose and Igal Wizman as joint receivers and agents for the property. When contacted, Wizman, a partner at EY said, “EY does not speak publicly about any of their cases.”
A receivership is a legal process where an independent third party, called a receiver, is appointed to take control of a company’s assets or operations to manage, preserve, or liquidate them for the benefit of creditors or other stakeholders.
According to a source that wish to remain anonymous, BCQS has been engaged to conduct an appraisal and evaluation of unfinished Kailani property. The company was also unable to make any official comment on the record, saying all communications remain directly between the client and BCQS.
The NCB Group also declined to comment about the status of Kailani.
Notices of liquidations and receiverships typically appear in the Cayman Islands Government Gazette but there appears to be no references to NCB or Kailani in the recent gazettes.
On 9 Sept. a petition was filed to place NCB Investments in liquidation on the grounds that it was unable to pay its debts, but that petition was withdrawn after the $1.5 million debt to the petitioners, Quayside Holding and Sandy Shoales, was satisfied in full.
NCB Investments initially purchased the waterfront property opposite Kirk Market in George Town in December 2016 to build Kailani, described as the “Cayman Islands’ first luxury wellness and business boutique hotel”. It was later announced that the hotel would be managed by the upscale Curio Collection by Hilton brand.
Visible exterior construction work on the site halted early in 2025, and the developer, in a written response to questions from the Compass explained that “While early hotel unit sales progressed, they did so more gradually than initially projected.”
The developer added, “Following the completion of the hotel shell and roof topping in late 2024, we made a strategic decision to pause exterior works to refine Kailani’s completion strategy.”
In July 2025, the developer said, “a recent multi-unit sale had resulted in the Kailani hotel being 100% under contract.” They added, “This milestone has unlocked the next phase of project financing, which is anticipated to be received in August. With this in place, we are moving confidently into the next phase of construction.”
NCB Group managing director Matthew Wight said at the time, “Kailani remains a priority for NCB Group. Construction will resume in August, positioning us to deliver the project in time for the 2026 high season.”
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We lost the iconic Tree House for this cement behemoth and for what? Greed is what’s killing these islands. Watch; now it will be sold to some big name hotel chain that will seek concessions and apply for a number of work permits claiming it cannot find willing and qualified Caymanian staff.
Why is all development called greed lately? Are you saying the treehouse was something important but a new hotel isn’t? Please. I know not everyone understands Economics, but that seems absurd. The haters always find their way into these comment sections.
The Tree House was long gone from a hurricane before the property sold 2016 and it was originally the Almond Tree restaurant, then they added the Tree House lower down on the property in 1999 or 2000.
Everyone has a voice. I think opinions are valuable. Spewing rhetoric without basis of facts only continues to tell a story that everyone on this Island is tired of hearing. When a person sells their property and someone is willing to buy it and invest in hopes of building wealth it is seen, by some, as greed. i wonder why these same people are not the ones buying the land and leaving it undeveloped. please, do that. OR how about the litany of businesses that close down because of lack of patronage. Then we hear how “big” business is killing small business. Why are you all supporting the small business person. The ignorance of some is inevitable. It is frustrating to hear. I will continue to remind everyone who is born here, or has immigrated here, we are a Territory of the United kingdom. We are not an Independent Nation. I see so few signs of any original culture. We are an Island that has a similar west indian/caribbean culture based on multiple cultures. People who complain need to put their money where their mouths are. Go compete and get the land, go hire go build your country. Show us all some action.
This Receivership appointment is likely made over the bricks and mortar/property itself as opposed to NCB Investments Limited. CIBC are owed cUS$31mm as the first fixed charge holder over the relevant Block and Parcels that make up Kailani, and the appointment of Receivers has likely been made by CIBC pursuant to the mortgage/debenture for failing to meet the payments. Duties and powers of the Receivers will be set out in the mortgage/debenture document, so advertising in the Gazette may not be required in this instance.