We present a numerical method for efficient large-eddy simulation of compressible liquid flows with cavitation based on an implicit subgrid-scale model. Phase change and subgrid-scale interface structures are modeled by a homogeneous mixture model that assumes local thermodynamic equilibrium. Unlike previous approaches, emphasis is placed on operating on a small stencil (at most four cells). The truncation error of the discretization is designed to function as a physically consistent subgrid-scale model for turbulence. We formulate a sensor functional that detects shock waves or pseudo-phase boundaries within the homogeneous mixture model for localizing numerical dissipation. In smooth regions of the flow field, a formally non-dissipative central discretization scheme is used in combination with a regularization term to model the effect of unresolved subgrid scales. The new method is validated by computing standard single- and two-phase test-cases. Comparison of results for a turbulent cavitating mixing layer obtained with the new method demonstrates its suitability for the target applications.@en