Cayman Ritz Carlton In Receivership
The Ritz-Carlton Hotel in the Cayman Islands was placed into receivership earlier this month. Reuters reports that the Ritz-Carlton luxury resort and high-end residential developments were placed into receivership because of an outstanding $250 million loan.
RC Cayman Holdings LLC, which is registered in Delaware, appointed KPMG (Cayman) as the receiver of the group of four companies, effectively taking control from its chairman and chief executive, Michael Ryan.
The Reuters report said that Mr Ryan “blamed the global economic downturn and escalating construction costs in the Cayman Islands as the driving factors for his inability to meet his obligations.”
The 365-room oceanfront Ritz-Carlton opened on Grand Cayman Island in 2005 and was the first and only five-star hotel in the island, which, like Bermuda, is a British Overseas Territory.
Last month Premier Paula Cox replied to comments made by Cayman Premier McKeeva Bush about Cayman’s plans to rival Bermuda’s internal business industry, with Premier Cox saying, “Bermuda is focused on extending its lead, while Cayman speaks about closing the gap.”
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Hmmm …. foreigners are able to buy property there without issues. I wonder what happened?
Maybe you should pack your bags and move there…
Cm’on BerNews…..do your research…..Ryan, Ryan….now where have we heard that name before….could it be Morgan’s Point/Southlands? and by the way, how dare he use that Bermuda excuse about construction costs and the global economic climate……doesn’t he know that its local governments that cause these things. shocking.
Excellent research and there will be more to come out in the future!
Incidentally at the open house of Grand Atlantic yesterday the brochure states that the development will have access to a secluded beach at “Southlands National Park”. Am I missing something? Is it cause for celebration? Has it been declared a national park ?
Mr Ryan has quite a long history of being unable to meet his obligations. Nothing to do with the ‘global economic downturn and escalating construction costs.’
This is from 2002:
http://www.upi.com/Business_News/2002/06/11/Funny-Business-Putting-on-the-Ritz/UPI-91441023813652/