The Grand Caymanian Beach Club and Resort immediately responded to the Caymanian Compass headline article of yesterday that noted that two more timeshare operations were in court.
Managing Director of the Grand Caymanians Theresa Foster said the lawsuit in no way threatens the timeshare owners of the property.
‘This case is about a breach of contract issue that is five years old,’ she said.
‘It has nothing to do with the way we operate, or how we sell our product or owners’ rights.’
Mrs. Foster said that the Grand Caymanian, through its attorneys Turner & Roulstone, was in the process of filing a defence to the lawsuit and a breach of contract counterclaim.
‘It is a very convoluted, confusing and highly complicated issue,’ she said.
Mrs. Foster said the Grand Caymanian was the first of Cayman’s timeshare operations that sustained major damage from Hurricane Ivan to become 100 per cent operational, eight months after the storm.
‘We had $8 million in damage and insurance only paid $6 million,’ she said. ‘The developers ate the majority of the difference.’
Mrs. Foster stressed the situation concerning the Grand Caymanian was nothing like what occurred at Indies Suites, which sustained major damage and was sold to a third party. Timeshare owners at Indies Suites ultimately accepted a settlement of about 20 cents on their dollar invested.
‘We’re not going anywhere,’ said Mrs. Foster, adding that the Grand Caymanian was actually on the verge of launching Phase 2 of the resort.