Kris Beighton and Keith Blake were appointed as joint receivers of Cesar Hotelco (Cayman) Ltd, CondoCo Grand Cayman Resort Ltd, Cesar Properties Ltd and CondoCo Properties Ltd, companies that are owners and developers of The Ritz-Carlton, Grand Cayman.
The legal step, which was not ordered by the court, was taken by RC Cayman Holdings LLC under loan security arrangements.
KPMG said in a statement issued on Monday that the appointment of the joint receivers would have no noticeable impact upon the day-to-day operations of the resort, which will continue to be managed and operated by Ritz-Carlton.
“The receivers intend to work closely with Ritz-Carlton to ensure that guests, visitors, owners and tenants continue to enjoy the five star experience and service for which the resort is known,” the statement said.
Ritz-Carlton developer Mike Ryan said he became aware of the appointment on Monday morning, but that he was unsure of its implications. He was meeting with his attorneys on Monday afternoon.