Receivers appointed for the Ritz

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RC Cayman Holdings LLC, the secured lender to the companies that own The Ritz-Carlton, Grand Cayman, appointed joint receivers for the property on Monday.

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.
 

RCGC from beach
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7 COMMENTS

  1. Reading about the developer’s history in Canada Costa Rica projects is anyone surprised that the Ritz is leverage out to the max can’t pay it’s bills ?

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  2. Maybe now the stewards of Government will realize the policies currently embraced are anti business and not so good for the health of the economy.

    Time to re-think rollover and its implications for the future as we will surely see more calamity if we don’t realize we live in the real world too.

    Most smart investors will not risk into diminishing expectations, rather they cut their losses and escape to new found opportunities.

    Arguably the more people forced to leave the more unused real estate will become a burden, watch for supply side economics to ripple through the economy including all service/hospitality sectors.

    Hopefully the right leadership can turn this on-slaught around before it is too late.

    Stevie D.

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