Letter to the Editor
In response to the story on the front page of the Caymanian Compass of Thursday, 20 September, 2012, the joint receivers of Cesar Hotelco (Cayman) Ltd, CondoCo Grand Cayman Resort Ltd, Cesar Properties Ltd and CondoCo Properties Ltd wish to make the following short statement in order to quell any inaccurate rumours and to clarify any confusion.
The Companies have been in receivership since 12 March, 2012, since when the receivers have been quietly acting in accordance with the terms of their appointment, safeguarding the assets that are charged to the secured lenders, and with the management of The Ritz-Carlton, Grand Cayman continuing to operate the resort. It has been business as usual and the resort will continue to operate normally going forward.
The forthcoming auction on 31 October, 2012, is merely a part of the process of the secured lender enforcing its security. The anticipated transfer of ownership of the resort would include the long-term management agreement with The Ritz-Carlton Hotel Company of the Cayman Islands, Ltd. Through this agreement, the Ritz-Carlton will continue to manage the resort and the transition to a new owner will not impact the guest’s experience or the resort’s operations in any way.
Related Videos
