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Tuesday, March 20, 2012

Ritz-Carlton Grand Cayman Placed in Receivership

The Ritz-Carlton Grand Cayman.
Due to an outstanding debt of $250 million, The Ritz-Carlton Grand Cayman luxury timeshare and resort hotel was placed in receivership.The hotel was opened in 2005 to much fanfare as it is the only 5-star hotel located on the Cayman Islands.

Michael Ryan, owner and developer of The Residences at The Ritz-Carlton, Grand Cayman, stated he had trouble negotiating the demands of the Delaware-based company with the government of Grand Cayman. As recently as January, he stated a down-turning economy and rising construction costs as two major factors regarding the hotel’s problems meeting their loan repayment.

Ryan owns the property, but Ritz-Carlton’s Cayman Holdings manage the hotel’s operations. They filed a suit against Ryan stating he had lost control of profitability of the hotel. Ryan is also having difficulty turning a profit on his Dragon Bay timeshare resort, which caters to millionaires.

The receivership wrestled control away from Ryan and back into the hands of RC Cayman Holdings. This temporary situation can be alleviated if the resort becomes profitable.

If you own a timeshare in Mexico or the Caribbean and want to sell it, Transfer Smart can get you out of it. Call us today.

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