October 28, 2020

RC Cayman Holdings attempts to take control of The Ritz


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According to Miami based OffshoreAlert published last Tues (28), RC Cayman Holdings who own the $250 million loan to build The Ritz-Carlton, Grand Cayman, is attempting to take control of the development. This includes the hotel, residences, spa, restaurants and golf course. RC Cayman Holdings LLC, which acquired the loan in May 2011, filed a civil suit at the Grand Court of the Cayman Islands earlier this month seeking an injunction against a number of defendants, including Ritz developer Michael Ryan, to prevent them from “interfering with” RC Cayman’s attempts to take control of the development. Offshore Alert reports that Michael Ryan said he did not believe there would be any effect on the normal operations of the resort as a result of the writ.

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