(GRAND CAYMAN, CAYMAN ISLANDS, 21 MAY 2013) – Five Mile Capital Partners LLC announce that the Cayman Islands Land Registry has now registered the transfers of Ritz-Carlton properties to the subsidiaries of RC Cayman Holdings LLC, RC Cayman Hotel Holdings Ltd. and RC Cayman Property Holdings Ltd., new owners of The Ritz-Carlton, Grand Cayman.

The Cayman Islands Government, having considered all relevant information, has decided to adhere to the agreement it had reached with Five Mile’s valuer, Charterland, last October and accept the payment it received last December as full and final payment of the stamp duties incurred in relation to the transfers.

The new owners of the property recognise the importance of the Ritz-Carlton, Grand Cayman hotel to the local tourism industry and are pleased that the transfers will allow them to focus on maximising the operation and business of the hotel including over $13.5mm in approved capital expenditures. In addition to the $13.5mm, ownership is also exploring opportunities to build out approximately 20,000 sq. ft. of currently unfinished space in one of the ocean towers, and upgrades to marina/watersports and golf operations. With a strong leadership team in place, the hotel refurbishment and operations as well as other improvements will continue without interruption.